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

Duke CapitalAnnouncement

02/03/2022 07:00

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RNS Number : 2989D  Duke Royalty Limited  02 March 2022

2 March 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 £1.55 million into
existing royalty partner Tristone Healthcare Limited ("Tristone") to fund its
latest acquisition.

Tristone currently provides specialist residential and domiciliary care in two
end markets: i) high acuity adults with severe mental, physical or learning
disabilities; and ii) care leavers, aged 16-19, who are transitioning out of
social care and into independent living.

Highlights:

 * Duke's funds will facilitate Tristone's acquisition of Seaside Care Homes
Limited ("Seaside"), a specialist care home based in Essex, providing
long-term residential care to young adults who have complex healthcare needs

 

 * The financing increases Duke's total investment into Tristone to £12.1
million. The terms are the same as Duke's initial investment into Tristone,
including a starting yield of 13.5% and the normal +/- 6% annual adjustment
factor

 

 * Seaside represents Tristone's first acquisition supported by Duke, in line
with Tristone's stated buy and build strategy

 

 * Tristone has a deep understanding of the demands of social care and support
and has extensive experience of investing in and building businesses of this
nature, having supported a number of different care businesses since formation
in 2015

 

 

Neil Johnson, CEO of Duke Royalty, said:

"Duke is proud to support Tristone's plans to grow a simple and care-centric
community of businesses that focus, first and foremost, on delivering
outstanding care and support. The acquisition of Seaside will represent
another example of Tristone supporting existing management to unlock further
value for all stakeholders and positively impact more service users' lives."

Further information regarding Seaside

Seaside was established in 2008, and is a specialist care home based in Essex,
providing long-term residential care needs to young adults who have complex
healthcare needs in a home environment, including those who are dependent on
technology or wheelchairs. Seaside was founded by Amanda Owen and Sarah Crow,
who were both formerly employed by the NHS as qualified nurses. Amanda and
Sarah will be staying on in the business post-completion to facilitate a
comprehensive and smooth transition.

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/ Max Richardson                +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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