LONDON, Jan 29 (Reuters) - CVC Capital Partners co-Chairman
Steve Koltes will step down this year as Europe's biggest buyout
firm prepares for a stock market listing that a source familiar
with the matter told Reuters could value it at more than 20
billion euros ($22 billion).
Koltes, who co-founded CVC in 1993 as a spinout from
Citibank, will leave in October "to focus on his private
interests," the firm said in a statement. He will remain on
CVC's board in a non-executive capacity.
CVC recently lined up banks to work on an initial public
offering (IPO), following in the footsteps of rival funds
including Bridgepoint Group and TPG which
recently floated after decades in private hands.
In preparation for the IPO, CVC brought in outside capital
in September when it sold a stake of roughly 10% to investment
firm Blue Owl Capital Inc in a deal that valued the
company at 15 billion euros ($16.7 billion).
That valuation could surge beyond 20 billion euros in the
upcoming listing, considering the strong market debuts of rival
firms, the source said.
CVC is looking to go public in the second half of the year
with Goldman Sachs, JPMorgan and Morgan Stanley
working on the plan. It may opt to float on the London
Stock Exchange, although a final decision on the listing venue
has yet to be made, the source said.
After Kotles's departure, co-Chairmen Donald Mackenzie and
Rolly van Rappard - who worked closely with him in the early
1990s to establish CVC when it was still known as Citicorp
Venture Capital London - will continue with the firm.
The pair praised Koltes for his "wisdom and determination"
in transforming the firm into a global private equity powerhouse
invested in more than 100 companies worldwide.
CVC, with $125 billion of assets under management, has been
one of the most active investors during the pandemic, buying
Unilever's tea business for 4.5 billion euros in
November and then clinching a 1.9 billion euro deal to invest in
Spain's top soccer league in December.
The firm is well known in the world of sports having backed
both Formula One and the Six Nations rugby tournament.
It is also one of the bidders in talks for a stake worth
some 1.5 billion euros in the French soccer league's media
rights business, four sources told Reuters in December.
($1 = 0.8974 euros)
(Reporting by Pamela Barbaglia in London and Amna Karimi in
Bengaluru; Editing by Krishna Chandra Eluri and David Holmes)