REG - Oakley Capital Inv. - Oakley agrees sale of Ocean to Lloyds Register

Oakley Capital InvestmentsAnnouncement

02/09/2024 07:00

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RNS Number : 4532C  Oakley Capital Investments Limited  02 September 2024

2 September 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 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 Capital(3).

 

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."

 

 

- 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.

For more information on the Oakley Fund strategies in which OCI invests,
please click here.
(https://www.oakleycapitalinvestments.com/what-we-invest-in/investment-strategies/)

(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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