CVC DIF Takes Control of Cernaval, Ship Repair Yard in Algeciras
CVC's infrastructure division has expanded its portfolio into ship repair services, with an asset backed by a long-term port concession in Algeciras. The transaction has been completed: the acquisition is now effective, and the founder remains involved in the project.
Ship Repair Yard with 275 Employees Acquired by CVC DIF
CVC DIF, the infrastructure business of private asset manager CVC, announced on October 27, 2026 that it has finalized the acquisition of a majority stake in Cernaval. This is therefore a completed transaction, not merely an agreement. The transaction amount has not been disclosed. Cernaval is a Spanish shipyard specializing in the repair, maintenance and conversion of commercial vessels. It operates from the port in the Bay of Algeciras, in southern Spain, at the Strait of Gibraltar. More than 120,000 vessels transit through the Strait of Gibraltar each year, according to the press release. The company's main asset lies in its long-term port concession, which guarantees it sustained access to specialized facilities. The site includes a 400-meter dry dock, a 230-meter floating dock, quays and workshops. These facilities enable the handling of both routine maintenance and complex repairs on large vessels. Founded over 30 years ago, Cernaval works for shipowners and maritime operators. The company employs approximately 275 people annually and handled 68 vessels in 2025. The press release highlights the experience of its teams and the longevity of its relationships with clients and suppliers. Founder Mario López remains involved. "The partnership with CVC DIF opens a new chapter to continue improving our facilities, processes and customer service," he stated, noting that he will continue to support the company.
Site Modernization and Investment Plan for Algeciras Port
The new majority shareholder plans to work with Cernaval's management to modernize the yard and expand its technical capabilities. The program also covers the strengthening of commercial and operational processes. Digitalization and energy efficiency measures are also planned. According to CVC DIF, these initiatives should consolidate Cernaval's position in the western Mediterranean. "We see considerable potential to develop the business through investments in the yard and its capabilities," said Fernando Moreno, partner at CVC DIF. The transaction is part of a broader investment program around the port. Gerardo Landaluce, president of the Algeciras Bay Port Authority (APBA), recalled that the APBA's business plan provides for 677 million euros in its own investments by 2030. This amount is to be accompanied by 711 million euros in private investments in projects related to port activities. The port authority presents the Strait of Gibraltar as the second busiest maritime route in the world. According to him, this positioning is favorable to the development of ship services, particularly repair, maintenance and conversion. He places this transaction within the objectives of the port authority's "Strategic Plan 2030, Vision 2040".
A Series of Transactions for CVC DIF Since Summer
This acquisition extends a series of CVC DIF transactions over recent months. On July 17, 2026, the structure announced a project to acquire a majority stake in EcoEridania. On August 14, it announced its intention to acquire German data center operator Firstcolo. On September 17, Carlyle and CVC DIF concluded an agreement to acquire BauWatch from Haniel. Conversely, CVC DIF signed divestment agreements in 2026 concerning American Roads, in favor of John Laing, and Klara Renewables, in favor of Actis. At group level, CVC had also announced on October 12, 2026 an agreement to invest in Fibrotex, a specialist in military camouflage. This minority stake, carried by the CVC Catalyst III fund, remained subject to regulatory approvals at that time.
