28
June 2024
Oakley Capital Investments
Limited
Oakley Capital Investments
Limited1 ("OCI") is pleased to announce that Oakley
Capital Fund IV2 ("Fund IV") has
reached an agreement to sell its stake in idealista, southern
Europe's leading online real estate
classifieds platform.
OCI's look-through share of proceeds
is anticipated to be c.£70
million, reflecting
its valuation as at 31 March 2024.
Further details on the transaction
can be found in the below announcement from Oakley
Capital3.
Oakley agrees sale of its
investment in idealista, southern Europe's leading online real
estate classifieds platform
Oakley Capital, a leading
pan-European private equity investor, is pleased to announce that
Oakley Capital Fund IV has sold its stake in idealista, southern
Europe's leading online real estate
classifieds platform, to Cinven in a
transaction that values the business at €2.9 billion. idealista has
performed ahead of its original investment case and, including
prior distributions, Fund IV will realise a gross return of 2.1 x
MM and c.22% IRR on its exit, reflecting current valuation trends
in the sector. The transaction is subject to customary conditions
and approval.
Oakley invested in idealista in 2021
alongside EQT, following the combination of Oakley portfolio
company and Italian property portal Casa.it with idealista's
Italian operations in 2020. Today, idealista connects around 60
thousand real estate agents with over 38 million unique monthly
visitors generating over one billion visits annually across
southern Europe, making it a valuable tool for prospective
homeowners and sellers in Spain, Italy and Portugal.
Oakley's exit from idealista
continues its successful track record in the digital consumer
sector where Oakley's most recent prior investments, have
included: Italy's leading online price comparison website,
Facile.it (Fund II exit 3.7 x gross MM, Fund III
exit 2.5x gross MM), the leading online matchmaking platform in the
DACH region, ParshipElite Group (Fund II exit 4.7x gross MM) and
leading independent energy switching portal Verivox (Fund I exit
15.1 x gross MM, Fund II exit 2.5 x gross MM).
Oakley's investment in and exit from
idealista also reinforces Iberia as an important investment market
for the firm with current portfolio companies in the region
including adtech business Seedtag (partial exit to Advent in 2022),
enterprise SaaS business Grupo Primavera, now part of Cegid,
transport and logistics software business Alerce, Horizons Optical,
a provider of medical software, as well as premium K12 private
schools.
Oakley Capital co-Founder and Managing Partner Peter Dubens
said:
"Oakley's successful partnership
with idealista continues our strong track record of investing
behind exceptional founders. We have enjoyed working with
Jesús as he has built one
of Spain's most successful digital businesses. Iberia boasts an
increasingly attractive ecosystem of promising tech businesses and
remains an important investment destination for Oakley."
Jesús Encinar, Founder, Chairman & CEO of idealista
said:
"I am extremely proud of idealista's
achievements to date. Supporting thousands of real estate agents
and private individuals across the region, and with the support of
our investors including Oakley, we have built the Company into the
leading online real estate classifieds platform in southern Europe.
As we look ahead, combining our experience with the knowledge and
experience of the Cinven team we believe we can accelerate our
impressive trajectory even further and we look forward to
it."
- ends
-
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
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 II,
Oakley Capital Private Equity III, Oakley Capital IV, Oakley
Capital V, 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
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.