TIDMOCI
RNS Number : 6039X
Oakley Capital Investments Limited
30 August 2022
30 August 2022
Oakley Capital Investments Limited
Oakley Capital Investments Limited(1) ("OCI") is pleased to
announce that Oakley Capital Fund V(2) ("Fund V") is investing in
Phenna Group ("Phenna"), a leading platform in the Testing,
Inspection, Certification, and Compliance ("TICC") sector and in
parallel has also acquired CTS Group which will become part of
Phenna Group upon completion of both transactions.
OCI's indirect contribution via Fund V will be c.GBP70
million.
Note that the above figure only relates to OCI's share of
Oakley's overall investment in Phenna and CTS Group.
Further details on the transaction can be found in the below
announcement from Oakley Capital(3.)
Oakley invests in Phenna Group and CTS Group
-- Oakley has invested into Phenna Group, one of the fastest growing TICC groups globally
-- Highly experienced founders reinvesting alongside Oakley
-- In parallel, Oakley has also acquired CTS Group which will
become part of Phenna Group at completion
-- TICC is a large, fragmented and growing market driven by
favourable trends from increased regulation, greater outsourcing,
and exposure to growing end markets
-- Resilient business model as testing is typically mandatory,
customers are very loyal, and Phenna is highly diversified across
different markets and geographies
Oakley Capital ("Oakley"), the pan-European private equity
investor, is pleased to announce that Oakley Capital Fund V is
investing in leading Testing, Inspection, Certification, and
Compliance ("TICC") platform, Phenna Group ("Phenna"), in
partnership with co-founders Paul Barry (CEO) and David Harrison
(CFO) who are reinvesting into the business.
In parallel, Oakley has also acquired CTS Group ("CTS"), a
leading provider of testing and inspection services in the U.K.,
focussed on the infrastructure market. CTS will become part of
Phenna Group upon completion of both transactions.
Formed in 2018, Phenna has rapidly emerged as one of the fastest
growing TICC groups globally, with revenue growth of circa 100%
CAGR over the last three years. Today the group comprises 31
independent businesses which provide specialist TICC services
across infrastructure, built environment, niche industrial,
pharmaceutical and certification and compliance divisions. The
business operates across 12 countries in four continents.
CTS Group is a leading provider of testing, inspection and
geoengineering consulting services in the U.K., primarily focussed
on long term civil infrastructure projects. The business has more
than doubled revenues over the last three years through organic
growth and targeted acquisitions.
CTS will become part of Phenna Group upon completion of both
deals. The existing CTS management team will continue to lead the
business within the wider group. CTS and Phenna Group offer
complementary services. Their combined UK wide network of
laboratories, site based services and geotechnical expertise will
ensure customers benefit from an expanded service offering.
The global TICC market is worth over GBP200 billion and remains
highly fragmented with the top 10 groups accounting for only 12% of
the market. The market is forecast to grow at over 5% p.a. driven
by regulatory trends, increased outsourcing, and exposure to
growing end markets. Customer demand is typically non-discretionary
due to mandatory testing requirements. Customers are highly loyal.
Phenna is diversified across multiple end markets and
geographies.
Phenna has emerged as the strategic acquirer of choice for best
of breed specialist TICC companies due to its unique partnership
approach, which allows leading TICC entrepreneurs to continue to
operate their businesses whilst also having all the benefits of
being part of a larger global business. Oakley's investment will
allow Phenna to continue to grow rapidly into new verticals and
geographies. Both deals are subject to regulatory approval.
Oakley Capital Founder and Managing Partner, Peter Dubens,
commented:
"Phenna Group is exactly the kind of entrepreneurial disruptor
that Oakley was founded to support. We are pleased to have been
able to help them with the acquisition of CTS Group, one of the
pre-eminent testing brands serving UK infrastructure customers. We
believe Phenna has the potential to become one of the leading TICC
groups in the world and look forward to supporting them to achieve
that vision."
Phenna Group Founder and CEO, Paul Barry, commented:
"We were attracted to Oakley's deep expertise in M&A
execution and integration, as well as their strong track record in
helping businesses to internationalise at scale. As we look to the
future, we're excited to be working with them and together
delivering on our mission to grow Phenna into a leading global TICC
player."
CTS Group CEO, Phil Coles, commented:
" Oakley's approach and their track record in driving business
growth through M&A complimented that of CTS and our incredible
growth story to date. The opportunity that then presented itself to
continue this within Phenna, with the immense success that Paul and
the team have had to date, was ideal and provides a great future
for the business as part of a larger, incredibly ambitious,
international group."
- ends -
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
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them or any change in events, conditions or circumstances on which
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END
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