CVC DIF has acquired a majority stake in Cernaval, a commercial vessel repair shipyard based in Spain, for an undisclosed sum.
CVC’s infrastructure arm has taken the unspecified majority stake in the Spanish ship repair, maintenance and conversion specialist, which holds a long-term concession at the Port of Algeciras Bay in southern Spain.
Established over 30 years ago, Cernaval employs around 275 people and serves shipowners and maritime operators through facilities that include a 400-metre dry dock, a 230-metre floating dock, quays and workshops.
Fernando Moreno, partner at CVC DIF, said: “Cernaval is well-positioned in a strategically important port, with specialist facilities and an experienced team. We see considerable scope to develop the business further through investment in the shipyard and its capabilities. We look forward to working with Mario and the team to build on what they have achieved.”
Mario López, founder of Cernaval, said: “Cernaval has been built on the efforts of its team, the trust of shipowners and a very close relationship with the Port of Algeciras Bay and this region. The partnership with CVC DIF opens a new chapter to keep improving our facilities, our processes and our customer service, while preserving the identity and expertise that have guided us from the start. I will continue supporting the company to ensure the success of this project.”
Gerardo Landaluce, president of the Bay of Algeciras Port Authority, said: “Our position on the Strait of Gibraltar, the world’s second-busiest maritime highway, places us in a strategic location for the development of vessel services, and in particular for ship repairs, maintenance work and conversions.
“Investments such as this enhance the value proposition of the Port of Algeciras as a whole, strengthen our port community and create new opportunities for activity and skilled employment in the Bay of Algeciras, in line with the objectives of our Strategic Plan 2030, Vision 2040.”
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