TLDR:
- CVC Capital Partners went public on the Euronext Amsterdam with a $15 billion valuation, minting two new billionaires.
- The two new billionaires are cofounders Donald Mackenzie and Rolly van Rappard, with stakes worth $1.3 billion each.
Article Summary:
In a recent IPO, CVC Capital Partners started trading on the Amsterdam stock exchange at a $15 billion valuation, quickly seeing its shares rise to nearly $19. This move led to the creation of two new billionaires within the company, Donald Mackenzie and Rolly van Rappard, both cofounders. Mackenzie, who holds a 6% stake in the firm, is currently worth over $1 billion, having sold shares worth $180 million pretax. On the other hand, van Rappard, with a 6.7% stake, is also worth $1.3 billion, owning the 184-foot luxury yacht Blue II. CVC, known for its investments in various sectors like sports and luxury brands, now has $198 billion in assets under management.
The IPO also saw substantial dividends paid out to the shareholders, with a $327 million pretax dividend. While Mackenzie and van Rappard benefited from this, the remaining cofounder with a role in the company, Steve Koltes, also saw a boost in net worth, estimated at over $800 million. CVC’s IPO could face challenges due to global tensions and market conditions, but European asset managers like CVC may fare well in the long term, particularly with favorable rate cuts expected.
Overall, CVC’s successful IPO and the creation of new billionaires reflect the firm’s strong growth and diversified investments across multiple sectors worldwide, marking a significant milestone in its history.
