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  • Exits

Oakley preps Wishcard for 2022 sale

  • Patrick Costello, Johannes Koch and Amy-Jo Crowley
  • 01 December 2021
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Wishcard Technologies, a German consumer technology company for gift cards and vouchers backed by Oakley Capital, is expected to hit the DACH auction pipeline early next year, according to four sources familiar with the situation.

Jefferies has been mandated to advise on the process, the sources said. Wishcard generates around EUR 30m-40m in EBITDA, the first two sources said, with the third source suggesting EBITDA was closer to EUR 25m. Wishcard's sales exceeded EUR 200m in 2020, according to its website.

Wishcard is expected to come to market in Q1 2022, the first two sources said, with one source noting that fireside chats may be held pre-Christmas ahead of a launch next year.

Because the holiday season is crucial for Wishcard's gift card and vouchers business, the vendors will likely wait that period out before kicking off a sale next year, the first source said. Some questions also remain as to Wishcard's business model and the extent to which its sales are generated from unused vouchers that are not cashed in and how this impacts the company's earnings, the second source said.

While the sources are expecting Oakley to exit the business via a sale, a dual track process via a listing is also being considered as an option, according to the fourth source.

Wishcard might not prove to be big enough for an IPO, however, the first source said. Still, investors looking for a listed comparable to Wishcard could find a precedent in US-based peer Blackhawk Network Holdings, the same source continued. The California-based provider of branded gift vouchers and prepaid cards was listed on Nasdaq before being taken private in 2018 by sponsors Silver Lake and P2 Capital for USD 3.5bn.

Blackhawk could likewise emerge as a potential suitor for Wishcard, the first source and a sector banker tracking the situation said. The company has very similar offerings to Wishcard and is looking for deals in Germany, the sector banker continued.

Oakley acquired a majority stake in Düsseldorf-based Wishcard – then known as Seven Miles – in 2019 for a consideration of USD 205m, according to Mergermarket data.

Founded in 2014, Wishcard develops, distributes and sells voucher products with flexible redemption options, and partners with more than 500 retailers, including Amazon, Google, Apple, Ikea and Zalando, according to its website.

The company said it expected "very dynamic growth" in Germany and a strong development in Austria and Switzerland for 2021 due to "significantly accelerated" revenue growth in its e-commerce and B2B segments.

Jefferies and Oakley declined to comment. Wishcard and Blackhawk did not respond to requests for comment.

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