The majority of NOX, the Catalan padel company that is well-known throughout the world as the official racket sponsor of professional player Agustin Tapia, has been purchased by British private equity firm Oakley Capital. Through Oakley Origin Fund II, the deal puts NOX in a position to grow internationally more quickly. Sources familiar with the agreement place the company’s valuation, including its outstanding debt, between €80 million and €100 million, while the precise amount of the deal is still unknown.

Jesus Ballve, the creator of NOX, and GPF Partners, a Spanish fund, will hold minority shares. Ballve, who started the brand in 2008 and has been its CEO ever since, will remain in charge of the business.

A brand based on effectiveness and worldwide presence

NOX has established itself as a leader in pickleball, beach tennis, and padel equipment, with 400,000 paddles sold annually and yearly sales of about €50 million. Through its collaboration with Tapia, one of the most prominent players in the sport, who competes in Premier Padel and World Padel Tour events using NOX rackets, the brand’s profile has increased dramatically.

NOX’s turnover has increased by 50% over the last four years, surpassing the rise of the overall market. The company has an estimated 11% of the world’s padel racket sales and distributes its products in more than 80 countries.

Clarity of law and brand protection

In June 2025, NOX prevailed in a lawsuit against Munich, a sportswear company, for using its recognizable “X” sign. By ruling that NOX’s branding did not violate Munich’s trademark rights outside of sports footwear, the Spanish Supreme Court rejected Munich’s appeal. A partial infringement finding that only applied to cases where NOX utilized the symbol without its trade name was the prior outcome of the lawsuit, which started in 2017.

This court ruling fortifies NOX’s brand identity and paves the way for further product development and promotion.

The entry of Oakley into padel

Oakley Capital’s investment in NOX is consistent with its approach of supporting mid-market, high-growth businesses. Targeting companies valued up to €200 million, the Oakley Origin Fund II raised €750 million in 2023. Now that NOX is under its care, Oakley hopes to capitalize on the sport’s growing appeal to help the brand’s digital transformation and international growth.