TIDMOCI
RNS Number : 7994T
Oakley Capital Investments Limited
26 July 2022
26 July 2022
Oakley Capital Investments Limited
Oakley Capital Investments Limited(1) ("OCI") is pleased to
announce that Oakley Capital Fund III(2) ("Fund III") has agreed
the strategic combination of Grupo Primavera, the leading business
software provider in Iberia, with Cegid, a leading provider of
cloud-based management solutions . As part of the transaction, Fund
III will increase its stake in Grupo Primavera and roll over its
equity into Cegid.
OCI's additional indirect contribution via Fund III is
anticipated to be c.GBP28 million.
Note that the above figure only relates to OCI's share of Fund
III's additional investment in Grupo Primavera.
Further details on the transaction can be found in the below
announcement from Oakley Capital(3) .
Oakley Capital agrees strategic combination of Grupo Primavera
with Cegid
Oakley Capital ("Oakley") is pleased to announce that Oakley
Capital Fund III ("Fund III") has agreed the strategic combination
of Grupo Primavera, the leading business software provider in
Iberia, with Cegid, a leading provider of cloud-based management
solutions. As part of the transaction, Fund III will increase its
stake in Grupo Primavera and roll over its equity into Cegid. The
all-share transaction values the combined company at approximately
EUR6.8 billion.
Oakley acquired Ekon as a standalone platform in 2019, and
assembled a group management team to lead an intensive buy and
build strategy. With that team Oakley acquired 11 further
companies, including the transformative acquisition of Primavera in
2021, to form the newly enlarged Grupo Primavera. Through
acquisitions as well as investment in product innovation and
talent, Grupo Primavera has performed well ahead of its business
plan, becoming Iberia's largest software platform in just three
years.
Today, Grupo Primavera has 800 employees based in five
countries, serves 165,000 paying customers, and delivered EUR76
million of revenue in 2021. The company offers a wide range of
cloud-based software solutions covering Invoicing, Accounting, and
Enterprise Resource Planning (ERP). These offerings serve small
businesses and mid-market segments across Spain, Portugal, and
Africa, with a particularly strong footprint among accounting
professionals. Together, Grupo Primavera and Cegid will have pro
forma revenue in the Iberia region of more than EUR150 million this
year.
Cegid is a global leading provider of cloud business management
solutions for finance (treasury, tax, ERP), human resources
(payroll, talent management), CPAs, retail and entrepreneurial
sectors. With 350,000 clients, the business is focused on large and
SMB customers, operating in 130 countries across the globe and its
installed base is already close to fully migrated to Cloud. Cegid
has a strong track record of double-digit organic growth with a
high proportion of recurring revenues, underpinned by the SaaS
transition of its customer base and new client acquisitions in the
Cloud, and investments in next-generation cloud products.
The combination of Cegid and Grupo Primavera underscores Cegid's
position as a leading provider of cloud-based management solutions.
The addition of Grupo Primavera firmly establishes Cegid's
leadership in Iberia and offers exciting expansion opportunities
for Grupo Primavera by leveraging Cegid's presence in Latin
America.
Upon close, Silver Lake will remain the majority shareholder of
the combined company. Oakley Capital will join KKR and AltaOne as
minority shareholders in the combined company. Together, these
shareholders will partner with Cegid CEO Pascal Houillon, Grupo
Primavera CEO Santiago Solanas, and the rest of the management team
in Cegid's next phase of growth.
Cegid CEO Pascal Houillon said: "Joining forces with Grupo
Primavera is an immense opportunity for both companies and our
respective clients. Like Cegid, Grupo Primavera offers useful and
innovative solutions to partners and customers in the cloud, and
has achieved impressive growth specifically across Spain, Portugal,
and Africa. We share an inspiring vision for the future driven by
continuous product and technology innovation, and Cegid is fully
committed to investing in the combined company's continued growth.
We look forward to working closely with Santiago and the talented
team at Grupo Primavera to bring value to a more global customer
base."
Grupo Primavera CEO Santiago Solanas said: "We are strongly
aligned with Cegid's vision and ambition and have long admired the
company. Like Cegid, we have an entrepreneurial and passionate
culture with a focus on product excellence, a commitment to
customers, and an exciting vision for growth. This is a powerful
partnership that will allow us to combine resources and expertise,
bringing customers new products and continued innovation, as well
as building on our proven track record to expand and integrate new
talent and approaches to market needs. Both Cegid and Grupo
Primavera share a mission to grow our ecosystem and to offer our
combined customers, channel partners, colleagues, and communities
renewed value."
Christian Lucas, Co-head of Silver Lake EMEA and Vice-Chairman
of the Board of Directors of Cegid, said: "Through our investment
and strategic development executed since 2016, Cegid has become a
pan European and global player with strong positions in multiple
geographies including France, Spain, and Portugal, with important
market presence in 12 other countries and selling in more than 130
countries. We are excited about the growth prospects of the
combined group and by the creation of the Iberian market leader in
the business software space, reinforcing Cegid's existing position
on a broader global scale. The market for digitisation solutions in
the European mid-market, namely through financial management
software, is large and growing meaningfully, and the combined
company will be uniquely positioned to capitalize on this
opportunity as it continues to expand."
Oakley Capital Managing Partner Peter Dubens, said "In
partnership with Oakley, Grupo Primavera has grown to become a
leading player in the Iberian market for business software. Now
under the stewardship of both highly experienced management teams
and committed shareholders, Cegid and Grupo Primavera are poised to
accelerate a global growth strategy with a focus on market
expansion and cross sell opportunities. We look forward to being a
part of this new chapter for both companies and the significant
potential that lies ahead."
Upon closing of the transaction, Mr. Solanas and his entire
management team will join Cegid, with Mr. Solanas reporting
directly to Mr. Houillon.
The transaction is expected to close in Q3 2022, and as is
customary, remains subject to the information and consultation
processes of the relevant employee representative bodies in
accordance with applicable laws.
- ends -
For further information please contact:
Oakley Capital Limited
+44 20 7766 6900
Steven Tredget
Greenbrook Communications Limited
+44 20 7952 2000
Rob White / 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.
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, Oakley Capital V 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
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END
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