3 May 2024
Duke Capital
Limited
("Duke
Capital", "Duke" or the "Company")
Follow-On Investment into
BPVA (Ireland) Limited
Duke Capital Limited (AIM: DUKE), a
leading provider of hybrid capital solutions for SME business
owners in Europe and North America, is pleased to
announce a follow-on investment of £4.0
million into its existing capital partner, BPVA (Ireland) Limited
("BPVA"). This investment will enable BPVA to complete its latest
acquisition as well as reorganise the shareholder base through the
buyout of certain minority investors.
BPVA is an investment holding
company established in 2018 to execute a buy and build strategy of
synergistic companies within the Irish/UK staffing and resourcing
sector. Its current holdings include Brightwater Selection
(Ireland) Limited, PharmEng Limited and Vantage Resources
Limited.
Highlights:
· Duke's funds will be used to facilitate BPVA's acquisition of
Sabeo Holdings Ltd ("Sabeo"), an IT contracting and talent
acquisition business, as well to complete a reconfiguration of the
shareholding structure of the BPVA entity.
·
The financing increases Duke's total
investment in BPVA to £17.7 million. The investment terms are in
line Duke's typical cost of capital, including the +/- 6% annual
revenue adjustment factor in respect of payments due.
· The reconfiguration of the shareholder register will ensure
full alignment of the shareholders with the next stage of the BPVA
strategy which is to extend its market position in existing areas
of strength via organic growth in the existing platform and
continue with synergistic and value accretive M&A.
· Duke
will retain its 30% equity stake.
·
Duke has now supported four major
BPVA acquisitions, with the company now encompassing seven
subsidiaries.
Neil Johnson, CEO of Duke Capital, said:
"We are delighted to continue our
partnership with BPVA as we support their latest acquisition and
minority shareholder buyout. This strategic move expands the
business and empowers BPVA's management team to strengthen their
ownership stake. Through our ongoing commitment to providing
capital support, we are confident in the ability of BPVA to
continue to succeed."
John Hannon & John Lacy, BPVA Group Directors,
said:
"We are thrilled to announce the
acquisition of Sabeo and the reconfigured shareholder register will
strengthen BPVA as it continues to mature as a platform. This
strategic move reflects our unwavering confidence in BPVA's growth
trajectory and our commitment to driving long-term success and we
are empowered as a group to continue to execute our vision for
expansion and value creation in the staffing and resourcing sector
in Ireland."
Further information regarding Sabeo
Founded in 2006, Sabeo is a leading
supplier of IT contract and permanent resourcing solutions to
clients in Ireland and the UK. Sabeo services clients in several
sectors including government, commercial, telecommunications,
financial services, banking, software houses and global IT vendors
providing a wide range of IT professionals. For over 15 years,
Sabeo has been recognised as an IT centre of excellence by
customers and has been a Deloitte Technology Fast 50 Awards winner
over many years.
Completion of the acquisition of
Sabeo by BPVA follows the recent approval from The Competition and
Consumer Protection Commission, which is the competition regulator
responsible for enforcing Irish and European competition law in the
Republic of Ireland.
Duke Capital Portfolio
A full list of Duke's current
partners is included for reference on the Partners page of the
Company's website: www.dukecapital.com/partners.
***ENDS***
For
further information, please visit www.dukecapital.com
or
contact:
Duke Capital Limited
|
Neil Johnson / Charles Cannon
Brookes / Hugo Evans
|
+44 (0)
1481 231 816
|
Cavendish Capital Markets Limited
(Nominated Adviser and Joint Broker)
|
Stephen Keys / Callum Davidson /
Michael Johnson
|
+44 (0)
207 220 0500
|
|
|
|
Canaccord Genuity Limited
(Joint Broker)
|
Adam James / Harry Rees
|
+44 (0)
207 523 8000
|
SEC Newgate (Financial
Communications)
|
Elisabeth Cowell / Alice Cho /
Matthew Elliott
|
+ +44 (0)
20 3757 6882 duke@secnewgate.co.uk
|
About Duke Capital
Duke is a leading provider of hybrid
capital solutions for SME business owners in Europe and North
America, combining the best features of both equity and
debt.
Since 2017, Duke has provided unique
long-term financing which eliminates re-financing risk and
necessity for a short-term exit by providing a unique 'corporate
mortgage' while also aligning its returns to grow with the success
of the business.
Duke is focused on generating
attractive risk-adjusted returns for shareholders and has a track
record of achieving this across market cycles. Its three investment
pillars are capital preservation, attractive dividend yield, and to
provide upside upon exits. Duke is listed on the AIM market under
the ticker DUKE and is headquartered in Guernsey.