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(OCL) Oakley Capital Investments Share Chat

Discussion in 'General Share (OCL)' started by Mongoose82, Jun 10, 2016.

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  1. Groucho

    Groucho Member

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    8 June 2022

    Oakley Capital Investments Limited


    Oakley Capital Investments Limited1 ("OCI") is pleased to announce that Oakley Capital Fund IV2 ("Fund IV") has reached an agreement to sell its stake in Contabo, a leading cloud hosting platform used by SMEs.

    OCI's share of proceeds will be c.£59 million and the sale represents a c.105% premium to the 31 March 2022 carrying value, an uplift of c.17 pence per share to the Company's NAV.

    As part of the transaction, Oakley Capital Fund V ("Fund V") will invest in Contabo alongside KKR. OCI's indirect contribution via Fund V will be c.£37 million.

    Note that the above figures only relate to OCI's share of proceeds and its share of Fund V's overall investment in Contabo.

    OCI's liquid resources available for future deployment (including this transaction) are estimated to be c.£178 million.

    Further details on the transaction can be found in the below announcement from Oakley Capital3.


    Oakley Capital agrees sale of Contabo and follow-on investment

    Oakley Capital ("Oakley") is pleased to announce that Oakley Capital Fund IV ("Fund IV") has reached an agreement to sell its stake in Contabo, a leading cloud hosting platform offering easy-to-use and cost-effective cloud services used by SMEs, entrepreneurs and developers. The exit will generate a gross return in excess of 10x MM and over 100% IRR to Fund IV. As part of the transaction, Oakley Capital Fund V ("Fund V") will acquire a minority stake in Contabo alongside majority investor KKR, to benefit from the anticipated future growth of the business.

    Fund IV first invested in Contabo in 2019 alongside proven hosting entrepreneurs Thomas Strohe, Jochen Berger and Thomas Vollrath who introduced the opportunity to Oakley. Under Oakley's ownership, Contabo has generated strong revenue and EBITDA growth to become a leading SME cloud hosting provider with 24 lean and highly efficient data centres across four continents serving a diversified mix of more than 250,000 customers. In 2020, Czech hosting business VSHosting was acquired to expand Contabo's international footprint, followed by GPORTAL in 2021, a rapidly growing 'platform-as-a-service' provider in the gaming space.

    The strategic partnership with KKR and fresh investment from Oakley will support the next stage of Contabo's growth plan including acquisitions, and enable Contabo to continue its successful growth journey to become a global leader in SME cloud hosting. The company is well positioned in a market that has shown very strong and resilient growth in recent years, driven by structural trends and market dynamics, including increasing data traffic, the ongoing digitisation of small businesses as well as the increasing use of cloud applications.

    Contabo CEO, Thomas Noglik, commented:

    "When we first invested in Contabo three years ago, the business was very much a relatively unknown, subscale player in the domestic German web-hosting market. In partnership with Oakley, we leveraged our combined experience in cloud hosting and our track record in successfully professionalising businesses to transform Contabo into the market-leader it is today. We're pleased to be continuing our collaboration with Oakley and now with KKR's support and sector expertise as we proceed with the next stage of the company's growth plan."

    Jean-Pierre Saad, Partner and Head of Technology for Private Equity in EMEA and Laura Schröder, Director at KKR, commented:

    "The demand for cloud infrastructure and hosting services has considerably accelerated over recent years, and is set to further increase due to the ongoing digitalisation of small businesses and secular growth of the developer community. With its differentiated positioning in the market based on price-performance leadership and strong customer satisfaction, Contabo benefits from these market trends. We are excited by the opportunity to work with the management team and Oakley to unlock the significant potential in Contabo, drawing on our extensive expertise from investing in the cloud and hosting industry globally."

