Our royalty partners are mature, profitable businesses operating across a range of sectors. Our revenue-linked capital truly aligns us to our partners, ensuring that we provide business owners with the support and flexibility they need in order to achieve their strategic objectives, without re-financing risk or loss of control.

Duke interviewed Miriad Product’s MD Penny Whitelock on topics including the benefits of royalty financing to support management buyouts.

Duke interviewed Brightwater MD Barbara McGrath on topics ranging from female leadership to COVID-19.

Duke interviewed the United Glass Group’s MD Mark Harrison on topics ranging from capital raising to navigating through the COVID-19 pandemic.

Duke interviewed with Welltel’s Chairman John Quinn on topics including the use of royalty financing to execute the company’s buy and build growth strategy.
Case Studies
Miriad Products
Miriad has been established for over 40 years in the recreational vehicle and leisure industry, supplying and distributing to retailers and OEMs across the UK and Europe.
Bakchysarai
Brightwater Selection specialises in the recruitment of professionals across professional services, technical services and executive for permanent, contract, temporary and interim management roles.
United Glass Group
United Glass Group is one of the UK’s leading independent glass merchants and processors.

In July 2017, Berkley’s incumbent management team partnered with an experienced buy-out consortium to purchase the business from its previous owners, the Rethink Group. The incoming team have extensive MBO and sector-specific expertise.
Industry | Business Services |
Capital Invested | £1.1m |
Investment Type | Perpetual Royalty |
Website | www.berkley-group.com |
Partner since | July 2017 |

BIL’s first acquisition was Brightwater, a market-leading recruitment consultancy founded in 1998 with offices in Dublin, Cork and Belfast. The company provides permanent, contract and executive search services to its diversified client base of SMEs, large blue-chip corporates and public sector entities. Duke financed the MBO of Brightwater in September 2018, led by industry veteran and incumbent Managing Director Barbara McGrath.
BIL completed its second acquisition in January 2020. Founded in 2006, PE Global is one of the leading Healthcare and Life Sciences Recruiters in Ireland. The business is based in Cork, with a growing presence and reputation in the UK. PE Global’s clients include blue-chip Life Science multi-nationals, whilst the Healthcare division boasts long-term contracts with both the NHS (UK) and HSE (Ireland).
Industry | Business Services |
Capital Invested | €11.0m |
Annualized Royalty Payments | €1.49m |
Website | www.brightwater.ie |
Partner since | September 2018 |

BHPC has a broad range of customers in the NFP space encompassing several thousand charities, social housing groups and community and volunteer organisations.
Ahead of its acquisition by Duke Royalty, Capital Step successfully funded the MBO/MBI of BHPC as part of a shareholder transition plan, whereby the combined buy-in and buy-out management team will leverage their experience in order to drive the business forward through various growth initiatives.
Industry | Insurance |
Capital Invested | £4.2m |
Investment Type | Senior-secured Perpetual Royalty + Term Loan (Uni-tranche) |
Website | www.bhpinsurance.ie/not-for-profit-insurance/ |
Partner since | August 2018 |

Pearl & Dean (acquired in 2015) and Wide Eye Media (acquired in 2009) today form part of the same investment group, sharing many operational synergies and growth opportunities.
Ireland enjoys the highest per capita cinema admissions in the EU whilst the cinema industry in general has experienced strong and consistent growth in recent years, with robust admission numbers as well as stable marketing spend.
Industry | Advertising and Leisure |
Capital Invested | £3.00m |
Investment Type | Perpetual Royalty |
Website | www.pearlanddean.com www.wideeyemedia.com |
Partner since | June 2018 |

Headquartered in Foston, Derbyshire, the Company has developed a strong reputation for its large range of quality products, industry knowledge and customer-focus. It has exclusive supplier contracts and long-standing relationships with key brands in the industry, and is seen as a reliable and valued partner which has supported the growth of its customers.
With the UK being one of the fastest growing European RV markets for caravans and motor-vehicles, Miriad is well-positioned to take advantage of this. It currently supplies over 15,000 individual products and accessories in the motorhome, caravan, and converter market to approximately 1,700 end business customers and operates out of a 35,000 sq ft facility. Miriad operates a business-to-business model which services customers through two distinct sales divisions – OEM and retail.
Industry | Distribution and Sales |
Capital Invested | £10m |
Annualized Royalty Payments | £1.32 million |
Website | www.miriad-products.com |
Partner since | February 2019 |

