News

Final Results for the Year Ended 31 December 2024

Oakley Capital
13.03.25
6 mins read

Oakley Capital Investments Limited ("OCI" or the "Company") today announces its final results for the year ended 31 December 2024. OCI is a listed investment company providing consistent, long-term returns in excess of the FTSE All-Share Index by investing in funds managed by Oakley Capital ("Oakley"). 

The Oakley Funds invest primarily in unquoted, profitable, pan-European businesses with recurring revenues, and across four core sectors: Technology, Education, Consumer and Business Services. Oakley's origination capabilities and proven value creation drivers help founders and management teams accelerate growth and produce consistently superior returns for investors. 

ST2 Video Still

Watch our interview with Oakley Capital Partner, Steven Tredget to find out more.

Record capital deployment and robust portfolio performance

Highlights for the year ended 31 December 2024

NAV per share

695p

as at 31 December 2024

Net Asset Value

£1,226m

as at 31 December 2024

Total NAV return per share

+2%

since 31 December 2023 (+15 pence) or +6% before FX

Total shareholder return

2%

as at 31 December 2024

New Investments

£299m

as at 31 December 2024

Share of proceeds

£179m

as at 31 December 2024

  • Year-end cash and available credit facility of £225 million
  • Outstanding commitments of £646 million
  • Final dividend of 2.25 pence, taking dividends declared to 4.5 pence

Read more about OCI’s KPIs here.

Portfolio highlights

  • Average portfolio company year-on-year EBITDA growth of 15% (2023: 14%)
  • Average portfolio company valuation multiple (EV/EBITDA) of 16.4x (2023: 16.4x)
  • Underlying portfolio value increase was driven c.75% by EBITDA growth and c.25% by multiple expansion
  • Average net debt/EBITDA ratio of 4.1x (2023: 4.2x)
  • The key drivers of NAV growth were:
IU Group

IU Group (+8 pence): revenue growth driven by increasing student numbers

Dexters CTA

Dexters (+7 pence): strong performance in rentals and accretive M&A

Phenna Image 2

Phenna Group (+7 pence): robust demand for TIC services across geographies and acquisitions deliver value growth

Foreign exchange: (- 25 pence): 5% change in EUR:GBP

See Glossary for full list of financial metrics and definitions here.

Portfolio Overview

The portfolio continues to perform well as demonstrated by average organic year-on-year EBITDA growth of 15%. Market conditions continued to be favourable for deployment and following record investment activity in 2024, an amount equivalent to c.40% of OCI’s NAV has been deployed over the past 24 months. Whilst the prospects of these investments are significant, they have, as expected, made limited contribution to NAV growth at this stage in their ownership. Typically, valuation uplift accelerates through the duration of an Oakley investment, such that OCI’s NAV is expected to benefit in the near term from the portfolio’s maturation.

Read more about the portfolio’s performance in the Annual Report here.

Proceeds

OCI's look-through share of proceeds from exits and refinancings during the period totalled £179 million. This comprised £159 million from realisations including idealista, Ocean Technologies Group and Schülerhilfe; and £20 million from refinancings.

Investments

OCI made a total look-through investment of £299 million, equivalent to c.25% of NAV at year-end. This reflected £214 million in new platform deals, £54 million in follow-on investments, and £31 million in venture investments.

New platform deals included

Steer Automotive Group

Steer Automotive is the UK’s leading B2B automotive services platform.

Steer Listing Image 2

ProductLife Group

ProductLife Group is a leading player in regulatory and compliance services to the global life sciences industry.

PLG Banner 2

I-TRACING

I-TRACING the leading independent provider of cyber security services in France.

I TRACING

Assured Data Protection

Assured Data Protection is a leading Managed Services Provider (‘MSP’) focused on Backup, Disaster Recovery and Cyber Resiliency as a Service.

ADP

vitroconnect

vitroconnect is a leading broadband open access platform in Germany.

