CVC Capital Partners
| Company type | Public limited company |
|---|---|
| Industry | Private equity, investment advisory |
| Predecessor | Citicorp Venture Capital |
| Founded | 1981 |
| Founder | Rolly van Rappard |
| Headquarters | Jersey , Jersey |
Area served | Americas, Europe, Asia |
Key people | Rob Lucas (CEO) |
| Products | Private equity funds, secondaries, credit funds, infrastructure investments |
Number of employees | 850+ (2022) |
| Website | www |
CVC Capital Partners plc is an investment advisory and private equity firm headquartered in Jersey, managing around €186 billion in assets under management alongside €157 billion in committed capital. Its portfolio spans American, European, and Asian markets, covering private equity, secondaries, credit funds, and infrastructure investments. As of 31 December 2021, CVC's capital was allocated across more than 100 companies globally, collectively employing upwards of 450,000 individuals. Established in 1981 by Rolly van Rappard, the firm employs over 850 professionals (as of March 2022) distributed among 25 offices throughout EMEA, Asia, and the Americas.
In 2023, CVC successfully closed a landmark private equity fund totaling €26 billion—the largest fund ever raised worldwide. By June 2024, it secured the fourth position on Private Equity International's PEI 300 ranking of the globe's biggest private equity firms.
20th century
Citicorp Venture Capital was created in 1981. During the early 1990s, Michael Smith—who joined Citicorp in 1982—headed Citicorp Venture Capital’s European operations alongside managing directors Steven Koltes, Hardy McLain, Donald Mackenzie, Iain Parham, and Rolly Van Rappard. In 1993, Smith and key colleagues orchestrated a separation from Citibank to establish CVC Capital Partners as an independent private equity entity. Rob Lucas joined CVC in 1996 and later became the firm's lead managing partner during the 2020s.
2000s
By the year 2000, CVC had become one of Europe's most prominent and well-known private equity firms. In 2001, it closed its third fund—the largest European private equity fund at that time—outraising competitors such as Apax Partners and BC Partners.
In 2004, together with Permira, CVC acquired The AA from Centrica and subsequently merged it with Saga under Acromas Holdings in 2007.
In 2006, Citigroup Venture Capital’s US division separated to form Court Square Capital Partners. At that time, CVC maintained offices in London, Paris, and Frankfurt. After this spin-off, CVC launched its first independent fund with $300 million in commitments—half sourced from Citicorp and the remainder from high-net-worth individuals and institutional investors. Shifting focus to leveraged buyouts and investments in established businesses, CVC followed with a second independent fund raising $840 million.
Between November 2005 and March 2006, CVC acquired a controlling interest of 63.4% in Formula One Group, which owns the Formula One championship.
Also in 2006, CVC and Permira were accused of "asset stripping" The AA by borrowing £500 million against its assets to finance dividend payments. The AA responded by inviting discussions to address these concerns.
In 2007, CVC expanded its footprint into the United States by opening a New York office led by Christopher Stadler under the supervision of Rolly Van Rappard.
2010s
By 2012, CVC had reduced its ownership stake in Formula One Group to 35.5%. During this period, Bob Fernley—deputy team principal of Force India—publicly criticized CVC’s role within Formula One.
In January 2013, Michael Smith stepped down as chairman; Steven Koltes, Donald Mackenzie, and Rolly Van Rappard were appointed as co-chairmen.
In January 2015, both CVC Capital Partners and Bencis Capital Partners were fined by the Dutch Authority for Consumers and Markets due to price-fixing activities conducted by their former portfolio company Meneba Beheer between 2001 and 2007.
February of that year marked CVC Growth Partners’ inaugural investment with the acquisition of Wireless Logic from ECI Partners; Wireless Logic is Europe's largest managed service provider for machine-to-machine communications.
In March 2015, CVC secured an 80% ownership stake in gambling operator Sky Betting & Gaming.
June saw CVC acquire German perfume retailer Douglas AG from Advent International.
September brought expansion into Eastern Europe with the opening of a Warsaw office to enhance regional operations.
In November 2015, together with the Canada Pension Plan Investment Board, CVC jointly purchased American pet supply retailer Petco for approximately $4.6 billion.
April 2016 saw CVC acquire German betting company Tipico.
By August that year, CVC agreed to acquire a 15% interest in PT Siloam International Hospitals Tbk—one of Southeast Asia's largest private hospital networks.
