Duke Royalty Limited Follow-On Investment into Existing Royalty Partner (4971Q)
21 Februar 2023 - 8:00AM
UK Regulatory
TIDMDUKE
RNS Number : 4971Q
Duke Royalty Limited
21 February 2023
21 February 2023
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 GBP1.75 million into its 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 Frog
IT Services Limited ("Frog IT"), a profitable specialist provider
of IT support and cloud-based services to small and medium sized
customers, many of whom have been customers for more than 10
years.
-- The financing increases Duke's total investment into InTec to
GBP20.0 million. The investment terms will remain the same as
Duke's previous follow-on investment into InTec, including the
normal 6% annual adjustment factor.
Neil Johnson, CEO of Duke Royalty, said:
"Frog IT is an exciting acquisition for InTec which underpins
their continued efforts to build on their core competencies, and it
is pleasing to see the group add additional scale in this
regard."
Further information regarding Frog IT
Frog IT Services Limited, founded in 1993, is a provider of IT
managed services based in Cambridge, specialising in Microsoft
stack products and VOIP comms. Operating across a wide range of
verticals, Frog IT's 11 employees serve 92 customers across
Cambridgeshire and the Southeast. Frog IT derives around 70% of its
revenue from Microsoft managed services and licences with the
remainder of revenue coming from other product and consultancy
sales. Loyalty of their client base can be seen from the length of
relationships where 8 out of the top 10 customers have been clients
for over 5 years and 6 of these for over 10 years.
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
***ENDS***
For further information, please visit www.dukeroyalty.com or
contact:
Neil Johnson / Charles
Cannon Brookes / Hugo
Duke Royalty Limited Evans +44 (0) 1481 730 613
Cenkos Securities
plc
(Nominated Adviser Stephen Keys / Callum
and Joint Broker) Davidson / Michael Johnson +44 (0) 207 397 8900
Canaccord Genuity
(Joint Broker) Adam James / Harry Rees +44 (0) 207 523 8000
SEC Newgate (PR) Elisabeth Cowell / Matthew +44 (0) 20 3757 6882
Elliott 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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END
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