Strategic report / Sector review: Consumer
Consumer portfolio
Direct Investments
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.
North Sails delivered a strong performance through June 2026, reporting LTM revenue and EBITDA growth of 4% and 5% respectively versus prior period. This growth was supported by continued strong performance in the core Sailmaking division and outperformance in the Masts division, with good activity across premium segments. Within Consumer, Actionsports continued to perform positively, while Apparel made progress against its strategic and operational priorities, including the continued internationalisation of the business. The Group expects to deliver continued positive growth versus the prior year across both revenue and EBITDA for the full year.
OCI valuation
North Sails
£238.4m
Direct equity position, constituting both ordinary and preference shares (£183.4 million), and indirect equity position held by North Sails CV (£55.0 million).
OCI valuation
Time Out
£21.0m
Direct equity (£12.6 million) and debt (£8.4 million) investment.
Time Out Direct Investment
OCI continues to monitor Time Out's performance to inform its strategy for future value realisation. Time Out delivered further operational and strategic progress during its year ended 30 June 2026. While group revenue was broadly stable at approximately £72 million (FY 2025: £73 million), revenue from continuing operations increased 11% to £61 million (FY 2025: £55 million). Continuing Media revenue increased 17% to £21 million (FY 2025: £18 million) and the division returned to adjusted EBITDA profitability, supported by sales growth, improved client retention, new business wins and the successful delivery of a cost efficiency programme.
Continuing Markets revenue increased 8% to £40 million (FY 2025: £37 million), with three new Markets opening during the year in Budapest, New York Union Square and Vancouver, taking the operational portfolio to 13 locations (FY 2025: 10 locations). At year end, a further five Markets were in development, including the first agreements under Time Out's capital-light Market franchise model in India and Brazil. Following the year end, Time Out also secured a flagship London Market at Piccadilly Circus, increasing the development pipeline to six locations.
Private Equity Portfolio investments
Facile
Italy's leading multichannel digital broker for insurance, personal finance, utilities and long-term rental.
Facile delivered strong second-quarter growth, with H1 2026 revenue up 19% year-on-year and EBITDA up 14%. Management remains highly focused on accelerating organic growth and on integrating the recent Fideas, InfoDrive and Horizon acquisitions, while exploring further M&A. Facile retains its market-leading position in Italian digital brokerage across insurance, energy, telecoms and personal finance, supported by strong brand awareness and an omni-channel distribution model.
OCI valuation
Facile
£69.4m
OCI valuation
Gymondo
£23.0m
Gymondo
Germany's market leader in online fitness subscription programmes focused on female customers.
During H1 2026, Gymondo saw group revenue scale 3% year-on-year, as the business continued to shift towards a higher share of B2B revenue, now 32% of the total. Adjusted EBITDA increased 13% year-on-year, supported by personnel and platform synergies from the Gymondo–Buddyfit integration and greater use of AI development tools. The total subscriber base grew 5% year-on-year to 868,320; with the increase primarily driven by B2B subscriber intake. Softer B2C demand in the DACH region was partly offset by continued growth in Italy. Management is progressing partnerships with health insurers and migrating the product suite onto a scalable AI platform.
NOX
A leading padel equipment brand.
NOX delivered strong growth in the first half of 2026, with consolidated revenue up 34% versus prior year. Gross margin improved, driven by a premium product mix, disciplined pricing and the continued success of its core padel collections. Growth was broad-based across channels and geographies, with export and intra-EU markets performing strongly and e-commerce delivering record sales on higher-quality traffic and improved conversion. The company actively managed inventory to meet demand in a fast-growing, seasonal market and avoid stock-outs. Having onboarded a new US distributor at the end of last year, NOX is well positioned to expand in both padel and pickleball in this market. A new CFO was appointed in July 2026 to support the company in the next phase of growth.
OCI valuation
NOX
£16.1m
OCI valuation
GB1
£9.1m
GB1
The British America's Cup team.
GB1, the British America's Cup team acquired in January 2026, is in an early build-out phase, with strong momentum at the America's Cup Partnership level: a new CEO is in place, two further teams have joined as founding members, and sponsorship revenue is running ahead of target. At the team level, GB1 is in advanced discussions with several potential sponsors. On costs, hiring has accelerated within budget, with efficiencies achieved in design and procurement and the use of AI.
Sector review covers the 10 largest Oakley Flagship Fund portfolio companies and five largest Oakley Origin Fund portfolio companies across the four sectors, based on look-through fair value, together with all Private Equity Portfolio investments acquired during the period and OCI's Direct Investments.