Oakley sells Casa.it to EQT

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 £34 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 £34 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."

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For further information please contact:

Oakley Capital Limited

[phone]

Steven Tredget, Investor Relations

Greenbrook Communications Limited

[phone]

Alex Jones / Gina Bell / James Williams

Liberum Capital Limited (Financial Adviser & Broker)

[phone]

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 Funds². 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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