In September 2016, CVC consented to sell majority control of Formula One Group to John Malone's Liberty Media for $4.4 billion. Liberty Media initially purchased an 18.7% stake for $746 million and completed full ownership in 2017 through subsequent payments and share issuances.
October 2017 involved acquiring Dutch compliance services provider TMF Group for €1.75 billion.
In May 2018, CVC invested $160 million to obtain OANDA Global Corporation—a Toronto-based global online retail forex trading platform and analytics firm.
At the close of 2019, CVC acquired Ontic from BBA Aviation (later Signature Aviation) for $1.365 billion.
2020s
In August 2021, Spain's La Liga clubs sanctioned a €2.7 billion transaction involving the sale of a 10% league stake to CVC Capital Partners, which was facilitated by a €1 billion loan provided by Goldman Sachs to CVC.
On 25 October 2021, Irelia Company Pte Ltd., affiliated with CVC Capital Partners, acquired the Ahmedabad-based Indian Premier League cricket team (Gujarat Titans) for .
During November 2021, CVC secured majority ownership of Unilever's tea business, Lipton Teas and Infusions, through a £4.5 billion purchase. This deal encompassed 34 tea brands, tea plantations across three nations, and 11 manufacturing facilities.
In July 2022, CVC divested nearly 50% of its holdings in TMF Group to the Abu Dhabi Investment Authority. That same year, co-founder Steve Koltes departed from the firm.
CVC intended to launch an IPO on the Euronext Amsterdam exchange in 2022; however, it was deferred due to market instability triggered by inflation and the Russian invasion of Ukraine. The public offering faced additional postponements in 2023 when Rob Lucas was appointed CEO.
In December 2023, CVC finalized the acquisition of Japanese pharmacy chain Sogo Medical for $1.2 billion.
By February 2024, CVC successfully raised $6.8 billion for its sixth Asia-focused fund, marking a 50% increase compared to its previous $4.5 billion fund raised in 2020. Co-founder Donald Mackenzie also stepped back from active involvement at this time.
On 26 April 2024, CVC completed its initial public offering on Euronext Amsterdam, generating €2.3 billion with shares debuting at €17.34.
On 3 July 2024, CVC acquired a controlling 60% interest in DIF Capital Partners, with intentions to purchase the remaining 40% by late 2028.
On 23 November 2024, Sky News revealed that CVC, alongside other firms, was linked to a potential takeover bid for ITV plc, which could involve the division of assets such as ITV Studios and ITVX.
Investment funds
| Fund | Year | Region | Size (millions) |
| CVC European Equity Partners I | 1996 | Europe | $840 |
| CVC European Equity Partners II | 1998 | Europe | $3,333 |
| CVC Asia Fund I | 2000 | Asia | $750 |
| CVC European Equity Partners III | 2001 | Europe | $3,971 |
| CVC European Equity Partners IV | 2005 | Europe | €6,000 |
| CVC Capital Partners Asia Pacific II | 2005 | Asia | $1,975 |
| CVC European Equity Partners Tandem Fund | 2007 | Europe | €4,123 |
| CVC European Equity Partners V | 2008 | Europe | €10,750 |
| CVC Capital Partners Asia Pacific III | 2008 | Asia | $4,120 |
| CVC Capital Partners Asia IV | 2014 | Asia | $3,495 |
| CVC Capital Partners VI | 2014 | Global | €10,907 |
| CVC Growth Partners | 2015 | US & Europe | $1,000 |
| CVC Capital Partners VII | 2017 | Global | $18,000 |
| CVC Strategic Opportunities II | 2019 | Global | $4,600 |
| CVC Growth Partners II | 2019 | US & Europe | $1,600 |
| CVC Capital Partners Asia V | 2020 | Asia | $4,500 |
| CVC Capital Partners VIII | 2020 | US & Europe | €21,300 |
| CVC Capital Partners Asia VI | 2023 | Asia | $6,800 |
| CVC Capital Partners IX | 2023 |
€26,000 |
Significant Investments
- Avast: cybersecurity firm
- Petco Holdings Inc.: leading retailer in pet products
- RAC: automotive breakdown assistance provider in the UK
- TMF Group: global compliance and administrative services company headquartered in the Netherlands
- Gujarat Titans: cricket franchise competing in the Indian Premier League