TIDMOCI
RNS Number : 6219C
Oakley Capital Investments Limited
22 June 2021
22 June 2021
Oakley Capital Investments Limited
Oakley Capital Investments Limited(1) ("OCI") is pleased to
announce that Oakley Capital Private Equity III(2) ("Fund III") has
agreed to invest in PRIMAVERA Business Software Solutions,
("PRIMAVERA" or the "Company"), the Portuguese leader in business
management software.
OCI's indirect contribution via Fund III will be GBP11
million.
Note that the above figure only relates to OCI's share of Fund
III's overall investment in PRIMAVERA.
OCI's liquid resources available for future deployment
(including this transaction) are estimated to be GBP162
million.
Further details on the transaction can be found in the
announcement below from Oakley Capital (3) .
Investment in PRIMAVERA establishes a leading Iberian business
software group
Oakley Capital is pleased to announce that Oakley Capital
Private Equity III ("Fund III") has agreed to acquire PRIMAVERA
Business Software Solutions ("PRIMAVERA" or the "Company"), the
Portuguese leader in business management software. The Company will
be combined with existing Oakley Capital portfolio company Ekon, a
Spanish provider of Enterprise Resource Planning ("ERP") software,
to create a new group under the name Grupo Primavera, which will be
the largest independent provider of business software in Iberia.
The transaction is subject to regulatory approval.
Founded in 1993, PRIMAVERA provides ERP and cloud business
software solutions to over 32,000 Small and Medium-sized
Enterprises ("SMEs") across Portugal and Portuguese-speaking
Africa. PRIMAVERA is widely recognised as a market leader, with a
strong brand and reputation, and is supported by a broad
distribution network of over 500 partners . The Company was
acquired from its founders, José Dionísio and Jorge Batista, who
will invest alongside Fund III in the merged entity and continue to
co-lead the PRIMAVERA business.
Grupo Primavera will comprise PRIMAVERA, Ekon, which was
acquired in 2019 as Fund III's initial investment in the space, and
five additional bolt-on acquisitions made over the last twelve
months (Tabulae, Contasimple, Billage, Diez Software and
Professional Software). The newly established group will be the
largest independent software platform serving SMEs in Iberia, with
over 55,000 customers, c.EUR60 million of revenues and double-digit
annual growth, driven by the rapid adoption of Software as a
Service ("SaaS") solutions. Grupo Primavera will be led by Santiago
Solanas, an industry veteran with over 30 years' experience in
global roles in the software industry, including leadership
positions at Cisco in France and Southern Europe, Sage Iberia, as
well as in Microsoft and Oracle.
The Iberian business software market continues to benefit from
long-term structural growth, as SMEs digitise and adopt cloud
technology. Portugal and Spain lag international benchmarks in
cloud adoption, at c.25% and c.30%, respectively, compared to over
60% in Northern Europe.
Grupo Primavera will accelerate its deployment of cloud
solutions organically through investment in product development and
go-to-market initiatives, as well as through further
acquisitions.
Peter Dubens, Managing Partner of Oakley Capital, commented:
"This is another example of Oakley's ability to invest in
founder-owned technology businesses and execute buy-and-build
strategies. With the adoption of cloud technology in Iberia being
behind the rest of Europe, we see significant value and further
potential in growing the largest independent business software
platform to service SMEs within the region."
José Dionísio and Jorge Batista, CEOs and Co-Founders of
PRIMAVERA, commented:
"We are very excited about the new path that we are taking by
creating an independent Iberian business software champion. This is
a project with great potential, bringing together companies with a
wide range of experience and leadership within the sector. We have
been approached by many potential partners over the years, but it
is with Oakley Capital and Santiago Solanas that we decided to take
this step due to the exciting project they presented to us."
- ends -
For further information please contact:
Oakley Capital Limited
+44 20 7766 6900
Steven Tredget, Investor Relations
Greenbrook Communications Limited
+44 20 7952 2000
Alex Jones / Michael Russell
Liberum Capital Limited (Financial Adviser & Broker)
+44 20 3100 2000
Chris Clarke / Darren Vickers / Owen Matthews
Notes:
LEI Number: 213800KW6MZUK12CQ815
(1) About Oakley Capital Investments Limited ("OCI")
OCI is a Specialist Fund Segment ("SFS") traded investment
vehicle that aims to provide shareholders with consistent long-term
capital growth in excess of the FTSE All-Share Index by providing
liquid access to private equity returns through investment in the
Oakley Funds (2) .
A video introduction to OCI is available at
https://oakleycapitalinvestments.com/videos/
The contents of the OCI website are not incorporated into, and
do not form part of, this announcement.
(2) The Oakley Funds
Oakley Capital Private Equity L.P. and its successor funds,
Oakley Capital Private Equity II, Oakley Capital Private Equity
III, Oakley Capital IV and Oakley Capital Origin Fund are unlisted
lower-mid to mid-market private equity funds that aim to provide
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.
(3) Oakley Capital, the Investment Adviser
Founded in 2002, Oakley Capital Limited has demonstrated the
repeated ability to source attractive growth assets at attractive
prices. To do this it relies on its sector and regional expertise,
its ability to tackle transaction complexity and its deal
generating entrepreneur network.
Important information
Specialist Fund Segment securities are not admitted to the
Official List of the Financial Conduct Authority. Therefore, the
Company has not been required to satisfy the eligibility criteria
for admission to listing on the Official List and is not required
to comply with the Financial Conduct Authority's Listing Rules.
The Specialist Fund Segment is intended for institutional,
professional, professionally advised and knowledgeable investors
who understand, or who have been advised of, the potential risk
from investing in companies admitted to the Specialist Fund
Segment.
This announcement may include "forward-looking statements".
These forward-looking statements are statements regarding the
Company's objectives, intentions, beliefs or current expectations
with respect to, amongst other things, the Company's financial
position, business strategy, results of operations, liquidity,
prospects and growth. Forward-looking statements are subject to
risks and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. Accordingly
the Company's actual future financial results, operational
performance and achievements may differ materially from those
expressed in, or implied by, the statements. Given these
uncertainties, prospective investors are cautioned not to place any
undue reliance on such forward-looking statements, which speak only
as at the date of this announcement. The Company expressly
disclaims any obligation or undertaking to update or revise any
forward-looking statements contained herein to reflect actual
results or any change in the Company's expectations with regard to
them or any change in events, conditions or circumstances on which
any such statements are based unless required to do so by the
Financial Services and Markets Act 2000, the Listing Rules or
Prospectus Regulation Rules of the Financial Conduct Authority or
other applicable laws, regulations or rules.
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END
ACQDKDBDBBKBAAB
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