Peter Dubens firm Oakley Capital snaps up software firm Plesk in $105m deal


Peter Dubens, the founder of Oakley Capital, helped bring Vans trainers to the UK in 1990s through his distribution network (Source: Getty)

Oakley Capital, the Aim-quoted firm that listed Time Out magazine, today announced it has completed a $105m (£81m) deal to buy software platform firm Plesk.

Started in 1999, Plesk was launched in the US after being designed in Russia. It was bought by Washington-based firm Parallels in 2003.

Today's deal sees Oakley Capital carve out certain assets and operations of Plesk from the Parallels group. The enterprise value represents a 7.5 times multiple on its 2016 full-year earnings.

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The founder of Oakley Capital Peter Dubens said: "We are delighted to be investing in Plesk, which is a widely used software platform with significant growth potential in a sector we know well.

"We are excited to be partnering with a strong management team and we believe that our combined experience will support the business as it moves into the next phase of its development."

Read more: Dubens bullish on Oakley asset gains

Oakley raised net proceeds of £59m from the Time Out initial public offering (IPO) last June.

A successful entrepreneur, Dubens is renowned for keeping a low profile.

Through the 1990s he made his money through setting up successful clothing distribution businesses to the likes of M&S and Philip Green's Arcadia. He also helped bring brands such as Vans trainers and Eastpak bags to the UK market through his distribution channels.

He set up Oakley Capital in 2002 and still occupies a board position at Time Out. His private investments are managed by Andrew Wolfson, the brother of Next boss Lord Wolfson.