UK private equity firm Oakley Capital has tapped its £500m-targeting second fund to pick up a majority stake in Italian car insurance broker Facile.it.
The company, which was founded in 2008, provides price comparison services to consumers and had revenues of €28.6m last year.
Oakley said Fund II would invest alongside Facile’s founder, who will be re-investing part of their proceeds from the stake sale.
Peter Dubens from Oakley Capital Limited, the investment advisor to Fund II, said, “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.”
AltAssets revealed in August that Oakley was eyeing the end of September for a £500m hard cap close for Fund II.
The firm had closed all of the LPs for Oakley Capital Private Equity II, with the final chunk of capital set to come from its listed Oakley Capital Investments (OCI) vehicle, a source with knowledge of the fundraise said.
The firm closed its first private equity vehicle on about €288m to target mid-market UK and European businesses.
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