Oakley acquires Plesk in £105m EV deal

Following the deal, the company will undergo operational restructuring as part of its spinout from Parallels.

Oakley invested $27.4m for a 51% stake in the company with capital drawn from its third fund, which launched in January 2016 with a reported target of €750m.

Oakley's indirect contribution to the Plesk deal through its interest in the vehicle amounts to around $13m of the $27.4m total, according to a statement. In November, the listed GP announced it had committed a total of €350m to Oakley Capital Fund III.

The GP has a track record of investing in the IT services space. In January 2015, it acquired Düsseldorf-based Damovo Europe, while three years earlier it acquired Cologne-based web hosting company Intergenia.

Company
Originally launched in 1999, Schaffhausen-headquartered Plesk is a provider of software for web server and website administration. The product is used on 350,000 servers in support of around 10 million websites and 18 million email accounts. The company's products are available in 32 languages.

The division generated EBITDA of $14m in 2016, according to a statement issued by Oakley, on a turnover of $28m.

People
Oakley Capital – Peter Dubens (director).

Advisers
Equity – Liberum Capital, Steve Pearce, Henry Freeman, Jill Li (corporate finance).

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