Duke Royalty has announced a £2.8m follow-on investment into its existing royalty partner to support their latest acquisition of a managed IT services firm. The investment will enable InTec Business Solutions to acquire Sweethaven Computers and settle deferred consideration from a previous acquisition.
InTec, based in Manchester, is an investment holding company focused on executing a buy and build strategy within the IT managed services sector in the UK and Ireland.
Sweethaven, established in 1977 and located in Surrey, provides managed IT services to SMEs, with a particular emphasis on establishing long-term relationships and contracts within the education sector.
Duke’s investment brings their total investment into InTec to £23.9m. The investment terms will remain consistent with Duke’s previous follow-on investment, including the standard 6% annual adjustment factor.
Neil Johnson, CEO of Duke Royalty, expressed excitement about the acquisition of Sweethaven, stating that it will enhance InTec’s education-focused offering and expand their presence within the public education sector. Johnson also highlighted the strong cultural fit between InTec and Sweethaven, anticipating positive outcomes from this new addition to the group.
Duke Royalty specializes in providing alternative capital services to profitable and well-established businesses in Europe and North America.