Oakley Regulatory News (OCI)

09 February 2015

Oakley Capital Investments Limited ("OCIL" or the "Company")

Trading Update for the 12 months ended 31 December 2014

· NAV per share (unaudited) expected to be in the range of £1.99 - £2.01

· Four acquisitions in the period with a total enterprise value of £227 million

· Successful exits, including a post reporting period disposal, achieved a gross money multiple of 2.6x and an IRR of 58%, returning £73 million to the Company

· Final close of Fund II with total commitments of €524 million

Oakley Capital Investments Limited (AIM: OCL), the AIM-listed company established to provide investors with access to the investment strategy being pursued by Oakley Capital Private Equity L.P. ("Fund I") and its successor fund, Oakley Capital Private Equity II ("Fund II") (together the "Funds"), today announces a trading update for the 12 months ended 31 December 2014.

The Company, through its investment in Fund I, has an indirect interest in each of Fund I's portfolio companies representing 65.5% of Fund I's total commitments; and through its investment in Fund II, an indirect interest in each of Fund II's portfolio companies representing 38.1% of Fund II's total commitments.

Oakley Capital Limited, OCIL's investment adviser, estimates that the Company's net asset value, which is subject to the completion of the 31 December 2014 audit of the Funds, and the Company, will be in the range of £255 million to £257 million, equating to a net asset value per share of between £1.99 to £2.01 (31 December 2013: £2.00). The OCIL net asset value is made up of cash, the investments in the Funds, short-term bridging finance for the Funds and loans provided to a number of the portfolio companies.

The Board has authorised a share buy-back programme of up to 7 million ordinary shares in the Company at prices below the estimated net asset value per share.

Key Highlights 

· Fund II closed in December 2014 with total commitments of €524 million, including €200 million from the Company and over 10% of commitments from management teams Oakley Capital Private Equity has previously backed. 

· Fund II's rapid capital deployment, including acquisitions of:

- Majority stakes in North Technology Group LLC ("North Sails") and North Sails Europe LLC ("NSE") and North Sail's subsequent acquisition of Tomasoni Topsail SpA. Collectively these acquisitions will enable the leading marine technology group, North Sails, to operate on a global basis, under common ownership, and expand its branded apparel business.  

- A 51% stake in Educas Europe Investments LLP ("a sister partnership to Educas Investments LLP, one of Fund I's portfolio investments), established to acquire independent schools in Europe, which has subsequently acquired Bearwood College and Fulham Prep School. 

- A majority stake in Facile.it, Italy's leading price comparison site for motor insurance, energy, telecoms and personal finance. 

- In the post reporting period, Damovo II Sarl, a provider of enterprise information communication technology (ICT) services and solutions, which will seek to replicate the success of Daisy Group plc ("Daisy") through a European roll-up strategy led by founder of Daisy, Matthew Riley.  

· Strong disposals, including,

- Fund I's disposal of its 13.6% shareholding in Daisy, providing a gross money multiple of 36x and an IRR of 71%.

- In the post reporting period, Fund II, together with its co-owner Bellaxa AG, sold intergenia Holding GmbH and its subsidiaries ("intergenia") to HEG Co. GmbH ("Host Europe"), representing a gross money multiple of 1.5x and IRR of 47% for Fund II in under 12 months.

Peter Dubens, Director, commented:

"I am delighted that the second fund exceeded its target and closed with total commitments of €524 million. To-date 42% of commitments to Fund II have been drawn and have funded an attractive portfolio of investments.

NAV performance in the period was somewhat attenuated by the weakening of the Euro during the year. Nevertheless significant disposals from both Funds, specifically the exits from Daisy and intergenia both of which delivered good returns, demonstrates Oakley's ability to deliver strong investment returns for our investors. Since inception in 2007, the Funds have returned an aggregate gross money multiple of 2.6x and an IRR of 45%, from realised investments."

For further information please contact:

Oakley Capital Investments Limited

+44 20 7766 6900

Peter Dubens

FTI Consulting

+44 20 3727 1000

Edward Bridges / Emily Desmier

Liberum Capital Limited (Nominated Adviser & Broker)

+44 20 3100 2000

Steve Pearce / Tom Fyson

About Oakley Capital Investments Limited ("OCIL")

Oakley Capital Investments Limited is a Bermudan based company listed on AIM. OCIL seeks to

provide investors with long term capital appreciation through its investments in Oakley Capital Private Equity L.P. and Oakley Capital Private Equity II and, over time, through co-investment opportunities.

About Oakley Capital Private Equity L.P. and Oakley Capital Private Equity II

Oakley Capital Private Equity L.P. and its successor fund, Oakley Capital Private Equity II, are both unlisted UK and European mid-market private equity funds with the aim of providing investors with significant long term capital appreciation. The investment strategy of both funds is to focus on buy-out opportunities in industries with the potential for growth, consolidation and performance improvement. Both funds seek to invest in companies with scale in their industry subsectors, thereby creating a sustainable earnings stream which should command a premium on exit.