Strategic report / Sector review: Consumer
Consumer portfolio
Direct Investments
OCI valuation1
North Sails
£154.1m
1. Direct equity position, constituting both ordinary and preference shares.
North Sails
North Sails comprises a portfolio of market-leading marine brands focused on providing high performance products for the world’s sailors and yachtsmen.
For the 12-month period to December 2024, the North Sails group achieved EBITDA growth of 24% driven by a focus on: (i) operational excellence and cost control in the North Sails division; combined with (ii) strong customer demand for carbon technology products that resulted in high productive hours at Southern Spars' New Zealand factory. The focus on cost management combined with the mix benefit from strong performance in the Grand Prix segment (supported by America's Cup activity) underpinned earnings growth in excess of revenue growth of 1% over the same period. Soft trading continued across Actionsports, Apparel, and the broader market as challenging market conditions prevailed. North Sails expanded its family of best-in-class marine brands in 2024 by acquiring two of the world’s most respected sailmakers, Doyle and Quantum Sails. Both brands delivered strong year-end performance well ahead of prior year.
OCI valuation2
Time Out
£76.9m
2. Direct equity (£70.1 million) and debt (£6.8 million) investment.
Time Out
A trusted global brand that inspires and enables people to experience the best of the city.
In Q1 2025, Time Out reported its interim results for the six months ended December 2024, announcing a revenue decrease of 3%. Market net revenue grew 12%, whilst Media revenue decreased 19% reflecting broader sector weakness due to US and UK elections. Two new Markets opened in 2024: Time Out Market Barcelona (owned and operated market) in July 2024 and Time Out Market Bahrain (management agreement market) in December 2024. Time Out Market Osaka is on track to open on 21 March 2025. As at 31 December 2024, Time Out has a portfolio of ten open Markets, of which six are owned and operated and four are management agreements. Six additional Markets are expected to be opened by 2027 the majority of which are management agreements, with a strong pipeline of further opportunities. Post-period end, Time Out announced the details of a new convertible loan facility to raise £5.0 million in which OCI did not participate, to provide some additional growth capital support following softer trading in the Media business.
Private Equity Funds' Investments
OCI valuation
Facile
£58.2m
Facile
Italy’s leading online destination for consumers to compare prices for motor insurance, energy, telecoms and personal finance.
Facile continued its positive growth momentum in 2024, with revenue and EBITDA growth in the 12-month period to December 2024 up 16% and 18% respectively versus prior year. This was primarily driven by the Gas & Power, Loans and Stores divisions. Management remains highly focused on boosting growth in the insurance and mortgages divisions, which continue to be impacted by the current macro environment. During the year, Facile executed two acquisitions. Finital, an insurance broker, was acquired in March 2024 and Italfinance, a B2B financial products broker, was acquired in December 2024.
OCI valuation
Dexters
£43.5m
Dexters
London’s leading independent chartered surveyors and estate agents.
For the year to December 2024, Dexters reported revenue and EBITDA growth of 19% and 22% respectively versus prior year. The group achieved record income from its residential sales business, due to an increase in market share. Lettings revenue, which accounts for >60% of the overall revenue, continued to grow in the year and was up 23% versus the same period last year. This growth was driven by an increase in the lettings portfolio units and a shift towards more fully managed properties. In addition to delivering organic growth, Dexters continues to execute its M&A strategy, with a significant number of opportunities in the pipeline to further cement its position as London’s leading estate agent.
OCI valuation
Gymondo
£22.0m
Gymondo
Germany’s market leader in online fitness subscription programmes focused on female customers.
The Gymondo Group grew revenue and adjusted EBITDA, to December 2024, 15% and 9% respectively versus prior year. The Gymondo subscriber base reached an all time high of c.740k subscribers, whilst maintaining efficient customer acquisition costs. In August 2024, the Gymondo Group acquired Buddyfit, the digital fitness platform and local market leader in Italy and Spain with more than 100k subscribers. Overall, the Gymondo Group now serves a total of c.850k subscribers, representing growth of 1c.15% versus prior year, with a B2B subscriber share of c.25%.
OCI valuation
Merz Lifecare
£20.9m
Merz Lifecare (Formerly Windstar Medical ‘Windstar’)
A leading provider of health, wellbeing and beauty products in the DACH region.
For the 12-month period to December 2024, Windstar delivered revenue and adjusted EBITDA growth of 6% versus the prior year, with the private label being the key growth driver. Performance softened in the second half of the year as a result of warm weather and delays in new product launches, however results were still above expectations for the year. In Q4 2024, Oakley agreed the strategic combination of portfolio company Windstar with Merz Lifecare to create one of the leading providers of over-the-counter health and wellbeing products in the DACH region
OCI valuation
Iconic BrandCo
£20.1m
Iconic BrandCo
Leading consumer brands, Alessi and Globe-Trotter, combined as the Iconic BrandCo.
Alessi’s revenue growth in the year to December 2024 was flat versus prior year, primarily due to soft market conditions in the offline channels in key countries such as Italy, France, Germany, Austria, Switzerland and the UK, all affected by low consumer confidence. However, the second half of the year showed a recovery compared to the first half, supported by a gradual improvement in consumer sentiment and enhanced commercial initiatives. The online channel performed well, mainly driven by Alessi.com, which delivered increased sales of 15% versus the prior year. Globe-Trotter achieved strong B2C growth with sales up 6% versus prior year. This was driven by impressive performance in the ecommerce channel, with sales up by 32% versus last year. In August 2024, Globe-Trotter acquired a majority stake in Connolly, a luxury men’s and womenswear brand, with best-in-class practices and synergies expected to be realised across these two businesses.
OCI valuation
atHome
£9.8m
atHome Group
A group comprising a digital portfolio of leading real estate and automotive online classifieds and financial services.
In the 12 months to December 2024 the atHome Group reported revenue and EBITDA growth of 8% and 27% respectively versus prior year. Following challenging market conditions in 2023 and 2024, Luxembourg's property market began improving in the second half of 2024, resulting in stronger performances in both the property and mortgage broking segments. The Group’s automotive (Luxauto) and tax (Taxx.lu) divisions are also performing well with double-digit revenue growth versus prior year.
OCI valuation
Vice Golf
£9.5m
Vice Golf
The leading digitally-native golf brand.
In 2024, Vice Golf experienced soft performance on Revenue and EBITDA, driven by its main D2C channel which concurrently suffered delays in product launches and the shop system migration to Shopify and a suboptimal marketing team. By Q4-24, Vice Golf caught up on its product launches, including new golf ball models and its first generation of golf clubs, completed the Shopify migration, which together has led to a sustained uptick in performance and marketing efficiency. This allowed Vice Golf to significantly narrow, but not fully close the gap that opened-up during the high season. With a fully invested technology infrastructure and a significantly strengthened management, the team is driving improvements in operational excellence throughout the organisation to carry the recovery into the high season.
OCI valuation
Wishcard Technologies Group
£6.4m
Wishcard Technologies Group
A leading consumer technology company in the gift voucher and B2B customer and employee incentive solutions sector.
Wishcard Technologies Group (‘Wishcard’) continued to deliver strong growth in the 12-month period to December 2024, with revenue and adjusted EBITDA up 30% and 28%, respectively, versus prior year. This was primarily driven by growth in the Retail and B2B segments. In addition to successful campaigns at various retailers and affiliate campaigns online, the business has successfully started to expand into the UK and France.