REG - Duke Royalty Limited - Follow-On Investment into Existing Royalty Partner

Duke CapitalAnnouncement

14/02/2022 07:00

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RNS Number : 5067B  Duke Royalty Limited  14 February 2022

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 11(th) 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
(http://www.dukeroyalty.com/partners)

 

 

***ENDS***

 

 

For further information, please visit www.dukeroyalty.com
(http://www.dukeroyalty.com)  or contact:

 

 Duke Royalty Limited     Neil Johnson / Charles Cannon Brookes / Hugo Evans               +44 (0) 1481 730 613

 Cenkos Securities plc    Stephen Keys / Callum Davidson / Julian Morse / Michael Johnson  +44 (0) 207 397 8900

 (Nominated Adviser

 and Joint Broker)

 Canaccord Genuity        Adam James / Georgina McCooke                                    +44 (0) 207 523 8000

 (Joint Broker)

 SEC Newgate (PR)         Elisabeth Cowell/ Richard Bicknell/ Megan Kovach                 + +44 (0) 20 3757 6880 dukeroyalty@secnewgate.co.uk
                                                                                           (mailto: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.

 

 

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