Oakley Regulatory News (OCI)

01 June 2021

Oakley Capital Investments Limited

Oakley Capital Investments Limited1 ("OCI") is pleased to announce that Oakley Capital IV2 ("Fund IV") has agreed to invest in ICP Education Holding Limited ("ICP Education" or the "Group"), a leading independent group of UK children's nurseries.

OCI's indirect contribution via Fund IV will be £27 million.

Note that the above figure only relates to OCI's share of Fund IV's overall investment in ICP Education.

OCI's liquid resources available for future deployment (including this transaction) are estimated to be £180 million.

Further details on the transaction can be found in the announcement below from Oakley Capital3.

Investment in ICP Education, a leading group of nurseries throughout the UK

Oakley Capital is pleased to announce that Oakley Capital IV ("Fund IV") has agreed to invest in ICP Education Holding Limited ("ICP Education" or the "Group"), a leading independent group of UK nurseries. Fund IV will invest alongside the management team, which is led by Executive Chairman Stephen Booty, CEO Dominic Harrison, and CFO Clare Wilson.

ICP Education is one of the largest nursery operators in the UK, serving nearly 6,000 children at 44 nurseries across England, predominantly in London and the South East. The Group is one of the highest quality large nursery operators in England, with a third of nurseries rated Ofsted Outstanding and 98% rated Outstanding or Good. In addition, last year ICP was ranked as the 14th Best Place to Work in the UK by Glassdoor, across all categories.

ICP Education has achieved a strong track record of growth since its foundation. Enrolments were negatively impacted through UK COVID-19 lockdowns, however the business has quickly recovered to pre-COVID occupancy levels in recent months.

The UK nursery sector is a £6.7 billion market serving an estimated 850,000 children across 15,000 nurseries, most of which continue to be owned and operated on a single-site basis. The market has grown steadily at 4.5% CAGR between 2010-2019 driven by rising female labour market participation and an increasing awareness of the importance of early years education.

Oakley is one of the most active investors in the European education sector. To date, platform investments in the sector have included Inspired Education, a leading global schools group; Schülerhilfe, Europe's largest tutoring group; IU Group (formerly Career Partner Group), the largest and fastest growing university in Germany; ACE Education, a leading French university group; and Ocean Technologies Group, the leading provider of e-learning to the maritime industry.

Peter Dubens, Managing Partner of Oakley Capital, commented:

"Our experience investing in high-quality businesses within the Education sector has led us to identify the nursery sector as an attractive area which is enjoying sustained growth. We look forward to partnering with Stephen, Dominic and Clare, as they continue to grow one of the leading premium nursery groups in Europe."

Stephen Booty, Executive Chair of ICP Education, commented:

"We are very much looking forward to our partnership with Oakley, given their depth of experience as investors in Education. The team has a real appreciation of how important it is to be focused on providing the highest standards of quality care and early years education, and we are looking forward to working with them to realise our growth ambitions in the UK and internationally."

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For further information please contact:

Oakley Capital Limited

+44 20 7766 6900

Steven Tredget, Investor Relations

Greenbrook Communications Limited

+44 20 7952 2000

Alex Jones / Michael Russell / Catriona Crellin

Liberum Capital Limited (Financial Adviser & Broker)

+44 20 3100 2000

Chris Clarke / Owen Matthews

Notes:

This announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019.

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 Funds2.

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.

2The Oakley Funds

Oakley Capital Private Equity L.P. and its successor funds, Oakley Capital Private Equity II, Oakley Capital Private Equity III, Oakley Capital IV and Oakley Capital Origin Fund 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.

3Oakley 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.