Business Services Phenna

One of the fastest-growing TICC groups globally.

​Phenna delivered a strong first half of 2026, with continued organic growth across the business complemented by strong M&A momentum in the second quarter. On an organic basis, year-to-date revenue and EBITDA were up mid-to-high single digits, underpinned by broad-based growth across the majority of the group’s divisions. The team have been focused on ongoing commercial integration efforts, particularly in the UK&I Infrastructure division, driving continued above-market organic growth. Phenna also continued to execute on its accretive bolt-on pipeline, continuing the successful build-out of the Italy and Spain business units. The group remains one of the fastest-growing TICC platforms globally, with an active M&A pipeline supporting continued diversification across geographies and end markets.

Consumer 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 the 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.

Additionally, at period-end, OCI held a warrant over 2% of North Sails CV's interest in North Sails, which had matured but remained unexercised. The warrant was exercised following the period-end. See Note 10 for further detail on the warrant.

See: North Sails