The parent treats capital as fuel for building companies that compound over decades. It prefers to own what it builds, and it prefers ventures that can bootstrap through their own revenue to ventures that depend on outside money to exist.
Operating businesses earn; technology ventures endure
ENO Wine Group is built to bootstrap through real wine-business revenue. The technology ventures are capitalized to be independent and durable, not dressed for sale. When dilution is right, the company takes it deliberately and on its own terms. It is never the reflex.
Ownership is the point
A company held and owned compounds value in a way a company sold does not. Build first. Dilute only when building has earned the right to.