Business
New Royalty Agreement
New Royalty Agreement.
About this update from Duke Capital Limited
[{"type":"text","content":"\n\n31 July 2023\n \nDuke Royalty Limited\n \n(\"Duke Royalty\" or \"Duke\")\n \nNew Royalty Agreement with Full-Service, Custom Glass Provider\nDuke Royalty, a provider of alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and North America, is pleased to announce that it has entered into an US$11.5 million royalty financing agreement (the \"Financing\") with Glasshouse Products, LLC (\"Glasshouse\"), further diversifying Duke's revenue base.\nHighlights:\n \n· Founded in 2002 in Texas, Glasshouse is a long-established provider of custom glass solutions including the design, fabrication, sale and installation of glass architectural products\n· Glasshouse has long-standing customer relationships spanning the high-end residential and commercial real estate end-markets\n· Glasshouse has operated as a division of a public company; with the support of Duke's financing, a management buyout of Glasshouse from its parent company has been successfully executed, transitioning equity control of the business to the current President, Royce King, who is the son of Glasshouse's founder and has been actively involved with the firm since 2002\n· Glasshouse is Duke's 21st royalty partner since inception and, post buyouts, increases the number of current royalty partners to 15\n· The Financing is on typical Duke terms: 30-year secured financing, monthly cash payments starting at the typical range, distributions commencing immediately and to be adjusted annually based on Glasshouse's year-over-year consolidated revenue performance\n \nNeil Johnson, CEO of Duke Royalty, said:\n\"Glasshouse's long-standing presence and reputation in the Texas market is rooted in its ability to act as a one-stop-shop for glass solutions to the real estate markets, offering high-quality products with exceptional customer service. Given the industry's promising prospects and the region's favourable tailwinds, we believe the company is well positioned for continued success. Duke is excited to be partnering with Royce to take ownership of this successful business originally founded by his father, and to support the company's long-term growth plans.\...