British private equity firm Oakley Capital has acquired a majority stake in NOX, the Catalan padel brand known globally as the official racket sponsor of professional player Agustín Tapia. The transaction, executed through Oakley Origin Fund II, positions NOX for accelerated international growth. While the exact value of the deal remains undisclosed, sources close to the agreement estimate the company’s valuation between €80 million and €100 million, including its outstanding debt.
NOX’s founder Jesús Ballvé and Spanish fund GPF Partners will retain minority stakes. Ballvé, who launched the brand in 2008 and has served as CEO since, will continue to lead the company.
A brand built on performance and global reach
NOX has become a benchmark in padel, beach tennis, and pickleball equipment, with annual revenues of approximately €50 million and unit sales of around 400,000 paddles. The brand’s visibility has grown significantly through its partnership with Tapia, one of the sport’s most dominant figures, who uses NOX rackets in Premier Padel and World Padel Tour events.
Over the past four years, NOX has recorded a 50% increase in turnover, outpacing broader market growth. Its products are distributed in over 80 countries, and the company holds an estimated 11% share of global padel racket sales.
Legal clarity and brand protection
In June 2025, NOX won a legal dispute against sportswear brand Munich over the use of its iconic “X” symbol. The Spanish Supreme Court dismissed Munich’s appeal, affirming that NOX’s branding did not infringe on Munich’s trademark rights outside of sports footwear. The case, which began in 2017, had previously resulted in a partial infringement ruling limited to instances where NOX used the symbol without its trade name.
This legal victory strengthens NOX’s brand identity and clears the path for continued product innovation and marketing.
Oakley’s expansion into padel
Oakley Capital’s investment in NOX aligns with its strategy of backing high-growth, mid-market companies. The Oakley Origin Fund II, which raised €750 million in 2023, targets businesses with valuations up to €200 million. With NOX now under its wing, Oakley aims to support the brand’s digital transformation and global expansion, leveraging the sport’s rising popularity.
