TIDMOCI
RNS Number : 8458K
Oakley Capital Investments Limited
07 January 2021
7 January 2021
Oakley Capital Investments Limited
Oakley Capital Investments Limited(1) ("OCI" or the "Company")
is pleased to announce that Oakley Capital Fund II (2) ("Fund II")
portfolio company, Daisy Group ("Daisy" or "the Group"), has
reached an agreement to sell its stake in the Digital Wholesale
Solutions ("DWS") division. The transaction is subject to
regulatory approval.
OCI's share of proceeds will be c.GBP22 million following this
transaction , which represents a c.33% premium to the 30 June 2020
interim carrying value of OCI's investment in Daisy (via Fund II
and a direct loan), an uplift of c.5 pence per share to the
Company's NAV.
Part of the proceeds will repay in full OCI's outstanding
c.GBP17 million direct loan to the Group.
Note that the above figures only relate to OCI's share of the
investment in Daisy.
OCI's liquid resources available for future deployment
(including this transaction) are estimated to be GBP240
million.
Further details on the transaction can be found in the below
announcement from Oakley Capital .
The sale of the Digital Wholesale Solutions division of the
Daisy Group to Inflexion
Oakley Capital Fund II ("Fund II") portfolio company, Daisy
("Daisy" or "the Group"), has reached an agreement to sell its
stake in the Digital Wholesale Solutions ("DWS") division to
Inflexion Private Equity Partners, a U.K. based buyout and growth
capital investor, with Fund II exiting its stake in DWS in full.
Fund II will retain a c.10% stake in Daisy following the sale.
Fund II invested in Daisy in July 2015 following the Group's
acquisition of Phoenix IT Group to create the first converged IT
and unified communications company in the UK small and medium
businesses market. Oakley originally invested in the business via
Oakley Capital Private Equity L.P. ("Fund I") in 2008 and has
maintained a close relationship with the founder, Matthew Riley,
since the successful exit of Fund I's investment in 2014.
Daisy is a leading provider of tailored IT, communications and
cloud services to corporate customers of all sizes, and is
organised into four main divisions based upon the size of the end
customer: Small and Medium Businesses (customers with up to 250
employees), Digital Wholesale Solutions (customers with up to 250
employees), Daisy Corporate Services (customers with 250+
employees) and Allvotec (customers with 2000+ employees).
The sale of the DWS division to Inflexion, combined with the
retained stake in Daisy, takes the gross return on investment to
date to 1.6x MM for Fund II. Completion is subject to regulatory
approval.
- ends -
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 / James Williams
Liberum Capital Limited (Financial Adviser & Broker)
+44 20 3100 2000
Gillian Martin / 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 (2) .
A video introduction to OCI is available at
https://oakleycapitalinvestments.com/videos/
(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 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.
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.
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