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Pin to quick picksDuke Capital Regulatory News (DUKE)

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Successful Exit of Investment in Fabrikat

7 Mar 2024 07:00

RNS Number : 9100F
Duke Capital Limited
07 March 2024
 

7 March 2024

 

Duke Capital Limited

 

("Duke Capital", "Duke" or the "Company")

 

Successful Exit of Investment in Fabrikat

 

Duke Capital Limited (AIM: DUKE), a leading provider of hybrid capital solutions for SME business owners in Europe and North America, is pleased to announce the successful exit of its investment in Meteor HoldCo Limited, the 100% owner of Fabrikat (Nottingham) Ltd ("Fabrikat"), a UK manufacturer of street lighting columns and guard rails.

 

Overview

· This exit delivers an IRR of 36% for Duke, with further potential gains available from future performance-related deferred consideration

· The exit comes three years after Duke's financing solution enabled Fabrikat's established management team to become majority equity owners

· Due to the impressive operating performance of the business since the MBO, Duke has realised a significant equity gain in addition to the return on its core private credit investment

· Fabrikat is being acquired by Metalogalva - Irmãos Silvas, SA, a Portuguese company in the area of engineering and steel protection with more than 50 years of history and operations spanning across 14 countries and four continents

· Duke had invested a total of £6.2 million in Fabrikat to date

· This represents the eighth exit since inception, with the proceeds providing Duke with additional liquidity for new and follow-on investment opportunities

 

Neil Johnson, CEO of Duke Capital, said:

 

"Fabrikat is a real success story for Duke and a great case study for why Duke's capital is a perfect fit for individuals seeking to execute an MBO. Our capital allowed long-standing employees of a strong business to step up into large equity ownership positions and in that role, they continued to prove themselves as great stewards of the business, creating value for all stakeholders. In turn, we are pleased to build on our already robust track record of achieving above-average returns on exits."

 

Paul Allen, CFO of Fabrikat, said:

"We would like to thank Duke Capital for buying into our vision in a way which motivated us to drive significant growth in the company. Duke's capital enabled us to execute the MBO while the team supported us by becoming partners in our growth and success.

"Initially we went through a very competitive process but only Duke Capital's offer allowed us to keep 70% of the business that we had spent years crafting as the senior management team. And to top it off, we were able to keep control of the timing of the sale and the counterparty to whom we entrust the future of Fabrikat and our employees."

Duke Capital Portfolio

A full list of Duke's current Partners is included for reference on the Partners page of the Company's website: www.dukecapital.com/partners. A case study relating to our partnership with Fabrikat can be found here, providing additional insight on how we supported their growth strategy.

 

 

***ENDS***

 

For further information, please visit www.dukecapital.com or contact:

 

Duke Capital Limited

Neil Johnson / Charles Cannon Brookes / Hugo Evans

 

+44 (0) 1481 231 816

Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)

Stephen Keys / Callum Davidson / Michael Johnson 

+44 (0) 207 220 0500

 

Canaccord Genuity Limited

(Joint Broker)

 

Adam James / Harry Rees

+44 (0) 207 523 8000

SEC Newgate (Financial Communications)

Elisabeth Cowell / Alice Cho / Matthew Elliott

+ +44 (0) 20 3757 6882 duke@secnewgate.co.uk

 

About Duke Capital

Duke is a leading provider of hybrid capital solutions for SME business owners in Europe and North America, combining the best features of both equity and debt.

 

Since 2017, Duke has provided unique long-term financing which eliminates re-financing risk and necessity for a short-term exit by providing a unique 'corporate mortgage' while also aligning its returns to grow with the success of the business.

 

Duke is focused on generating attractive risk-adjusted returns for shareholders and has a track record of achieving this across market cycles. Its three investment pillars are capital preservation, attractive dividend yield, and to provide upside upon exits. Duke is listed on the AIM market under the ticker DUKE and is headquartered in Guernsey.

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MSCSSWEDMELSELD
Date   Source Headline
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11th Jan 20217:00 amRNSAppointment of Chief Investment Officer
24th Dec 20207:00 amRNSFollow-on investment into existing royalty partner
22nd Dec 20207:01 amRNSFollow-on investment into existing royalty partner
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18th Nov 20207:00 amRNSNotice of Interim Results
12th Nov 20209:05 amRNSSecond Price Monitoring Extn
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2nd Oct 202012:39 pmRNSLTIP, Issue of Equity, Director/PDMR Holdings
1st Oct 20201:25 pmRNSScrip Dividend Reference Price
25th Sep 20207:00 amRNSPosting of Report and Accounts and Notice of AGM
17th Sep 20207:01 amRNSFinancial 2020 Final Results
17th Sep 20207:00 amRNSDividend Declaration
16th Sep 20207:00 amRNSTrading Update
14th Sep 20207:00 amRNSSuccessful Exit of Investment in Royalty Partner
10th Aug 20207:00 amRNSHolding(s) in Company
10th Aug 20207:00 amRNSFollow-on investment into existing royalty partner
6th Aug 20207:00 amRNSTrading Update and Notice of FY 2020 Results
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