Disposal of PARSHIP ELITE Group and Verivox

oakleycapital

Oakley Capital Private Equity II (“Fund II”) is pleased to announce it has reached an agreement to sell its 38.5% stake in PARSHIP ELITE Group (“PEG”) and 9.9% stake in Verivox to NuCom Group (“NuCom”), ProSiebenSat.1’s Commerce unit. The agreement is subject to approval by the responsible antitrust authorities.

PARSHIP ELITE Group

Following increased focus on the digital consumer sector, Oakley partnered with the management of Parship, the leading German online dating site, in April 2015. A combination of strong organic growth and the synergistic acquisition of premium matchmaker ElitePartner has resulted in EBITDA increasing by more than 3x since Fund II’s original investment.

In September 2016 Fund II sold a controlling stake in PEG to ProsiebenSat.1 valuing the business at €300m and returning €125.3 million to the Fund. Today NuCom is acquiring Fund II’s remaining 38.5% stake in PEG based on an enterprise value of €440 million.  Fund II will receive further gross proceeds of c.€138 million generating overall returns of 4.7x gross money multiple and a gross IRR of approximately 119% for Fund II.

Verivox

In a separate transaction, Oakley has also agreed to sell its remaining 9.9% stake in Verivox to NuCom at an enterprise value of €530 million marking the end of a long and successful relationship with the business.

Oakley originally partnered with Verivox, the online price comparison website, back in 2009 and sold a majority stake to ProSiebenSat.1 in August 2015. The partnership with ProSiebenSat.1 has helped drive further growth through media investment, with revenues more than doubling since 2014. Fund II will receive gross proceeds of c.€53 million, crystallising returns of approximately 2.5x gross money multiple and approximately 43% gross IRR for Fund II.

Peter Dubens, Managing Partner of Oakley Capital Private Equity, commented:

“The success of our digital consumer strategy continues. In this case we identified the lead players in developing local markets and combined with strong management teams have enjoyed impressive organic growth. In addition, Oakley facilitated ambitious and transformative M&A in combining Parship with ElitePartner shortly after our investment. Alongside ProSiebenSat.1 we have supported Verivox in their continued diversification into new product verticals and increased investment in offline advertising to drive revenue growth.

We would like to thank Tim Schiffers, Henning Rönneberg and Marc Schachtel at PARSHIP ELITE Group and Chris Öhlund at Verivox along with their respective management teams, as well as the team at ProSiebenSat.1. We wish them all the very best as they take the businesses forward to the next phase of growth.

The digital consumer sector remains a focus for Oakley and with our investments in Facile.it and Casa & atHome, we continue to build on our expertise in the area.”

 

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Matsmart raises 7.5 MEUR

Northzone

D-Ax and Norrsken Foundation invest in Matsmart, alongside previous investors.

The funding will be used to further expansion in the Nordics and Europe.

Swedish e-commerce company Matsmart sells surplus food that would otherwise be thrown away, due to changes in branding or packaging, seasonality or short expiration dates.

In 2016, Matsmart prevented 706 tonnes of food from going to waste. The company has seen explosive growth, with yearly revenues of €20 million. Matsmart launched in Sweden in 2014, and has since then expanded to Norway and Finland.

CEO Karl Andersson comments: “With this new funding, we will continue to focus on growth. There is still a lot of work to do to solve the issue of food waste, and we see strong interest from both consumers and suppliers. We will also be looking at new markets for further international expansion.”

The new investors add strategic value to Matsmart. D-Ax is the investment arm of the Swedish Axel Johnson Group, and Norrsken Foundation, set up by Klarna founder Niklas Adalberth, focuses on social tech entrepreneurship.

Karl adds: “D-Ax has significant experience in the food and retail sectors, and invest with a long-term view, which suits us perfectly. Norrsken focuses on companies that have a positive impact on humans or the environment, and align well with our vision: a world without food waste.”

Mia Brunell Livfors, CEO at Axel Johnson comments: ”For Axel Johnson, this is a strategic investment: it’s in the food space, it’s an e-commerce proposition, it’s a low cost retailer, and it has sustainability at its core. We look forward to working with Matsmart for the long-term.”

Tove Larsson, Investment Manager at Norrsken adds: “Food waste is an important environmental issue, and we think that Matsmart are tackling it in a smart way. They are addressing the immediate issue of saving food that is going to waste, and in the long term, they are also able to influence the root causes of the problem, by helping suppliers reduce waste, and changing consumer behaviour in relation to best-before dates.”

Matsmart, which was founded by Karl Andersson, Erik Södergren, and Ulf Skagerström, has previously attracted investors such as Northzone, GP Bullhound, Edastra, Inbox Capital, the Avito-founders Jonas Nordlander and Filip Engelbert and Johan Kleber, CEO of Adlibris.

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Kinnevik intends to sell its remaining stake in Lazada for USD 115 million

Kinnevik

In view of announcements made by other parties involved, Kinnevik AB (publ) (“Kinnevik”) today announced that it intends to sell its remaining 3.6% stake in Lazada Group S.A. (“Lazada”) to Alibaba Group Holding Limited (“Alibaba”) for a gross consideration of USD 115m.

Founded in 2012, Lazada is the one-stop eCommerce gateway for local and international sellers and brands to the consumers in six distinct Southeast Asian markets: Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

In April 2016, Kinnevik sold slightly less than half of its shares in Lazada to Alibaba for a gross consideration of USD 57m as part of a larger transaction where Alibaba became Lazada’s controlling shareholder. The 2016 transaction equated to a post-money equity valuation of USD 2.0bn for Lazada. In connection with the transaction, Kinnevik and other shareholders entered into a put-call arrangement with Alibaba, giving Alibaba the right to purchase, and the shareholders the right to collectively sell, the remaining stakes at fair market value within 12 to 18 months post closing of the transaction.

