24th Sep 2014 08:03
LONDON (Alliance News) - Oakley Capital Investments Ltd, which was established to give investors access to the investment strategy pursued by Oakley Capital Private Equity LP (Fund I) and its successor fund, OCPE II Master LP (Fund II), said that Fund II has acquired a majority stake in Italy car insurance broker and price comparison website Facile.it S.p.A.
In a statement, Oakley Capital said its contribution to the equity investment, through its interest in Fund II, is EUR27 million. It said that Facile has branched out from providing consumers with access to lower car insurance premiums, broadening its revenue base to include gas and electricity, broadband internet services, bank accounts and mobile phones.
Oakley Capital said Fund II will invest alongside Facile's founders who will re-invest part of their proceeds. It said that Facile had revenue of EUR28.6 million and earnings before interest, tax, depreciation and amortisation of EUR4.7 million in 2013, up from EUR19.3 million and EUR400,000 in 2012.
"Italian consumers are beginning to recognise the value of using online price comparison sites to save money on their household bills and insurance premiums. As a trusted and recognisable brand name, with a diversified product range, Facile is well positioned to capitalise on the growing market opportunities. We are excited to be backing Mauro Giacobbe and his excellent management team, alongside our new co-shareholders, the founders of Facile," Peter Dubens, Oakley Capital Ltd, the investment advisor to Fund II, said in a statement.
"With this acquisition, we are able to benefit from the sector experience we have gained through Fund I's earlier investment in Verivox, Germany's leading consumer energy and telecommunications price comparison website. Facile is the fourth investment by Oakley Capital's second fund," Dubens added.
Separately, Oakley Capital said it has increased its commitment to Fund II by EUR50.0 million, bringing its overall commitment to EUR200.0 million of the total committed capital to-date of EUR497 million.
Oakley Capital shares were Wednesday quoted up 0.3% at 161.00 pence.
By Samuel Agini; [email protected]; @samuelagini
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