Oakley Capital Acquires Majority Stake In North Technology Group
Published: Thursday, 06 March 2014
North Technology Group (NTG), maker of North Sails, is pleased to announce UK-based Oakley Capital Private Equity (Oakley) has acquired a majority stake in their diverse family of companies.
“We are delighted to be backing North Technology Group and an iconic brand like North Sails,” said Oakley founder Peter Dubens, “This investment further demonstrates Oakley’s appetite to work with successful entrepreneurially led businesses. We are hugely excited by the potential of North Sails and look forward to working with the management team in the next stage of its evolution."
Originating with North Sails, founded by Lowell North in 1957, NTG comprises three market leading marine brands; sail maker North Sails, composite spar, rigging and marine components specialists Southern Spars, and high performance outboard sport boat maker EdgeWater Boats.
The acquisition will further align North Sails with other NTG companies, specifically Southern Spars. Completing the transaction results in the ability to better share resources and technology between the two brands. “North Sails and Southern Spars have been working together for years on various projects from the America’s Cup to the new J-70,” said North Sails President Ken Read. “A well kept secret is North Sails Design Services, a combination of North Sails designers and proprietary computer programs, working together to answer questions traditionally identified during sea trials. I’m hopeful stronger synergy between North Sails and Southern Spars will result as we continue to provide the best products to all sailors. It’s an exciting time for North Sails and for the sport of sailing.”
Oakley’s investment will assist the North Technology Group management team in growing and further developing all of its brands to ensure the Group remains at the forefront of technology for marine industry products and outside. The company will continue to be headquartered in Milford, Connecticut.