OCI Oakley Capital Investments Limited

2 September 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 Ocean Technologies Group ("OTG"), a leading independent software provider to the maritime industry.

The exit is anticipated to generate a gross return of c.2.7x MM to Fund IV.

The transaction was broadly in line with OTG's carrying value as at 31 March 2024. OCI's look-through share of proceeds is anticipated to be c.£50 million.

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

Oakley Capital agrees sale of Ocean Technologies Group to Lloyd's Register

Oakley Capital, a leading pan-European private equity investor, is pleased to announce that Oakley Capital Fund IV has agreed to sell its majority stake in Ocean Technologies Group ("OTG") to Lloyd's Register, a global professional services group specialising in marine engineering and technology.

Under Oakley's ownership, OTG has generated strong revenue and EBITDA growth and has been transformed from an e-learning specialist to become a leading global provider of human capital management and operational software to the maritime industry. Today, it provides mission-critical training, compliance, operational and HR software to c.17,000 vessels and over one million seafarers, helping to ensure compliance, drive performance and increase efficiency.

Oakley invested in the business in 2019 through the parallel acquisition and combination of two e-learning providers to the maritime industry, Seagull and Videotel, demonstrating its ability to execute complex transactions. Oakley saw the opportunity to combine the two companies' product development and technical resources and to increase investment in software solutions to better serve the multiple needs of a maritime industry undergoing rapid digital transformation.

In addition to the original combination of Seagull and Videotel, OTG has completed several strategic acquisitions, strengthening its position in learning & assessment, and increasing its addressable market by diversifying its product offering into new verticals, offering significant cross-selling opportunities. At the same time, Oakley has supported OTG in its technology transition, in recruiting an experienced management team with a blend of maritime and software expertise, and in developing a global, data driven organisation.

Oakley Capital co-Founder and Managing Partner Peter Dubens said: "We have helped to transform OTG from a single product solution into a diversified, best-in-class platform and partner to the shipping industry, and a small but critical enabler for sea transport and trade. We look forward to seeing OTG's continuing growth now as part of Lloyd's Register. Our successful partnership with OTG reinforces our track record in the SaaS space. It demonstrates our ability to leverage M&A opportunities to help software businesses grow and diversify into new markets, and to drive technological and organisational change that delivers transformational growth."

Lloyd's Register CEO Nick Brown said: "This is a really transformative acquisition for Lloyd's Register and our clients. For over 260 years we have provided trusted advice on the safety and performance of assets and vessels. The purchase of maritime voyage solutions provider OneOcean in 2022 gave us the digital capability to support and optimise the safe and compliant operations of vessels and now with the acquisition of OTG following its successful transformation under Oakley, we will be able to provide a strategic approach to attracting, developing, managing and retaining maritime professionals at sea and ashore."

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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

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.

For more information on the Oakley Fund strategies in which OCI invests, please click here.

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.