TIDMOCI
RNS Number : 9852O
Oakley Capital Investments Limited
24 May 2018
24 May 2018
Oakley Capital Investments Limited
Oakley agrees sale of Facile and follow on investment
-- Proceeds: OCI to receive GBP52.2 million - a 58% premium to the December 2017 carrying value
-- Uplift: The sale results in an uplift of 9.3 pence per share
on the overall 31 December 2017 NAV
-- Returns: Fund II gross returns are 3.8x MM, 51% IRR
-- Investment: Fund III to invest EUR80 million alongside EQT,
of which OCI's contribution expected to be GBP28.6 million
Oakley Capital Investments Limited (AIM:OCI, the "Company") is
pleased to announce that Oakley Capital Private Equity II ("Fund
II") has reached an agreement to sell its stake in Facile.it
("Facile""), Italy's leading online price comparison website, to
EQT VIII ("EQT"). Oakley Capital Private Equity III ("Fund III")
will invest EUR80 million alongside EQT as a minority partner to
continue to benefit from Facile's strong market leading position in
the Italian market, which still has significant structural growth
potential.
The Company will realise estimated cash proceeds of
approximately GBP52.2 million on completion of the sale of Facile.
The realisation would represent an increase of GBP19.1 million to
the December 2017 NAV, lifting the NAV per share by 9.3 pence. The
Company's contribution to Fund III's investment in Facile is
expected to be approximately GBP28.6 million.
Oakley originally invested in Facile in 2014, building on the
sector experience gained through an earlier investment in Verivox,
the Germany-based online price comparison website. Under Oakley's
ownership Facile has successfully expanded its market share in its
core automotive price comparison market, whilst also establishing
leading positions in the Broadband and Gas & Power verticals,
and growing challenger positions in Loans and Mortgages. Since
acquisition, the Company has nearly trebled EBITDA and today helps
three million monthly users to compare prices on key elements of
their household expenditure.
Fund III is delighted to have the opportunity to invest in a
high growth market leader such as Facile and continue Oakley's
successful track record in the online price comparison sector. EQT
brings a wealth of relevant experience in the space and a highly
complementary approach to partnering with top management teams.
This transaction continues Oakley's recent track record of
significant value creation in the Digital Consumer sector: Fund
II's investment in PARSHIP Elite Group, a leading online dating
site based in Germany, generated gross return of 4.7x MM and an IRR
of 119%; Verivox, a Fund II investment in the price comparison
segment, generated a gross return of 2.5x MM and an IRR of 43%.
BofA Merrill Lynch acted as Facile's financial advisor in
connection with this transaction.
Christopher Wetherhill, Chairman of OCI, commented:
"The impressive returns delivered on the exit in Facile
demonstrates the strength of Oakley's capabilities in the digital
consumer space, and builds further on the strong returns generated
earlier in the year from the sale of the stakes in Verivox and
Parship. The returns on both were enhanced by retaining minority
stakes following a sale to a third party. We are therefore
delighted to be in the position to be realising significant cash
value from the Facile investment whilst retaining an interest in
its future success and value creation."
Peter Dubens, Managing Partner of Oakley Capital Private Equity,
commented:
"We would like to thank Mauro Giacobbe and his team for their
excellent work in developing the business during the investment
period and we very much look forward to working with them, and with
EQT, to continue to drive further expansion of the business.
Digital Consumer has long been one of the core areas of expertise
for Oakley and our "repeat-play" strategy continues to create
significant returns."
This announcement contains inside information.
- ends -
For further information please contact:
Oakley Capital Investments Limited
+44 20 7766 6900
Steven Tredget, Investor Relations
Oakley Capital Private Equity
+44 20 7766 6900
Peter Dubens, Managing Partner
FTI Consulting LLP
+44 20 3727 1000
Edward Bridges / Stephanie Ellis
Liberum Capital Limited (Nominated Adviser & Broker)
+44 20 3100 2000
Gillian Martin / Henry Freeman / Jill Li
(1) About Oakley Capital Investments Limited ("OCI")
Oakley Capital Investments Limited is a Bermudian company listed
on AIM. OCI seeks to provide investors with long term capital
appreciation through its investment in Oakley Capital Private
Equity L.P., Oakley Capital Private Equity II, Oakley Capital
Private Equity III and through co-investment opportunities.
LEI Number: 213800KW6MZUK12CQ815
(2) About Oakley Capital Private Equity L.P. ("Fund I"), Oakley
Capital Private Equity II ("Fund II") and Oakley Capital Private
Equity III ("Fund III")
Oakley Capital Private Equity L.P. and its successor funds,
Oakley Capital Private Equity II and Oakley Capital Private Equity
III, are unlisted mid-market private equity funds with the aim of
providing 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.
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END
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