Oakley Capital Investments Limited (OCI) has announced that Oakley Capital Fund IV, in which it holds an investment, has agree to sell part of its stake in Wishcard Technologies Group, one of Europe’s fastest growing gifts and rewards platforms. After the sale, Fund IV will retain a residual shareholding in Wishcard. OCI’s look through share of the sale proceeds will be around £45m and OCI says that the agreed exit valuation, which is around a 37% premium to the book value at 31 March 2022, was largely reflected in its NAV as at 30 June 2022.
Wishcard Technologies Group (wishcardgroup.com) is a consumer technology company and one of Europe’s fastest growing gifts and rewards platforms selling over ten million multi-brand gift cards a year. Oakley Capital Fund IV acquired a majority stake in the business in August 2019, partnering with the original founders “to create a sustainable platform and continue the company’s strong growth and leadership in product innovation”. Oakley says that it helped to build the required processes and professionalisation needed to sustain strong growth and supported the successful expansion into B2B and ecommerce distribution channels. Under Oakley’s ownership, Wishcard has more than quadrupled revenues in under three years as the company benefited from its market-leading combination of 500 redemption partners, more than 110,000 points of sale and an effective multi-channel distribution network.
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