Oakley Capital agreed to buy a 51% stake in German hosting company Intergenia in November 2011. It later sold the business with co-owner Bellaxa AG to Host Europe Group: the sale was announced on 30 December 2014, subject to German and Austrian merger-control approval, and Oakley’s portfolio history records the exit in January 2015. The deal figures and reported returns vary by source and date, so they should be read with their original context.
What Oakley acquired in 2011
On 23 November 2011, Oakley Capital Investments announced that its fund had agreed to acquire a 51% stake in Intergenia AG. The company was headquartered in Cologne and provided managed, dedicated and cloud hosting. The announcement identified PlusServer, serverloft and SERVER4YOU among its hosting brands. Oakley characterized Intergenia as a German market leader in dedicated hosting to small and medium-sized enterprises (SMEs); that was Oakley’s description, not an independently verified ranking. Oakley Capital Investments’ 23 November 2011 announcement
Oakley’s later portfolio history dates its majority investment to December 2011 and gives an enterprise value of €84 million. A contemporaneous Oakley Capital Investments annual report instead records the 51% acquisition on 31 December 2011 at an enterprise value of £72 million, including transaction costs, and says Intergenia’s founders and management retained a significant stake. These are separate source presentations, in different currencies and with different date descriptions; they should not be treated as interchangeable valuations. Oakley Capital’s Intergenia portfolio history Oakley Capital Investments Limited, 2012 Annual Report
What Intergenia did
Intergenia supplied shared, managed, dedicated and cloud hosting under brands that included PlusServer, Serverloft, Server4You and Unmetered.com. It also operated Datadock and the WorldHostingDays trade-show series. Oakley said five bolt-on acquisitions during its ownership expanded the managed-hosting division and improved cash-flow characteristics; its portfolio summary does not identify those acquisitions individually. Oakley Capital’s Intergenia portfolio history Oakley Capital’s 30 December 2014 disposal announcement
The 2014 sale agreement and 2015 recorded exit
On 30 December 2014, Oakley Capital Private Equity II and Intergenia co-owner Bellaxa AG announced an agreement to sell Intergenia Holding GmbH and its subsidiaries to HEG Co. GmbH, part of Host Europe Group (HEG). Oakley stated an enterprise value of €210 million and said the consideration would be paid in cash. The announcement made completion conditional on German and Austrian merger-control approvals. Oakley’s portfolio history later records the sale to Host Europe Group in January 2015. The available transaction materials do not establish the exact legal completion date or identify the final regulatory decisions. Oakley Capital’s 30 December 2014 disposal announcement Oakley Capital’s Intergenia portfolio history
Oakley described Intergenia at the time of sale as a leading internet-hosting supplier, particularly in managed and dedicated servers. Its announcement reported €13.8 million EBITDA for the financial year ended 31 December 2013, and a current run-rate EBITDA above €20 million following recent acquisitions. The latter was a run-rate figure, not an audited full-year result for a specified period. Oakley Capital’s 30 December 2014 disposal announcement
Transaction figures and reported returns
| Stage or measure | Figure | What the source says |
|---|---|---|
| 2011 investment | 51% stake; €84 million enterprise value | Oakley’s portfolio history describes the majority investment as made in December 2011. Oakley Capital’s Intergenia portfolio history |
| 2011 investment, annual-report record | £72 million enterprise value, including transaction costs | Oakley Capital Investments’ 2012 Annual Report records the acquisition on 31 December 2011. 2012 Annual Report |
| 2014 sale agreement | €210 million enterprise value; cash consideration | Oakley’s 30 December 2014 announcement of the agreement, subject to merger-control approval. Disposal announcement |
| Return in sale announcement | Expected 2.5x gross money multiple across both Funds; 36% IRR | Oakley’s announcement-era projected return and stated scope. Disposal announcement |
| Return in portfolio history | 2.4x return; 36% IRR | Oakley’s later portfolio-history description of the January 2015 sale. Intergenia portfolio history |
The two return descriptions should remain distinct: one was Oakley’s expected gross multiple across both funds in its sale announcement; the other is the return figure on its later portfolio history. Both sources report a 36% IRR, but their differing multiple descriptions and timing do not support collapsing them into a single uncontested return figure.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happened to Host Europe Group afterward
Oakley’s HEG portfolio page says GoDaddy acquired HEG in 2017. That ownership milestone does not establish the later status of every Intergenia brand, Datadock or the WorldHostingDays events. Oakley Capital’s Host Europe Group portfolio page
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