The intended sale of Kinnevik’s remaining 3.6% stake in Lazada for USD 115m equates to an implied valuation of USD 3.15bn for Lazada. The transaction implies a SEK 327m, or 47%, uplift versus Kinnevik’s recorded fair value per 31 March 2017. In total, Kinnevik’s investment of SEK 503m in Lazada is expected to result in a gain of SEK 933m, a cash-on-cash multiple of 2.9x and an IRR of 33%, as at 27 June 2017.

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)8 562 000 83
Mobile +46 (0)70 762 00 83

Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to build the digital consumer businesses that provide more and better choice. We do this by working in partnership with talented founders and management teams to create, invest in and lead fast growing businesses in developed and emerging markets. We believe in delivering both shareholder and social value by building well governed companies that contribute positively to society. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

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CLSA Capital Partn ers’ ARIA IV invests in Azoya , a leading cross -border e-commerce solutions provider and retail operator in China.

Hong Kong, Monday, 6 March 2017

ARIA Investment Partners IV, LP and ARIA Investment Partners IV (Non-US), LP (together, “ARIA IV’) are pleased to announce an investment in Haituncun (Shenzhen) Info-Tech Co., Ltd(“Azoya”). ARIA IV is the lead investor in Azoya’s third round of capital raising which includes further commitments from existing investors.

ARIA IV is the fourth generation pan-Asia private equity fund managed and advised by CLSA Capital Partners (“CLSACP”). For more than two decades, ARIA funds have tracked the dynamic consumption patterns shaped by demographic and socioeconomic trends across Asia.

Azoya is a leading , Chinese, cross-border e-commerce solutions provider and licensed retail operator. The company assists international online e-commerce platforms and prominent bricks-and-mortar retail chains and brands to access China’s online retail market, one of the largest e-commerce markets in the world.

Managing Director of the ARIA Funds, Miranda Tang, commented:

“Riding on the increase in disposable income, consumption upgrade s, and substantial developments in global logistics, cross-border trade has been growing rapidly among Chinese e-shoppers. While it is a competitive sector, Azoya has demonstrated its in-depth local market knowledge and a thorough understanding of overseas retailers.

The Azoya management team is extremely adept at connecting international retail companies to e-shoppers in China.”

“This is the second investment by ARIA IV in the e-commerce enabling sector following the first investment made in India over a year ago. We have been searching actively for companies with a sustainable model to leverage the exponential growth of Asia’s e-commerce sector. It gives us great pleasure to invest in Azoya which now extends our footprint in this sector into the world’s two most populated countries, China and India.”

The co-founders of Azoya, Alex Huang and Don Zhao said: “ARIA Funds are amongst the most respected and experienced private equity investors in Asia. They have a 20-year proven track record of backing innovative companies with solid growth potential in Asia . ARIA IV’s investment in Azoya is recognition of our strong business Model and high growth performance over the past three years.”

“We are very confident of the synergies this investment partnership brings. By leveraging CL SA’s resources in the fast-consumer and retail industries, as well as Azoya’s global retailers’ network across 11 countries, Azoya will expedite its growth and reinforce its leading position in the cross-border e-Commerce space.”

CLSA Capital Partners (HK) Limited

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Oakley sells partial stake in PARSHIP ELITE Group

Transaction values the business at €300m, representing a return of 3.6x MM on original investment and an IRR of approximately 150%. Oakley retains an ongoing stake in the business to benefit from further growth.

Oakley Capital Private Equity is pleased to announce that Oakley Capital Private Equity II (“Fund II”) has reached an agreement to sell a controlling stake in PARSHIP ELITE Group (the “Group”), a leading online dating service in the German-speaking world, to ProSiebenSat.1 Media SE (“ProSiebenSat.1”), with Fund II and existing management retaining stakes totalling just under 50% of the Group.

This deal means that, since the initial acquisition 16 months ago, the equity investment has generated a 2.3x cash return and a money multiple of 3.6x overall, including Fund II’s retained stake in the Group.

ProSiebenSat.1 is acquiring its interest in PARSHIP ELITE Group based on an enterprise value of €300 million. Fund II will receive gross proceeds of €129 million and retain a significant minority stake in the Group, providing investors with participation in further potential value upside.

Over the 16 months under Fund II’s ownership, PARSHIP ELITE Group has delivered strong organic growth and at the same time has consolidated its position as a leading player in the online dating market, through the acquisition of Elite Partner, signed just six weeks after the initial PARSHIP investment.

Peter Dubens, Managing Partner of Oakley Capital Private Equity, commented: “The sale of this stake in PARSHIP ELITE Group locks in an impressive return for Fund II and a continued stake in a fast growth business. Oakley Capital has a successful history of working with ProSiebenSat.1 with both parties currently invested in online consumer business, Verivox. We are excited by the opportunity that Fund II has created to once again partner with ProSiebenSat.1. Oakley Capital and the management of PARSHIP ELITE Group believe that the value of our retained stake will be significantly enhanced within the ProSiebenSat.1 group of companies by allowing PARSHIP ELITE Group to leverage ProSiebenSat.1’s leading position in the media sector.”

Rebecca Gibson, Partner of Oakley Capital Private Equity, commented: “The strong growth of this company is a further demonstration of Oakley’s expertise in the online sector and its ability to identify value generating opportunities. We have worked in partnership with the management team to drive organic growth whilst encouraging ambitious strategic acquisitions that have brought scale and operational leverage. It also highlights our ability to deliver impressive returns in a relatively short amount of time. We would like to thank the PARSHIP ELITE Group management team, and look forward to working with them and ProSiebenSat.1 in creating further growth and value.”

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