Oakley Capital Investments, Ltd., a pan-European private equity investor, has acquired a majority stake in Nox, the Spanish maker of padel rackets. Founder Jesús Ballvé and GPF Partners will retain a “significant minority stake” in the business.

The parties did not disclose further terms of the deal.

Founded in 2008 in Barcelona, Nox reports distributing “over 400,000 padel rackets annually in more than 80 countries,” with the sport’s elite players, including world number one Agustín Tapia, using the brand’s rackets.

Over the past four years, Nox has sustained rapid growth, posting a CAGR exceeding 50 percent.

Oakley Capital remarked that padel is expanding rapidly, growing at an estimated 25 percent annually, driven by its accessibility, broad appeal, alignment with fitness trends, and capacity to attract players across generations. This surge is reinforced by new court construction and more tennis clubs converting courts to padel.

Oakley will collaborate with Ballvé and the Nox leadership team to accelerate the brand’s global expansion, with an emphasis on the U.S. and Asia, where padel is gaining momentum. Oakley will also help enhance Nox’s product range, bolster the company’s digital marketing, and pursue additional opportunities in the expanding pickleball market, where Nox is already established.

“Jesus Ballve has built an authentic, high-performance brand with a devoted following among both professional and recreational players. We look forward to supporting Jesus and the Nox team, in partnership with GFP, to scale the business into a truly global brand,” said Oakley Capital’s Managing Partner Peter Dubens.

Nox’s CEO 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.”