|Data Network, Business Services||2017||Current EMK Portfolio|
Luminati, the world’s leading IP proxy network for businesses, was acquired by EMK in 2017 in partnership with its founders. Luminati’s proprietary transparency network serves corporate clients, including Fortune 500 companies, in many different sectors addressing their needs in ad verification, brand protection, price comparison, fraud prevention, data collection, and cyber security. Luminati’s network is comprised of residential IPs instead of the data centre IPs which are used by competitors.
Unlike Luminati, data centre IP proxy networks and their customers are prone to being blocked, slowed or spoofed by websites they visit. Luminati’s technology and patent portfolio allow Luminati to operate the only mass-scale residential IP proxy network in the world. As the internet becomes increasingly dynamic with websites showing different content, advertisements and prices to different viewers, Luminati brings back transparency and trust to the Web by enabling its enterprise customers to see sites as they appear to real consumers, through its proprietary network of over 40 million IP addresses.
|Waste management, Services||2017||Current EMK Portfolio|
Reconomy, the UK’s leading outsourced waste services provider was acquired by EMK in August 2017. The company operates nationwide waste management, compliance and recycling services, delivering enhanced environmental and financial performance for its customers.
EMK acquired Reconomy from Bregal to continue supporting Reconomy’s outstanding growth in sales and profitability through harnessing its innovative technology platform and enhancing key customer relationships in the house building, construction, utilities, infrastructure and FM sectors.
In 2010, Edmund took over management of Bregal’s investment in Reconomy, initially selling its asset backed business units to Viridor and then driving the growth of Reconomy as an outsourced services business.
Reconomy’s market leading position and strong growth trajectory are set to continue, supported by the recent acquisitions of Countrywide Waste Management and Network Waste during 2015 and Skippy Nationwide in 2016.
|Education, Consumer||2017||Current EMK Portfolio|
Sonans Gruppen, Norway’s market leading operator of exam re-take colleges (primarily helping former students achieve sufficient grades in high school exams to be able to access their preferred higher education course or career) was acquired by EMK in December 2017.
Sonans has an exceptional reputation for improving candidates' exam results with almost 90% of student survey respondents having achieved the results they needed. Sonans operates nine colleges across Norway, supporting individuals with classroom-based exam preparation supplemented by significant online content and additionally operates a fully online exam preparation offering.
As the demand for educational courses for over 18s continues to increase, Sonans, with its high-quality offering, un-paralleled centre footprint and strong track record of growth, is well placed to benefit from this trend.
|Manufacturing, Industrials||2015||Current Managed Portfolio|
Whittan, one of the leading European suppliers of storage solutions and the established market leader in the UK, was acquired in February 2015. Whittan manufactures, sells and distributes three core products: pallet racking, shelving and lockers, to a wide range of customers. It trades under a number of well established brands including: Link51, Permar, Polypal and Moresecure. Headquartered in the UK, Whittan has manufacturing facilities in the UK and Spain and its own sales and distribution operations across Europe.
In January 2016, Whittan completed a transformational acquisition of Apex Linvar Ltd, a UK manufacturer of pallet racking systems that also provides a broader range of storage solutions including shelving. Apex Linvar has manufacturing facilities located in the UK.
|Manufacturing, Industrials||2013||Current Managed Portfolio|
Acquired in September 2013, Ideal Stelrad Group was headquartered in Newcastle (UK), and was a boiler and radiator manufacturing company with production facilities across Europe. The boiler and radiator divisions were separated during 2014 and the boiler division successfully sold to Groupe Atlantic in January 2015.
The Radiator business, the Stelrad Radiator Group (“Stelrad”), is the #2 pan-European radiator manufacturing company (#1 UK) with facilities in the UK, the Netherlands and Turkey. It distributes its products under the Stelrad, Henrad and Termo Teknik brands across the UK, Continental and Eastern Europe, Turkey, Russia and China.
