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(Alliance News) - Duke Capital Ltd on Thursday said that it has exited its investment in Meteor HoldCo Ltd, which owns the street lighting manufacturer, Fabrikat Ltd.
The move comes three years after Duke's financing solution enabled Fabrikat's established management team to become majority equity owners.
According to the Guernsey-based provider of royalty finance to companies in the UK and Europe, the exit has now delivered an internal rate of return of 36%, with further potential gains available from future performance-related deferred consideration.
Duke had invested GBP6.2 million in Fabrikat to date. The firm is now being bought by Metalogalva Irmaos Silvas SA, a Portuguese company focused on engineering and steel protection.
"Fabrikat is a real success story for Duke and a great case study for why Duke's capital is a perfect fit for individuals seeking to execute an MBO. Our capital allowed long-standing employees of a strong business to step up into large equity ownership positions and in that role, they continued to prove themselves as great stewards of the business, creating value for all stakeholders. In turn, we are pleased to build on our already robust track record of achieving above-average returns on exits," said Chief Executive Officer Neil Johnson.
Duke Capital shares was untraded at 30.00 pence each in London on Thursday afternoon.
By Holly Beveridge, Alliance News reporter
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