Cepsa Revenue, Valuation, Funding & Investors

Cepsa is valued at $12B as of October 2019, a 0.4x revenue multiple. Cepsa revenue was $28B and Cepsa EBITDA was $2B, as disclosed with its latest round.

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Last Cepsa valuation

$12B

Secondary · Oct 2019

Cepsa revenue

$28B

Secondary · Oct 2019

Key investors in Cepsa

Cepsa Overview

About Cepsa

Cepsa is a Spanish integrated energy company founded in 1929 and renamed Moeve in 2024. Its historical operations include oil refining, fuel marketing, service stations, lubricants, aviation and marine fuels, petrochemicals and selected upstream interests. The group serves industrial customers, transport operators, distributors and motorists, generating revenue from commodity production, refining margins, chemical sales and retail energy products. It operates major industrial complexes in Andalusia and a broad Iberian commercial network. More recent investment has shifted toward renewable fuels, electric mobility, green hydrogen and other lower-carbon energy infrastructure. Mubadala has controlled the group since acquiring the former IPIC interest, while Carlyle held a substantial minority stake during part of the covered period.


Founded

1929

HQ

SpainMadrid

Website

cepsa.com

Status

Privately held

Customer focus

B2B & B2C

Revenue model

Product sales

Revenue

$28B (Oct 2019)

Valuation

$12B (Oct 2019)

Cepsa Valuation

Cepsa is currently valued at $12B, based on its secondary sale in October 2019. Read the announcement ↗

The round included Carlyle Group.

Cepsa's valuation has moved from $12B at its secondary sale in April 2019 to $12B in October 2019, across 2 priced rounds.

Cepsa valuation by funding round

Revenue multiple
Cepsa valuation by funding round
DateStageValuationRevenue Multiple
Oct 2019Secondary$12B0.4x
Apr 2019Secondary$12B0.4x

Cepsa Revenue

Cepsa's latest recorded revenue is $28B, as of its secondary sale in October 2019. At a $12B valuation, that implies a 0.4x revenue multiple.

Revenue moved from $28B in April 2019 to $28B in October 2019, while the revenue multiple moved from 0.4x to 0.4x.

Cepsa revenue by funding round

Cepsa revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Oct 2019$28B$12B0.4xSecondary
Apr 2019$28B$12B0.4xSecondary

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Cepsa Funding History

Cepsa has 2 recorded secondary share sales and no primary funding rounds.

Cepsa funding rounds
DateStageInvestorsValuationDeal Summary
Oct 2019SecondaryCarlyle Group$12BFunds affiliated with Carlyle completed the purchase of a 37% interest in Cepsa from Mubadala on October 15, 2019. Mubadala retained 63% and majority control, while Carlyle received board representation and participated in the appointment of a new chief executive. The announcement did not disclose cash consideration, although Mubadala's annual review said the transaction valued Cepsa at USD 12 billion including debt; later ownership percentages were adjusted to 38.5% and 61.5%. The sale introduced an institutional energy investor while allowing Mubadala to monetize part of an IPIC-originated holding maintained since the late 1980s. Cepsa operated an integrated portfolio spanning upstream oil and gas, refining, marketing and petrochemicals across multiple countries. Cepsa is a Madrid-headquartered integrated energy company founded in 1929 and now operating under the Moeve brand. It historically explored for and produced oil and gas, operated refineries and petrochemical plants and marketed fuels, lubricants and other energy products.
Apr 2019SecondaryGBL Capital (lead); Carlyle Group (lead)$12BCarlyle acquired a 37% shareholding in the Spanish energy group Cepsa from Mubadala Investment Company, in a transaction based on an enterprise value of USD 12 billion. Mubadala kept the remaining 63% and continued to appoint the chairman and five of the eight board members, with Carlyle appointing three. Sienna Capital, the alternative investment subsidiary of Groupe Bruxelles Lambert, committed USD 110 million alongside Carlyle in the shareholding. The deal was announced in April 2019 and completed on 15 October 2019, when the two shareholders also named Philippe Boisseau as chief executive.

Who has invested in Cepsa?

2 investors have backed Cepsa across its funding rounds, including Carlyle Group and GBL Capital.

Lead investors include GBL Capital and Carlyle Group.


Cepsa Investors

Investors in Cepsa by funding rounds participated
InvestorHQRoundsRoleFirst check

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Cepsa

Cepsa has acquired 9 companies to date.

Last acquisition by Cepsa was on June 12th 2024. Cepsa acquired Ballenoil for undisclosed valuation.


