TIDMOCI
RNS Number : 6369X
Oakley Capital Investments Limited
01 May 2019
1 May 2019
Oakley Capital Investments Limited
Acquisition of stake in Rastreator and Acierto
Oakley Capital Investments Limited(1) (AIM: OCI, the "Company")
is pleased to announce that Oakley Capital Private Equity III(2)
("Fund III") has agreed to form a joint venture with Admiral Group
plc ("Admiral") and Mapfre S.A. ("Mapfre") to combine Rastreator
Comparador Correduría de Seguros S.L. ("Rastreator"), Asesor
Seguros Online S.L. and Asesor Consumer Services S.L. (together
"Acierto.com"), two of Spain's most well-regarded digital brokers
for insurance and other financial products.
Rastreator, a digital insurance broker, was founded in 2009 and
allows users to buy insurance, financial products, travel, offers,
telephone services, energy, finance and cars by comparing
quotations. The business is currently 75% owned by Admiral, a
British insurance company specialising in the direct sale of car
insurance, and 25% by Mapfre, a Spanish multinational company
dedicated to the insurance and reinsurance sectors. In 2018,
Rastreator generated revenues of EUR29 million.
Founded in 2007, Acierto.com is a digital insurance broker which
enables consumers to compare prices from over 30 car, motorcycle,
health, life and home insurance companies. Currently, Acierto.com
is majority-owned by its two founders, Carlos and Mario Brüggemann,
who will retain a stake in the combined group following the
transaction. In 2018, Acierto generated revenues of EUR13
million.
This transaction continues Oakley's successful track record of
investing in digital platforms across Europe. Having previously
invested in Verivox, Germany's leading energy price comparison
website, and Facile, the price-comparison market leader in Italy,
Oakley has considerable expertise in the price comparison market.
The Spanish market is at an early stage in its development, and
therefore presents a similar growth opportunity to that experienced
by Verivox and Facile as the market develops.
The Company's indirect contribution through its interest in Fund
III is expected to be approximately GBP17 million.
Completion of the transaction is subject to merger control
clearance by the EU Commission as well as the approval of the
Directorate-General for Insurance and Pension Funds in Spain.
Macquarie Capital acted as Oakley's financial advisor in
connection with this transaction.
Elena Betés, European and Emerging Price Comparison CEO at
Admiral Group, commented:
"It's an exciting time. Uniting Rastreator and Acierto to become
the country's leading marketplace will enable us to draw upon their
respective strengths and empower our customers to make better
choices through an even better service. We will leverage Oakley's
investment expertise in the comparison arena to grow the
Rastreator/Acierto operation in Spain and we look forward to
working with their team."
Mario Brüggemann, Founder and Managing Director of Acierto.com,
commented:
"After 12 years of hard work we are happy to enter a new phase
and participate in this extraordinary opportunity to further
improve the consumer experience in the Spanish insurance
distribution sector. We look forward to contributing our broker
expertise to continue strengthening the collaboration with our
insurance partners."
Peter Dubens, Managing Partner of Oakley Capital, commented:
"Rastreator and Acierto have developed strong positions in the
still maturing Spanish comparison market and are well-placed to
achieve further growth as the industry continues to develop. We
look forward to partnering with Admiral, together with the
management team led by Elena Betés and Fernando Summers, and
drawing on Oakley's decade of successful investment experience in
price comparison to support the two businesses in their future
growth."
- ends -
For further information please contact:
Oakley Capital Investments Limited
+44 20 7766 6900
Steven Tredget, Investor Relations
Greenbrook Communications Ltd
+44 20 7952 2000
Alex Jones / Matthew Goodman / Gina Bell
Liberum Capital Limited (Nominated Adviser & Broker)
+44 20 3100 2000
Gillian Martin / Owen Matthews
Notes:
This announcement contains inside information for the purposes
of the Market Abuse Regulation (EU) No. 596/2014.
(1) About Oakley Capital Investments ("OCI")
OCI is an AIM-listed investment vehicle, which provides access
to the Oakley funds. It is a liquid vehicle that provides capital
growth and dividends to investors.
LEI Number: 213800KW6MZUK12CQ815
(2) The Oakley Funds
Oakley Capital Private Equity L.P. and its successor funds,
Oakley Capital Private Equity II, Oakley Capital Private Equity III
and Oakley Capital IV, are unlisted, focused mid-market private
equity funds with the aim of providing investors with significant
long-term capital appreciation. The investment strategy of the
funds is to focus on buy-out opportunities in industries with the
potential for growth, consolidation and performance
improvement.
The Investment Adviser
Founded in 2002, Oakley Capital has demonstrated the repeated
ability to acquire attractive growth assets at attractive prices.
To do this they rely on their sector and regional expertise, their
ability to tackle transaction complexity and their deal generating
entrepreneur network.
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END
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