3 June 2025

Oakley Capital Investments Limited

Oakley Capital Investments Limited¹ ("OCI") is pleased to announce that Oakley Capital Origin Fund II² ("Origin II") is investing in Infravadis, a tech-enabled platform focused on the >€25 billion European Underground Infrastructure Maintenance ("UIM") market.

OCI's indirect contribution via Origin II is anticipated to be c.£5 million, which relates to OCI's share of Oakley's investment in Infravadis.

Further details on the transaction can be found in the below announcement from Oakley Capital^3.

Oakley Capital invests in Underground Infrastructure Maintenance ('UIM') platform Infravadis

Oakley Capital ("Oakley"), a leading pan-European private equity investor, is pleased to announce that Oakley Capital Origin Fund II is investing in Infravadis (the "Company"), a tech-enabled platform focused on the >€25 billion European Underground Infrastructure Maintenance ("UIM") market. The investment marks the first step in a buy-and-build strategy to create a category leader in this essential and highly fragmented sector.

Infravadis will be led by an experienced team including incoming Chairman Axel Granitz, former CEO of property damage control specialist Polygon. The company's ambition is to become Europe's first tech-enabled UIM leader by combining operational excellence with a scalable, digital-first approach.

As its first acquisition, Infravadis has acquired a majority stake in Frankfurt-based Abfluss Schäfer Group ("AS"), a market leader in sewage cleaning, pipe inspection and repair services. Led by founder and CEO Michael Legère, AS serves both commercial and residential customers and has achieved over 20% annual revenue growth over the last eight years. This success is underpinned by a fully digitised workflow system that has driven industry-leading profitability, a model that Infravadis plans to replicate across future acquisitions. Michael will continue to lead AS and support the wider strategy.

Following this first acquisition, Infravadis is now focused on expanding its regional footprint in Germany and is actively pursuing a deep M&A pipeline. Oakley will support Infravadis by leveraging its expertise in buy-and-build strategies and helping to develop and scale the platform.  

This investment opportunity was sourced on a bilateral basis through Oakley's network. The transaction is expected to close in Q2 2025.

Peter Dubens, Co-Founder and Managing Partner at Oakley Capital, commented: "Both Axel and Michael are highly accomplished entrepreneurs with a strong track record of driving growth. We look forward to a strong partnership with them both and the wider Infravadis team as we work together to build a market leader in this resilient sector."

Axel Gränitz, incoming Chairman of Infravadis, added: "We're excited to join forces with Oakley Capital. Their experience and resources will help us scale Infravadis into Europe's first tech-enabled UIM platform. We see significant opportunity to accelerate our expansion across Germany."

Michael Legère, Founder and CEO of Abfluss Schäfer, said: "We were drawn to Infravadis' differentiated approach and vision to create a tech-enabled European leader. Oakley's impressive track record in scaling founder-led businesses made them the ideal partner for our next phase of growth."

- ends -

For further information please contact:

Oakley Capital Limited

+44 20 7766 6900

Steven Tredget

Greenbrook Communications Limited

+44 20 7952 2000

Rob White / Michael Russell

Deutsche Numis (Financial Adviser & Broker)

+44 20 7260 1000

Nathan Brown / Matt Goss

Notes:

LEI Number: 213800KW6MZUK12CQ815

¹ About Oakley Capital Investments Limited ("OCI")

OCI is a Specialist Fund Segment ("SFS") traded investment vehicle that aims to provide shareholders with consistent long-term capital growth in excess of the FTSE All-Share Index by providing liquid access to private equity returns through investment in the Oakley Funds.

A video introduction to OCI is available at https://oakleycapitalinvestments.com/videos/

The contents of the OCI website are not incorporated into, and do not form part of, this announcement.

² The Oakley Funds

Oakley Capital Private Equity II, Oakley Capital Private Equity III, Oakley Capital IV, Oakley Capital V, Oakley Capital Fund VI, Oakley Capital Origin and Oakley Capital Origin II are unlisted lower-mid to mid-market private equity funds that aim to provide investors with significant long-term capital appreciation. The investment strategy of the Funds is to focus on buy-out opportunities in industries with the potential for growth, consolidation and performance improvement. The Oakley family of funds also includes Oakley PROfounders Fund III and Oakley Touring Venture Fund, which are venture capital funds focused on investments in entrepreneur-led, disruptive, technology led companies.

³ Oakley Capital, the Investment Adviser

Founded in 2002, Oakley Capital Limited has demonstrated the repeated ability to source attractive growth assets at attractive prices. To do this it relies on its sector and regional expertise, its ability to tackle transaction complexity and its deal generating entrepreneur network.

Important information

Specialist Fund Segment securities are not admitted to the Official List of the Financial Conduct Authority. Therefore, the Company has not been required to satisfy the eligibility criteria for admission to listing on the Official List and is not required to comply with the Financial Conduct Authority's Listing Rules.

The Specialist Fund Segment is intended for institutional, professional, professionally advised and knowledgeable investors who understand, or who have been advised of, the potential risk from investing in companies admitted to the Specialist Fund Segment.

This announcement may include "forward-looking statements". These forward-looking statements are statements regarding the Company's objectives, intentions, beliefs or current expectations with respect to, amongst other things, the Company's financial position, business strategy, results of operations, liquidity, prospects and growth. Forward-looking statements are subject to risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.  Accordingly the Company's actual future financial results, operational performance and achievements may differ materially from those expressed in, or implied by, the statements. Given these uncertainties, prospective investors are cautioned not to place any undue reliance on such forward-looking statements, which speak only as at the date of this announcement. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect actual results or any change in the Company's expectations with regard to them or any change in events, conditions or circumstances on which any such statements are based unless required to do so by the Financial Services and Markets Act 2000, the Listing Rules or Prospectus Regulation Rules of the Financial Conduct Authority or other applicable laws, regulations or rules.