Three co-founders of CVC Capital Partners, the private equity firm that bought up and then sold Formula One, have built up a combined €2.6bn (£2.2bn) fortune, according to the company’s prospectus published in the run-up to its stock market float.
Donald Mackenzie, 66, holds 7% of CVC’s shares that would be worth just over €1bn if the company achieves its €15-per-share price target when it lists its shares on the Amsterdam stock market on Friday. He is planning to sell shares worth up to €150m in the initial public offering (IPO), the company said in the prospectus.
Co-founder Rolly van Rappard, 64, who will serve as CVC’s chair, holds shares worth about €950m, while his fellow co-founder Steve Koltes, 68, has shares worth about €600m. The three men’s combined shares could be worth more than €2.6bn.
The trio co-founded CVC when they spun it out of Citigroup in 1993, and have built it into one of the largest private equity groups in Europe. It manages more than €180bn of assets, including a stake in the Six Nations rugby tournament and Lipton Teas. It is based in low-tax Luxembourg.
Mackenzie, who is Scottish but lives in the tax haven of Jersey, became the chair of the company that ran Formula One after masterminding CVC’s buyout of the motorsport in 2006. It went on to sell the business to Liberty Media for $8bn in 2016.
Source: Theguardian
