Oakley Regulatory News (OCI)

18 April 2023

Oakley Capital Investments Limited

Oakley Capital Investments Limited1 ("OCI") is pleased to announce that Oakley Capital Fund IV2 ("Fund IV") has entered into a strategic partnership to provide growth capital to Thomas's London Day Schools ("Thomas's") in order to fund capex and development projects across the Thomas's schools.

OCI's indirect contribution via Fund IV will be £14 million.

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

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

Oakley Capital partners with premium schools group Thomas's

Oakley Capital ("Oakley") is pleased to announce that it has entered into a strategic partnership to provide growth capital to Thomas's London Day Schools ("Thomas's" or the "Group") in order to fund capex and development projects across the Thomas's schools.

Thomas's is a family run group of co-educational independent schools which are consistently among the top rated and most in-demand independent schools in London. Founded by Joanna and David Thomas more than 50 years ago, the Group has grown from a kindergarten in a local church hall into now a group of five prestigious, over-subscribed and interconnected independent day schools teaching more than 2,000 children. The business is led by Joanna and David's sons, Tobyn and Ben Thomas. The schools have a reputation for combining very high academic standards with a broad, kind and creative approach to education and a strong emphasis on the arts and sports.

Oakley's partnership with Thomas's will provide capital resource, support and know-how to enable the upgrading and further development of current facilities across the Thomas's schools and to invest in new opportunities to expand Thomas's offering. Led by brothers Ben and Tobyn Thomas, the Thomas family remain majority owners in full control of the Group, with Oakley taking a minority stake. This will enable Thomas's to grow organically and pursue its development plans whilst remaining a privately owned and run family business.

Oakley Capital is a specialist investor in the education sector with a focus on building long term partnerships with companies that provide the highest quality education. This will be Oakley's eighth investment in the education sector. The firm has a track record in early years care, K-12, higher education, corporate training and education technology markets. Oakley is also the backer of Affinitas Education, a group of international schools.

Ben Thomas, Principal of Thomas's London Day Schools said:

"We are delighted to announce this partnership with Oakley which enables us to pursue our development plans whilst remaining a privately owned and run family business. We had never seriously considered bringing on board a financial partner for Thomas's, until we met Oakley. We have found that they understand the long-term nature of education, are aligned with our values and are willing to support us as a minority investor. As a result, we firmly believe that they are the right partner, who come at the right time to enable us to take Thomas's to the next stage of its evolution.

Oakley has helped many world-leading education businesses realise their full potential. We are pleased to be partnering with them as we work together to realise our plans and expand our provision of a forward-thinking, outward-looking education based on a strong set of values. My brother Tobyn and I will continue to lead and manage Thomas's, as we build on the traditions and entrepreneurial spirit that have sustained our schools for more than half a century. We remain fully focused on providing a high-quality education for every child entrusted to our care."

Peter Dubens, Oakley Capital co-Founder and Managing Partner said:

"Thomas's has become a byword for well-rounded educational excellence as one of the UK's leading school groups. In any high-performing school, trust, integrity and reputation are all hard-won through many years of dedication, innovation and investment. They are the same values that we at Oakley aspire to live up to, and that have sustained us over twenty years of backing exceptional businesses and founders. We are committed to building on this track record, by providing investment and support for Thomas's to deliver on its ambitious growth plans and continue providing outstanding education to children."

- ends -

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 and Oakley Capital Origin Fund 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 PROfounders funds, which are venture capital funds focused on investments in entrepreneur-led, private businesses across Europe.

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.