Investment in Dexters

19 February 2021

Oakley Capital Investments Limited

New Investment

Oakley Capital Investments Limited¹ ("OCI") announces that Oakley Capital IV² ("Fund IV") has agreed to invest in Dexters, London's leading independent Chartered Surveyors and Estate Agents.

OCI's indirect contribution via Fund IV will be £13 million.

Note that the above figure only relates to OCI's share of Oakley Capital's overall investment in Dexters.

OCI's liquid resources available for future deployment (including this transaction) are estimated to be £176 million.          

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

Investment in Dexters, London's leading independent Chartered Surveyors and Estate Agents

Oakley Capital is pleased to announce that Oakley Capital IV ("Fund IV") has agreed to invest in Dexters London Limited ("Dexters" or the "Company"), London's leading independent Chartered Surveyors and Estate Agents. Fund IV will invest alongside the management team, led by CEO Andy Shepherd, and the Company's Founder and Chairman Jeff Doble.

Dexters was founded in 1993 as a single branch in Twickenham and has since grown to a network of 87 branches across Greater London through a combination of organic growth and acquisitions. Central to its success is the Company's focus on lettings and property management, an area of the market that provides a stable recurring income, along with attractive market fundamentals due to the growing proportion of property that is privately rented. Dexters currently serves close to 27,000 landlords and in addition to its focus on lettings also facilitates more than 3,500 property sales per year. The Company has a long and consistent track-record of growth and cash generation through economic cycles, growing revenue at a 15% compound annual growth rate over the last 10 years, reaching £109 million last year.

Dexters has considerable scope for further growth and is well positioned to grow both organically and through new office openings and acquisitions of smaller competitors in its target areas. The estate agency market remains highly fragmented and Dexters has consistently demonstrated a track-record of accretive M&A. There is also an opportunity to digitalise the business to allow Dexters to deliver its services via multiple channels.

Oakley will draw upon expertise gained from investments in online real estate classifieds businesses Casa.it and idealista; its successful track record of executing buy-and-build strategies; and its leading experience in digitalisation to support Dexters' management team in taking the Company's growth to the next level.

Peter Dubens, Managing Partner of Oakley Capital, commented:

"Oakley's investment success is built upon backing proven, entrepreneurial, founder-led management teams - our partnership with Jeff and the Dexters team fits this mould. The Company's focus, drive and spirit of collaboration has delivered performance where others in the sector have faltered. We look forward to being a part of Dexters' next phase of growth, contributing our proven expertise in M&A and digitisation, and drawing on our experience in the property sector."

Jeff Doble, Founder and Chairman of Dexters London Limited, commented:

"Despite the challenges of Brexit and COVID-19, Dexters has continued to build market share and presence across London with new office openings, consistent rises in our sales and lettings performance and an increasing number and quality of new property instructions. This is testimony to all our colleagues working tirelessly to look after our clients and focus on sustaining the growth of the business. Our vision has always been to be the No.1 estate agency in London and as we look to move to a new level, we have decided to partner with Oakley Capital to help us work towards our ambitious long term plans."

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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 / James Williams

Liberum Capital Limited (Financial Adviser & Broker)

+44 20 3100 2000

Gillian Martin / 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 Funds².

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.

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.

²The 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.

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.