GA backs ProSiebenSat.1's Nucom

The group will combine 10 companies owned by ProSiebenSat.1, including Mydays, Amorelie, Billiger-Mietwagen, Verivox and dating site Parship Elite Group.

GA and ProSiebenSat.1 previously worked together on the acquisition of KäuferPortal in 2016 and are expanding their partnership through the current collaboration.

Nucom simultaneously announced the acquisition of stakes held by Oakley Capital in two of Nucom's portfolio of brands, in which it already held majority stakes. The companies are dating service Parship and online price comparison website Verivox, at enterprise values of €440m and €530m respectively.

Oakley sold a 38.5% stake in Parship and a 9.9% stake in Verivox through its €524m buyout fund Oakley Capital Private Equity II. Oakley Capital Investments, the publicly listed branch of Oakley that invests in the funds, will realise cash proceeds of £51.1m on these transactions.

Oakley Capital II will receive proceeds of €138m on the sale of Parship, resulting in a money multiple of 4.7x and a gross IRR of 119%. It previously sold the controlling stake to ProSiebenSat.1 at an enterprise value of €300m in September 2016. It will receive proceeds of €53m on Verivox, generating a 2.5x return and 43% gross IRR. ProSiebenSat.1 also acquired a majority stake in this business in August 2015.

Previous funding
Oakley acquired Parship in April 2015 and supported its acquisition of competitor ElitePartner, resulting in an EBITDA increase of 3x the original investment.

The GP acquired Verivox in 2009 and drove its growth through media investment, resulting in revenues doubling since 2014.

Company
Nucom is the e-commerce business of ProSiebenSat.1. It regroups Amorelie, billiger-mietwagen.de, Flaconi, Mydays, KäuferPortal, moebel.de, Parship, Stylight, Verivox and Windstar Medical. The group generated revenues in excess of €650m in 2017.

People
General Atlantic – Jörn Nikolay (head of Germany).
ProSiebenSat.1 – Thomas Ebeling (CEO).
Oakley Capital – Peter Dubens (managing partner).
Nucom Group – Claas van Delden, Florian Tappeiner, Dirk Schmelzer (executive board).

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• Topics
• Buyouts
• DACH
• Exits
• Expansion
• Consumer
• Technology
• General Atlantic
• Germany
• Trade sale
• Oakley Capital