17 October 2016

Oakley Capital Investments Limited

Oakley announces completion of the sale of a controlling stake in PARSHIP ELITE Group

Oakley Capital Investments Limited¹ (AIM:OCL, OCL, the "Company"), today announces the completion of the sale of a controlling stake in PARSHIP ELITE Group (the "Group") to ProSiebenSat.1 Media SE ("ProSiebenSat.1") in a deal which values the business at €300m, representing a gross return of 3.6x on the original investment and an IRR of 145%.  As an update to the previous announcement made on 5 September 2016, Oakley can now confirm the transaction has completed following approval from the relevant regulatory authorities. 

PARSHIP ELITE Group is the leading online dating service in the German-speaking world and the investment by ProSiebenSat.1 will provide the Group with a strategic partner to support its continued growth.  Oakley Capital Private Equity II² ("Fund II") retains a significant minority stake in the Group, allowing OCL and other Fund II investors to participate in further potential value upside.

The transaction values OCL's indirect economic interest in the Group at €67 million, including its cash returns of €43 million. This will result in an uplift of £19 million (52%) over the carrying value reported on 30 June 2016. This is equivalent to a 10.1 pence increase to the NAV per share, which lifts the adjusted OCL NAV to £2.25 per share. (GBP/EUR: 1.11)

This deal means that, since the initial acquisition 18 months ago, the equity investment has generated a 2.2x cash return and a money multiple of 3.6x overall, including Fund II's retained stake in the Group. In addition OCL provided £5.2 million of debt to the Group, which has been repaid as part of the transaction.

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¹About Oakley Capital Investments Limited ("OCL")

Oakley Capital Investments Limited is a Bermudan based company listed on AIM. OCL seeks to provide investors with long term capital appreciation through its investments in Oakley Capital Private Equity L.P., Oakley Capital Private Equity II, Oakley Capital Private Equity III and, through co-investment opportunities.

²About Oakley Capital Private Equity L.P. ("Fund I"), Oakley Capital Private Equity II ("Fund II") and Oakley Capital Private Equity III ("Fund III")

Oakley Capital Private Equity L.P. and its successor funds, Oakley Capital Private Equity II and Oakley Capital Private Equity III, are unlisted mid-market private equity funds with the aim of providing 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.