04 March 2024
Duke Capital
Limited
("Duke
Capital", "Duke" or the "Company")
Increased Equity Stake in
United Glass Group
Duke Capital Limited,
a leading provider of hybrid capital solutions for
SME business owners in Europe and North America, is pleased to announce it has increased its equity stake in
United Glass Group ("UGG") from 30.0% to 73.8% through a £2.9
million secondary share purchase from existing shareholders. 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.
Highlights:
·
This investment aligns with Duke's vision to
deepen its engagement with its high-performing portfolio companies.
By increasing its equity position, Duke reaffirms its confidence in
UGG's potential for sustained success and reinforces its commitment
to the company's growth trajectory
·
This transaction rewards UGG's management team for
the strong financial performance that they have delivered to date
while ensuring that significant potential future value remains
available to them from a further exit event and that the core
executive team remain dedicated and aligned with the long term
interest of all stakeholders
·
UGG has a pipeline of attractive acquisition
targets which underpins Duke's confidence in the Company's
long-term growth potential
·
Duke also retains the right, but not the
obligation, to provide additional senior secured debt funding to
UGG to finance its future acquisitions with Duke's current debt
exposure to UGG being £12.0m
Neil Johnson, CEO of Duke Capital, said:
"We have been invested in UGG since
2018 and during this time the Company has achieved significant
growth and proven itself to be a highly successful partner. Their
long-standing track record and strong potential for future growth
means that it makes perfect sense to increase our equity stake in
the business."
Mark Harrison, Managing Director of UGG,
said
"We are thrilled to deepen our
partnership with Duke Capital through this equity transaction which
demonstrates Duke's confidence in UGG's growth prospects and
strategy. The core operating team at UGG remains unchanged
and is determined to continue to grow the business both organically
and via M&A to generate additional future equity value for all
shareholders."
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
(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. It's 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.