Oakley, EQT seal Facile.it sale to Silver Lake

Financial terms were not disclosed, but according to a press release by the buyer, the transaction gives Facile.it unicorn status, implying a valuation of at least USD 1bn.

Mergermarket first reported yesterday that the parties had agreed on a deal with the technology-focused GP, making an offer that valued the target at 20x its 2022 EBITDA of more than EUR 55m. The sale process, led by Goldman Sachs, also attracted sponsors including Permira and Advent, as reported. 

The transaction is expected to close in Q3 2022, according to a press release.

Oakley Capital’s Fund III invested in Facile in 2018, alongside EQT Private Equity’s VIII fund, when the target was valued at around EUR 400m to EUR 450m. The Oakley fund held a final close on EUR 800m in September 2017, while EQT's fund VIII hit the hard cap of EUR 10.75bn at its first and final close in February 2018, according to Unquote Data.

During the sponsors’ ownership, Facile expanded its product offering and omnichannel distribution proposition, according to a press release. Over time, the business diversified its offering by adding new product lines including gas and power, broadband, mortgages, consumer loans, and, more recently, a new car sales marketplace platform.

In 2021, the company reached EUR 140m in revenues, while its EBITDA has grown by more than 20% on average over the last four years, according to the vendors’ press releases.

Silver Lake will broaden Facile’s product range to help accelerate the company’s growth across its core verticals, as well as future potential new product launches, according to a press release from the buyer.

Mergermarket reported that Goldman Sachs, PwC, Jamieson, Latham Watkins, and tax advisor Facchini Rossi Michelutti advised the sell side, while Morgan Stanley assisted Silverlake. 

Company
Founded in 2008 and headquartered in Milan, Facile.it is an online price comparison platform for motor insurances, utilities, and financial products, among other areas of household spending. The business has over 4m monthly users via its website, 39 stores, and over three thousand agents.

People
Oakley Capital − Peter Dubens (managing partner).
Facile – Tobias Stuber (CEO).
EQT Private Equity − Dominik Stein (partner).
Silver Lake − Christian Lucas (co-head of EMEA).

Advisers
EQT Private Equity − Goldman Sachs (corporate finance); Latham & Watkins (legal).

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• Silver Lake - London