    Oakley Capital Managing Partner, Peter Dubens, commented:

    "Over more than a decade, Oakley has built significant expertise investing in the attractive web-hosting sector. We are pleased to sustain our strong track record with Contabo, and look forward to continuing our partnership with management to deliver on our ambition for the company. We also welcome KKR as co-investors with their deep experience in technology investing and the DACH region."
     
  2. Groucho

    Groucho Member

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    23 June 2022

    Oakley Capital Investments Limited


    Oakley Capital Investments Limited1 ("OCI") is pleased to announce that Oakley Capital Fund III2 ("Fund III") has reached an agreement to sell its stake in Facile.it, Italy's largest online price comparison platform.

    OCI's share of proceeds will be c.£53 million and the sale represents a c.23% premium to the 31 March 2022 carrying value, an uplift of c.6 pence per share to the Company's NAV.

    Note that the above figure only relates to OCI's share of proceeds from the sale of Facile.it.

    OCI's liquid resources available for future deployment (including this transaction) are estimated to be c.£200 million.

    Further details on the transaction can be found in the below announcement from Oakley Capital3.


    Oakley Capital agrees sale of Facile.it

    Oakley Capital ("Oakley") is pleased to announce that Oakley Capital Fund III ("Fund III") has reached an agreement to sell its stake in Facile.it ("Facile"), Italy's largest online price comparison platform, to Silver Lake.

    Fund III invested in Facile in 2018, alongside EQT Private Equity. During the course of the investment the business has continued to pioneer the Online Price Comparison market in Italy, developing innovative products that save its users hundreds of millions of euros every year. Over time, Facile has expanded its diversified product offering and unique omnichannel distribution proposition that underpin its long-term growth trajectory, allowing it to benefit from the continued market digitalisation and e-commerce penetration.

    Today, Facile.it reaches a base of over four million unique monthly users via an end-to-end seamless experience across its website, 39 stores, and over three thousand agents, and has grown its EBITDA by more than 20% on average over the last four years.


    Facile CEO, Tobias Stuber, commented:

    "On behalf of the Facile management team and all employees, I would like to thank our investors EQT and Oakley Capital for the successful, collaborative, and highly productive partnership over the past four years on our journey towards capitalising further on our position as a landmark destination for Italy's household spending. Thanks to the support of our investors, we are in an even better position today for the next phase of our growth with our new partner Silver Lake."

    Oakley Capital Managing Partner, Peter Dubens, commented:

    "Our successful investment in Facile has built on our deep expertise investing in digital marketplaces including price comparison websites. We would like to thank Tobias and his team for their hard work in growing the business over the last four years, delivering vertical diversification and significant customer growth."
     
  3. Groucho

    Groucho Member

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    26 July 2022

    Oakley Capital Investments Limited

    Oakley Capital Investments Limited1 ("OCI") is pleased to announce that Oakley Capital Fund III2 ("Fund III") has agreed the strategic combination of Grupo Primavera, the leading business software provider in Iberia, with Cegid, a leading provider of cloud-based management solutions. As part of the transaction, Fund III will increase its stake in Grupo Primavera and roll over its equity into Cegid.
    OCI's additional indirect contribution via Fund III is anticipated to be c.£28 million.

    Note that the above figure only relates to OCI's share of Fund III's additional investment in Grupo Primavera.

    Further details on the transaction can be found in the below announcement from Oakley Capital3.

    Oakley Capital agrees strategic combination of Grupo Primavera with Cegid
    Oakley Capital ("Oakley") is pleased to announce that Oakley Capital Fund III ("Fund III") has agreed the strategic combination of Grupo Primavera, the leading business software provider in Iberia, with Cegid, a leading provider of cloud-based management solutions. As part of the transaction, Fund III will increase its stake in Grupo Primavera and roll over its equity into Cegid. The all-share transaction values the combined company at approximately €6.8 billion.
    Oakley acquired Ekon as a standalone platform in 2019, and assembled a group management team to lead an intensive buy and build strategy. With that team Oakley acquired 11 further companies, including the transformative acquisition of Primavera in 2021, to form the newly enlarged Grupo Primavera. Through acquisitions as well as investment in product innovation and talent, Grupo Primavera has performed well ahead of its business plan, becoming Iberia's largest software platform in just three years.

