Cuatrecasas advises CVC DIF on acquiring majority shareholding in Spanish shipyard Cernaval
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SubscribeCuatrecasas has advised CVC DIF—the infrastructure division of the global private markets manager CVC—on acquiring a majority shareholding in Spanish shipyard Cernaval, which specializes in repairing, maintaining and restructuring commercial vessels.
Cernaval boasts a long-term port concession in the Bay of Algeciras, an important maritime hub situated in the strait of Gibraltar where over 120,000 vessels pass each year.
CVC DIF will work with the existing management team to develop the business further, focusing on modernizing the shipyard, expanding its capabilities and strengthening its commercial and operational processes. Its plans also include further digitalization and energy-efficiency measures aimed at strengthening Cernaval’s position in the western Mediterranean, creating skilled jobs and boosting the region’s maritime economy.
Sound experience
Founded over 30 years ago, Cernaval serves shipowners and maritime operators from its shipyard in Algeciras, where it has a 400-meter dry dock, a 230-meter floating dock, quays and workshops. This infrastructure enables both routine maintenance and complex repairs to be carried out on large vessels, which demand high levels of technical capability, safety and responsiveness.
With a workforce of around 275 people, Cernaval carried out work on 68 vessels in 2025. The experience of its team and its long-standing relationships with clients and suppliers are the cornerstone of its services.
The team of lawyers advising on the transaction was made up of Alfonso Reina, Álvaro Lucena, Ricardo Ramírez-Montesinos and Andrés Calvo-Sotela (Corporate); Enrique Carrera and Julene Areitio (Antitrust & Competition); and Alejandro Auset and Julio David Moreno (Public Law).
Alfonso Reina commented on the transaction: “Our experience in complex transactions, combined with our knowledge of the concessionary regime for port assets, has enabled us to offer comprehensive advice on all aspects of the transaction.”
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