15 October 2025  

Oakley Capital Investments Limited 

Oakley Capital Investments Limited¹ ("OCI") is pleased to announce that Oakley Capital Origin Fund II² ("Origin II") is investing in NOX, a premium padel equipment brand.

OCI's indirect contribution via Origin II is anticipated to be c.£9 million, which relates to OCI's share of Oakley's investment in NOX. 

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

Oakley Capital invests in premium padel equipment brand NOX

Oakley Capital, a leading pan-European mid-market private equity investor, is pleased to announce that Oakley Origin Fund II is investing in NOX, a premium padel equipment brand. Oakley is partnering with founder Jesús Ballvé and GPF Partners, who together will retain a significant minority stake in the business.

Founded in 2008 in Barcelona, Spain, NOX has become a global benchmark for high-performance padel rackets trusted by both recreational and top professional players worldwide, including the world number one, Agustín Tapia. Today, the company sells more than 400,000 rackets annually across 80+ countries, accounting for 11% of total global sales.

Over the past four years, NOX has achieved strong growth, delivering a 50%+ revenue CAGR - significantly outpacing the broader market. This success has been driven by continuous, pioneering product development, resulting in strong brand loyalty and endorsements from top-tier professionals.

The sport of padel itself is expanding rapidly, growing at an estimated 25% a year thanks to its accessibility, global appeal, alignment with fitness trends, and its ability to attract players across generations. This momentum is further supported by the increase in new court construction and the growing number of tennis clubs converting their courts to padel, drawn by the sport's compelling economic model.

Oakley will partner with Jesús and the NOX management team to accelerate the brand's international expansion, with a particular focus on the U.S. and Asian markets, where padel is gaining traction. Oakley will also assist in broadening NOX's product portfolio, strengthening the company's digital marketing capabilities, and exploring further opportunities in the fast-growing pickleball segment, where NOX already has a foothold.

Oakley Capital co-Founder & Managing Partner Peter Dubens said: "Jesús Ballvé has built an authentic, high-performance brand with a devoted following among both professional and recreational players. We look forward to supporting Jesús and the NOX team, in partnership with GFP, to scale the business into a truly global brand."

NOX Founder and CEO Jesús Ballvé said: "We are proud of the brand we have built over the past 17 years, and we believe Oakley is the ideal partner to take NOX to the next stage of its growth journey. Their expertise in digital marketing, and proven track record with premium sports and lifestyle businesses, will be invaluable as we expand into new markets and continue developing innovative, high-quality products."

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For further information please contact:

Oakley Capital Limited

+44 20 7766 6900

Steven Tredget

Greenbrook

+44 20 7952 2000

Rob White / Michael Russell

Deutsche Numis (Financial Adviser & Broker)

+44 20 7260 1000

Nathan Brown / Matt Goss

¹ About Oakley Capital Investments Limited ("OCI")

OCI is a closed-ended investment fund trading on the main market of the London Stock Exchange as an Official List Company. OCI 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 II, Oakley Capital Private Equity III, Oakley Capital IV, Oakley Capital V, Oakley Capital VI, Oakley Capital Origin 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.

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

Oakley Capital Investments has now been admitted to the Official List of the Financial Conduct Authority. Therefore, the Company is now required to satisfy the eligibility criteria for admission to listing on the Official List is required to comply with the Financial Conduct Authority's Listing Rules, including in relation to transactions with related parties, financial reporting, contents of shareholder circulars and other continuing obligations.

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.