Camping equipment supplier Miriad Products has secured £5.25 million of follow-on investment from Duke Royalty.
The Uttoxeter business will use the funds to release equity value in the business and restructure its shareholdings.
As part of the deal, Duke – which provides alternative capital solutions to a range of businesses – will also increase its equity interest in Miriad to 30 per cent. It means Duke’s total investment now stands at £18.25 million.
Neil Johnson, CEO of Duke Royalty, said: “We are delighted to be making this follow-on investment into Miriad, as the company’s preferred long-term capital partner.
“Using Duke’s capital to release well-earned equity will allow Miriad’s executive team to focus on growing the company rather than exploring alternative capital release options.
“We continue to look to the future with Miriad with confidence.”
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Over the last two years, Miriad – which completed its first acquisition in June – has benefitted from the changing behaviour of UK consumers who have increasingly decided to holiday in the UK amid the pandemic.
CEO Penny Whitelock said: “Duke’s additional capital was a perfect fit for our objectives because it allowed current shareholders to receive value for what we have built to date while maintaining control of Miriad’s destiny going forward.
“Furthermore, Duke’s capital is perfect for our long-term succession planning, and enables us to offer the right sort of incentivisation to our secondary management team and future leaders of the business.”