Duke Royalty Limited Follow-On Investment into Existing Royalty Partner (5788G)

TIDMDUKE

RNS Number : 5788G

Duke Royalty Limited

20 July 2023

Duke Royalty Limited

("Duke Royalty" or "Duke")

Follow-On Investment into Existing Royalty Partner

Duke Royalty, a provider of alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and North America, is pleased to announce a follow-on investment of GBP2.80 million into its existing royalty partner, InTec Business Solutions Limited ("InTec"), to fund its latest acquisition as well as for the settlement of deferred consideration in relation to a previous acquisition.

InTec is an 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:

-- Duke's investment will facilitate InTec's acquisition of Sweethaven Computers Limited ("Sweethaven"), a managed IT services provider to SMEs with a primary focus on securing long term relationships and contracts within the education sector.

-- The financing increases Duke's total investment into InTec to GBP23.9 million. The investment terms will remain in line with Duke's previous follow-on investment into InTec, including the normal 6% annual adjustment factor.

Neil Johnson, CEO of Duke Royalty, said:

"The acquisition of Sweethaven marks an exciting step forward for InTec, as it bolsters the company's existing education-focused offering and expands our scale and credibility within the public education sector. There is a strong cultural fit between InTec and Sweethaven, and we look forward to seeing the positive impact that this new addition will have within the wider group."

Further information regarding Sweethaven

Established in 1977, Sweethaven provides managed IT services to SMEs with a primary focus on securing long term relationships and contracts within the education sector. Sweethaven is led by a highly capable senior team who have worked with the business for an extended period of time and won several industry awards. Education customers include primary schools, secondary schools and multi-academy trusts and the service agreements with these clients provide strong profit visibility via contracted recurring revenue. For FY23, recurring revenue streams contributed 70% of the gross profits reported in that year.

Duke Royalty Portfolio

A full list of Duke's current Royalty Partners is included for reference on the Partners page of our website: www.dukeroyalty.com/partners

***ENDS***

For further information, please visit www.dukeroyalty.com or contact:

 
                         Neil Johnson / Charles 
                          Cannon Brookes / Hugo 
 Duke Royalty Limited     Evans                                  +44 (0) 1481 730 613 
 Cenkos Securities 
  plc 
  (Nominated Adviser     Stephen Keys / Callum 
  and Joint Broker)       Davidson / Michael Johnson             +44 (0) 207 397 8900 
 
 Canaccord Genuity 
  (Joint Broker)         Adam James / Harry Rees                 +44 (0) 207 523 8000 
 SEC Newgate (PR)        Elisabeth Cowell / Alice                +44 (0) 20 3757 6882 
                          Cho / Matthew Elliott          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

MSCRLMPTMTBBBIJ

(END) Dow Jones Newswires

July 20, 2023 02:00 ET (06:00 GMT)

Duke Capital (AQSE:DUKE.GB)
Historical Stock Chart
From Nov 2024 to Dec 2024