Strategic report / Sector review: Business services
Business services portfolio
OCI valuation
Phenna Group
£100.7m
Phenna
One of the fastest growing TICC groups globally.
Phenna continues to perform well and continues to execute on its sector and geographic expansion strategy. Since Oakley’s investment, the business has added the Food and Pharmaceuticals division, which now represents c.20% of revenues. Additionally, management has continued to focus on international expansion, with c.75% of acquisitions made in 2024 located outside of the UK. During 2024, Phenna continued executing on its accretive bolt-on pipeline with 8 acquisitions completed at an average of <6.5x EV/EBITDA multiple. The pipeline for 2025 is strong, particularly on the back of investment into the internal M&A team in the second half of FY24.
OCI valuation
Steer Automotive
£82.4m
Steer Automotive
The UK's leading B2B automotive services platform.
Steer Automotive (‘Steer’), acquired in April 2024, is the UK's largest and fastest-growing independent collision repair group. Steer has continued to lead the consolidation of the market, completing 11 add-on acquisitions since signing and taking the Group from 98 sites to 199 sites as at December 2024. Successful M&A activity included the acquisition of Gemini, the #2 independent player nationally, in July 2024 and ARC Group, which completed in December 2024 and added 5 additional sites. Post period end, there remains a robust M&A pipeline, with 3 near-term deals and a further 10 deals in the earlier stages of negotiation.
OCI valuation
ProductLife Group
£44.4m
ProductLife Group
A leading player in regulatory and compliance services to the global life sciences industry.
ProductLife Group (‘PLG’), acquired in May 2024, provides development, regulatory affairs, market access, pharmacovigilance, quality management and digital transformation services mainly to clients in the pharmaceuticals industry. For the 12-month period to December 2024, PLG reported Revenue and EBITDA growth of 70% and 92% respectively versus prior year, as a result of its strong acquisition activity. Post-period end, PLG has signed 2 acquisitions, representing a strong start to the year for the company’s M&A strategy.
OCI valuation
Liberty Dental Group
£43.2m
Liberty Dental Group
Establishing an independent business to become a leader in the global dental lab market.
Liberty Dental continued to perform well in 2024, reporting revenue and EBITDA growth in the 12-month period to December 2024 of 40% and 55% respectively versus prior year, including the benefits of M&A activity in 2024. The Group completed more than 10 acquisitions during the year, creating strategic centres of excellence at a national level. Liberty has expanded into new regions in Germany and is now the largest orthodontic lab in The Netherlands and in Belgium. The M&A pipeline continues to be healthy, with multiple targets in active discussion.
OCI valuation
TechInsights
£39.7m
TechInsights
TechInsights is the authoritative semiconductor and microelectronics intelligence platform supporting clients in innovation and decision making through independent research and analysis.
2024 was a challenging year for the semiconductor industry, with semiconductor volumes still down 14% versus the market peak in June 2022. However, the market has started showing signs of recovery, with semiconductor volumes up 3% versus prior year as at December 2024. Despite the difficult market conditions, TechInsights delivered positive revenue growth in the 12-month period to December 2024, driven by growth in its subscription business and supported by healthy renewal rates from existing customers. Recurring revenues now make up 84% of total revenues.
OCI valuation
vLex
£14.1m
vLex
An AI-powered legal subscription platform.
vLex performance continued positively in 2024, with revenue and EBITDA growth of 12% and 29% respectively for the 12-month period to December 2024. The business continues to show a strong recurrency with 93% of revenues coming from subscriptions and delivering annual recurring revenue (‘ARR’) growth of 16% versus the prior year. vLex is a global-first, AI-powered legal platform that supports not only legal research but also the full range of legal workflows, including document automation, contract analysis, compliance tracking, litigation support, and regulatory compliance. vLex delivers unparalleled access to global legal materials, making it an essential tool for multinational firms and organizations. vLex is focused on investing in R&D to further leverage their unique position as one of the few AI providers of legal research with proprietary data.
OCI valuation
Konzept & Marketing
£13.3m
Konzept & Marketing
A leading independent Managing General Agent in the German personal, non-life insurance market.
Konzept & Marketing (‘K&M’) has performed well since its acquisition in November 2024. For the 12-month period to December 2024, the company delivered revenue and adjusted EBITDA growth of 7% and 42% respectively versus prior year. Total K&M volumes were higher than expected thanks to healthy growth in the standard insurance lines (new contracts as planned and lower than expected cancellation rates). Since completion, a number of attractive add-on targets have been identified and are being actively explored.