Oakley Capital Private Equity has raised financing for the acquisition of a majority stake in North Technology Group, North Sail Europe and North Sails
Lincoln International (“Lincoln ”), a leading global mid-market investment bank, announced today the successful completion of a financing supporting OCPE II Master L.P.’s (“Oakley” or the “Fund”) acquisition of a majority stake in North Technology Group LLC (“NTG”) and two of NTG’s international licensees, North Sail Europe A/S and North Sails A/S (“NSE” and, together with NTG, the “Group”). NTG comprises three leading marine brands, all focused on providing innovative and high-performance products and solutions to the world’s premier sailors and boatsmen. The largest division of NTG is North Sails Group, the leading global high-performance sails manufacturer specializing in the most technologically advanced thermo-molded three-dimensional sails for racing and cruising boats. NSE has historically operated as NTG’s largest international licensee covering Europe and New Zealand.
Lincoln acted as exclusive financial advisor to Oakley and completed the placement of an $87.5 million senior secured credit facility, consisting of a $10 million revolving credit facility and $77.5 million term loan. Proceeds from the financing were used to finance a portion of the acquisition consideration and provide for the Group’s ongoing working capital needs. The senior secured credit facilities were provided by a consortium of lenders led by NXT Capital LLC and Credit Suisse Loan Funding LLC.
As Oakley’s exclusive financial advisor, Lincoln worked closely with Oakley and the Group’s senior management team on all aspects of the transaction, helping to structure, arrange and negotiate the financing. Alex Collins, Partner at Oakley, stated, “The Lincoln team did an excellent job optimizing our debt financing package for the acquisitions of NTG and NSE. Lincoln’s knowledge of the U.S. debt markets, extensive lender relationships and well-executed financing process provided us with multiple financing options, resulting in a financing package that provides ample flexibility to integrate NTG and NSE and invest in growing the Group’s products and brands.”
About NTG
North Technology Group originated with worldwide sailmaking leader North Sails in 1957. Founded by Lowell North in a San Diego garage, NTG has grown into a diverse family of companies serving marine and manufacturing markets worldwide. Each company was built on the principle of delivering advanced performance through superior technology and a commitment to quality craftsmanship and customer service. North Sails, the leader in sailmaking technology is the cornerstone of North Technology Group. Other NTG companies include Edgewater Power Boats, North Thin-Ply-Technology and Southern Spars, the industry leader in composite spar and rigging. For more information, please visit www.northsails.com.
About OCPE II Master L.P.
OCPE II Master L.P., a successor fund to Oakley Capital Private Equity L.P., is an unlisted U.K. and European mid-market private equity funds with the aim of providing investors with significant long-term capital appreciation. The investment strategy of the Fund is to focus on buyout opportunities in industries with the potential for growth, consolidation and performance improvement. The Fund seeks to invest in companies with scale in their industry subsectors, thereby creating a sustainable earnings stream which should command a premium on exit. For further information, please visit www.oakleycapital.com.
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