2nd Jun 2014 10:05
LONDON (Alliance News) - Oakley Capital Investments Ltd Monday said that Fund II has agreed to acquire North Sails Europe A/S and North Sails A/S, the exclusive licensee and distributor for North Sails sailing technology and products in Europe and New Zealand.
In a statement, the AIM-listed private equity company, which was established as a feeder to Oakley Capital Private Equity LP (Fund I) and OCPE II Master LP (Fund II), said the acquisition is expected to complete on June 30. The deal adds to Fund II's acquisition of US-based North Technology Group in March.
"We are so pleased that North Sails North America and North Sails Europe are finally one. This common ownership and management will allow the North Sails Group to better pool its valuable resources and talent from a worldwide team of sailmaking experts," North Technology Group Chief Executive Tom Whidden said in a statement.
"Collaboration of design, engineering, technology and world class manufacturing will create synergies and ensure that North Sails remains at the forefront of sailmaking development. This single global vision will enhance sailors' experiences throughout the world" Whidden added.
North Sails Europe operates sales and services sites in 13 countries and has manufacturing sites in six countries. North Sails Europe will be merged with North Technology Group, said the company.
In 2013, North Sails Europe reported more than EUR56.0 million in revenue, most of which is recurring. Its enterprise value, or its market capitalisation plus debt, minority interest and preferred shares, less total cash and cash equivalents, is put at EUR30.0 million.
Oakley Capital Investments shares were Monday quoted at 161.00 pence, up 1.3%.
By Samuel Agini; [email protected]; @samuelagini
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