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Oakley Capital Investments Limited
Oakley Capital Investments Limited1 ("OCI" or "the Company") is pleased to announce that Oakley Capital Fund IV2 ("Fund IV") has reached an agreement to sell part of its stake in Wishcard, one of Europe's fastest growing gifts and rewards platforms. Fund IV will retain a residual shareholding in the business.
OCI's look through share of proceeds will be c.£45 million. The agreed exit valuation, a c.37% premium to the book value at 31 March 2022, was largely reflected in the Company's H1 NAV to 30 June 2022.
Note that the above figure only relates to OCI's share of proceeds from Fund IV's partial sale of Wishcard.
Further details on the transaction can be found in the below announcement from Oakley Capital3.
Oakley Capital agrees partial exit from Wishcard
Oakley Capital ("Oakley") is pleased to announce that Oakley Capital Fund IV ("Fund IV") has reached an agreement to sell part of its stake in Wishcard to private equity investors EMZ Partners and IK Partners. As part of the transaction, Fund IV will retain a residual shareholding in the business.
Wishcard is a consumer technology company and one of Europe's fastest growing gifts and rewards platforms selling over ten million multi-brand gift cards a year. Fund IV acquired a majority stake in the business in August 2019, partnering with the original founders to create a sustainable platform and continue the company's strong growth and leadership in product innovation.
Oakley helped build the required processes and professionalisation needed to sustain strong growth and supported the successful expansion into B2B and ecommerce distribution channels. Under Oakley's ownership, Wishcard has more than quadrupled revenues in under three years as the company benefited from its market-leading combination of 500 redemption partners, more than 110,000 points of sale and an effective multi-channel distribution network.
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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 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 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.
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.