6 March 2024
Duke Capital
Limited
("Duke
Capital", "Duke" or the "Company")
Successful Exit of Investment
in Fairmed Healthcare AG
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 the successful exit of its investment in Fairmed
Healthcare AG ("Fairmed"), a Switzerland-based provider of
high-quality generic prescription medicines, over-the-counter
pharmaceuticals, dermocosmetics and dietary supplements in various
EU countries.
Overview
·
Headline cash consideration of €11.4 million,
providing Duke with additional liquidity for new deployments into
its pipeline of long-established, profitable businesses
·
Payment of €6.0 million has been received with the
balance of €5.4 million to be paid by 31 March 2024
·
This represents the seventh exit for Duke,
delivering its sixth profitable exit. The exit of Fairmed is at the
upper end of the expected rate of return for Duke with no equity
participation
·
Duke's financing solution enabled Fairmed's
management team to retain its minority equity stake, while
receiving the capital to support the expansion of its product
portfolio
·
Duke's investment exit was facilitated by
Fairmed's majority owner, Strides Pharma Global Pte Ltd, a fully
owned subsidiary of Strides Pharma Science Limited ("Strides"). The
prepayment of Duke's investment paves the way for Strides to
initiate the next phase of its European strategy, utilising Fairmed
to expand and strengthen its presence in the region
Neil Johnson, CEO of Duke Capital, said:
"We are proud to have supported
Fairmed during a crucial time in the development of its product
portfolio. Our capital injection empowered its management team to
achieve their strategic objectives without burdening the business
with loss of control or refinancing risk, underscoring our
commitment to facilitating growth and success for our
partners.
"We are pleased to build on our
track record of successfully delivering profitable exits and are
excited to see Fairmed and Strides deliver on the next phase of
their European strategy. We look forward to continuing to deploy
capital into other promising opportunities."
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 dukecapital@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.