Six Nations backer CVC plots revival of Amsterdam float

March 05, 2024

The private equity giant which owns a stake in Six Nations Rugby is plotting to revive plans for an Amsterdam stock market listing within weeks.

Sky News has learnt that CVC Capital Partners, which has its head office in London, is considering launching another attempt to go public as soon as next month.

No firm decision has yet been taken to proceed with a listing process, and it could yet be delayed beyond the spring or early summer, according to City sources.

CVC, which was preparing to float last autumn, is expected to seek a valuation of well over $15bn.

Since it aborted its IPO in early November, the share prices of publicly quoted rivals including Blackstone, EQT and KKR have soared by as much as 40%.

CVC, founded more than 40 years ago, is one of the buyout industry's best-known names.

It has owned businesses including Formula One motor racing, Debenhams, the AA and Saga.

The firm's current portfolio includes extensive interests in rugby union, European football media rights, Lipton Teas and Away Resorts.

It recently acquired Jagex, the Runescape franchise developer, from rival Carlyle.

Last year, CVC raised a €26bn buyout fund, which made it the largest such pool of capital in history.

So-called alternative investment firms such as CVC earn management fees on the money they raise and share in the profits they generate on their investments.

It currently manages €188bn of assets, making it one of the largest players in the industry.

CVC had wanted to go public in 2022 but was forced to delay the plan because of Russia's invasion of Ukraine and subsequent investor anxiety.

Last month, it emerged that Donald Mackenzie, one of the firm's co-founders and architect of its F1 investment, is retiring.

Rob Lucas, another senior figure at the firm, will steer it through an IPO if it goes ahead.

CVC sold a minority stake in itself to Blue Owl, a specialist investor, in 2021.

If it does proceed with an Amsterdam float, it is likely to sell only about 15% of the company to public investors.

The eventual decision will be subject to market conditions at the time, according to insiders.

Investment bankers at Goldman Sachs and JP Morgan are among those working on the prospective float.

CVC declined to comment.

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