Vitroconnect Banner

Konzept & Marketing

Konzept & Marketing is a leading independent Managing General Agent in the German personal, non-life insurance market.

K&M

Alerce

Alerce is a leading Spanish provider of transport and logistics software solutions.

Alerce Newspost

Horizons Optical

Horizons Optical is a provider of medical software used to make premium spectacle lenses.

Horizons Optical

New venture investments included Safely You, SafeBase, Daloopa, Netradyne.

Read more about OCI’s new investments here.

Post balance sheet events

Post-period deployment of c.£25 million, subject to regulatory clearance, with investment in cybersecurity group Bridewell alongside co-investor Eurazeo. The business is being combined with Oakley portfolio company I-TRACING to create an independent European leader in cyber security services.

Direct Investments

Direct investments are no longer part of OCI’s ongoing strategy, and the Board is focused on maximising the value of its two direct investments, North Sails and Time Out. 

North Sails delivered another year of strong performance with healthy order volumes, improving gross margins and significant trading momentum aided by the America's Cup. As a result, OCI converted $107 million of its North Sails preferred equity position into ordinary equity, increasing its exposure to the improving performance of this leading action sports business.

North Sails CTA 2

Time Out is delivering growth in its existing food markets, whilst continuing to convert the strong pipeline of potential new markets. This includes the recent signing of a second New York market and ongoing commercial negotiations to sign a London market. Media revenue prospects are improving with request for proposals trebling since the start of the calendar year. Opex synergies between the divisions will materially contribute to EBITDA in H2, and in FY26.

Read more about OCI’s direct investments here.

Capital Allocation

OCI's total liquidity at 31 December 2024 was £225 million, comprising £103 million of cash and £122 million in undrawn credit facilities. At year-end OCI's outstanding commitments to the Oakley Funds totalled £646 million, down from £1,015 million at year end 2023. This will be deployed into new investments over the next five years and c.£200 million is not anticipated to be drawn. The Board closely monitors anticipated fund drawdowns and projected liquidity as it seeks to maximise shareholder returns through capital allocation to a mix of future Oakley funds, share buybacks and dividends.

See OCI’s Balance Sheet in the Annual Report here.

Outlook

2025 is expected to deliver a stronger exit environment with more active M&A markets helping to increase realisations. Strengthening tailwinds in OCI’s target sectors are also anticipated to improve trading conditions and drive EBITDA growth in the period. Further valuation uplift is expected as OCI’s relatively young portfolio matures and earnings growth accelerates in underlying investments.


The Board is pursuing initiatives to drive shareholder return by enhancing NAV per share, creating further liquidity, and increasing investors’ access to OCI’s shares. This includes OCI seeking promotion of its shares to the Main Market of the London Stock Exchange and exploring opportunities for further share buybacks when appropriate. 

Quote Caroline Foulger

OCI delivered a solid performance over the 2024 financial year, highlighted by a portfolio which grew its EBITDA at an organic average of 15%, despite some challenging market conditions. The Board is optimistic about the prospects of NAV growth and future shareholder returns, thanks to a well-positioned portfolio and an improving market backdrop.

Caroline Foulger

Chair — Oakley Capital Investments

Read the 2024 Chair’s letter here.

Quote Peter Dubens

Macroeconomic volatility in the past 24 months created optimal conditions for the deployment of capital, with increasing numbers of businesses seeking a private equity partner to help finance and deliver growth. Oakley’s positioning as the partner of choice for ambitious founders and management teams helped to deliver a record year for deployment, with 8 new platform deals. The portfolio has proven its ability to deliver resilient growth throughout cycles, and the potential for more favourable trading conditions and more robust M&A markets, give us further confidence in the outlook for 2025 and beyond.

Peter Dubens

Managing Partner — Oakley Capital

The Annual Report and Accounts are available on the Company’s website here.

A video overview of the 12-month performance is available here.

The Company’s Q1 2025 trading update is expected to be released on 30 April 2025.

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