Prior to founding EMK Capital, Edmund Lazarus and Mark Joseph’s track records included investments in the following companies:
|Specialist training, Services||2007||Realised|
We acquired QA in May 2007 and have provided additional growth capital to the business including for the successful acquisition of AIM-listed Xpertise Group plc, one of QA’s principal competitors, in September 2008. Subsequently the group has delivered strong organic growth and completed five further add-on acquisitions to supplement and broaden the group’s offering.
Today, QA is the UK’s pre-eminent IT training company, providing training in predominantly IT-related areas to private and public sector clients, including approximately 80% of the FTSE 250. Since acquisition, QA has launched operations in apprenticeships and higher education, and more recently entered the fast-growing hire-train-deploy market for IT consultants.
|Price comparison, Services||2009||Realised|
Verivox was acquired by Oakley Capital in December 2009 from Independent News & Media. Verivox was founded in Heidelberg in 1998 and became Germany’s largest independent consumer portal for energy.
Verivox has successfully helped more than 7.5 million households switch their utility providers with consumer savings in excess of €1 billion. In addition, Verivox offers online comparisons for telecommunication, insurance and finance products as well as a search engine for commission-free real estate properties and pre-owned automobiles.
Following a competitive sales process, Verivox was sold to ProSiebenSat.1 in August 2015.
|Specialist lending, Services||2008||Realised|
BlueStep, the largest specialist mortgage lender in Scandinavia, was acquired in February 2008. BlueStep offers mortgage products for borrowers who self-certify their income, have adverse credit histories or for other reasons have difficulties accessing the mainstream mortgage market. BlueStep originates its products predominantly through the direct-to-borrower channel.
Initially focused on Swedish specialist mortgages, since the acquisition in 2008 BlueStep has expanded its offering to include specialist mortgages in Norway, unsecured loans in Sweden, as well as deposit products for retail customers in both Sweden and Norway.
BlueStep was sold in July 2017 to EQT VII
Zephyr Investments Ltd completed its first investment in wind farms in April 2004. A second group of wind farms was contributed to Zephyr in December 2005, with a third group contributed in December 2006. Zephyr was the first off-balance sheet portfolio financing of wind farms operating under the UK Renewables Obligation Certificates ("ROCs") mechanism. RWE provided Zephyr with a long term fixed price power purchase agreement, including ROCs, and a long term operation and maintenance services contract for the assets. The Zephyr portfolio comprised 391 MW of mostly onshore capacity across the UK.
In May 2007, Zephyr was sold to a consortium of JP Morgan’s infrastructure fund and the Prudential.
|Online dating, Consumer||2015||Realised|
Parship was acquired in April 2015 by Oakley Capital from Holtzbrinck Digital. As the inventor of scientific matchmaking in Europe, Parship has helped its members since 2001 to find the right match for a happy long-term relationship.
In November 2015 Parship acquired Elite Partner its largest competitor to further consolidate Parship's market-leading position in the DACH region. The Group has delivered strong organic growth and realised significant synergies.
A controlling stake in Parship was sold to ProSiebenSat.1 in September 2016.
|Price comparison, Services||2014||Current|
Facile was acquired in 2014 by Oakley Capital and has built a leading market position in the fast-growing Italian online price comparison market particularly in car insurance. Facile has launched several price comparison product verticals to broaden its revenue base beyond insurance including gas and electricity, broadband, bank accounts and mobile phones. Today, Facile helps over two million Italians a month to compare prices on key elements of their household expenditure.
Cognita was established in October 2004 when we invested with the objective of creating the leading independent schools business initially in the UK, then internationally. Cognita's vision is to build a portfolio of top quality schools with an absolute commitment to teaching excellence. The company was founded by an experienced management team and chaired by Chris Woodhead for c.10 years, the former UK Chief Inspector of Schools.
We developed Cognita's strategy with Chris and the management team for more than a year prior to the Company's initial acquisitions. Having become by far the leading independent schools business in the UK, Cognita now also has a leading presence in Singapore, Vietnam, Thailand, Spain, Chile and Brazil, and has recently entered the Hong Kong market. In 2013 we negotiated an investment in Cognita by KKR, alongside us as a 50/50 owner, to further accelerate the company’s growth around the world.
