The Manchester-based business has now entered into a royalty financing agreement with AIM-listed provider of royalty finance Duke Royalty, who provided £7.7 million to facilitate a refinancing of the Group’s debt and equity. Duke Royalty has also committed additional funding to support inTEC’s ongoing M&A strategy.
NPIF Maven Equity Finance originally invested £750,000 into inTEC across two tranches in 2018 and 2019, with the development capital enabling the business to build a group infrastructure and support a recruitment drive that has created over 40 new jobs.
After building this foundation, the business embarked on an ambitious Buy and Build strategy and has since acquired 7 businesses across the group growing from 5 to 65 employees. As a result of the exit, Maven has generated a 2.0x Multiple of Money for the NPIF Fund.
Founded in 2016, inTEC made its initial acquisitions in the North of England and has quickly evolved to become a nationwide group that provides specialist support services and solutions to its customers. The business works with SMEs and business leaders to help them to identify and design technology business models offering a fully scalable solution with technology that can grow with the business.
An end-to-end independent technology consultancy, inTEC assist with the design, implementation and support of a range of cloud services and business applications including IT managed services, IT infrastructure support, hosted collaboration and communication solutions.
“inTEC has a unique blend of skills across the businesses in the Group differentiating it from other consultancies in the tech sector. The agreement the business has agreed with Duke Royalty is a strategic move for the business to allow it to embark on its next phase of growth. inTEC can continue to deliver within the evolving tech space, helping companies to deploy solutions to streamline efficiencies and compete more effectively by working smarter through technology.” Karen de Meza, Portfolio Director at Maven
“We have made terrific progress since the start of our partnership with NPIF and Maven. The investment we received has enabled us to build a robust set of support functions to ensure our acquisitions are integrated into the group and the on-boarding process happens smoothly. Maven did what they said they would do to support us through our early growth stages. The group now employs more than 80 people and we are projecting further growth over the next 12 months. We see it as a very successful relationship.”
Simon Howitt, Chairman and Managing Director of Intec
“Since the Northern Powerhouse Investment Fund launched in 2017, it has provided businesses in the North of England with the capital required to advance business plans, creating new opportunities, jobs and prosperity in the region. The NPIF exit of inTEC is a good example; the business has created new jobs here in the North whilst also realising a return on investment.”
Ken Cooper, Managing Director at British Business Bank
If your business is in need of finance to help unlock its growth potential, NPIF Maven Equity Finance may be able to help. Contact Maven’s local team on 0161 233 3520 today to find out more.