Oakley Capital, of London, is acquiring a majority stake in Nox. The padel brand’s current owners, Spanish private-equity fund GPF Partners and Nox founder and CEO Jesús Ballvé, are reinvesting alongside Oakley and will remain aboard with what both Nox and Oakley call “significant” minority stakes. Oakley Capital is a European mid-market private equity investor.
According to the sources of the Spanish financial paper Expansión, Oakley sets a value (debt included) of €80 to €100 million on Nox. Morningstar, citing Oakley, says the firm’s investment will amount to approximately £9 million (€10m).
Nox shall expand internationally
The plan is as follows: “Oakley will partner with Jesús and the NOX management team to accelerate the brand’s international expansion, with a particular focus on the U.S. and Asian markets, where padel is gaining traction. Oakley will also assist in broadening NOX’s product portfolio, strengthening the company’s digital marketing capabilities, and exploring further opportunities in the fast-growing pickleball segment, where NOX already has a foothold.”
Ballvé founded Nox in 2008. Headquartered in Barcelona, the company says it is present in more than 80 countries, sells more than 400,000 racquets per year, and over the past four years has enjoyed both an annual expansion rate of 25 percent and a CAGR of over 50 percent.
GPF acquired its stake in Nox in the fourth quarter of 2023.
