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(Alliance News) - Duke Royalty Ltd on Tuesday announced a follow-on investment of GBP1.8 million into its existing royalty partner InTec Business Solutions Ltd to fund its latest acquisition.
The alternative capital solutions provider, focusing on European and North American businesses, said the investment in InTec, an investment holding company focusing on IT managed services companies in the UK and Ireland, will facilitate the latter's acquisition of Frog IT Services Ltd.
Frog IT is a "profitable specialist provider of IT support and cloud-based services to small and medium sized customers", according to Duke.
Duke said the financing increases its total investment into InTec to GBP20.0 million, with the latest investment terms remaining the same as Duke's previous follow-on investment into InTec, including a 6% annual adjustment factor.
"Frog IT is an exciting acquisition for InTec which underpins their continued efforts to build on their core competencies, and it is pleasing to see the group add additional scale in this regard," said Chief Executive Officer Neil Johnson.
Shares in Duke were down 0.6% to 34.50 pence each in London on Tuesday afternoon.
By Greg Rosenvinge, Alliance News reporter
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