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Oakley Capital acquires 51 per cent of Verivox

Oakley Capital Private Equity’s subsidiary VVX (Bermuda) has acquired 51 per cent of Verivox Holdings, one of Europe’s largest independent online consumer price comparison businesses for energy and telecom services.

VVX acquired 49 per cent of Verivox from Independent News and Media for EUR16m plus EUR1m additional consideration payable in 2010 conditional on Verivox achieving targeted Ebitda for 2009.

VVX acquired a further two per cent of Verivox from its founding managers.

For the year ending 31 December 2009, management expect Verivox’s Ebitda to exceed EUR10m.

Verivox was acquired with no material net debt after taking into account the repayment of a EUR2.3m (gross) shareholder loan to INM from available cash resources.

Verivox enables consumers to compare energy and telecom tariffs and switch to their best-suited supplier. In November 2009, there were over five million visits to Verivox’s website.

Peter Dubens (pictured), director of Oakley Capital, says: “We look forward to supporting management’s growth plan for Verivox in this exciting opportunity for OCPE and the management. The German energy price comparison market offers significant growth opportunities and we believe that Verivox, the leader in that market, is well placed to take advantage of these. This acquisition continues OCPE’s strategy of supporting talented management in companies with the scope for performance improvement and in industries with strong underlying growth drivers.”

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