Last checked at 21 Feb 2023 07:00
21 February 2023
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 £1.75 million into its 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 investment will facilitate InTec's acquisition of Frog IT Services Limited ("Frog IT"), a profitable specialist provider of IT support and cloud-based services to small and medium sized customers, many of whom have been customers for more than 10 years.
· The financing increases Duke's total investment into InTec to £20.0 million. The investment terms will remain the same as Duke's previous follow-on investment into InTec, including the normal 6% annual adjustment factor.
Neil Johnson, CEO of Duke Royalty, said:
"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."
Further information regarding Frog IT
Frog IT Services Limited, founded in 1993, is a provider of IT managed services based in Cambridge, specialising in Microsoft stack products and VOIP comms. Operating across a wide range of verticals, Frog IT's 11 employees serve 92 customers across Cambridgeshire and the Southeast. Frog IT derives around 70% of its revenue from Microsoft managed services and licences with the remainder of revenue coming from other product and consultancy sales. Loyalty of their client base can be seen from the length of relationships where 8 out of the top 10 customers have been clients for over 5 years and 6 of these for over 10 years.
Duke Royalty Portfolio
A full list of Duke's current Royalty Partners is 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 / Michael Johnson
| +44 (0) 207 397 8900
|
Canaccord Genuity (Joint Broker)
| Adam James / Harry Rees | +44 (0) 207 523 8000 |
SEC Newgate (PR) | Elisabeth Cowell / Matthew Elliott | +44 (0) 20 3757 6882 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.