Oakley Capital Investments Limited Oakley sells Casa.it to EQT (2300Z)
September 17 2020 - 2:00AM
UK Regulatory
TIDMOCI
RNS Number : 2300Z
Oakley Capital Investments Limited
17 September 2020
17 September 2020
Oakley Capital Investments Limited
Oakley sells Casa.it to EQT
-- Proceeds: OCI's share of proceeds will be approximately
GBP34 million - a 50% premium to the 30 June 2020 carrying
value
-- NAV increase: The sale results in an uplift of 7 pence
per share - a 2% increase in the total NAV per share at
30 June 2020
-- Returns: The exit of Casa takes the current gross return
on this investment to 2.0x MM, c.23% IRR
Oakley Capital Investments Limited (the "Company" or "OCI") is
pleased to announce that Oakley Capital Private Equity III (2)
("Fund III") has reached an agreement to sell its stake in Casa.it
("Casa") to the EQT IX fund ("EQT"). Casa is one of the leading
players in the online real estate classifieds market in Italy and
is part of Fund III's investment in the online classifieds group,
Casa & atHome.
The full exit of Casa, together with the partial sale of atHome
earlier this year and the retained minority stake, takes the gross
return on investment to date to 2.0x MM and c.23% IRR for Fund III.
In addition, further upside is expected from the minority stake
retained in atHome. OCI's share of proceeds from this transaction,
which is at a 50% premium to the 30 June 2020 carrying value, will
be approximately GBP34 million (EUR:GBP 1.12 at the day of
signing). This represents an uplift of 7 pence per share to the
Company's NAV at 30 June 2020.
Oakley originally invested in the business in 2017, as part of
the acquisition of a portfolio of classifieds businesses from REA
Group, which comprised Casa.it in Italy and atHome.lu in
Luxembourg. Under Oakley's ownership, Casa has significantly
expanded its customer base, now servicing over 14,000 real estate
agents with over one million property listings on its website.
Peter Dubens, Managing Partner of Oakley Capital, commented:
"We would like to thank Luca Rossetto and his team for their
hard work in successfully developing Casa over the past three
years, delivering operational improvements and significant customer
growth. Casa has many of the traits that Oakley targets in an
investment, as a digital platform with a strong position in a
structural growth market, and our partnership has continued
Oakley's successful track record in the digital consumer
space."
- 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 / Gina Bell / 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, which provides access to the Oakley Funds(2) . It is a
liquid vehicle that aims to provide capital growth and dividends to
investors.
(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 with the aim of
providing 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 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
London Stock Exchange has not examined or approved the contents of
the Prospectus.
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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