Latest Acquisitions by Cepsa

Ballenoil
Bio Waste Trading
Bio-Oils Huelva
Deten Química
Description
Ballenoil S.A. is a Spanish operator of automated, low-cost service stations selling petrol, diesel, and related mobility products. The company built a national network designed around self-service sites, competitive pricing, and high-throughput fuel retailing rather than full-service forecourt formats. At the end of 2023 the network comprised 233 service stations in Spain, providing Cepsa with a complementary channel alongside its conventional branded network. Revenue is generated primarily from motor-fuel volumes and ancillary station sales to consumers and commercial drivers. The acquired parent company controls the operating network, making the transaction a corporate acquisition rather than a series of separately recorded property purchases. Ballenoil S.A. serves B2B and B2C customers through activities spanning Oil & Gas and Specialty Stores.
Bio Waste Trading S.L. is a Spanish feedstock sourcing and trading company serving the renewable-fuels industry. Its activities include collecting, managing, and trading used cooking oils, food waste, and other waste-derived materials that can be converted into biodiesel or second-generation biofuels. The business earns revenue through commodity procurement, logistics coordination, and wholesale supply to industrial biofuel producers. It was acquired together with Bio-Oils Huelva as part of Cepsa and Apical’s controlled bioenergy partnership, giving the group an integrated route from waste feedstock to finished fuel. The company is a distinct operating legal entity and not simply an inventory pool or a fund commitment. Bio Waste Trading S.L. serves B2B customers through activities spanning Waste & Environmental Services, Renewable Energy and Wholesale Distribution.
Bio-Oils Huelva S.L. is a Spanish biofuels producer operating an industrial facility in Huelva. The plant converts vegetable oils and other feedstocks into biodiesel and has approximately 500,000 tonnes of annual production capacity, supported by about 100,000 cubic metres of storage. The company sells renewable fuel products and associated output to energy-sector customers, generating revenue from physical product volumes. It became part of a controlled bioenergy joint venture between Cepsa and Apical in 2024, alongside a related feedstock-sourcing business. The legal company owns an operating industrial platform rather than merely representing a development permit or a commitment to a third-party fund. Bio-Oils Huelva S.L. serves B2B customers through activities spanning Renewable Energy and Oil & Gas.
Deten Química S.A. is a Brazilian chemicals manufacturer based at the Camaçari industrial complex in Bahia. The company produces linear alkylbenzene and linear alkylbenzene sulfonic acid, essential intermediates used by detergent and household-cleaning manufacturers. It sells bulk chemical output to industrial customers in Brazil and export markets, generating revenue through product volumes rather than subscriptions or financial services. Deten has operated as Brazil’s only domestic producer of linear alkylbenzene, giving it a strategic position in the country’s home-care supply chain. Cepsa already controlled the business before 2022 and then purchased Petrobras’s remaining substantial minority stake, increasing its economic ownership to 97.83%. Deten Química S.A. serves B2B customers through activities spanning Chemicals.
HQ CountrySpainSpainSpainBrazil
HQ City
Madrid
-
-
Camaçari
Deal Date12 Jun 202422 Feb 202422 Feb 20241 Jul 2022
Valuationundisclosedundisclosedundisclosed$105M
EV/Revenue
EV/EBITDA

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Cepsa Competitors

Cepsa competitors include listed companies like MOL Group, Hidroelectrica, AltaGas and DT Midstream, and private ones like Eni Plenitude and Freeport LNG.

Public and private companies comparable to Cepsa
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
MOL GroupHungaryHungaryPublicly listed$27B$3.3B$12B0.5x
HidroelectricaRomaniaRomaniaPublicly listed$2.2B$1.1B$12B5.0x
AltaGasCanadaCanadaPublicly listed$9.1B$1.4B$12B2.0x
DT MidstreamUnited StatesUnited StatesPublicly listed$1.2B$1B$12B11.9x
Eni PlenitudeItalyMilanPrivate$11B$1.2B$15B1.3x
Freeport LNGUnited StatesQuintanaPrivate--$9.7B-

Cepsa Public Comps

Cepsa is still privately-owned, but its public comps include MOL Group, Tata Power, Chubu Electric Power, Hidroelectrica, AltaGas, DT Midstream, Frontline, Antero Resources, Keyera and Akzo Nobel.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
MOL Group$27B$3.3B0.6x0.5x4.5x3.4x
Tata Power$6.4B$1.6B3.2x2.8x12.3x12.8x
Chubu Electric Power$22B$3B1.3x1.3x9.8x12.2x
Hidroelectrica$2.2B$1.1B5.5x5.0x11.4x9.4x
AltaGas$9.1B$1.4B2.3x2.0x14.7x14.0x
DT Midstream$1.2B$1B12.8x11.9x15.4x13.2x
Frontline$2B$929M7.5x6.1x15.9x6.4x
Antero Resources$5B$1.7B3.5x2.8x10.2x6.8x

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Common questions about Cepsa

When was Cepsa founded?Cepsa was founded in 1929.
Where is Cepsa headquartered?Cepsa is headquartered in Madrid, Spain.
Is Cepsa publicly listed?No, Cepsa is a private, VC-backed company.
What is Cepsa's valuation?Cepsa was last valued at $12B in its secondary sale in October 2019.
Who are Cepsa's investors?Cepsa's investors include Carlyle Group and GBL Capital.
What is Cepsa's revenue?Cepsa's latest recorded revenue is $28B (October 2019).
What is Cepsa's revenue multiple?Cepsa's latest valuation implies a 0.4x revenue multiple ($12B valuation on $28B of revenue).
Which companies are comparable to Cepsa?Companies comparable to Cepsa include MOL Group, Hidroelectrica, AltaGas, DT Midstream, Eni Plenitude and Freeport LNG.
How many companies has Cepsa acquired?Cepsa has acquired 9 companies, including Ballenoil, Bio Waste Trading, Bio-Oils Huelva, Deten Química and Gasolinera El Coto.
What was the largest acquisition by Cepsa?The $105M acquisition of Deten Química in July 2022 is the largest acquisition Cepsa has made to date.

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