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

Duke CapitalAnnouncement

28/04/2022 07:00

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RNS Number : 6163J  Duke Royalty Limited  28 April 2022

28 April 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 £3.1 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 investment will facilitate InTec's acquisition of Astec
Computing (UK) ("Astec"), a profitable I.T. managed services business with a
30 year trading history

·     The financing increases Duke's total investment into InTec to
£17.1 million. The terms are the same as Duke's previous follow-on investment
into InTec, including the normal 6% annual revenue adjustment factor

·     The acquisition fortifies a key existing competency for Intec, in
its expertise of Microsoft technologies, as well as adding to InTec's growing
roster of education customers

 

Neil Johnson, CEO of Duke Royalty, said:

"We are pleased that InTec continues to execute on their buy and build
strategy with this bolt-on investment of a highly compatible I.T. services
business. Intec invests in long-term profitable businesses with Astec
benefitting from a long standing and loyal customer base that provides
attractive recurring revenue characteristics."

Further information regarding Astec

 

Based in the South-East of England, Astec is a provider of I.T. managed
services, with a focus on Microsoft technologies in the SME marketplace. Astec
specialises in digital transformation, cloud migrations and integrated
solutions, utilising its Microsoft relationship to deliver high quality
services and serve a mix of customers across education, professional services
and other verticals. Astec has demonstrated robust performance on managed
services in particular, with 99% customer retention and high levels of
contracted recurring revenue.

Duke Royalty Portfolio

A full list of Duke's current Royalty Partners is 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                        +44 (0) 207 397 8900

 (Nominated Adviser       Julian Morse / Michael Johnson

 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

 

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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