Oakley Capital Investments Ltd on Monday said that it has sold its majority stake in Ocean Technologies Group to Lloyd’s Register Group Services Ltd.
Oakley Capital Investments is a Bermuda-based private equity firm that specialises in the technology, consumer, education and business services sectors. Oakley Capital Fund IV’s majority stake in Ocean Technologies Group, a software provider to the maritime industry, was sold to Lloyd’s Register, a London-based global professional services group specialising in marine engineering and technology.
Oakley’s look-through share of the proceeds is expected to be £50 million. The sale was in line with Ocean Technologies Group’s carrying value on March 31.
Oakley originally invested in OTG in 2019 through its acquisition and combination of two e-learning providers for the maritime industry, Seagull and Videotel.
Peter Dubens, co-founder & managing partner of Oakley Capital, said: ‘We have helped to transform OTG from a single product solution into a diversified, best-in-class platform and partner to the shipping industry, and a small but critical enabler for sea transport and trade. It demonstrates our ability to leverage merger and acquisition opportunities to help software businesses grow and diversify into new markets, and to drive technological and organisational change that delivers transformational growth.’
Oakley reported that OTG had generated ‘strong revenue and [earnings before interest, tax, depreciation and amortisation] growth’ under its ownership, now providing mission-critical training, compliance, operational and HR software to 17,000 vessels and more than one million seafarers.
Lloyd’s Register’s Chief Executive Officer Nick Brown said: ‘This is a really transformative acquisition for Lloyd’s Register and our clients. With the acquisition of OTG following its successful transformation under Oakley, we will be able to provide a strategic approach to attracting, developing, managing and retaining maritime professionals at sea and ashore.’
Oakley Capital Investments shares fell 0.4% to 518.00 pence each in London on Monday afternoon.
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