Oakley Capital Private Equity is pleased to announce that Oakley Capital Private Equity L.P. (“Fund I”) has agreed to dispose of Verivox to ProSiebenSat.1 (“P7S1”), for an initial cash consideration of €200 million with further consideration of up to €50 million dependent on Verivox’s financial performance in the year to 31 December 2015. Oakley Capital Private Equity will continue to hold a minority interest in Verivox, through Oakley Capital Private Equity II (“Fund II”), as will Verivox’s founders. P7S1’s holding in Verivox will be 80% following completion of the transaction.
The transaction is expected to generate a 15x gross money multiple for Fund I, with an IRR of 73%, based on a company value of €200 million, increasing to 19x and 76% if the full earnout is paid.
Over the last six years, under Fund I’s ownership, Verivox has gone through a significant transformation. It has not only consolidated its position as Germany’s largest independent consumer price-comparison portal for energy, but also launched new price-comparison product verticals including car and other insurance, loans and mortgages, diversifying its revenue stream. In addition, Verivox introduced offline advertising, significantly increasing brand awareness and professionalised its management structure, reporting and corporate governance.
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