Oakley Advisory Limited (“Oakley”), the independent corporate finance firm offering sector specialist advice across the TMT sector, has advised PARSHIP ELITE Group GmbH (“PARSHIP” or the “Company”), a leading online dating service in the German-speaking world, on its proposed €300 million sale to ProSiebenSat.1 Media SE (“ProSiebenSat.1”). ProSiebenSat.1 will hold just over 50% of PARSHIP’s shares following completion of the transaction, with the existing shareholders, including PARSHIP management and Oakley Capital Private Equity, retaining a significant minority stake.
The Oakley team was led by Daniel Havercroft, Partner, assisted by Marc Jones, Assistant Director.
Based in Hamburg, Germany, the Company trades under the PARSHIP and ElitePartner brand names, both of which employ scientific methods to help single people in Germany and other European countries establish happy, long-term partnerships. Online matchmaking, the key focus of PARSHIP, has experienced strong growth in Europe, supporting high levels of revenue and profit growth at the Company.
Completion of the transaction is pending approval from the German and Austrian cartel authorities.
Daniel Havercroft, Partner, OAL comments:
“We are delighted to have helped the shareholders of PARSHIP on the sale of a majority stake in the Company to ProSiebenSat.1. We wish PARSHIP’s management team and ProSiebenSat.1 continued success in the future.”
Oakley Advisory Limited (“OAL”) is one of Europe’s leading independent corporate finance firms offering expert, specialist advice across a range of sectors including Telecoms, Technology, Online, Media, Datacentres and Hosting. We are unique in the mid-market in offering highly specialised sector insight and knowledge combined with our Equity Capital Markets capability, meaning we can provide the fullest possible suite of advice across both public and private markets.
PARSHIP is the second transaction where we have advised on the sale of a company to ProSiebenSat.1, as well as being the ninth deal we have announced or completed in the year to date. It follows recent announcements highlighting our roles advising Modrus on its £13 million sale to Nasstar, and Beech Tree Private Equity on its £35 million management buyout of Wavenet, both of which completed in August. These are the latest in a series of deals for Oakley in 2016, including advising Southern Communications on an investment by Livingbridge, KCOM on the sale of its core fibre network to Cityfibre and advising Maintel on its acquisition of Azzurri. In addition, during 2015 we acted on 15 TMT transactions making Oakley Advisory one of the most active mid-market advisers by volume and value of deals.