CVC DIF completes acquisition of majority stake in Cernaval

•    Cernaval provides repair, maintenance and conversion services to commercial vessels from the Port of Algeciras Bay in southern Spain, one of the busiest maritime hubs in the world.
•    The shipyard benefits from a long-term port concession, specialist facilities and a strategic location in Algeciras Bay, on the Strait of Gibraltar.
•    CVC DIF will support plans to modernise the shipyard, broaden its capabilities and drive operational improvements.

CVC DIF, the infrastructure business of leading global private markets manager CVC, today announced that it has completed the acquisition of a majority stake in Cernaval, a Spanish shipyard specialised in the repair, maintenance and conversion of commercial vessels. The business holds a long-term concession at the Port of Algeciras Bay, a major maritime hub on the Strait of Gibraltar, through which more than 120,000 vessels pass each year.

Established more than 30 years ago, Cernaval serves shipowners and maritime operators from its shipyard in the Algeciras Bay. Its facilities include a 400-metre dry dock, a 230-metre floating dock, quays and workshops, enabling the business to undertake both routine maintenance and complex repairs to large vessels, who demand the highest technical capacity, safety and speed of response. Cernaval’s experienced team and longstanding relationships with customers and suppliers underpin its services. Cernaval employs around 275 people yearly and worked on 68 vessels in 2025.

CVC DIF will work with Cernaval’s management team to develop the business further, with a focus on modernising the shipyard, broadening its capabilities and strengthen commercial and operational processes. Plans also include further digitalisation and energy-efficiency measures. These initiatives are intended to strengthen Cernaval’s position in the western Mediterranean, while supporting skilled employment and the wider maritime economy in the region.

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: “This transaction confirms the appeal of the Bay of Algeciras for private investment and adds to the significant investment effort planned over the coming years. The APBA Business Plan provides for €677 million of its own investment through to 2030, accompanied by a further €711 million of private investment in projects linked to port activity. 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.”