Company Announcements

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:

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.