Last checked at 14 Feb 2022 07:00
14 February 2022
Duke Royalty Limited
("Duke Royalty" or "Duke")
Follow-On Investment into Existing Royalty Partner
Duke Royalty, a provider of alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and North America, is pleased to announce a follow-on investment of £1.65 million into existing royalty partner InTec Business Solutions Limited ("InTec") to fund its latest acquisition.
InTec is an 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:
· Duke's funds will facilitate InTec's acquisition of Opal IT Limited ("Opal"), an I.T. Managed Services business
· The financing increases Duke's total investment into InTec to £14.0 million. The terms are the same as Duke's previous follow-on investment into InTec, including a starting yield of 13.5% and the normal 6% annual adjustment factor
· Opal represents InTec's 11th acquisition since 2016, and the fourth supported by Duke
· The acquisition extends InTec's geographical reach into the North East of England and builds on InTec's credibility in both private sector and education IT managed service provision
Neil Johnson, CEO of Duke Royalty, said:
"InTec is using Duke's long term, flexible capital to execute on its defined M&A strategy, indeed this is the fourth acquisition that it has made since our initial investment. Opal is a strong fit for the existing Group and builds additional scale and competency in InTec's ability to deliver IT services to several end customer groups."
Further information regarding Opal
Opal is a Newcastle, UK based provider of IT managed services, with a focus on Microsoft technologies in the SME marketplace, in keeping with other InTec operating companies. Founded in 2008, Opal specialises in Client Server, Desktop Infrastructure, Cloud Hosting & Cyber Security and Managed Support. Operating mainly in the private sector, Opal serves some large corporate clients including Tesco Bank with a diverse customer base across several verticals. In addition to their private sector presence, Opal also serves several educational institutions.
Duke Royalty Portfolio
A full list of Duke's current Royalty Partners are now included for reference on the 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 / Charles 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 |
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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.