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RCS - Duke Capital - Successful Sale of Portfolio Company Asset

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RNS Number : 8943B  Duke Capital Limited  28 August 2024

RNS Reach

 

28 August 2024

 

Duke Capital Limited

 

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

 

Successful Sale of Portfolio Company Asset

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 that its existing capital partner, Step Investments Limited ("Step"),
has successfully completed the sale of its own subsidiary, City Education
& Learning Group Limited ("City Colleges").

Step is a diversified investment group with core interests in the education,
cinema advertising, outdoor digital advertising and radio station sectors
across the UK and Ireland. Duke has invested £11.5m of capital in Step since
its initial investment in 2018. The Step group includes Pearl and Dean Cinemas
Limited, Pearl and Dean Ireland, Wide Eye Media, City Education & Learning
Group Limited, Adtower Limited and Bay Broadcasting Limited.

 

Highlights:

 

·        City Colleges has been acquired by Planet Education Works
("PEN"), a leading provider of educational services and solutions,
headquartered in London. With a mission to revolutionise education through
innovation, PEN operates a diverse portfolio of institutions and online
platforms, offering a wide range of programmes and services across the
education spectrum.

·        On completion of the sale, Step received initial cash
proceeds of €5.2m.

·        A put and a call option has been agreed for the sale of
Step's remaining 25% interest on the second anniversary date for a further
€3.0m at an exercise price of €120,000 per share, valuing City Colleges at
€12.0m.

 

Neil Johnson, Duke Capital CEO said:

 

"The team at Step continue to prove themselves as savvy dealmakers who are
able to identify attractive businesses with potential for scalability. The
sale of City Colleges is on the back of strong operating performance and
increased business diversification, which in turn, invited a strong offer for
the business by PEN."

 

Mike Ormonde, Step CEO said:

"This exit represents an outstanding return for Step having taken majority
control of City Colleges just three years ago in a transaction funded by Duke.
The proceeds from the sale will allow Step to continue its buy and build
strategy with a renewed focus on media opportunities across the UK and
Ireland."

About City Education & Learning Group Limited

 

City Education Group is a distinguished education provider based in Dublin,
Ireland. The group operates several schools and colleges, offering a
comprehensive range of academic and professional programmes. With a strong
focus on quality education and student success, City Education Group has
established itself as a trusted name in Irish education.

 

 

***ENDS***

 

For further information, please visit www.dukecapital.com
(http://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                                               Adam James / Harry Rees                             +44 (0) 207 523 8000

 (Joint Broker)

 SEC Newgate (Financial Communications)                                  Elisabeth Cowell / Alice Cho / Matthew Elliott      + +44 (0) 20 3757 6882 dukecapital@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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.   END  NRAFLFLATSIDFIS

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