Caravan parts supplier lands £10m royalty finance deal
A Derbyshire company which supplies parts to the caravan industry has landed a £10m cash injection from an alternative finance firm.
Duke Royalty has invested £10m of royalty financing into the MRDB Holdings Limited Group, which trades as Miriad Products.
Formed in 1977, Miriad is the largest privately-owned recreational vehicle parts wholesale company in the UK. It is based in Foston, Derbyshire, halfway between Uttoxeter and Burton-upon-Trent.
Miriad was sold in an MBO in 1999 and today turns over £23m.
Alongside Duke’s financing, two new directors are being appointed who will provide strategic and M&A advice to Miriad as well as also becoming shareholders.
Michael Ham, group managing director of Miriad, said: “Duke’s capital was a perfect fit for our objectives. Being owners for 20 years, the nature and flexibility of Duke’s capital means we can continue to be involved in the future of the business, while receiving value for what we have built to date. Duke provides us with a key stepping stone in our long-term succession planning, and enables us to offer the right sort of incentivisation to attract new members to our shareholder team.
“Our enhanced ownership team can now concentrate on implementing its ambitious business plan, with Duke Royalty as our long-term funding partner.”