Oakley Capital Investments Ltd said its OCPE II Master LP (Fund II) has reached an agreement to acquire North Sails Europe, with operations in Europe and New Zealand. Terms were not disclosed, though a statement said the acquisition is expected to be completed on June 30, 2014.

London-based Oakley’s Fund II acquired US-based North Technology Group (NTG) in March. The combined operations will allow North Sails to operate on a global basis under common ownership and management, according to the statement.

North Sails Europe operates sales and services sites in 13 countries, with manufacturing sites in six countries. North Sails in Europe and New Zealand have worked closely with successive America’s Cup, Vendee Globe and Volvo Ocean Race teams.

The statement noted that its European operations will remain focused on the design of North Sails’ 3Di and 3DL branded sails, while also producing panelled sails for yachts of all sizes. Its “One Design” divison, which produces sails for about 150 one-design classes, will remain a focus for North Sails in Europe.