CVC gallops ahead of rivals to clinch top spot in 2024 sponsor equity league tables – ECM EMEA Explorer
In 2024, as sponsors returned to equity markets, CVC [AMS:CVC] emerged as the most active sponsor in EMEA Capital Markets, boosted by its own listing on the Amsterdam stock exchange.
The private equity firm, which went public in 2024, returned to the market in style, leading the pack with a total deal volume of USD 5.9bn after being absent from ECM activity the previous year.
CVC’s stellar year in terms of activity did not only just include its Dutch deal, but the PE firm also took Zabka Group [WSE:ZAB] and Douglas [ETR:DOU] public, collectively raising USD 5.1bn through IPOs, including its own.
Close on its heels, EQT [STO:EQT] secured the second spot with total deal volumes of USD 3bn.
The Swedish sponsor’s headline transactions were the IPO and subsequent selldowns of Galderma [SWX:GALD], which set a benchmark for sponsors exiting portfolio companies through the equity markets.
“People understand that if you price a deal properly, and have the right asset, then you can generate liquidity and momentum,” an ECM banker said, underscoring the playbook sponsors followed in 2024.
Sovereign wealth fund GIC snapped up third place recording USD 2.3bn in volumes as the investor trimmed its stakes in Galderma and the London Stock Exchange Group [LON:LSEG].
Canada Pension Plan Investment Board (CPPIB) claimed fourth place with USD 2.2bn, driven by selldowns in LSEG and Unite Group [LON:UTG].
Rounding up the top five was ADIA (Abu Dhabi Investment Authority Ltd) with USD 2bn, bolstered by its participation in Galderma’s IPO and additional selldowns.
The remainder of the top ten was Blackstone (USD 1.4bn), Triton (USD 1.3bn), Wendel (USD 1.2bn), PIF (Public Investment Fund) (USD 1.2bn), CDPQ (USD 1.1bn), respectively.
EMEA Sponsor-led deals detailed | ||||
---|---|---|---|---|
Pricing Date | Company | Deal Value USD (m) | Financial Sponsor | Deal Type |
21-Mar-2024 | Galderma Group AG | 2,561 | Abu Dhabi Investment Authority Ltd-ADIA EQT AB GIC Pte Ltd PSP INVESTMENTS |
IPO |
26-Apr-2024 | CVC Capital Partners plc | 2,451 | CVC Capital Partners | IPO |
15-May-2024 | London Stock Exchange Group plc | 2,000 | Blackstone CPP Investments GIC Pte Ltd |
Follow-On |
06-Mar-2024 | London Stock Exchange Group plc | 1,816 | Blackstone CPP Investments GIC Pte Ltd |
Follow-On |
10-Oct-2024 | Zabka Polska | 1,640 | CVC Capital Partners | IPO |
In the final quarter of 2024, CVC retained its dominance, posting USD 2.3bn in volumes mainly thanks to Zabka’s IPO.
PIF, EQT, ADIA and BC Partners rounded out the top five for the quarter.
Notably, BC Partners was the only other sponsor in the top ten besides CVC to list a business, issuing shares for German academic publisher Springer Nature [ETR:SPG] in October.
CVC’s dominance in ECM demonstrated that a prior period of inactivity doesn’t preclude a sponsor from making a significant comeback and capitalising on the full potential of the equity markets.