Duke Royalty Limited GBP2.2m Follow-On Investment into Royalty Partner (9064K)
07 Septiembre 2021 - 1:00AM
UK Regulatory
TIDMDUKE
RNS Number : 9064K
Duke Royalty Limited
07 September 2021
7 September 2021
Duke Royalty Limited
("Duke Royalty", "Duke" or the "Company")
GBP2.2 million Follow-On Investment into Existing Royalty
Partner
Duke Royalty Limited (AIM: DUKE), a provider of alternative
capital solutions to a diversified range of profitable and
long-established businesses in Europe and abroad, is pleased to
announce a follow-on investment of GBP2.2 million ("the Financing")
into existing royalty partner InTec Business Solutions Limited
("InTec") to fund its latest acquisition. This is the first of
InTec's acquisitions to be completed since it partnered with Duke
in July 2021. InTec is the investment holding company created to
execute a buy and build strategy of synergistic companies within
the I.T. Managed Services sector in the United Kingdom and
Ireland.
Highlights:
-- InTec is acquiring Miller Waite Limited ("Miller Waite"), a
privately held I.T. Managed Services business founded in 1996
operating in the Cumbria region
-- This follow-on into InTec increases Duke's total investment to GBP9.9 million
-- The terms of this follow-on investment are the same as Duke's
previous investment into InTec, and the acquisition is in-line with
the agreed criteria for InTec's buy and build strategy
-- The addition of Miller Waite is InTec's eighth acquisition
since 2016 and increases its sector and end-customer
diversification
Neil Johnson, CEO of Duke Royalty, said:
"We are pleased to see that InTec's clearly defined strategy is
off to a strong start, with Miller Waite adding additional product,
profitability and diversification to the business. Miller Waite has
a longstanding SME client base, which speaks to the quality of its
offering.
"Providing existing royalty partners with capital to undertake
synergistic M&A transactions is a core part of Duke's
investment mandate. We believe that supporting accretive
acquisitions to royalty partners allows the partner to drive
synergies as well as provide diversification for the business.
InTec has a pipeline of acquisition targets, and we look forward to
a long and successful partnership with InTec as it continues to
execute its buy and build strategy."
Further information regarding Miller Waite
Founded over 25 years ago, Miller Waite is an I.T. managed
service business and reseller of various products and licenses to
end customers across numerous sectors. Miller Waite has also
developed a SaaS Enterprise Resource Planning system along as well
as having an in-house disaster recovery service offering.
Duke Royalty Portfolio
A full list of Duke's current Royalty Partners are now included
for reference on our Partners page of our website:
www.dukeroyalty.com/partners
***ENDS***
For further information, please visit www.dukeroyalty.com or contact:
Neil Johnson / Charlie
Cannon Brookes / Hugo
Duke Royalty Limited Evans +44 (0) 1481 730 613
Cenkos Securities
plc Stephen Keys / Callum
(Nominated Adviser Davidson / Julian Morse
and Joint Broker) / Michael Johnson +44 (0) 207 397 8900
Canaccord Genuity Adam James / Georgina
(Joint Broker) McCooke +44 (0) 207 523 8000
SEC Newgate (PR) Elisabeth Cowell/ Richard + +44 (0) 20 3757 6880
Bicknell/ Megan Kovach dukeroyalty@secnewgate.co.uk
About Duke Royalty
Duke Royalty Limited provides alternative capital solutions to a
diversified range of profitable and long-established businesses in
Europe and abroad. Duke Royalty's experienced team provide
financing solutions to private companies that are in need of
capital but whose owners wish to maintain equity control of their
business. Duke Royalty's royalty investments are intended to
provide robust, stable, long term returns to its shareholders. Duke
Royalty is listed on the AIM market under the ticker DUKE and is
headquartered in Guernsey.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCGZGGLLVZGMZM
(END) Dow Jones Newswires
September 07, 2021 02:00 ET (06:00 GMT)
Duke Capital (LSE:DUKE)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Duke Capital (LSE:DUKE)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024