    Today, Grupo Primavera has 800 employees based in five countries, serves 165,000 paying customers, and delivered €76 million of revenue in 2021. The company offers a wide range of cloud-based software solutions covering Invoicing, Accounting, and Enterprise Resource Planning (ERP). These offerings serve small businesses and mid-market segments across Spain, Portugal, and Africa, with a particularly strong footprint among accounting professionals. Together, Grupo Primavera and Cegid will have pro forma revenue in the Iberia region of more than €150 million this year.

    Cegid is a global leading provider of cloud business management solutions for finance (treasury, tax, ERP), human resources (payroll, talent management), CPAs, retail and entrepreneurial sectors. With 350,000 clients, the business is focused on large and SMB customers, operating in 130 countries across the globe and its installed base is already close to fully migrated to Cloud. Cegid has a strong track record of double-digit organic growth with a high proportion of recurring revenues, underpinned by the SaaS transition of its customer base and new client acquisitions in the Cloud, and investments in next-generation cloud products.
    The combination of Cegid and Grupo Primavera underscores Cegid's position as a leading provider of cloud-based management solutions. The addition of Grupo Primavera firmly establishes Cegid's leadership in Iberia and offers exciting expansion opportunities for Grupo Primavera by leveraging Cegid's presence in Latin America.

    Upon close, Silver Lake will remain the majority shareholder of the combined company. Oakley Capital will join KKR and AltaOne as minority shareholders in the combined company. Together, these shareholders will partner with Cegid CEO Pascal Houillon, Grupo Primavera CEO Santiago Solanas, and the rest of the management team in Cegid's next phase of growth.


    Cegid CEO Pascal Houillon said: "Joining forces with Grupo Primavera is an immense opportunity for both companies and our respective clients. Like Cegid, Grupo Primavera offers useful and innovative solutions to partners and customers in the cloud, and has achieved impressive growth specifically across Spain, Portugal, and Africa. We share an inspiring vision for the future driven by continuous product and technology innovation, and Cegid is fully committed to investing in the combined company's continued growth. We look forward to working closely with Santiago and the talented team at Grupo Primavera to bring value to a more global customer base."


    Grupo Primavera CEO Santiago Solanas said: "We are strongly aligned with Cegid's vision and ambition and have long admired the company. Like Cegid, we have an entrepreneurial and passionate culture with a focus on product excellence, a commitment to customers, and an exciting vision for growth. This is a powerful partnership that will allow us to combine resources and expertise, bringing customers new products and continued innovation, as well as building on our proven track record to expand and integrate new talent and approaches to market needs. Both Cegid and Grupo Primavera share a mission to grow our ecosystem and to offer our combined customers, channel partners, colleagues, and communities renewed value."


    Christian Lucas, Co-head of Silver Lake EMEA and Vice-Chairman of the Board of Directors of Cegid, said:"Through our investment and strategic development executed since 2016, Cegid has become a pan European and global player with strong positions in multiple geographies including France, Spain, and Portugal, with important market presence in 12 other countries and selling in more than 130 countries. We are excited about the growth prospects of the combined group and by the creation of the Iberian market leader in the business software space, reinforcing Cegid's existing position on a broader global scale. The market for digitisation solutions in the European mid-market, namely through financial management software, is large and growing meaningfully, and the combined company will be uniquely positioned to capitalize on this opportunity as it continues to expand."


    Oakley Capital Managing Partner Peter Dubens, said "In partnership with Oakley, Grupo Primavera has grown to become a leading player in the Iberian market for business software. Now under the stewardship of both highly experienced management teams and committed shareholders, Cegid and Grupo Primavera are poised to accelerate a global growth strategy with a focus on market expansion and cross sell opportunities. We look forward to being a part of this new chapter for both companies and the significant potential that lies ahead."

