Oakley buys Videotel and Seagull – Oakley Capital Investments says that its Fund IV has partnered with the management teams of SG MidCo AS (“Seagull”), and Videotel Marine Asia Limited and Super Dragon Limited (collectively “Videotel”), to acquire majority stakes in the businesses from their current shareholders Herkules Private Equity Fund IV and KVH Industries.
Over the past 40 years, Videotel and Seagull have established themselves as the best-in-class providers of e-learning to the maritime sector globally. Every year they each provide over 10,000 ships and installations with comprehensive and up-to-date compliance, risk and safety training that ensures adherence to International Maritime Organisation requirements. In 2018, the two companies collectively generated $50 million of revenue.
The digital transformation taking place in the shipping industry, as well as the increasingly complex regulatory framework, offers a significant opportunity for e-Learning providers. The management teams of Seagull and Videotel believe that this opportunity can be grasped most effectively by working together as a combined group. With both parties able to collaborate and share knowledge and resources, the two businesses will be able to provide their respective customers with a greater level of product and services.
Apart from an enhanced investment plan, there will be no immediate operational changes in either company except that Oscar Johansen, chairman and founder of Seagull, will take up the role of president of the combined group. Roger Ringstad and Raal Harris will continue to lead Seagull and Videotel, respectively.
The company’s indirect contribution through its interest in Fund IV is expected to be approximately GBP25 million.
OCI : Oakley buys Videotel and Seagull