MADRID — Deoleo, one of the world’s best-known olive oil groups, is entering a decisive stage in its potential sale. The company behind Carbonell, Bertolli, Carapelli and Hojiblanca has attracted several bidders from Spain and Italy.

However, the figures surrounding the deal reveal a striking contrast with Deoleo’s past expansion.

The leading proposal currently values the business at around €500 million. Meanwhile, the group that eventually became Deoleo spent substantially more than that while building its portfolio of Italian olive oil businesses and brands.

Deoleo Sale Enters a Decisive Stage

Deoleo’s main shareholders, investment funds Alchemy and CVC, launched the sale process earlier in 2026. They are considering proposals for the group’s operating business, which sits beneath the UK-based holding company Deoleo UK.

According to Cinco Días, Italian olive oil producer Pietro Coricelli, through Farmers Elite Global, currently holds an advantage in the bidding process.

Its proposal values 100% of Deoleo at approximately €500 million. However, that figure includes financial debt of around €100 million and takes into account a €65 million Italian tax liability involving subsidiary Carapelli.

Therefore, the headline valuation should not be interpreted simply as €500 million going directly to Deoleo’s shareholders.

Moreover, no final sale agreement has yet been announced. The shareholders are expected to assess the final bids before moving toward a possible binding agreement in September.

Italian Brands Once Required Major Investment

The historical comparison is particularly significant because Deoleo’s predecessor, Grupo SOS, invested heavily to establish its position in Italy.

In 2004, the group acquired Minerva for approximately €63 million. A year later, it bought Carapelli for around €128 million.

The biggest transaction came with Bertolli.

In July 2008, Grupo SOS agreed to acquire Unilever’s Bertolli olive oil and premium vinegar business for €630 million. The transaction also included Italian brands Maya, Dante and San Giorgio, as well as the Inveruno production facility.

The transaction was completed in December 2008. Unilever confirmed a consideration of €630 million, while contemporary Spanish reports put the final amount actually paid at approximately €627 million.

Consequently, Bertolli alone required an investment greater than Deoleo’s current headline valuation.

More Than €800 Million Went Into Key Italian Acquisitions

Adding the approximately €63 million spent on Minerva, €128 million on Carapelli and roughly €630 million agreed for the Bertolli transaction produces a historical acquisition total of about €821 million.

That is roughly €321 million above the €500 million valuation currently associated with Coricelli’s offer.

This explains the claim that Deoleo could change hands for around €300 million less than what was historically invested in those major Italian acquisitions.

Nevertheless, the comparison requires context.

The transactions took place at different times and included different assets. The Bertolli deal, for example, included inventories, other brands, a production facility and a worldwide perpetual licence covering Bertolli olive oil and premium vinegar.

Therefore, the €821 million historical figure and today’s €500 million enterprise valuation are not directly equivalent accounting measures.

Bertolli Remains a Crucial Asset

Despite the complicated financial history, Deoleo still controls a highly valuable international brand portfolio.

Bertolli is particularly important. According to recent reporting on the sale process, the brand represents around 41% of Deoleo’s revenue, making it a central element in negotiations with potential buyers.

However, there is another important distinction.

Deoleo does not own the entire Bertolli trademark outright. Its olive oil business operates under a worldwide, perpetual licence originally granted by Unilever. The broader Bertolli trademark was later acquired by Japan’s Mizkan for other food categories.

Alongside Bertolli, Deoleo’s portfolio includes major names such as Carbonell, Carapelli, Koipe and Hojiblanca. The company says its brands are sold internationally and several remain among the world’s leading olive oil labels.

Coricelli Faces Spanish Competition

Coricelli is not alone in the race.

Spanish groups Dcoop and Acesur are also interested in acquiring Deoleo. Other industrial bidders have also appeared during the process.

Dcoop’s interest has attracted particular attention because the cooperative is already a major force in the global olive oil industry.

However, competition rules could complicate a Dcoop transaction. In the United States, Dcoop owns 50% of Pompeian, while Deoleo has a significant market presence through Bertolli. Combining both businesses could attract scrutiny from US competition authorities.

Coricelli may face fewer obstacles because its existing presence overlaps less with Deoleo in some key markets.

As a result, regulatory considerations could prove almost as important as the final purchase price.

Deoleo’s Financial Performance Has Improved

The sale also comes at a time when Deoleo’s operating performance has strengthened.

The company reported a €19.4 million consolidated profit in the first half of 2026, more than ten times the result recorded during the same period in 2025.

EBITDA increased by 51.5% to €32.9 million. However, revenue declined 8.6% to €393.2 million.

Deoleo had already returned to profitability in 2025. The company reported €50 million in EBITDA and a €20 million net profit for that year.

Furthermore, its debt ratio fell to 1.4 times during the first half of 2026, compared with 1.7 times at the end of 2025.

These improvements have helped make the company more attractive to potential buyers.

September Could Determine Deoleo’s Future

For now, the most important point is that Deoleo has not yet been sold.

The process has reached its final stages, with Coricelli currently associated with the strongest reported offer at approximately €500 million. A binding agreement could follow in September if shareholders select a preferred bidder.

Still, the historical numbers are striking.

More than a decade ago, the company spent hundreds of millions of euros expanding through Italian olive oil businesses. Bertolli alone carried a €630 million price tag, while Carapelli and Minerva added substantially more.

Today, the entire Deoleo operating group is being discussed at a valuation of around €500 million.

That contrast illustrates how dramatically Deoleo’s financial position, ownership structure and the global olive oil market have changed since its aggressive expansion era.