By Pamela Barbaglia

LONDON, (Reuters) – CVC Capital Partners Co-Chairman Steve Koltes will resign this year. The biggest European buyout firm is preparing for a stock-market listing. According to Reuters sources, it may be valued at over 20 billion euros ($22billion).

Koltes co-founded CVC as a Citibank spinoff in 1993. The firm announced that he will leave CVC in October to focus on his personal interests. In a non-executive role, he will still be on the CVC board.

CVC has partnered with banks in an initial public offering (IPO) to follow in the steps of TPG and Bridgepoint Group, two rival funds that recently floated following decades of privatization.

CVC raised outside capital to prepare for its IPO. In September, it sold a 10% stake to Blue Owl Capital Inc. This deal valued CVC at approximately 15 billion euro ($16.7billion).

According to a source, this valuation could exceed 20 billion euro in the forthcoming listing due to strong market debuts from rival firms.

CVC hopes to be publicized in the second quarter of this year, with Goldman Sachs (NYSE :), JPMorgan Bank (NYSE 🙂 and Morgan Stanley (NYSE:) Working on the plan. According to the source, it may decide to list on London Stock Exchange. However, a decision has not been made on where to list.

Rolly van Rappard and Donald Mackenzie, who were close to Kotles in the 1990s when CVC was known as Citicorp Venture Capital London, will remain with the firm after Kotles leaves.

Koltes’ “wisdom” and determination in turning the company into a major global private equity firm that has invested in more 100 companies in more than 100 countries was highly praised by both of them.

CVC has $125 billion in assets and was one of the largest investors in the Pandemic. In November, it bought Unilever (NYSE)’s tea company for 4.5 Billion Euros. Then, in December, CVC clinched a deal worth 1.9 billion to invest in Spain’s premier soccer league.

It is well-known in the sports world, having supported both Formula One as the Six Nations Rugby Tournament.

According to four sources, it’s also one of several bidders who are vying for a share in the French soccer League’s media rights firm. The stake is worth approximately 1.5 billion Euros.

($1 = 0.8974 euros)