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(Alliance News) - Duke Capital Ltd on Wednesday announced a follow-on investment of GBP3 million into existing capital partner New Path Fire & Security Ltd.
Guernsey, England-based group Duke provides hybrid capital solutions for small and medium-sized business owners in Europe and North America.
New Path is a buy-and-build platform in the fire and security sector which primarily services in and around London and the South of England, focusing on SME clients.
Its operating subsidiaries are established businesses with strong reputations in their local territories, Duke said.
The new funding from Duke will facilitate New Path's acquisition of Elite Entrance Systems Ltd, a specialist in the maintenance and installation of automatic door entrance systems.
Duke Capital Chief Executive Officer Neil Johnson said: "The acquisition of Elite provides a great opportunity to expand New Path's capabilities in the security space, and attain a wider base of clients, including established institutions such as schools, universities and the NHS.
"Additionally, we are excited to invest further equity in New Path and increase Duke's stake, continuing to support the long-term partnership we have established."
With this loan, Duke now has GBP14.30 million total credit finance invested in New Path.
As with Duke's original investment in New Path, the investment terms include a 13.5% starting return and an annual revenue adjustment factor of plus or minus 6% in respect of royalty payments due.
Duke said it will buy more shares in New Path as part of the agreement, raising its ownership position from 15% to 20.9%.
Duke has to date backed seven New Path acquisitions, and added that the expanded New Path group will have enhanced operations throughout London and Southeast England after acquiring Elite.
Duke Capital shares rose 1.4% to 27.38 pence in London late on Wednesday afternoon.
By Olivia Mason-Myhill, Alliance News reporter
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