3 September 2024
Duke Capital
Limited
("Duke
Capital", "Duke" or the "Company")
Follow-On Investment into
United Glass Group
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 £3.0
million into its existing capital partner, United Glass Group
("UGG"). This investment will enable UGG to complete its latest
acquisition.
UGG is a progressive and
service-orientated group of architectural glass processing
companies that has been operating in the UK market since the early
1980s. UGG is currently comprised of three operating subsidiaries;
Brownhills Glass Company Limited, Tufwell Glass Limited and London
Architectural Glass Limited.
Highlights:
· Duke's funds will be used to facilitate UGG's acquisition of
Premier Double Glazed Units Limited ("Premier"), a business with
market leading automated manufacturing capability of insulated
glass units including triple-glazed.
· The financing increases Duke's total investment in UGG to
£15.0 million. The investment terms are in line with Duke's typical
cost of capital, including the +/- 6% annual revenue adjustment
factor in respect of payments due.
· This transaction represents the first acquisition by UGG since
Duke completed the secondary share purchase transaction earlier in
2024, which saw Duke's equity stake in UGG increase to
73.8%.
Neil Johnson, CEO of Duke Capital, said:
"This latest funding increases our
total investment in a partner which has consistently delivered
since we first commenced our partnership in 2018. It is pleasing to
see UGG successfully executing its buy-and-build strategy,
expanding its presence as a national leader in the glass processing
market. UGG's acquisition and strategic progress further validates
our decision to increase our holding in UGG earlier in the year and
as a longstanding partner, we are fully committed to providing the
capital and support needed to realise UGG's vision and drive their
continued success."
Mark Harrison, CEO of UGG, said:
"We are thrilled to announce the
acquisition of Premier, which marks a significant milestone in
UGG's journey towards becoming a national leader in the glass
processing industry. This strategic move, supported by our capital
partner, solidifies our position and propels our buy-and-build
strategy forward. With a strengthened platform and a clear vision
for growth, we are poised to drive long-term success and deliver
exceptional value across the industry."
Further information regarding Premier
Founded in 1996, Premier is a
leading manufacturer of glass units in the Southwest of England.
Premier's end-market customers are typically those in the
residential, commercial, and architectural markets.
Premier manufactures both double
glazed and triple glazed units, specialising in manufacturing
high-quality insulated glass units with an emphasis on energy
efficiency and durability. It also offers bespoke glazing solutions
for the high-end architectural market and operates with
best-in-class manufacturing capabilities and a high degree of
automation in the production process.
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.