Secures NAV uplift from sale of vLex and adds to portfolio of lifestyle brands
sale of vLex
Oakley Capital Investments says legaltech platform vLex has been sold to Clio. The effect of the deal is to add 25p to the trust’s NAV or about 4% on the 31 March 2025 NAV.
The trust’s share of the proceeds is about £30m.
Oakley Capital Origin Fund (“Origin”) has agreed to sell legaltech platform vLex to Clio, a global leader in legal technology headquartered in Vancouver, Canada. The transaction values vLex at US$1bn, making vLex one of the few Spanish technology start-ups to reach unicorn status.
As part of the transaction, Origin is partially reinvesting in the combined business alongside vLex’s founders, in order to benefit from expected future growth.
Oakley invested in vLex in September 2022 in order to support the development of its AI capabilities and accelerate the internationalisation of the business. Oakley worked with the company’s founders Lluís and Angel Faus to expand in the US through the strategic acquisition of Fastcase, which helped double vLex’s revenues. In 2024 vLex launched Vincent, the company’s AI-powered legal workflow platform. vLex’s business has now transformed from a research database business into a powerful software platform, with legal workflows backed by unmatched proprietary datasets. Today, the company serves the majority of the Am Law 100, a ranking of the largest law firms in America.
Clio is the world’s leading provider of legal technology, serving law firms of all sizes across the globe. Built to power the entire legal workflow, Clio’s platform includes solutions for client intake, case management, billing, payments, e-filing, and AI-powered productivity. Trusted by over 200,000 legal professionals in 130+ countries, Clio is redefining how law firms operate and deliver client-centred services in a digital-first era.
The combination of the two businesses brings together Clio and vLex’s respective strengths in the business and practise of law to deliver an integrated platform for legal customers, with significant cross and up-selling opportunities as law firms accelerate their adoption of digital solutions.
Purchase of a portfolio of premium lifestyle brands
Separately, Oakley’s Iconic BrandCo is investing in premium lifestyle brands Smythson of Bond Street, Fornasetti, and Fabbrica Pelletterie Milano (FPM). Established in 2020, Iconic BrandCo is an Oakley Capital Fund III vehicle, investing in and creating value in luxury, heritage brands.
Founded in London in 1887, Smythson specialises in high-quality leather goods and stationery with a rich heritage that includes producing stationery for Winston Churchill and members of the British Royal family. Today, Smythson is one of only seven brands worldwide to hold two royal warrants. The company sells its products through seven stores and concessions across the UK, France and Japan, and globally via ecommerce channels.
Founded in 1940 and headquartered in Milan, Fornasetti is an iconic luxury design atelier renowned for its eclectic, handcrafted home décor items sold via multiple channels including wholesale, retail and online, as well as via distributors in Italy and abroad.
FPM is a family-owned, luxury Italian luggage maker that was established in Milan in 1956. The company sells its products through distributors as well as through collaborations with leading luxury brands.
These new acquisitions will enhance and diversify Oakley’s Iconic BrandCo platform, which currently comprises heritage brands Alessi, a high-end Italian design business focused on homeware products, Globe-Trotter, a premium, British luggage maker and Connolly, a luxury British brand known for its high-end leather goods and apparel.
The latest acquisitions mark an important step in Oakley’s strategy of building a diversified group of luxury, heritage brands. Oakley aims to significantly grow the sales and value of Smythson, Fornasetti and FPM by accelerating their international expansion, digitising operations, and enhancing their brand positioning and digital marketing – strategies it is already successfully applying to Globe-Trotter, Alessi and Connolly.
The newly acquired companies will also benefit from enhanced, central resources, as Iconic BrandCo recruits additional talent in marketing, AI & data, finance and real estate. A broader heritage brand portfolio will also enable operational synergies, including shared manufacturing relationships, and increased purchasing power in both goods and media.
[QD comment, James Carthew: It is great to see Oakley’s NAV hitting new highs and what looks like an exciting deal for the Iconic Brand Co. The discount does not reflect the quality of the portfolio or the trust’s impressive track record. I maintain that securing a main market listing could prove to be the catalyst that drives the discount down.]
OCI : Oakley announces two new deals
