Last checked at 7 Sep 2021 07:00
7 September 2021
Duke Royalty Limited
("Duke Royalty", "Duke" or the "Company")
£2.2 million Follow-On Investment into Existing Royalty Partner
Duke Royalty Limited (AIM: DUKE), a provider of alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and abroad, is pleased to announce a follow-on investment of £2.2 million ("the Financing") into existing royalty partner InTec Business Solutions Limited ("InTec") to fund its latest acquisition. This is the first of InTec's acquisitions to be completed since it partnered with Duke in July 2021. InTec is the 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:
· InTec is acquiring Miller Waite Limited ("Miller Waite"), a privately held I.T. Managed Services business founded in 1996 operating in the Cumbria region
· This follow-on into InTec increases Duke's total investment to £9.9 million
· The terms of this follow-on investment are the same as Duke's previous investment into InTec, and the acquisition is in-line with the agreed criteria for InTec's buy and build strategy
· The addition of Miller Waite is InTec's eighth acquisition since 2016 and increases its sector and end-customer diversification
Neil Johnson, CEO of Duke Royalty, said:
"We are pleased to see that InTec's clearly defined strategy is off to a strong start, with Miller Waite adding additional product, profitability and diversification to the business. Miller Waite has a longstanding SME client base, which speaks to the quality of its offering.
"Providing existing royalty partners with capital to undertake synergistic M&A transactions is a core part of Duke's investment mandate. We believe that supporting accretive acquisitions to royalty partners allows the partner to drive synergies as well as provide diversification for the business. InTec has a pipeline of acquisition targets, and we look forward to a long and successful partnership with InTec as it continues to execute its buy and build strategy."
Further information regarding Miller Waite
Founded over 25 years ago, Miller Waite is an I.T. managed service business and reseller of various products and licenses to end customers across numerous sectors. Miller Waite has also developed a SaaS Enterprise Resource Planning system along as well as having an in-house disaster recovery service offering.
Duke Royalty Portfolio
A full list of Duke's current Royalty Partners are now included for reference on our Partners page of our website: www.dukeroyalty.com/partners
***ENDS***
For further information, please visit www.dukeroyalty.com or contact:
Duke Royalty Limited | Neil Johnson / Charlie Cannon Brookes / Hugo Evans
| +44 (0) 1481 730 613 |
Cenkos Securities plc (Nominated Adviser and Joint Broker) | Stephen Keys / Callum Davidson / Julian Morse / Michael Johnson | +44 (0) 207 397 8900 |
Canaccord Genuity (Joint Broker)
| Adam James / Georgina McCooke | +44 (0) 207 523 8000 |
SEC Newgate (PR) | Elisabeth Cowell/ Richard Bicknell/ Megan Kovach | + +44 (0) 20 3757 6880 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.