Oakley Regulatory News (OCI)

30 October 2023

Oakley Capital Investments Limited

Oakley Capital Investments Limited1 ("OCI") is pleased to announce that Oakley Capital Origin Fund I2 ("Origin") has agreed to acquire Alerce, a leading Spanish provider of transport and logistics software solutions.

OCI's indirect contribution via Origin will be c.£9 million.

Note that the above figure only relates to OCI's share of Oakley's overall investment in Alerce.

Further details on the transaction can be found in the below announcement from Oakley Capital3.

Oakley Capital invests in Spanish transport and logistics software business Alerce

Oakley Capital ("Oakley"), a leading pan-European, mid-market private equity investor, is pleased to announce that Oakley Capital Origin Fund I ("Origin" or "the Fund") has agreed to acquire a majority stake in Alerce, a leading Spanish provider of transport and logistics software solutions. Origin will invest alongside Alerce's founding family, including CEO Pablo Pardo Garcia, who will retain a significant stake in the business, underscoring their continued commitment to the company's success.

Founded in 1989 by the Pardo family, Alerce has established itself as a leading transport management software ("TMS") provider to Spanish courier, carrier and haulage businesses operating in the "less-than-truckload" market. Its solutions improve customer service as well as cost and environmental efficiency by providing customers with increased visibility and control over core transportation workflows associated with the shipment of physical goods. It offers a product suite centred around its carrier TMS "Alertran", with a comprehensive and modular portfolio of adjacent products such as "Senda", a market leading last mile delivery module. Alerce's solutions are mission critical to its customers as evidenced by minimal churn and high levels of net retention. Alerce has market leading positions across Spain, Latin America and France through longstanding relationships with blue-chip customers.

Oakley's investment in Alerce reflects its strategy of partnering with founder-owned businesses to accelerate growth and facilitate international expansion. As a trusted partner with more than 30 years track record of continuous customer-led innovation and a modern product architecture, Alerce is ideally placed to expand its product offering, both through organic product development and targeted bolt-on acquisitions, and to continue its track record of profitable growth while increasing its proportion of recurring revenues. The highly fragmented European transport and logistics software market presents an opportunity for Alerce to leverage Oakley's expertise in buy-and-build strategies to expand into complementary markets. Alerce's potential for geographic growth, go-to-market acceleration and product extension aligns well with Oakley's successful track record of scaling software businesses, demonstrated through investments, including Grupo Primavera (which was strategically combined with Cegid), WebPros, and ECOMMERCE ONE.

This transaction also highlights Oakley's commitment to Iberia, expanding its portfolio of existing investments in the region, such as vLex, Idealista, Seedtag, Grupo Primavera (Cegid) and several higher education assets.

The completion of this transaction is contingent upon FDI approval.

Peter Dubens, Founder and Managing Partner of Oakley Capital, commented:

"We are pleased to be partnering with the Pardo family on Alerce, a company which has all the characteristics we seek in a typical Oakley investment. Carrier TMS is a mission critical vertical software segment that is well positioned for innovation, and Alerce's track record and vision align with our strategy of driving growth and technological advancement. Together, we will deliver an ambitious growth plan, enhancing efficiency and value for all stakeholders."

Pablo Pardo Garcia, CEO of Alerce, commented:

"We are excited to partner with Oakley, an investor with a strong track record in driving growth, innovation and operational excellence. This collaboration will empower Alerce to introduce transformative changes and deliver even greater value to our clients, expanding our offering and driving excellence in the transport and logistics sector, while allowing us to further internationalise the company and provide access to the global market."

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For further information please contact:

Oakley Capital Limited

+44 20 7766 6900

Steven Tredget

Greenbrook Communications Limited

+44 20 7952 2000

Rob White / Michael Russell

Liberum Capital Limited (Financial Adviser & Broker)

+44 20 3100 2000

Chris Clarke / Darren Vickers / Owen Matthews

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/

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 L.P. and its successor funds, Oakley Capital Private Equity II, Oakley Capital Private Equity III, Oakley Capital IV, Oakley Capital V, Oakley Capital Origin Fund and Oakley Capital Origin Fund 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.