CVC Capital Partners, the private-equity firm behind olive-oil supplier Deoleo and Lipton tea, has outlined plans to list in Amsterdam.
The buy-out house, which also counts sports-nutrition business The Quality Group and vodka-to-Tequila distiller Stock Spirits among its investments, is looking to raise at least €1.25bn ($1.56bn) through the flotation.
Last year, CVC reportedly postponed its plans for an IPO due to market volatility. In documents published today (15 April), the private-equity firm said it would look to issue new shares worth €250m. It will also oversee a sale of shares by a group of existing investors that includes Kuwait’s sovereign investment fund and an investment vehicle of the Singapore government. None of the selling shareholders are “active employees” of CVC, it said.
Rob Lucas, CVC’s chief executive, said the firm had around €186bn of assets under management. Lucas pointed to the investor’s latest fund covering Europe and the Americas, which, he said, was the “largest private-equity fund ever raised globally”.
He added: “We believe an IPO of CVC provides an enduring long-term institutional structure to support further growth, we remain completely focused on the continued success of CVC and neither I nor any of my active partners are selling shares as part of this transaction.”
The private-equity firm said the proceeds from its issue of new shares would be used to support its “pursuit of continued growth”, which, it added, could include M&A. The proceeds are also being lined up to potentially help fund CVC’s acquisition of a majority stake in infrastructure manager DIF Capital Partners, which was announced last year.
According to Bloomberg, CVC is aiming for a valuation of €13-15bn.
In food and beverage, the investor’s assets include its ownership of Spain-based olive-oil business Deoleo, of which it attained control in 2014, although there were reports last year it was looking to sell its stake.
In 2022, CVC acquired a majority stake in Germany-based sports nutrition business The Quality Group, the owner of the ESN brand.
Last month, CVC bought Spanish bakery business Monbake from France-based investment company Ardian and co-investors Alantra, Artá and Landon.
CVC acquired Stock Spirits in 2021 and the Poland-based distiller has, in recent quarters, snapped up German spirits business Borco-Marken-Import Matthiesen, as well as Clan Campbell, a Scotch whisky brand, from Pernod Ricard.
Lipton Teas and Infusions is the former Unilever tea and herbal drinks business, known as Ekaterra when CVC acquired the assets from the FMCG group three years ago.
