inTec Business Solutions and Duke Royalty have entered into a £7.7 million royalty financing agreement, with additional follow-up funding for acquisitions agreed in principle.
Duke’s investment will enable inTEC to refinance its capital structure, consolidate equity shareholding among the founding management team and introduce Duke as the senior lender in support of its ongoing M&A strategy.
Formed in 2016, inTEC is an end-to- end technology consultancy specialising in the design, implementation and support of cloud services and business applications, including IT managed services/infrastructure support, hosted collaboration and communication solutions.
To date, it has acquired seven businesses as part of its growth strategy, including IT and telecommunications service providers with a history of predictable revenue and profitability.
Simon Howitt, Chairman of inTEC, said: “By taking on Duke’s capital, we have simplified our balance sheet and set a firm foundation for future growth, both via M&A and organically. We are currently negotiating a number of further acquisitions and intend to double the size of the Group when we go into 2022.” www.weareintec.co.uk