Oakley Capital Investments, through OCPE II Master LP, has acquired a majority stake in Facile.it, Italy’s largest car insurance broker and price comparison website.
Fund II will invest alongside Facile’s founders who will re-invest part of their proceeds.
Originally established in 2008 to provide consumers with access to the best car insurance premiums, Facile has subsequently built a diversified range of products to broaden its revenue base including gas and electricity, broadband internet services, bank accounts and mobile phones. It now helps 1.5 million Italians a month compare prices on key elements of their household expenditure.
The business had revenues of EUR28.6 million and EBITDA of EUR4.7 million for the year ended 31 December 2013 (up from EUR19.3 million and EUR0.4 million respectively in 2012).
Peter Dubens of Oakley Capital says: “Italian consumers are beginning to recognise the value of using online price comparison sites to save money on their household bills and insurance premiums. As a trusted and recognisable brand name, with a diversified product range, Facile is well positioned to capitalise on the growing market opportunities. We are excited to be backing Mauro Giacobbe and his excellent management team, alongside our new co-shareholders, the founders of Facile.
“With this acquisition, we are able to benefit from the sector experience we have gained through Fund I’s earlier investment in Verivox, Germany’s leading consumer energy and telecommunications price comparison website. Facile is the fourth investment by Oakley Capital’s second fund.”
