Duke Royalty 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 £1.75 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.

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 £20.0 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.”