19 February 2025

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 £1.9 million into its existing capital partner, BPVA (Ireland) Limited ("the BPVA Group", "BPVA"). This investment will enable BPVA to complete a further acquisition, in line with its acquisition growth strategy.

The BPVA Group is an investment holding company established in 2018 to execute a buy and build strategy of synergistic companies within the Irish/UK Resourcing and Talent sector. Since Duke's initial investment, BPVA has made five major acquisitions: PE Global, Vantage, Brightwater, Sabeo, and Pinta Crew, along with five smaller bolt-on deals

Highlights:

·       Duke's funds will be used to facilitate BPVA's acquisition of Pinta Crew Limited ("Pinta Crew"), an Irish consultancy business specialising in helping Irish and international organisations optimise their people, processes and resources.

·       The financing increases Duke's total investment in BPVA to £20.4 million. The investment terms are in line with Duke's typical cost of capital, including the +/- 6% annual revenue adjustment factor in respect of payments due.

·       Duke has supported five BPVA acquisitions, with the group now encompassing 10 businesses.

Neil Johnson, CEO of Duke Capital, said:

"We are excited to support BPVA's latest acquisition, which expands its offering into the consultancy market. Pinta Crew's impressive portfolio of multinational clients aligns perfectly with BPVA's growth strategy, and this acquisition further strengthens BPVA's position as a trusted partner to businesses seeking high-quality consultancy and recruitment services across Europe."

John Hannon & John Lacy, Directors of BPVA said:

"Pinta Crew is a high-quality Irish-based consulting partner to a range of leading Irish and global businesses. The BPVA Group will now work to bring Pinta Crew's expertise to our wider client base. We expect that this tenth acquisition will help to continue to drive the value proposition offered by the BPVA Group. BPVA had a very successful 2024 and achieved good growth objectives in a range of areas for our clients. A range of organic growth initiatives are planned for 2025 to expand the BPVA Group footprint and we will continue to seek out accretive acquisitions.  We look forward to the future with enthusiasm for all of our fantastic team members and all of our valued clients."

Further information regarding Pinta Crew

Pinta Crew, founded in 2008 by John Corcoran and Peter Hanan, is a successful Irish-based business consultancy firm specialising in supporting organisations to optimise the impact of their people, processes and resources. Pinta Crew works with a range of both Irish and international high quality clients.

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.