21st Aug 2018 11:28
LONDON (Alliance News) - Oakley Capital Investments Ltd on Tuesday said it agreed to invest USD50 million in cPanel via its funds.
The trust said cPanel provides one of the internet infrastructure industry's control panel software platforms, which give its customers the ability to administer every facet of their website using simple, point-and-click software.
cPanel employs over 220 colleagues and has customers in more than 70 countries.
Oakley Capital Private Equity III holds an interest in WebPros BV, which is acquiring a majority stake in cPanel from its founder Nick Koston.
The fund will make a further investment of USD50 million into WebPros as part of this transaction, which is subject to regulatory approval.
Oakley Capital's indirect contribution to the new investment through its interest in the fund is expected to be GBP16.0 million. The transaction will be partly funded by an extension of the unitranche debt facility with TPG Capital.
"We are delighted to have the opportunity to acquire one of the most well-respected businesses in internet infrastructure software," said Oakley Managing Partner Peter Dubens.
"Oakley has significant experience of investing in this sector, and we look forward to working with Nick and the team to continue cPanel's growth," Dubens added.
Shares in Oakley were trading flat on Tuesday at 194.00 pence each.
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