Consumer portfolio

Direct Investments

Sailing boat at sea in rough waters

OCI valuation1
North Sails

£197.5m

1. Direct preferred equity and indirect investment via Fund II.

North Sails logo

North Sails

North Sails comprises a portfolio of market-leading marine brands focused on providing high performance products for the world’s sailors.

North Sails achieved revenue and EBITDA growth of 2% and 17% respectively versus prior year. The Masts division has performed particularly well, driven by strong performance in the Southern Spars, Future Fibres and RigPro divisions. Sails revenue is also up on prior year, supported by strong performance in the premium segments. Soft trading continues for Actionsports as challenging market conditions and supply chain issues prevail. Apparel is also down against the prior year due to shortfalls in Retail/Digital driven partly by softer consumer demand. However, management has taken steps to refocus the apparel business towards higher value customers with less discounting. North Sails continues to expand its portfolio of best-in-class marine brands by adding two further sailmakers to the group, Doyle Sails completed post June 2024 and Quantum Sails signed post-period end in July 2024. The brands will continue to operate independently and retain their unique brand identities to support sailors at all levels of the sport. NTG sees a real opportunity for growth and development in skills, innovation and technology across the sailmaking brands.

Time Out website on a phone

OCI valuation2
Time Out

£77.2m

2. Direct equity and debt investment.

Time Out logo

Time Out

A trusted global brand that inspires and enables people to experience the best of the city.

Time Out continued to show positive momentum across the business. In a trading update for the year-ended 30 June 2024, the group announced improving sales growth rates, with both Media and Market sales accelerating during the final quarter of the financial year. The strength of the sales performance has been accompanied by disciplined management of costs and, accordingly, the Group expects EBITDA for FY24 to be ahead of market expectations as at 20 June 2024 (consensus being £6.7m EBITDA pre-IFRS16, £11.7m post-IFRS16). Time Out is seeing increasing synergies between Media and Markets, including successful bespoke client campaigns spanning both digital channels and live events in the Markets.

The Group consists of two business lines:

Time Out Market In May 2024, Time Out Market opened its eighth location, Porto, with early encouraging reviews and trading. Barcelona opened in July 2024, following the period-end, bringing the total to nine open markets. April saw the announcement of the signing of a new management agreement to open a market in Budapest, taking the markets in development and opening over the next 36 months to seven, including Bahrain, Osaka and Vancouver.

Time Out Media Monthly brand audience has grown by 5% to 142 million globally, with a focus on social media video content driving the growth. Instagram and TikTok’s combined audience is up 100% year-on-year.

idealista website on a phone

idealista

The leading online real estate classifieds platform in Southern Europe.

idealista performed well in the six months to June 2024 with strong growth at both revenue and EBITDA level. Growth is coming from all three of idealista's core geographies of Spain, Italy and Portugal, and in each market is from a well-balanced mix of price, volume (# of agent customers) and ancillary services. Post-period end, Oakley agreed the sale of idealista delivering a gross return of 2.1x MM and c.22% IRR on its exit. The transaction is subject to customary conditions and approval.

OCI valuation
idealista

£70.3m

idealista logo
Facile.it website on an ipad

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 H1 2024, with revenue and EBITDA growth up 9% and 16% 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. As part of its strategy to expand and improve the insurance proposition, also through M&A, Facile closed the acquisition of the Finital group, including an insurance agent and an insurance broker, in March. Facile is currently in conversations with several other potential M&A targets.

OCI valuation
Facile

£56.8m

facile.it logo

Dexters

London’s leading independent chartered surveyors and estate agents.

Dexters lettings revenue, which accounts for >60% of the overall revenue, continued to grow in the first half of the year, finishing June 2024 up 13% versus the same period last year on a pro-forma basis. This was driven by a growth in the lettings portfolio and a shift towards more fully managed properties. Despite macroeconomic uncertainty and the UK election, Dexters achieved sales income growth, with a healthy sales pipeline, up 29% versus prior year. Dexters has successfully integrated the London estate agents, Marsh and Parsons and Life Residential, acquired in February and October 2023 respectively.

