CVC co-founder Donald Mackenzie poised to earn up to €150 million in IPO

European private equity firm CVC Capital Partners is set to make headlines with its public listing, which will result in a windfall of up to €150 million for co-founder Donald Mackenzie. Mackenzie, who recently stepped back from the company he helped build over 30 years ago, is expected to sell between 8.7 million and 10 million shares in Friday’s initial public offering.

The targeted value for the shares is between €13 and €15 each, meaning Mackenzie could receive a payout ranging from €113 million to €150 million. Other shareholders, including the Hong Kong Monetary Authority, the Kuwait Investment Authority, and Singapore’s GIC, will also be selling down their stakes in the business.

The IPO prospectus provides a rare glimpse into the ownership structure of CVC, one of Europe’s largest private equity firms. Founded by Mackenzie, Rolly Van Rappard, and Steve Koltes, CVC has been preparing for its public debut for over two years.

Mackenzie, the second-largest shareholder in the company, will see his stake decrease as Van Rappard takes over as the largest shareholder among the co-founders. If the company prices at the upper end of the range, Van Rappard’s stake could be worth approximately €1 billion, with Mackenzie’s remaining stake valued at around €900 million.

Mackenzie’s career as a dealmaker in the private equity industry has been marked by high-profile investments, including a stake in Formula One that was eventually sold for $8 billion. As he prepares to cash in on the IPO, Mackenzie’s legacy at CVC is set to be solidified in the annals of private equity history.