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Welcome to the website of Oakley Capital Investments Limited (“OCI”) of Rosebank Centre, 5th Floor, 11 Bermudiana Road, Pembroke, HM08, Bermuda. 

Users of this website are responsible for observing all applicable laws and regulations in their relevant jurisdictions before proceeding to access the information contained within it. By proceeding to access the information, users are deemed to be representing and warranting that the applicable laws and regulations of their relevant jurisdiction allow them to do so.

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The information on this website is not directed at and is not for use by any US Person (as defined in Regulation S under the US Securities Act of 1933 (as amended) (“US Securities Act”)). OCI has not been and will not be registered under the US Investment Company Act of 1940 (as amended) and, as such, holders of shares in OCI will not be entitled to the benefits of that Act. Shares in OCI have not been and will not be registered under the US Securities Act or with any securities regulatory authority of any state or other jurisdiction of the United States. Shares in OCI may not be offered, sold or delivered, directly or indirectly, in or into the United States or to, or for the account or benefit of, any US Person except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States and in a manner which would not require OCI to register under the US Investment Company Act of 1940 (as amended). 

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Investment Risk

All investment is subject to risk. The value of securities and any income from them may go down as well as up, and an investor may not get back the full amount of money invested. Past performance is not a reliable indicator or guarantee of future performance. There is no guarantee that the market price of OCI’s shares will fully reflect their underlying net asset value or that OCI’s investment objective will be achieved. You are strongly encouraged to seek individual advice from your professional adviser(s) before entering into any agreement to buy or sell any security or making any financial or investment decision.

Shares in OCI are traded on the Specialist Fund Segment of the main market of the London Stock Exchange and are intended for institutional, professional, professionally advised and knowledgeable investors primarily seeking exposure to private mid-market UK and Western European businesses through investment in the Oakley Capital Private Equity funds (or successor funds) and: (a) who understand and are willing to assume the potential risks of capital loss associated with investments in such companies, (b) who understand the illiquid nature of private equity compared to other asset classes, (c) for whom an investment in OCI’s shares would be of a long-term nature constituting part of a diversified portfolio, and (d) who understand, or who have been advised of, the potential risk from investing in companies admitted to the Specialist Fund Segment.

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General

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We were attracted to Oakley’s deep expertise in M&A execution and integration, as well as their strong track record in helping businesses to internationalise at scale. As we look to the future, we’re  excited to be working with them and together delivering on our mission to grow Phenna into a leading global TICC player.
Paul Barry
Founder and CEO of Phenna Group
30 Aug 22

Oakley Capital (Oakley), the pan-European private equity investor, is pleased to announce that Oakley Capital Fund V is investing in leading Testing, Inspection, Certification, and Compliance (“TICC”) platform, Phenna Group (“Phenna”), in partnership with co-founders Paul Barry (CEO) and David Harrison (CFO) who are reinvesting into the business.

In parallel, Oakley has also acquired CTS Group (“CTS”), a leading provider of testing and inspection services in the U.K., focussed on the infrastructure market. CTS will become part of Phenna Group upon completion of both transactions.

Formed in 2018, Phenna has rapidly emerged as one of the fastest growing TICC groups globally, with revenue growth of circa 100% CAGR over the last three years. Today the group comprises 31 independent businesses which provide specialist TICC services across infrastructure, built environment, niche industrial, pharmaceutical and certification and compliance divisions. The business operates across 12 countries in four continents.

CTS Group is a leading provider of testing, inspection and geoengineering consulting services in the U.K., primarily focussed on long term civil infrastructure projects. The business has more than doubled revenues over the last three years through organic growth and targeted acquisitions.

CTS will become part of Phenna Group upon completion of both deals. The existing CTS management team will continue to lead the business within the wider group. CTS and Phenna Group offer complementary services. Their combined UK wide network of laboratories, site based services and geotechnical expertise will ensure customers benefit from an expanded service offering.

The global TICC market is worth over £200 billion and remains highly fragmented with the top 10 groups accounting for only 12% of the market. The market is forecast to grow at over 5% p.a. driven by regulatory trends, increased outsourcing, and exposure to growing end markets. Customer demand is typically non-discretionary due to mandatory testing requirements. Customers are highly loyal. Phenna is diversified across multiple end markets and geographies.

Phenna has emerged as the strategic acquirer of choice for best of breed specialist TICC companies due to its unique partnership approach, which allows leading TICC entrepreneurs to continue to operate their businesses whilst also having all the benefits of being part of a larger global business. Oakley’s investment will allow Phenna to continue to grow rapidly into new verticals and geographies. Both deals are subject to regulatory approval.

Oakley Capital Founder and Managing Partner, Peter Dubens, commented: 

“Phenna Group is exactly the kind of entrepreneurial disruptor that Oakley was founded to support. We are pleased to have been able to help them with the acquisition of CTS Group, one of the pre-eminent testing brands serving UK infrastructure customers. We believe Phenna has the potential to become one of the leading TICC groups in the world and look forward to supporting them to achieve that vision.”

Phenna Group Founder and CEO, Paul Barry, commented:

“We were attracted to Oakley’s deep expertise in M&A execution and integration, as well as their strong track record in helping businesses to internationalise at scale. As we look to the future, we’re  excited to be working with them and together delivering on our mission to grow Phenna into a leading global TICC player.”

CTS Group CEO, Phil Coles, commented:

Oakley’s approach and their track record in driving business growth through M&A complimented that of CTS and our incredible growth story to date. The opportunity that then presented itself to continue this within Phenna, with the immense success that Paul and the team have had to date, was ideal and provides a great future for the business as part of a larger, incredibly ambitious, international group.”

We were attracted to Oakley’s deep expertise in M&A execution and integration, as well as their strong track record in helping businesses to internationalise at scale. As we look to the future, we’re  excited to be working with them and together delivering on our mission to grow Phenna into a leading global TICC player.
Paul Barry
Founder and CEO of Phenna Group