TIDMOCI
RNS Number : 6857A
Oakley Capital Investments Limited
24 January 2024
24 January 2024
Oakley Capital Investments Limited
Trading update for the year ended 31 December 2023
Oakley Capital Investments Limited (1) ("OCI" or the "Company")
today announces its trading update for the year ended 31 December
2023. OCI is a listed investment company providing consistent,
long-term returns in excess of the FTSE All-Share Index by
investing in funds managed by Oakley Capital (2) ("Oakley").
The Oakley Funds (3) invest primarily in unquoted, profitable,
pan-European businesses with recurring revenues, and across four
focus sectors. Oakley's origination capabilities combined with
proven value creation drivers help management teams accelerate
growth and produce consistently superior returns for investors.
Highlights for the year ended 31 December 2023
-- Net Asset Value ("NAV") per share of 684 pence and NAV
of GBP1,207 million
-- Total NAV return per share, including dividends, of 4%
(+27 pence)
-- Total shareholder return of 18%
-- Investments of GBP175 million and share of proceeds of
GBP266 million
-- Year-end cash and available debt of GBP382 million
-- Outstanding commitments of GBP1,017 million
NAV growth
The Company's unaudited NAV as at 31 December 2023 was GBP1,207
million, which represents a NAV per share of 684 pence, based on
portfolio valuations at year-end. The total NAV per share return
including dividends was 4% (+27 pence) since 31 December 2022 and
1% (+8 pence) since 30 September 2023. Of the realised and
unrealised portfolio uplift in the year, 65% of the increase was
driven by EBITDA growth, and 35% as a result of multiple expansion.
The largest contributions came from IU Group, which expanded
enrolments 33% to 125,000 students during the year; North Sails,
which generated revenue and profit growth led by the sails, masts
and apparel business, ahead of target; and online property portal
idealista, which posted strong results across its core markets in
Southern Europe.
Portfolio company performance
In 2023, the underlying companies in OCI's portfolio continued
to trade well in an uncertain macroeconomic environment, thanks to
their resilient, asset-light business models, usually with strong
disruptive market positions and predictable, recurring cash flows.
Companies across all of Oakley's four sectors, Technology,
Consumer, Education and Business Services, contributed to valuation
gains.
Proceeds
OCI's look-through share of proceeds from exits and refinancings
during the year totalled GBP266 million, consisting of:
-- Realisations - GBP240 million - IU Group exit at gross return of 85% IRR
-- Refinancings - GBP26 million - idealista and Cegid completed debt refinancings
Investments
OCI made a total look-through investment of GBP175 million which
included:
-- New platform deals - GBP50 million - Thomas's London Day Schools, Liberty Dental Group and
WebCentral
-- Reinvestment - GBP66 million - IU Group, benefitting from the next phase of the company's
growth, focused on leveraging AI and internationalisation
-- Follow-on investments - GBP35 million - in addition to vLex's acquisition of Fastcase and
7NXT's acquisition of 7Mind, 22 bolt-on acquisitions were completed by portfolio companies
-- Venture investments - GBP24 million - investments in Oakley Touring Venture Fund and PROfounders
III portfolio companies.
Post balance-sheet events
-- Further new platform deals - up to c. GBP100 million - investments in Alerce and Steer Automotive
Group. Both transactions are expected to complete within 1H 2024.
Cash & commitments
OCI's total liquidity as at 31 December 2023 was GBP382 million,
comprising GBP207 million of cash on the balance sheet and GBP175
million in undrawn credit facilities. OCI made a total commitment
of $100 million in Oakley Touring Venture Fund, which focuses on
AI-powered software companies, and EUR 190 million in Origin II,
taking the total outstanding commitments to the Oakley Funds to
GBP1,017 million as at 31 December 2023. This will be deployed into
new investments over the next five years. The Board closely
monitors anticipated fund drawdowns and projected liquidity and
will continue its long-term commitment to share buybacks when
appropriate.
The Company expects to report its audited annual results for
2023 on 14 March 2024.
- ends -
For further information please contact:
Oakley Capital Limited
+44 20 7766 6900
Steven Tredget
Greenbrook Communications Limited
+44 20 7952 2000
Rob White / Michael Russell
Liberum Capital Limited (Financial Adviser & Broker)
+44 20 3100 2000
Chris Clarke / Darren Vickers / Owen Matthews
Notes:
LEI Number: 213800KW6MZUK12CQ815
(1) About Oakley Capital Investments Limited ("OCI")
OCI is a Specialist Fund Segment ("SFS") traded investment
vehicle that aims to provide shareholders with consistent long-term
capital growth in excess of the FTSE All-Share Index by providing
liquid access to private equity returns through investment in the
Oakley Funds.
A video introduction to OCI is available at
https://oakleycapitalinvestments.com/videos/. The contents of the
OCI website are not incorporated into, and do not form part of,
this announcement.
(2) Oakley Capital, the Investment Adviser
Founded in 2002, Oakley Capital Limited has demonstrated the
repeated ability to source attractive growth assets at attractive
prices. To do this it relies on its sector and regional expertise,
its ability to tackle transaction complexity and its deal
generating entrepreneur network.
(3) The Oakley Funds
Oakley Capital Private Equity L.P. and its successor funds,
Oakley Capital Private Equity II, Oakley Capital Private Equity
III, Oakley Capital IV, Oakley Capital V, Oakley Capital Origin
Fund and Oakley Capital Origin II, are unlisted lower-mid to
mid-market private equity funds that aim to provide investors with
significant long-term capital appreciation. The investment strategy
of the Funds is to focus on buy-out opportunities in industries
with the potential for growth, consolidation and performance
improvement. The Oakley family of funds also includes Oakley
PROfounders Fund III and Oakley Touring Venture Fund, which are
venture capital funds focused on investments in entrepreneur-led,
disruptive, technology led companies.
For more information on the Oakley Fund strategies in which OCI invests, please click here.
Important information
Specialist Fund Segment securities are not admitted to the
Official List of the Financial Conduct Authority. Therefore, the
Company has not been required to satisfy the eligibility criteria
for admission to listing on the Official List and is not required
to comply with the Financial Conduct Authority's Listing Rules.
The Specialist Fund Segment is intended for institutional,
professional, professionally advised and knowledgeable investors
who understand, or who have been advised of, the potential risk
from investing in companies admitted to the Specialist Fund
Segment.
This announcement may include "forward-looking statements".
These forward-looking statements are statements regarding the
Company's objectives, intentions, beliefs or current expectations
with respect to, amongst other things, the Company's financial
position, business strategy, results of operations, liquidity,
prospects and growth. Forward-looking statements are subject to
risks and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. Accordingly
the Company's actual future financial results, operational
performance and achievements may differ materially from those
expressed in, or implied by, the statements. Given these
uncertainties, prospective investors are cautioned not to place any
undue reliance on such forward-looking statements, which speak only
as at the date of this announcement. The Company expressly
disclaims any obligation or undertaking to update or revise any
forward-looking statements contained herein to reflect actual
results or any change in the Company's expectations with regard to
them or any change in events, conditions or circumstances on which
any such statements are based unless required to do so by the
Financial Services and Markets Act 2000, the Listing Rules or
Prospectus Regulation Rules of the Financial Conduct Authority or
other applicable laws, regulations or rules.
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END
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