Duke Royalty Limited Successful Exit of Investment in Royalty Partner (8001V)
April 19 2021 - 01:00AM
UK Regulatory
TIDMDUKE
RNS Number : 8001V
Duke Royalty Limited
19 April 2021
19 April 2021
Duke Royalty Limited
("Duke Royalty", "Duke" or the "Company")
Successful Exit of Investment in Royalty Partner
Duke Royalty Limited (AIM: DUKE), a provider of alternative
capital solutions to a diversified range of profitable and
long-established businesses in Europe and abroad, is pleased to
announce the successful exit of its investment in royalty partner
Almondclose Limited, trading as Berkley Recruitment (Group) Limited
("Berkley"), the Cork-based resourcing and recruitment
business.
Highlights:
-- Duke has received net cash of EUR1.3 million at closing,
delivering an IRR on the Berkley investment of 16.0%
-- This represents the third profitable exit for Duke following
the successful exits of Welltel and XtremePush in 2020, further
validating the Duke funding model
-- Due to its sub GBP5m investment size, Berkley represented a
subscale investment for Duke and was inherited via Duke's
acquisition of Capital Step in February 2019
-- Duke retains exposure to the Irish resourcing and recruitment
sector via existing royalty partner BIL which is conducting a buy
and build strategy in the sector and into which Duke has invested
GBP9.4 million to date
-- Proceeds from the exit further strengthens the balance sheet
to enable deployment into Duke's pipeline of larger royalty
investment opportunities
Neil Johnson, CEO of Duke Royalty, said:
"Duke is proud to have supported Berkley's initial management
buyout in 2017 and appreciates the resilient operating performance
delivered by the Berkley executive team through the pandemic.
Duke's investment team is focused on new potential royalty partners
of a larger size and we look forward to providing updates as we
complete the transactions in our near term pipeline."
Arthur Griffin, CEO of Berkley added:
"We are grateful to Duke for their support over the past four
years. Their capital has been instrumental in facilitating
Berkley's buyout, whilst keeping ownership and control in the
management team's hands."
***ENDS***
For further information, please visit www.dukeroyalty.com or
contact:
Neil Johnson / Charlie
Cannon Brookes /
Duke Royalty Limited Hugo Evans +44 (0) 1481 730 613
Cenkos Securities plc Stephen Keys / Callum
(Nominated Adviser Davidson / Julian
and Joint Broker) Morse / Michael Johnson +44 (0) 207 397 8900
Canaccord Genuity Adam James / Georgina
(Joint Broker) McCooke +44 (0) 207 523 8000
SEC Newgate (PR) Elisabeth Cowell + +44 (0) 20 3757 6882
/ Megan Kovach 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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