Oakley Capital Investments Limited Trading Statement (6857A)

TIDMOCI

RNS Number : 6857A

Oakley Capital Investments Limited

24 January 2024

Oakley Capital Investments Limited

Trading update for the year ended 31 December 2023

Oakley Capital Investments Limited (1) ("OCI" or the "Company") today announces its trading update for the year ended 31 December 2023. OCI is a listed investment company providing consistent, long-term returns in excess of the FTSE All-Share Index by investing in funds managed by Oakley Capital (2) ("Oakley").

The Oakley Funds (3) invest primarily in unquoted, profitable, pan-European businesses with recurring revenues, and across four focus sectors. Oakley's origination capabilities combined with proven value creation drivers help management teams accelerate growth and produce consistently superior returns for investors.

Highlights for the year ended 31 December 2023

 
 --   Net Asset Value ("NAV") per share of 684 pence and NAV 
       of GBP1,207 million 
 --   Total NAV return per share, including dividends, of 4% 
       (+27 pence) 
 --   Total shareholder return of 18% 
 --   Investments of GBP175 million and share of proceeds of 
       GBP266 million 
 --   Year-end cash and available debt of GBP382 million 
 --   Outstanding commitments of GBP1,017 million

NAV growth

The Company's unaudited NAV as at 31 December 2023 was GBP1,207 million, which represents a NAV per share of 684 pence, based on portfolio valuations at year-end. The total NAV per share return including dividends was 4% (+27 pence) since 31 December 2022 and 1% (+8 pence) since 30 September 2023. Of the realised and unrealised portfolio uplift in the year, 65% of the increase was driven by EBITDA growth, and 35% as a result of multiple expansion. The largest contributions came from IU Group, which expanded enrolments 33% to 125,000 students during the year; North Sails, which generated revenue and profit growth led by the sails, masts and apparel business, ahead of target; and online property portal idealista, which posted strong results across its core markets in Southern Europe.

Portfolio company performance

In 2023, the underlying companies in OCI's portfolio continued to trade well in an uncertain macroeconomic environment, thanks to their resilient, asset-light business models, usually with strong disruptive market positions and predictable, recurring cash flows. Companies across all of Oakley's four sectors, Technology, Consumer, Education and Business Services, contributed to valuation gains.

Proceeds

OCI's look-through share of proceeds from exits and refinancings during the year totalled GBP266 million, consisting of:

 
 --   Realisations - GBP240 million - IU Group exit at gross return of 85% IRR 
 --   Refinancings - GBP26 million - idealista and Cegid completed debt refinancings

Investments

OCI made a total look-through investment of GBP175 million which included:

 
 --   New platform deals - GBP50 million - Thomas's London Day Schools, Liberty Dental Group and 
       WebCentral 
 --   Reinvestment - GBP66 million - IU Group, benefitting from the next phase of the company's 
       growth, focused on leveraging AI and internationalisation 
 --   Follow-on investments - GBP35 million - in addition to vLex's acquisition of Fastcase and 
       7NXT's acquisition of 7Mind, 22 bolt-on acquisitions were completed by portfolio companies 
 --   Venture investments - GBP24 million - investments in Oakley Touring Venture Fund and PROfounders 
       III portfolio companies.

Post balance-sheet events

 
 --   Further new platform deals - up to c. GBP100 million - investments in Alerce and Steer Automotive 
       Group. Both transactions are expected to complete within 1H 2024.

Cash & commitments

OCI's total liquidity as at 31 December 2023 was GBP382 million, comprising GBP207 million of cash on the balance sheet and GBP175 million in undrawn credit facilities. OCI made a total commitment of $100 million in Oakley Touring Venture Fund, which focuses on AI-powered software companies, and EUR 190 million in Origin II, taking the total outstanding commitments to the Oakley Funds to GBP1,017 million as at 31 December 2023. This will be deployed into new investments over the next five years. The Board closely monitors anticipated fund drawdowns and projected liquidity and will continue its long-term commitment to share buybacks when appropriate.

The Company expects to report its audited annual results for 2023 on 14 March 2024.

- 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) 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.

(3) 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 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.

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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