CVC’s infrastructure division, CVC DIF, has completed the acquisition of a majority stake in Cernaval, a company specializing in the repair, maintenance, and conversion of commercial vessels, located in Campamento, in the municipality of San Roque, within the Port of Algeciras Bay. The transaction brings the investment group into the shipyard’s ownership. The shipyard holds a long-term port concession and operates in the Strait of Gibraltar, one of the main routes for international maritime traffic.
The acquisition provides for the management team to remain in place and for the development of an investment plan aimed at modernizing the facilities, expanding the shipyard’s technical capabilities, and improving its commercial and operational procedures. The transaction amount and the exact percentage stake acquired have not been disclosed.
Cernaval has been operating in the Bay of Algeciras for more than three decades, providing shipowners and maritime operators with scheduled maintenance, machinery and structural repairs, and vessel conversion work.
Its facilities include a 400-meter-long dry dock, a 230-meter floating dock, berthing quays, and specialized workshops. This infrastructure makes it possible to service commercial vessels of various sizes and carry out both routine maintenance operations and more complex technical work.
According to figures provided by the company, Cernaval carried out work on 68 vessels during 2025 and supports employment for approximately 275 people per year.
The shipyard operates in the Strait of Gibraltar area, through which more than 120,000 vessels pass each year, according to figures cited in the announcement of the transaction. This location allows it to service vessels operating on maritime routes connecting the Mediterranean with the Atlantic, as well as vessels calling at nearby ports.
Following the completion of the acquisition, CVC DIF will work with Cernaval’s management to implement its business plan. Planned measures include investments to upgrade the industrial facilities and expand the shipyard’s vessel repair and conversion capabilities.
The program also includes the introduction of digital tools for business and operational management, along with measures to improve the shipyard’s energy efficiency. These initiatives will relate to the organization of work processes, use of the facilities, and provision of services to customers.
CVC DIF partner Fernando Moreno said the transaction reflects the shipyard’s industrial strengths and location, as well as the experience of its management team.
“Cernaval is well positioned in a strategically important port, with specialized facilities and an experienced management team,” Moreno said, explaining that the investment group plans to work with the management team to develop the company’s industrial and commercial capabilities.
For his part, Cernaval founder Mario López confirmed that he will remain involved in the project to support the company’s development following the entry of the new majority shareholder.
López said that Cernaval’s track record is tied to the work of its employees, its business relationships with shipowners, and its connection with the Port of Algeciras Bay.
“The partnership with CVC DIF opens a new chapter in which we can continue improving our facilities, processes, and customer service capabilities, while preserving the identity and expertise that have guided us from the beginning,” the shipyard’s founder said.
The transaction also received an institutional response from Gerardo Landaluce, president of the Port Authority of the Bay of Algeciras (APBA), who linked CVC DIF’s entry into Cernaval with forecasts for public and private investment in nearby port facilities.
Landaluce noted that the APBA’s business plan includes €677 million in its own investment through 2030, in addition to a further €711 million in private investment for projects related to port activity.
The president of the Port Authority said the Bay of Algeciras’ geographic location enables technical assistance to vessels, ship repair, maintenance, and conversion activities linked to maritime traffic passing through the Strait.
In this regard, he placed investment in industrial facilities such as Cernaval within the vessel services activities set out in the port authority’s Strategic Plan 2030, Vision 2040.
CVC DIF’s acquisition of a majority stake in Cernaval comes as the shipyard continues its commercial vessel repair and maintenance operations at its Campamento facilities. The new business plan will focus on upgrading its infrastructure, expanding its industrial capacity, and introducing new tools to manage its operations.
