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Oakley lands North Sails parent

The deal comes as Oakley targets €500m for its latest fund.

Oakley Capital Private Equity, the fund advised by AIM-listed Oakley Capital Investments, has acquired a majority stake in Connecticut-based marine technology company North Technology Group

The total enterprise value for the business was approximately $130 million, according to a statement.

Oakley has invested $65 million of equity in the company alongside North Technology chief executive officer Tom Whidden and by previous owner Windway Capital, which is making an equity reinvestment.

North Technology Group, which was set up in 1957, consists of three marine brands which all provide products and solutions to the sailing and yachting sector. The largest company of the Group is North Sails, a sail maker business. It operates 148 sales and sail care sites in 49 countries, with manufacturing facilities in the United States and Sri Lanka.

North Technology Group expects revenues of over $150 million for 2013. Oakley will assist the company’s management team in growing and further developing the North Sails brand.

Oakley made the investment from its OCPE II Master fund, which has raised about €300 million toward a €500 million target, according to a source familiar with the matter. Oakley declined to comment beyond the statement.

Oakley typically invests in companies with enterprise values of between €40 million and €150 million, and writes equity cheques of between €20 million and €60 million, according to its website.