6th Mar 2014 11:54
LONDON (Alliance News) - Oakley Capital Investments Ltd said Thursday it has completed the acquisition of a majority stake in North Technology Group, LLC.
North Technology is a marine technology group which includes the worldwide leading sailmaker, 'North Sails.'
Oakley said its investment will assist the firms' management team in growing and further development of its North Sails brand.
North expects revenue of over USD157 million for the year to December 31, 2013, the majority of which is recurring and predictable being derived from the maintainance of sails and the normal replacement and upgrade cycle, it said. The total enterprise value for the business is USD131 million.
Oakley Capital provides investors with access to the investment strategy being pursued by Oakley Capital Private Equity LP.
Shares in the firm were trading down 3.00% at 175.00 pence per share Thursday.
By Alice Attwood; [email protected]; @AliceAtAlliance
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