Oakley Capital Investments makes gain on sale on atHome investment

(Alliance News) - Oakley Capital Investments Ltd on Thursday said it will book a gain from the sale of its indirect stake in Luxembourg-based online and property and automotive platform atHome Group Sarl.

Pembroke, Bermuda-domiciled OCI provides exposure to the education, technology, consumer and business service sectors by investing in the funds of its advisor Oakley Capital Ltd.

OCI said that Oakley Capital Fund III will sell its shares in the Luxembourg business to private equity peer Apax Partners LLP. OCI expects around GBP16 million in look-through sale proceeds, but did not disclose the total sale price achieved by Fund III for atHome.

OCI noted the sale "represents a material uplift" to the asset's carrying value as at June 30, resulting in an uplift of 2 pence per share to OCI's net asset value, which it reported as 742p per share on June 30.

OCI shares were trading flat at 558.00p on Thursday morning in London.

It acquired a position in atHome back in 2017, through a carve-out from Richmond, Australia-based REA Group Ltd, which included Italian property website Casa.it. The latter was sold to EQT AB in 2020, while atHome was sold to Mayfair Equity Partners LLP.

The Oakley fund retained a minority stake, with atHome continuing to expand its offering to home-adjacent financial services such as mortgages, insurance and tax.

Oakley Capital Managing Partner Peter Dubens commented: "We're pleased to see such a strong outcome...atHome has grown into a digital market leader and consumer champion, with a bright future ahead."

News of the sale follows Wednesday's announcement that Oakley Capital Origin Fund II will invest in Barcelona, Spain-based padel equipment brand NOX.

By Holly Munks, Alliance News reporter

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