Investor hooks up with caravan company to take stake to 30%
Investor Duke Royalty has made a further £5.3m investment into a Uttoxeter importer and distributor of motorhome, caravan and camping accessories.
As part of the deal, Duke Royalty will also increase its equity interest in Miriad Products to 30%. The follow-on investment will bring its total investment into Miriad to £18.3m. Monthly payments starting in January 2022 will total approximately £208,000 and, based on current trading, Duke expects to achieve a positive adjustment factor in February 2022.
Miriad has benefitted from the changing behaviour of UK consumers who have, in increasing numbers, decided or been required to stay in the UK for their holidays. Miriad has also delivered a strong operating performance following its recent acquisition of Quest Leisure Products.
Neil Johnson, CEO of Duke Royalty, said: “Miriad continues to go from strength to strength and, as the group’s preferred long-term capital partner, we are delighted to provide our shareholders with further exposure to this UK success story. Miriad continues to expand and has benefitted from the ‘staycation surge’ experienced in the UK over the last two years because of the Covid-19 pandemic and increased concerns about environmental impact of travelling abroad. Using Duke’s capital to release well-earned equity will allow Miriad’s executive team to focus on growing the Group further rather than exploring alternative capital release options.”
Penny Whitelock, CEO of Miriad, 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 ideal 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.”