15 December 2021

Oakley Capital Investments Limited

Oakley Capital Investments Limited¹ ("OCI") is pleased to announce that Oakley Capital Private Equity III² ("Fund III") has reached an agreement to sell its stake in TechInsights, an information services platform for the microelectronics sector.

OCI's share of proceeds will be c.£60 million, and the sale represents a c.134% premium to the 30 June 2021 interim carrying value of OCI's investment in TechInsights (via Fund III), an uplift of c.19 pence per share to the Company's NAV.

As part of the transaction, Oakley Capital Fund IV ("Fund IV") will invest in TechInsights alongside CVC Growth Funds. OCI's indirect contribution via Fund IV will be c.£36 million.

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

OCI's liquid resources available for future deployment (including this transaction) are estimated to be c.£184 million.        

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

Oakley agrees sale of TechInsights and follow-on investment

Oakley Capital ("Oakley") is pleased to announce that Oakley Capital Private Equity III ("Fund III") has reached an agreement to sell its stake in TechInsights, an information services platform for the microelectronics sector. The exit will generate a gross return on investment of c.18.8x MM and c.82% IRR to Fund III. As part of the transaction, Oakley Capital Fund IV ("Fund IV") will acquire a majority stake in TechInsights alongside CVC Growth Funds ("CVC Growth") to benefit from the strong future growth potential of the business, as well as the significant strategic and sectoral synergies CVC Growth offers.

Fund III first invested in TechInsights in 2017 as a carveout from AXIO Group. During its period of ownership, Oakley has supported management in transforming the business model by shifting its revenue base from one-off projects to higher quality subscription revenues. The integration of three bolt-on acquisitions further strengthened its position as a leader in its field, and today TechInsights provides syndicated content to blue chip companies around the world.

The fresh investment from Fund IV and CVC Growth will support an ambitious, multi-year expansion programme to capitalise on promising growth opportunities that management have identified across TechInsights' core markets and in new verticals. Management are fully committed to remaining with the business and TechInsights will continue to be led by CEO Gavin Carter.

Oakley Capital Managing Partner Peter Dubens commented: 

"Gavin and his team have transformed TechInsights into a highly successful subscription business, and we look forward to supporting them on the next stage of the company's development. We're also pleased to welcome CVC Growth as co-investors with their strong track record backing high-growth, technology and information services businesses."

TechInsights CEO Gavin Carter commented:

"Several years ago, on the foundation of our world-leading reverse engineering, we began to develop the go-to information platform for those interested in microelectronics. We have come a long way, yet there is much opportunity ahead in this innovation-fuelled sector. Continuing our strong partnership with Oakley and now with the support of CVC Growth, we initiate a new investment programme and embark on an ambitious growth plan, working with current and prospective customers to further develop our capability and platform."

CVC Growth Managing Director Sebastian Künne commented:

"CVC has a proven track record of teaming up with like-minded investors to take businesses to the next level. We look forward to partnering with Oakley Capital and working closely with Gavin and his team to continue building a leading information services platform for the microelectronics industry."

- ends -

For further information please contact:

Oakley Capital Limited

+44 20 7766 6900

Steven Tredget, Investor Relations

Greenbrook Communications Limited

+44 20 7952 2000

Alex Jones / Michael Russell

CVC Capital Partners
+44 20 7420 4200
Nick Board, Communications

Liberum Capital Limited (Financial Adviser & Broker)

+44 20 3100 2000

Chris Clarke / Darren Vickers / Owen Matthews

Notes:

This announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019.

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 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 and Oakley Capital Origin Fund 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.

³ 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.

About CVC Capital Partners

CVC is a leading private equity and investment advisory firm with a network of 25 offices throughout Europe, Asia and the US, with approximately US$125 billion of assets under management. Since its founding in 1981, CVC has secured commitments in excess of US$165 billion from some of the world's leading institutional investors across its private equity and credit strategies. Funds managed or advised by CVC are invested in more than 100 companies worldwide, which have combined annual sales of over US$100 billion and employ more than 450,000 people. For further information about CVC please visit: www.cvc.com. Follow CVC on LinkedIn here.

About CVC Growth Partners

Launched in 2014, CVC Growth Partners is the growth-oriented middle-market technology investment arm of CVC Capital Partners. CVC Growth Partners primarily targets equity investments between $50 million and $250 million in North America and Europe and manages over US$2.5 billion in assets across two dedicated funds. For further information about CVC Growth Partners please visit: www.cvc.com/growth.

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.