Oakley Capital has announced that it has sold most of its German on-line price comparison business, Verivox, to ProSiebenSat.1 for €200m making a 15x return on its original investment or an IRR of 73%.
Verivox was held within its first fund, Fund I. Under the terms of the deal, Fund I could earn a further €50m from the deal subject to how Verivox performs between now and the end of 2015. ProSiebenSat.1 is acquiring an 80% stake in Verivox. Verivox’s founders and Oakley’ Fund II will hold the balance.
Fund I has now made investors 2.3x their money and an IRR of 39%. It still holds investments in Time Out, Educas and Broadstone. Fund II is 60% invested (having launched in 2013).
OCL : Oakley Capital sells Verivox