REG - Duke Capital - Follow-On Investment into Existing Capital Partner

Duke CapitalAnnouncement

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RNS Number : 8902K  Duke Capital Limited  02 June 2025

2 June 2025

 

Duke Capital Limited

 

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

 

Follow-On Investment into Tristone Healthcare Limited

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 a follow-on investment of £2.0m into its existing capital partner,
Tristone Healthcare Limited ("Tristone"). This investment will enable Tristone
to complete a further acquisition, in line with its acquisitive growth
strategy.

Tristone provides specialist residential, nursing and domiciliary care and
support in two end markets: i) high acuity adults with severe mental, physical
or learning disabilities; and ii) children and young people who require care,
support and specialist education.

 

Highlights:

 

·       Duke's funds will facilitate Tristone's acquisition of Serenity
Care Homes Limited ("Serenity"), a specialist in therapeutic care for service
users between the ages of 7 and 18.

·       The financing increases Duke's total credit financing in
Tristone to £21.2 million. The investment terms are the same as Duke's
initial investment into Tristone, including a starting yield of 13.5% and a
+/- 6% annual revenue adjustment factor in respect of hybrid credit payments
due.

·       As part of the deal, Duke will also invest £500k of additional
equity in Tristone, increasing their ownership stake from 21.3% to 28.4%.

·       Duke has now supported five Tristone acquisitions. Following
the acquisition of Serenity, the enlarged Tristone Group will have extended
its reach and impact in the social care sector, employing over 800 staff
members.

 

Neil Johnson, CEO of Duke Capital, said:

 

"The acquisition of Serenity Care Homes will enable Tristone to cater for a
growing number of young adults with complex needs, expanding its presence in
the South of England. Serenity's established relationships with Local
Authorities, who make up the majority of referrals, will deepen Tristone's
regional partnerships and reinforce its reputation for delivering high-quality
care. Duke is also excited to invest additional equity into Tristone,
increasing our stake in the business and supporting the ongoing growth of the
platform."

 

Further information regarding Serenity

 

Established in 2015, Serenity provides therapeutic care for service users
between the ages of 7 and 18. The business consists of two residential care
homes in New Milton, Hampshire, which are less than a mile apart, and
currently employs 15 staff members.

 

Referrals to Serenity come from Local Authorities, who comprise the vast
majority of the Company's income. Each service user has a tailored plan whilst
under the care of Serenity, which caters for their individual needs and is
closely followed by all staff members to ensure a high standard of service.

 

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
(http://www.dukecapital.com/partners) .

 

***ENDS***

 

For further information, please visit https://dukecapital.com/
(https://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)                                  Robin Tozer / Alice Cho / Olivia Hart               + +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.
It's 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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