Established in 1994, InterHealth Canada has employed over 5,000 professionals worldwide and has provided healthcare to a combined population of over 20 million people. InterHealth Canada is committed to delivering internationally accredited healthcare management services with an emphasis on investment returns. The head office is located in Toronto, Canada, with regional offices in Riyadh, London, Providenciales, Grand Turks, Warsaw and Dubai.
Industry: | Healthcare |
Capital Invested: | £10.0 million |
Annualized Royalty Payments to Duke: | £1.35 million |
Website: | www.interhealthcanada.com |
Partner Since: | August 2018 |

The Group has supplied glass to prominent projects such as the Shard skyscraper, London’s Olympic Park, the British Museum, the Bowes Museum, Sage Gateshead, as well as Fenwicks and Selfridges department stores.
BGC, established in 1979, is based in the Midlands and serves trade customers, architects, interior designers, construction professionals and private home owners throughout the West Midlands and beyond. Its products and services range from the supply of plain glass from stock to sophisticated processing, and it holds extensive stocks of plain glass, safety glass, fire glass and horticultural glass, available for next day delivery using its own fleet of vehicles.
Tufwell, established in the 1980s, is based in West Sussex and, with its own dedicated glass tempering facility, is a specialist glass supplier of glazed partitioning, primarily servicing the London office market. By using state-of-the-art machinery, coupled with a highly skilled workforce, Tufwell is able to compete in the demanding market of London’s commercial building sector. Many of its products and services are used to supply the architectural glazing and interiors markets, with order to delivery completed in a short period of time.
PLG, established in 1977, is based in North East England and has a state of the art processing facility which caters to the most demanding commercial glass installations including oversized and/or curved glass. Its commercial glass services include internal and external glass doors, screens, shop fronts, glass balustrades, glass staircases, glass entrances and other bespoke architectural glass installations.
Industry: | Manufacturing |
Capital Invested: | £7.50 million |
Annualized Royalty Payments to Duke: | £1.06 million (from April 2019) |
Website: | www.tufwellglass.co.uk www.peterleeglass.com www.brownhillsglass.com |
Partner Since: | April 2018 |

The company is a key supplier of industrial coatings to several global brands and organisations in sectors including defence and aerospace, agricultural and construction equipment, and automotive. Trimite has a history of profitable operations in highly technical applications, has low debt and enjoys robust gross margins relative to the overall paint industry.
Trimite is majority-owned by Chairman David Roberts and led by a highly experienced team of executives who have spent their careers in the UK manufacturing sector and in senior management positions in global coatings suppliers like Akzo Nobel. With this in mind, Trimite is well-positioned to expand its market presence and take advantage of its strong and growing sales pipeline.
Industry: | Manufacturing |
Capital Invested: | £11.00 million |
Annualized Royalty Payments to Duke: | £1.39 million |
Website: | https://www.trimite.com/ |
Partner Since: | March 2018 |

Industry: | Industrials |
Capital Invested: | £13.00 million |
Annualized Royalty Payments to Duke: | £1.59 million |
Website: | https://www.lynxequity.com/ |
Partner Since: | October 2017 |

River cruises are a very distinct segment from ocean cruises, and are growing at about double the ocean cruise growth rate due to the unique and intimate cultural experience offered. The growth of the international river cruise industry, specifically, is expected to be supported by a growing retirement age population, better health of older individuals, growing demand for land-based exploration, and increasing popularity of riverboats with younger generations.
Industry: | Hospitality & Leisure |
Capital Invested: | €10.70 million |
Annualized Royalty Payments to Duke: | €1.29 million |
Website: | http://sijfacruises.nl/ |
Partner Since: | April 2017 |