CVC DIF completes acquisition of Spanish ship repair specialist Cernaval

CVC DIF, the infrastructure investment business of CVC, has completed the acquisition of a majority stake in Cernaval, a Spanish shipyard specialising in the repair, maintenance and conversion of commercial vessels.

Cernaval operates from the Port of Algeciras Bay in southern Spain, close to the Strait of Gibraltar, and holds a long-term port concession. The shipyard’s location provides access to a major international shipping corridor, with more than 120,000 vessels passing through the Strait annually, according to CVC.

Established more than three decades ago, Cernaval provides ship repair and maintenance services through facilities that include a 400-metre dry dock, a 230-metre floating dock, quays and workshops. The company worked on 68 vessels in 2025 and employs approximately 275 people annually.

Investment plans for the Algeciras shipyard

Following the acquisition, CVC DIF intends to work with Cernaval’s management team to modernise the shipyard, broaden its technical capabilities and improve commercial and operational processes.

The development plans also include further digitalisation and energy-efficiency measures, with the objective of strengthening the shipyard’s position in the western Mediterranean repair and conversion market.

Fernando Moreno, Partner at CVC DIF, said the company sees opportunities to develop Cernaval through additional investment in its facilities and capabilities.

Mario López, founder of Cernaval, said the partnership would support improvements in the shipyard’s infrastructure, processes and customer services while maintaining its existing expertise. López will continue to support the business following the transaction.

The acquisition was also welcomed by the Bay of Algeciras Port Authority, which highlighted the importance of private investment in strengthening the port’s maritime services sector.

Port Authority President Gerardo Landaluce noted that the port’s wider business plan includes €677 million in authority-funded investment through 2030, alongside a further €711 million in private investment linked to port activities.

The financial terms of CVC DIF’s acquisition and the precise majority stake acquired were not disclosed. The company has also not specified the value or timetable of its planned investments in Cernaval.