    Upon closing of the transaction, Mr. Solanas and his entire management team will join Cegid, with Mr. Solanas reporting directly to Mr. Houillon.


    The transaction is expected to close in Q3 2022, and as is customary, remains subject to the information and consultation processes of the relevant employee representative bodies in accordance with applicable laws.
     
  4. Groucho

    Groucho Member

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    27 July 2022

    Oakley Capital Investments Limited


    Trading update for the Three Months ended 30 June 2022


    Oakley Capital Investments Limited1 ("OCI" or the "Company") today announces its quarterly trading update for the three months ended 30 June 2022. OCI is a listed investment company providing consistent, long-term returns in excess of the FTSE All-Share Index by investing in the funds managed by Oakley Capital2 ("Oakley").

    The Oakley Funds3 invest primarily in unquoted, pan-European businesses across three sectors: Technology, Consumer and Education. Oakley's origination capabilities combined with proven value creation drivers generate sustainable growth and consistently superior returns for investors.  


    Strong demand for assets and robust earnings outlook for portfolio companies drive total quarterly NAV return of 11%


    Highlights for the period

    ● Net Asset Value ("NAV") per share of 630 pence and NAV of £1,119 million

    ● Total NAV return per share of +11% since 31 March 2022 (+61 pence), and +17% since 31 December 2021 (+94 pence)

    ● £30 million in new investments during the period

    ● c.£112 million share of sale proceeds expected post period-end

    ● New £100 million revolving debt facility adds flexibility and liquidity


    NAV growth

    The Company's unaudited NAV, based on portfolio company valuations at 30 June 2022, was £1,119 million, which represents a NAV per share of 630 pence. The NAV per share return including dividends was 11% (+61 pence) since 31 March 2022, and an increase of 94 pence (17%) since year-end. In the three months to 30 June 2022, 67% of the increase in the portfolio's value was driven by EBITDA growth and 33% by multiple expansion, the latter driven by the multiples achieved for signed exits in the period, all of which were at significant premiums to prevailing book value. The 61 pence total return includes 46 pence of valuation gains, 11 pence of foreign exchange movements and 2 pence of dividends, while share buybacks added 1 penny.

    Portfolio company performance

    In a period of heightened market and economic uncertainty, Oakley's portfolio of digitally-enabled companies continued to deliver robust earnings growth, underpinned by long-term, enduring market tailwinds such as business and consumer digitisation and a focus on recurring and subscription revenues.

    Transactions

    During the period, OCI made look-through investments of £30 million, largely attributable to the investment in Vice Golf, a digital-first golf brand with a strong track-record of profitable growth, as well as a number of portfolio company bolt-on acquisitions.

    During the quarter, Oakley agreed the sale and reinvestment in web-hosting business Contabo as well as the sale of the investment in Italy's leading price comparison website, Facile, both at significant premiums to their carrying values. The transactions are due to complete later this year, and OCI's look-through share of proceeds is expected to total c.£112 million.


    Cash & commitments

    OCI had cash on the balance sheet of £97 million at 30 June 2022, comprising 9% of NAV. This excludes anticipated proceeds from agreed deals that are yet to complete. Total outstanding Oakley Fund commitments as at 30 June 2022 were £993 million. They will be mostly deployed into new investments over the next five years, funded with existing balance sheet cash as well as expected proceeds from exits announced during the period and future realisations. During the period, the Company also agreed a £100 million revolving credit facility with major lenders, thereby increasing OCI's flexibility and liquidity.

