Duke Distribution secures MEIF II funding for growth
Deal News | Nov 04, 2024 | Maven Capital Partners
Duke Distribution, a specialist in logistics and trackway installation, has received debt financing from Maven Capital Partners via the Midlands Engine Investment Fund II (MEIF II). This funding will allow Duke to expand its equipment and workforce in response to rising demand for trackway installations in the UK and Europe, driven by infrastructure and renewable energy projects. The company, established in 2020, aims to capitalize on the growing market for temporary roadways essential for construction and renewable energy sites. Investment Director at Maven, Richard Altoft, emphasized that the MEIF II is designed to support businesses with growth potential in the Midlands. The fund can provide debt finance ranging from £25,000 to £2 million and equity investment up to £5 million. The support from Maven positions Duke Distribution to continue its growth trajectory, leveraging its expertise in transport services and equipment installation. The equitable support aligns with the goal of fostering economic growth and job creation within the region.
Sectors
- Logistics
- Renewable Energy
- Infrastructure
Geography
- United Kingdom – Duke Distribution is based in the UK and provides services across the country, benefiting from the MEIF II funding available in the Midlands region.
- Europe – Duke aims to expand its services across Europe, driven by the growing demand for infrastructure and renewable energy projects.
Industry
- Logistics – Duke Distribution operates within the logistics industry, providing specialized transport and haulage services pivotal for the installation of rental equipment.
- Renewable Energy – The rising demand for trackway installations in renewable energy projects underscores the relevance of this industry, as Duke facilitates access to remote sites.
- Infrastructure – Duke supports infrastructure projects by installing temporary roadways, addressing the logistics needs of construction sites across Europe.
Financials
- £400 million – Total funds available through the Midlands Engine Investment Fund II.
- £25,000 to £2,000,000 – Debt finance range provided by MEIF II.
- up to £5,000,000 – Equity investment range provided by MEIF II.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Duke Distribution | Target company | Company | Specialist logistics and trackway installation provider based in the UK. |
| Maven Capital Partners | Funding provider | Company | Private equity firm providing debt finance through MEIF II. |
| Midlands Engine Investment Fund II (MEIF II) | Funding source | Company | Fund designed to assist small and medium-sized enterprises in the Midlands region with growth potential. |
| British Business Bank | Supporter | Government | UK government-owned business development bank that facilitates regional funding initiatives like MEIF II. |
| James Robinson | Person | People | Managing Director of Duke Distribution. |
| Richard Altoft | Person | People | Investment Director at Maven. |
| David Tindall | Person | People | Representative at British Business Bank. |