REG - Oakley Capital Inv. - Oakley agrees sale of its investment in idealista

Oakley Capital InvestmentsAnnouncement

28/06/2024 07:00

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RNS Number : 3239U  Oakley Capital Investments Limited  28 June 2024

28 June 2024

 

Oakley Capital Investments Limited

 

Oakley Capital Investments Limited(1) ("OCI") is pleased to announce that
Oakley Capital Fund IV(2) ("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 Capital(3).

 

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/
(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.

 

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