OCI commits c.£9 million to NOX – what’s happening and why it matters
Oakley Capital Investments Limited (OCI) has announced that Oakley Capital Origin Fund II is investing in NOX, a premium padel equipment brand. OCI’s indirect contribution to the deal is anticipated to be around £9 million, reflecting its share of the fund’s investment.
Oakley is partnering with NOX founder Jesús Ballvé and GPF Partners, who together will retain a significant minority stake. While the valuation, ownership split and deal structure are not disclosed, the wording suggests Oakley will be the lead or majority investor.
NOX, founded in 2008 in Barcelona, has grown into a globally recognised name in padel rackets. The brand is used by recreational players and top professionals alike, including the world number one, Agustín Tapia.
NOX is scaling fast in a sport that’s exploding
The headline stats are eye-catching. NOX sells more than 400,000 rackets a year across 80+ countries and accounts for 11% of global padel racket sales. Over the past four years, the company has delivered a revenue compound annual growth rate (CAGR) of 50%+, materially ahead of the wider market.
Padel itself is on a tear, growing at an estimated 25% a year. The sport benefits from strong accessibility, broad appeal across age groups, and a compelling economic model for clubs – more courts being built, and tennis courts increasingly converted to padel. This tide lifts the premium brands, and NOX is positioned firmly at the performance end of the market.
Oakley plans to help NOX accelerate internationally, with a focus on the U.S. and Asia, broaden the product range, enhance digital marketing, and explore further opportunities in pickleball – a fast-growing adjacent sport where NOX already has a foothold.
What this means for OCI shareholders
For OCI holders, this is a classic Oakley playbook: back a founder-led, premium consumer brand with strong growth, then professionalise, digitise and scale internationally. The c.£9 million cheque gives OCI exposure to a high-growth niche within sports and lifestyle, a space Oakley Capital knows well.
The immediate financial impact on OCI’s net asset value (NAV) is not disclosed. There is no information on deal valuation, ownership percentage, or expected return targets. That said, the investment fits OCI’s strategy of accessing private equity returns through Oakley funds, with a tilt toward growth and consolidation opportunities.
Execution will be key. International expansion, particularly in the U.S. and Asia, can be capital intensive and competitive. But NOX comes with a sizeable installed base, strong brand equity, and endorsements from top-tier professionals, which should support premium pricing and customer loyalty.
Why the NOX deal looks attractive
- Category leader credentials – NOX holds an 11% share of global padel racket sales and sells 400,000+ rackets annually.
- Rapid growth – 50%+ revenue CAGR over four years is exceptional and far ahead of the market.
- Industry tailwinds – padel participation is growing at an estimated 25% a year, supported by new court construction and club economics.
- Founder partnership – Oakley is investing alongside the founder, preserving brand authenticity and product ethos.
- Operational levers – scope to professionalise digital marketing, expand the SKU range and push into new geographies.
- Optionality in pickleball – an adjacent category with momentum where NOX already participates.
Key risks and what’s not disclosed
- Deal terms – valuation, ownership percentage and any performance structures are not disclosed.
- Market normalisation – sustaining a 50%+ revenue CAGR is challenging as the category matures.
- Geographic execution – cracking the U.S. and Asia requires distribution partnerships, brand investment and local product-market fit.
- Competitive dynamics – premium sports equipment is crowded; brand heat must be maintained with continuous product innovation.
- Macro and supply chain – input costs and logistics can affect margins for hardware-led businesses.
Key numbers at a glance
| OCI’s indirect contribution via Origin Fund II | c.£9 million |
| NOX rackets sold annually | 400,000+ |
| Countries where NOX sells | 80+ |
| Share of global padel racket sales | 11% |
| NOX revenue CAGR (past four years) | 50%+ |
| Estimated annual growth of padel participation | c.25% |
| Ownership split and valuation | Not disclosed |
How Oakley plans to create value from here
Oakley intends to scale NOX into a truly global brand by leaning into three levers: international expansion, digital-first marketing, and product innovation. The U.S. and Asia are priority markets as padel courts proliferate. Digital marketing and direct-to-consumer channels should improve customer lifetime value and margins, while a broader product portfolio can raise average order values and reduce seasonality.
Endorsements from elite professionals, including the world number one, support credibility at the top end. If Oakley can translate that halo into mainstream conversion – especially in new markets – the growth runway could be long. Exploration of pickleball offers additional upside without straying far from NOX’s core engineering and brand competencies.
My take: a well-aimed swing at a fast-growing niche
This is an on-theme addition for OCI: a founder-led, premium European brand in a category with powerful structural growth. The combination of a 50%+ revenue CAGR, an 11% global share and a 25% market growth backdrop is rare in consumer hardgoods. Oakley’s familiar toolkit – brand building, digital performance marketing, product extension and international roll-out – lines up neatly with what NOX needs next.
On the flip side, no deal terms are disclosed, and expanding into the U.S. and Asia is never trivial. Growth in padel may decelerate from today’s pace, and competition could intensify. Even so, the setup looks favourable, and partnering with the founder should help preserve the brand’s authenticity as scale increases.
What to watch next
- Disclosures on valuation or stake size – any clarity on price paid and ownership would help gauge return potential.
- Progress in the U.S. and Asia – distribution wins, retail partnerships and early sell-through data.
- Digital KPIs – direct-to-consumer penetration, repeat purchase rates and customer acquisition costs.
- Product roadmap – new lines, limited editions and innovation cadence to sustain brand heat.
- Pickleball traction – evidence of meaningful revenue contribution from the adjacent category.
Overall, a tidy, high-growth addition to OCI’s portfolio via Origin II, with clear levers for value creation and a sensible balance of ambition and focus. The numbers look strong, the market backdrop supportive, and the brand equity is already in place. Now it is about execution.
