March family office separates its 5% Naturgy stake from CVC

Corporación Financiera Alba, the investment arm of the March family, has restructured its stake in Spanish energy company Naturgy, separating its 5.01% holding from the joint investment vehicle it shared with private equity firm CVC since 2018. The restructuring dissolves the co-investment structure (Grupo Rioja) through which both partners held a combined 18.59% stake in Spain’s largest gas utility. Alba will now hold its 5.01% directly through a Luxembourg-based vehicle, Alba Europe, while CVC’s Rioja Investments retains 13.8% through Grupo Rioja. According to a filing with Spain’s securities regulator (CNMV), the new structure provides Alba with greater “flexibility” while both partners remain “fully committed and coordinated,” maintaining their three joint representatives on Naturgy’s fifteen-member board of directors. The move comes amid significant shareholder activity at Naturgy: BlackRock recently sold 7.1% of its stake, dropping from second to fourth-largest shareholder, while Criteria Caixa acquired an additional 2% to consolidate its position as the leading shareholder with 26%. The Naturgy holding represents Alba’s largest single investment.

About Corporación Financiera Alba: The March family office

Corporación Financiera Alba is a formerly publicly listed investment holding company founded in 1986 and wholly owned by the March Group (Grupo March), one of Spain’s leading family-owned financial groups (delisting in 2025). The family office is based in Madrid. The group traces its origins to Juan March Ordinas, who founded Banca March in Palma de Mallorca in 1926. Today, Banca March remains Spain’s only bank that has been 100% family-owned since its founding and holds the highest Tier 1 solvency ratio in Europe. The group is now controlled by the third generation of the family — siblings Carlos, Juan, Gloria, and Leonor March Delgado — with the fourth generation gradually joining the board. Alba’s investment philosophy centres on long-term value creation through minority stakes in leading companies where it maintains board representation. Its portfolio spans sectors including steel (Acerinox, 21%), food (Ebro Foods), healthcare (Clínica Baviera), and IT services (Indra). The family owns 84% of Banca March and 100% of Alba. The March Group also includes the Juan March Foundation, a cultural institution established in 1955 that organizes art exhibitions, concerts, and academic research programmes.

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Article Source: ElDiario (22.12.2025)