    Post-balance sheet events

    Post period-end, portfolio company TechInsights completed its bolt-on acquisition of Strategy Analytics, a leading provider of syndicated research into the consumer technology sector. Oakley Capital also announced the strategic combination of Grupo Primavera with Cegid, the French market leader in SME business software. As part of the transaction, Oakley will increase its stake in Grupo Primavera and roll over its equity into Cegid. The transaction is expected to complete later this year. OCI's total look-through investment from these acquisitions is expected to total c.£31 million.


    OCI's latest quarterly factsheet can be accessed here.

    The Company expects to report its unaudited interim results for the six months to 30 June 2022 on 8 September 2022.
     
  5. Groucho

    Groucho Member

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    27 July 2022

    Oakley Capital Investments Limited

    Oakley Capital Investments Limited1 ("OCI") is pleased to announce that Oakley Capital Origin Fund2 ("Origin") has reached an agreement to sell part of its stake in Seedtag to private equity investor Advent International ("Advent").


    OCI's look-through share of proceeds is expected to be c.£13 million, representing an increase of 4 pence per share to the Company's NAV as at 30 June 2022.


    Further details on the transaction can be found in the below announcement from Oakley Capital3.


    Oakley Capital agrees partial exit from Seedtag


    Oakley Capital ("Oakley") is pleased to announce that Oakley Capital Origin Fund ("Origin") has reached an agreement to sell part of its stake in Seedtag to private equity investor Advent International ("Advent").


    Founded by Jorge Poyatos and Albert Nieto in Madrid in 2014, Seedtag is the leader in contextual advertising in EMEA and LATAM. The Company helps brands and agencies deliver digital advertising that is directly relevant to the content that readers are consuming, meeting growing market demand for cookie-less solutions that protect brands and prioritise consumer privacy.

    Oakley leveraged its deep media expertise and strong track record growing digital businesses to invest in Seedtag in 2021, attracted by its proprietary AI technology and entrepreneurial team, and in order to support the company's international expansion. Since 2021, Oakley has supported Seedtag's launch into North America as well as the strategic acquisition of KMTX (previously Keymantics), a leading French company specialised in building AI models to optimise and automate performance marketing campaigns. During Oakley's ownership, Seedtag has grown revenues and earnings significantly ahead of forecast.

    Partnering with Advent will enable Seedtag to leverage its significant expertise in marketing and data, accelerate its expansion into the US, the world's largest advertising market, as well as provide additional firepower for additional M&A and investment in the company's contextual product suite.

    Jorge Poyatos and Albert Nieto will continue to lead Seedtag from both its Spanish and US headquarters.

    Seedtag co-Founders & co-CEOs Jorge Poyatos and Albert Nieto said: "In partnership with Oakley, we have made strong progress in our business plan, driving top-line growth, pursuing strategic acquisitions and further professionalising the business. We see tremendous opportunity to grow Seedtag further as profound changes in the advertising industry drive demand for our contextual advertising services that enhance both brand awareness and security. We look forward to partnering with Advent and Oakley to take full advantage of these opportunities."


    Oakley Capital Managing Partner Peter Dubens said: "What first attracted us to invest behind Seedtag were two highly ambitious, ex-Google entrepreneurs with a vision to create a leader in advertising technology, and a market-leading product that addressed the increasing focus on consumer privacy. This is a terrific combination that has delivered strong outcomes. We are pleased to continue our partnership with Jorge and Albert, and welcome Advent as together we position the company for the next stage of its growth plan. Seedtag remains Oakley's third platform investment in Iberia, a cornerstone region for the firm, alongside market-leading property portal idealista and business software provider Grupo Primavera.

    Gonzalo Santos, Managing Director at Advent International and Head of Spain, said: "Seedtag has established itself as a leading player in Europe and Latin America in the very dynamic contextual advertising sector. We are delighted to partner with Jorge and Albert as they continue to build on this momentum. With our international presence and deep sector expertise, Advent will work with the Seedtag management team to further expand the business internationally. We look forward to supporting this hugely exciting business to grow and scale-up and to taking it to the next level."
     
  6. Groucho

    Groucho Member

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