LONDON: Oakley Capital, a leading pan-European mid-market private equity investor, announced that Oakley Origin Fund II is investing in NOX, a premium padel equipment brand.
Oakley is partnering with founder Jesús Ballvé and GPF Partners, who together will retain a significant minority stake in the business.
Founded in 2008 in Barcelona, Spain, NOX has become a global benchmark for high-performance padel rackets trusted by both recreational and top professional players worldwide, including the world number one, Agustín Tapia. Today, the company sells more than 400,000 rackets annually across 80+ countries, accounting for 11% of total global sales.
Over the past four years, NOX has achieved strong growth, delivering a 50%+ revenue CAGR – significantly outpacing the broader market. This success has been driven by continuous, pioneering product development, resulting in strong brand loyalty and endorsements from top-tier professionals.
The sport of padel itself is expanding rapidly, growing at an estimated 25% a year thanks to its accessibility, global appeal, alignment with fitness trends, and its ability to attract players across generations. This momentum is further supported by the increase in new court construction and the growing number of tennis clubs converting their courts to padel, drawn by the sport’s compelling economic model.
Oakley will partner with Jesús and the NOX management team to accelerate the brand’s international expansion, with a particular focus on the U.S. and Asian markets, where padel is gaining traction. Oakley will also assist in broadening NOX’s product portfolio, strengthening the company’s digital marketing capabilities, and exploring further opportunities in the fast-growing pickleball segment, where NOX already has a foothold.
Oakley Capital co-Founder & Managing Partner Peter Dubens said: “Jesús Ballvé has built an authentic, high-performance brand with a devoted following among both professional and recreational players. We look forward to supporting Jesús and the NOX team, in partnership with GFP, to scale the business into a truly global brand.”
NOX Founder and CEO Jesús Ballvé said: “We are proud of the brand we have built over the past 17 years, and we believe Oakley is the ideal partner to take NOX to the next stage of its growth journey. Their expertise in digital marketing, and proven track record with premium sports and lifestyle businesses, will be invaluable as we expand into new markets and continue developing innovative, high-quality products.”