A row of victorian houses
Dexters logo

OCI valuation
Dexters

£42.0m

Picture split showing a bottle opener and some luggage

Iconic BrandCo

Leading consumer brands, Alessi and Globe-Trotter, combined as the Iconic BrandCo.

Alessi recorded core sales revenues (excludes Loyalties and Trade) slightly below prior year for H1 2024, as a result of negative market conditions in the wholesale channel in key countries. This was partially offset by strong performance in Asia thanks to the ramp up of new distribution agreements in China. Globe-Trotter achieved strong B2C sales growth in the 6 months to June 2024, driven by the ecommerce channel, which is up 30%. The B2B business experienced softer performance due to delays in orders; however, it is expected these will be processed later during the year. A new store opened in Paris in Q2 2024, further driving retail sales and brand awareness.

OCI valuation
Iconic BrandCo

£21.4m

Alessi Globetrotter logo
Boy on his father's shoulders holding an aeroplane toy

WindStar Medical

Germany’s leading over-the-counter consumer healthcare platform.

WindStar achieved strong H1 2024 results, with net revenue up 11% year-over-year, surpassing budget expectations. The Consumer Brands segment exceeded last year’s results but fell slightly short of budget. However, strong gains in the Private Label business, which, due to an increase in demand for lower priced alternatives across all areas of consumer spend, outperformed both last year and budget, more than offset this. Gross profit increased compared to the prior year, though at a slightly lower margin. Adjusted EBITDA exceeded both last year’s figures and budget targets.

OCI valuation
WindStar Medical

£17.4m

Windstar Medical logo
Gymondo logo

OCI valuation
Gymondo

£21.8m

Gymondo

DACH market leader in holistic wellbeing subscriptions, combing both physical and mental online fitness.

The Gymondo group grew revenue and adjusted EBITDA, to June 2024, 7% and 4% respectively versus prior year. Gymondo delivered strong performance in the period, with B2B trading higher than expected as a result of several new partnerships. On a total subscriber level, Gymondo achieved an all-time high of 555k subscribers, which reflects an increase of 20% versus prior year. 7Mind, a wellbeing app, which was acquired in December 2023, also grew its subscriber base to 168k, growing 6% versus prior year, bringing total subscribers for the whole group to >720k.

Golf ball in cloth, ready to be cleaned

Vice Golf

The leading digitally-native golf brand.

In H1 2024, Vice Golf launched a number of new products, including new golf ball models, its first generation of golf clubs and a new apparel collection. In addition, Vice migrated its shop system from self-built to Shopify, operationalised its new US distribution setup and built out in-house content creation capabilities. D2C experienced softer performance in the period, driven by delays in the Q2 launch pipeline and the shop system migration, as well as increasing competitive intensity in online marketing channels putting pressure on customer acquisition cost. Product portfolio and tech infrastructure are now fully in place and the in-house content team is delivering a step up in quality and quantity of marketing collateral.

OCI valuation
Vice Golf

£12.0m

Vice Golf logo

Wishcard Technologies Group

Based in Germany, Wishcard Technologies Group is a leading consumer technology company in the gift voucher and B2B customer and employee incentive solutions sector.

Wishcard continued its strong growth in the first half of 2024, increasing revenues by 35% compared to the previous year. Voucher revenues in the retail segment saw a 31% increase, driven by heightened brand awareness and adjustments to existing planograms. The B2B voucher segment achieved 90% growth, while e-commerce voucher revenues grew by 19%, building on exceptionally strong performance in the previous year. Furthermore, the company successfully expanded its international footprint.

A newspaper stand with german magazines displayed
Wishcard Technologies Group logo

OCI valuation
Wishcard Technologies Group

£6.0m

atHome advertising on a bus stop shelter

atHome Group

A digital group comprising a portfolio of leading real estate and automotive online classifieds and financial services.

Revenues for atHome Group were slightly behind the prior period for the company's financial year to June 2024, as a result of rising interest rates and challenging market conditions. However, Luxembourg’s property market has seen a correction in recent months, with atHome Finance returning to year-on-year growth as a result. The group’s automotive (Luxauto) and tax (Taxx.lu) divisions both achieved double-digit revenue growth versus prior year.

OCI valuation
atHome

£8.9m

atHome logo