CVC Capital Partners, a prominent European private equity firm, has unveiled its intention to pursue an initial public offering (IPO) on the Amsterdam Euronext exchange. The move aims to raise over €1.25 billion (£1.1 billion), with hopes for a company valuation reaching €15 billion.
CVC intends to issue €250 million in new shares, while existing investors plan to offload a portion of their holdings. Notably, CVC employees will retain their shares. The company, which manages €186 billion in assets, boasts a diverse portfolio that includes stakes in Six Nations rugby, Lipton Teas, and Breitling watches.
This IPO follows market postponements in 2022 and 2023 due to uncertain conditions. However, recent positive performance by listed private equity rivals like Blackstone, EQT, Bridgepoint, and KKR offers a promising backdrop
Existing shareholders poised to participate in the share sale include the Kuwait Investment Authority, Singapore's GIC sovereign wealth fund, and the Hong Kong Monetary Authority. Blue Owl Capital, currently holding an 8% stake in CVC, has committed to increasing its ownership by acquiring at least 10% of the newly floated shares.
CVC CEO Rob Lucas underscores: "Building the CVC network and fostering our entrepreneurial culture for over 40 years has positioned us for continued growth. We believe an IPO will provide a sustainable structure to support our ambitions. CVC's leadership team remains focused on success, and we are not selling our shares in this transaction."
