Published: Nov 22, 2021
Focus: NPIF Maven Equity Finance
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.