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Duke Royalty Ltd - London-based provider of alternative capital solutions to businesses in Europe - Enters royalty financing agreement worth CAD8.3 million, around GBP4.8 million with engineering, procurement and construction services firm Creo-Tech Industrial Group Inc.
Under the agreement, Duke has agreed to a total funding commitment of up to CAD20 million to support Creo-Tech's buy-and-build strategy to acquire companies in Canada. The CAD8.3 million will go towards Creo-Tech acquiring Silhouette and Axial.
In return, Duke Royalty will take up a 19% interest in Creo-Tech.
"Duke's investment in Creo-Tech is consistent with our investment strategy in that it supports a buy-and-build model focused on the acquisition of long standing, profitable companies in an attractive and fragmented market with potential for additional follow-on investments," said Chief Executive Officer Neil Johnson.
Current stock price: 42.80 pence
Year-to-date change: up 40%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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