Oakley invests in North Sails Europe

The investment was made via Oakley's OCPE Fund II. Oakley has also acquired the New Zealand arm of the business, North Sails.

Following the deal, Oakley will merge the business with existing portfolio company North Technology Group (NTG), a US-based firm it acquired in March.

Company
Founded in 1957, North Sails Europe operates sales and service lofts in New Zealand, France, the UK, Spain, Denmark, Germany, Italy, Sweden, Belgium, the Netherlands, Croatia, Hungary, and Hong Kong, as well as operating manufacturing facilities in Denmark, France, the UK, Italy, New Zealand and Spain. The company has supported teams competing in the America's Cup, Vendee Globe and Volvo Ocean Race.

Following the merge with NTG, the combined entity will offer sails, service and sailing technology on a global basis. The European division will continue to focus on the design of North Sail's 3Di and 3DL branded sails, as well as paneled sails for yachts of all sizes – both cruising and racing. Furthermore, it will continue its focus on its One Design brand, which produces sails for 150 one-design keel boat and dinghy classes.

North Sails reported revenues of €56m in 2013. The company has been valued at €30m.

People
Peter Dubens is director at Oakley. Ib Andersen is chairman at North Sails.

Advisers
Equity – Liberum Capital (Corporate finance).

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• UK / Ireland
• Buyouts
• Oakley Capital
• United Kingdom