Co-founders of CVC Capital Partners set to sell shares worth up to €150m in private equity firm’s listing

The co-founders of CVC Capital Partners, a private equity firm known for its acquisition and subsequent sale of Formula One, are set to make a fortune as the company prepares for its stock market float. According to the company’s prospectus, the three co-founders, Donald Mackenzie, Rolly van Rappard, and Steve Koltes, have a combined fortune of €2.6bn.

Donald Mackenzie, who holds 7% of CVC’s shares, is planning to sell shares worth up to €150m in the initial public offering (IPO). Rolly van Rappard, who will serve as CVC’s chair, holds shares worth about €950m, while Steve Koltes has shares worth about €600m. The three men’s combined shares could be worth more than €2.6bn.

CVC, which was founded in 1993 and manages more than €180bn of assets, is set to list its shares on the Amsterdam stock market. The company has recently taken stakes in big brands such as Lipton and Breitling, as well as media rights for LaLiga, Spain’s top football league.

The listing is expected to value CVC at up to €15bn, making it one of the largest private equity groups in Europe. The company’s rivals, including Blackstone, EQT, Bridgepoint, and KKR, have all gone public in recent years.

CVC’s chief executive, Rob Lucas, expressed confidence in the company’s future growth, stating that the IPO provides an enduring long-term institutional structure to support further expansion. Neither he nor any of his active partners are selling shares as part of the transaction.

The listing comes after CVC postponed previous attempts in 2022 and 2023 due to market uncertainty. With the IPO on the horizon, the co-founders are poised to cash in on their successful venture and solidify their places among the wealthiest individuals in the private equity industry.