North Technology Group (NTG) has announced that Oakley Capital Private Equity has acquired a majority stake in its diverse family of companies. Oakley is an investment vehicle founded by UK businessman and sailing enthusiast Peter Dubens. Utilising their collective experience, Dubens and his partners make investments in companies to support their brand development and growth.
“We are delighted to be backing North Technology Group and an iconic brand like North Sails,” said Dubens. “This investment further demonstrates Oakley’s appetite to work with successful entrepreneurially led businesses.”
Originating with North Sails, founded by Lowell North in 1957, NTG comprises three market leading marine brands; North Sails; Southern Spars and EdgeWater Boats. Included in the family are North Thin Ply Technology (NTPT) and North Cutting Systems. Born from North’s 3Di manufacturing of sails and used exclusively in Southern Spars’ composite masts, NTPT has developed and commercialised a very light but strong carbon pre-preg solution, used by the aerospace market, competitive Formula 1 racing and high-end luxury products. North Cutting Systems is two businesses, the ground-breaking AlphaBlade Cutting System that provides a unique cutting solution for various industries, and the other produces the unique Automated Tape Laying (ATL) system. The intellectual property within the group is substantial and protected by an expansive portfolio of patents.
The largest company by revenues within NTG is North Sails, holding the patent for 3Di, a unique composite construction process that produces high-performance sails approaching the shape holding of a rigid foil. North 3Di is the sail of choice on the majority of America’s Cup, Grand Prix, ocean race boats and superyachts.
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.
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.