Malaga-based agri-food group Dcoop has submitted a 470 million euro acquisition offer for Deoleo, the olive oil company controlled by the investment funds CVC and Alchemy, according to reporting from Diario Córdoba. If finalized in September, the transaction would consolidate an operator with joint annual sales of more than 2.2 billion euros.
The Bottom Line
- The Deal Size: Dcoop has tabled a 470 million euro bid for Deoleo, while Coricelli has reportedly presented another of up to 500 million euros.
- Financial Footprint: Dcoop closed its 2025 fiscal year with 1.421 billion euros in consolidated revenue, down from 1.555 billion euros in the previous year due to the impact of high olive oil prices caused by drought.
- Strategic Intent: The acquisition targets the U.S. market, where Deoleo’s Bertolli brand and Dcoop’s stake in Pompeian position the entity to capture North American consumption.
Dcoop’s Cooperative Scale Versus Deoleo’s Corporate Model
The potential takeover highlights different operational models within the olive oil sector. Dcoop is a second-tier social economy cooperative with vertical integration. The Antequera-headquartered group unites 500 associated entities across Spain, representing approximately 75,000 farming families. Its strength lies in its network of producers of olive oil, and it maintains presence in sectors including cereals, dairy, olive pomace, livestock, and nuts, operating the largest almond storage facility in Europe.
Conversely, Deoleo is a private company that trades on the stock market, focused on the packaging and marketing of olive oil. The company operates a bottling plant in Alcolea (Córdoba) with an annual capacity of 160 million liters. Deoleo’s portfolio includes brands such as Carbonell, Koipe, Bertolli, Carapelli, and Hojiblanca—the latter a registry that traces back to a previous entry of Dcoop into the shareholding.
Navigating Antitrust Hurdles and North American Exposure
The control of olive oil sales in the United States explains the operation. According to Dcoop President Antonio Luque, the potential for consumption growth in the U.S. will make it the primary olive oil market in the short or medium term, with half a million tons. Dcoop currently owns half of the brand Pompeian, which has a 20% market share in the U.S. Meanwhile, Deoleo has Bertolli, which is fundamental in the North American market.
The acquisition of Deoleo by Dcoop would require shedding some brands to respect North American antitrust laws. It is anticipated that the Carapelli and Bertolli labels would pass to other operators, while Dcoop would keep Pompeian.
Consolidated Financial Overview of the Contenders
The financial metrics of both actors highlight distinct capital structures and market orientations heading into the autumn.
| Metric / Indicator | Dcoop (2025 Consolidated) | Deoleo (2025 Financials) |
|---|---|---|
| Annual Revenue | 1.421 billion euros | 820 million euros |
| Primary Business Model | Second-tier cooperative | Private company that trades on the stock market |
| Key Export Geographies | Global | International (three-quarters of sales; 27.5% in the U.S.) |
| Proposed Deal Valuation | 470 million euro bid submitted | Controlled by investment funds CVC and Alchemy |
The September Decision and Strategic Industry Stakes
Market participants await a resolution expected in September. According to industry sources, keeping Deoleo under Andalusian and Spanish ownership would act as a guarantee for the national oil industry, contrasting with potential foreign ownership. With total joint sales of more than 2.2 billion euros, the acquisition by Dcoop would situates it as a giant of the sector.
