Oakley Capital Investments Limited (OCIL), which provide investors with access to the investment strategy of Oakley Capital Private Equity funds I and II, is to acquire North Sails Europe.
The company is the exclusive licensee and distributor for North Sails sailing technology and products in Europe and New Zealand.
The acquisition is expected to complete on 30 June 2014 and will complement Fund II’s March 2014 acquisition of the US-based North Technology Group (NTG), allowing North Sails to operate on a global basis under common ownership and management.
North Sails Europe operates sales and services sites in 13 countries and has manufacturing sites in six countries. Through the sales, design and sail-care teams, North Sails in Europe and New Zealand have worked closely with America's Cup, Vendee Globe and Volvo Ocean Race teams to help them win some of sailing’s major events.
North Sails Europe will be merged with North Technology Group, creating a global company. The European operations will remain focused on the design of North Sails exclusive 3Di and 3DL branded sails, and producing panelled sails for yachts of all sizes, both cruising and racing. In addition, “One Design” will remain a focus for North Sails in Europe, which will continue to design and produce sails for approximately 150 one-design keel boat and dinghy classes.
For the year ended 31 December 2013, North Sails Europe had revenues of over EUR56m, the majority of which is recurring, being derived from the maintenance of sails and the normal replacement and upgrade cycle. The total enterprise value for the business is EUR30m.
Peter Dubens, director of OCIL, says: "We are delighted to be backing an iconic brand like North Sails. The acquisition of the European distributor and licensee will allow North Sails to provide seamless service, products and technology on a global basis.”
Ib Andersen, chairman, North Sails Europe, says: “I am extremely happy that Tom Whidden, CEO of North Technology Group, and our team have managed to bring the North American and European groups together under Oakley Capital’s new dynamic ownership. The consolidation will enhance our capacity to provide the best sails, service and the leading technology to the sailing industry.”