Key Takeaways
- Sector: Consumer.
- Geography: Spain.
Analysis
Oakley Capital, via its Oakley Origin Fund II, is investing in NOX, a premium padel equipment brand. The investment places the founders alongside Jesús Ballvé and GPF Partners, who will retain a significant minority stake.
Founded in 2008 in Barcelona, Spain, NOX has become a global benchmark for high‑performance padel rackets, trusted by recreational players and top professionals alike, including the world’s top player Agustín Tapia. The brand sells more than 400,000 rackets annually across 80+ countries, representing about 11% of global sales.
Over the last four years, NOX has delivered a 50%+ revenue CAGR, driven by continuous product innovation and strong brand loyalty reinforced by endorsements from leading professionals.
The padel market is expanding rapidly, with estimates of around 25% annual growth, supported by new court construction and tennis clubs converting to padel, attracted by a compelling economic model.
Oakley aims to accelerate NOX's international expansion, focusing on the U.S. and Asia as padel gains traction. The partnership will broaden the product portfolio, strengthen digital marketing capabilities, and explore opportunities in the growing pickleball segment where NOX already has a foothold.
Peter Dubens, co‑founder and managing partner of Oakley Capital, commented: “Jesús Ballvé has built an authentic, high‑performance brand with a devoted following; we look forward to supporting Jesús, alongside GFP, to scale NOX into a global brand.”
Jesús Ballvé added: “We are proud of the brand we have built over 17 years and believe Oakley is the ideal partner to take NOX to the next growth phase. Their digital marketing expertise and track record with premium sports brands will be invaluable as we expand into new markets and continue delivering innovative, high‑quality products.”