Oakley Capital eyes deals after NAV lift
OAKLEY Capital, the turnaround specialist run by former Pipex Communications boss Peter Dubens, is eyeing two deals in the second half after making a strong start to the year.
The company said its net asset value (NAV) would come in at 143p to 147p for the six months to 30 June, an increase of up to 17 per cent on its NAV of 125p at the same point last year. Oakley was buoyed by an upturn in profitability from private equity portfolio holdings such as Verivox, the German energy and telecoms price comparison website, and Host Europe Corporation, the server computer operator.
Dubens, who sold Pipex to rival internet service provider Tiscali UK in 2007, said he expected to make a couple of acquisitions in the period to December as weaker companies begin to struggle to finance themselves.
Dubens said: “A lot of businesses that would have become turnaround situations a while ago have been able to avoid going to market because of the lower cost of capital and lower interest rates. Over the next two years, as we see interest rates increase, those businesses will find it more challenging and we’ll see deals being done.”
Oakley is keen on the financial services and internet spaces, Dubens said, remarking that while some parts of the equity market offered “great value”, others remained risky.
Oakley began in 2001 and launched its private equity fund in 2007. It employs a team of 18 dealmakers.