Morrison Utility Services
|Utility services, Services||2008||Realised|
Acquired in 2008, Morrison Utility Services ("MUS"), headquartered in Stevenage, Hertfordshire, is one of the UK’s leading service providers within the electricity, gas, telecommunication and water utilities sectors.
Operating under long-term contracts, it is a leading tier 1 provider of outsourced services to a broad range of utility companies. The services provided include the installation, maintenance and replacement of piping and cabling networks throughout the UK and Ireland. MUS supplies the labour and equipment hire required and works in partnership with its blue chip clients to assist them in the long-term planning of their infrastructure management.
In September 2016, MUS was sold to First Reserve.
Intergenia was acquired in 2011 by Oakley Capital from its founders (who retained a 49% equity interest). Intergenia was a leading provider of web-hosting services and traded under the "PlusServer", "serverloft" and "SERVER4YOU" brands. The company benefited from an industry-leading low-cost base due to its proprietary automated server provisioning platform and its data centre in Strasbourg, which is cooled by underground river water making it one of Europe’s most efficient data centres. Intergenia delivered strong organic growth and made five bolt-on acquisitions which were migrated onto its low cost platform to realise synergies.
In January 2015, the business was sold to HEG.
At the time of acquisition in 2008 by Oakley Capital, Host Europe operated two web-hosting divisions. "Webfusion" in the UK, a market leader for domain registration and the second largest shared hosting provider, and "Host Europe GmbH" in Germany, the market leader in standardised managed hosting services.
In October 2010, after achieving significant organic growth in its web-hosting divisions Host Europe was sold to Montagu Private Equity.
Global Solutions Ltd ("GSL") was acquired in May 2004. GSL is a leading UK and overseas provider of outsourced services to public authorities and operators within the growing PFI and PPP outsourcing market. GSL's service offering incorporates: Custodial Services - prison management, escorting, immigration, custody and training; Integrated Services - project management, maintenance and logistics solutions for the healthcare, education and local authority sectors; Metering and Managed Services - gas and electricity meter reading and data aggregation services for utilities.
In May 2008, GSL was sold to G4S plc.
Studialis was set up in November 2007 to build a business in the higher education sector in French-speaking countries. Over the next eight years, Studialis acquired thirteen French private education groups providing recognised undergraduate and graduate courses to a total of 17,500 students in the fields of management, marketing & communication, journalism, finance and accounting, graphic, industrial, interior, fashion and web design, acting and cinema, as well as in arts and culture management.
In October 2015, Studialis was sold to Galileo Education.
Inspired was established by Nadim M Nsouli through his Inspired investment vehicle in 2013 to build a global group of premium schools. Oakley Capital initially invested in the group in July 2013 to help fund Inspired’s first acquisition taking a majority stake in Reddam House – a group of four premium, private South African schools founded by Graeme Crawford.
Since then, Inspired has expanded to Africa, Europe, Australia and Latin America and today is a group with 28 premium schools and 5 early learning centres educating over 20,000 students. Inspired has rapidly grown through acquisition and greenfield development.
In October 2017 Oakley Capital realized part of its stake in Inspired.
Oakley Capital acquired a minority stake in HEG when it sold Intergenia to HEG in January 2015. HEG has grown to be the largest privately owned provider of hosting and domain services in Europe with 7 datacentre facilities in Europe and the USA. HEG operates three main divisions providing mass hosting, managed hosting and datacentre services to over 1.7 million customers and manages over 7 million domain names. HEG is a clear leader in its core markets and has strong potential for future and continued growth.
HEG was acquired by GoDaddy in December 2016.
|Specialist recruitment, Services||2006||Realised|
Edmund took over managing the FiveTen investment in 2014. FiveTen group was created through a build up strategy in the recruitment sector. The initial acquisition was completed in August 2006 through the acquisition of Greythorn, a specialist IT recruitment company.
FiveTen group now comprises Marks Sattin, an accountancy and finance recruitment firm; Laurence Simons International, a legal recruitment firm; and EMR, a marketing and HR recruitment firm.