Duke Royalty acquired Capital Step for £22m.

Duke Royalty, a provider of alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and abroad, acquired 100% of the issued share capital of Capital Step Holdings and Capital Step Investments, which together represent the only known UK-based diversified royalty competitor to Duke of which management is aware. Neil Johnson, CEO of Duke Royalty, said: "This transformational and accretive acquisition fits with our strategy to deploy the capital raised last year to diversify our royalty portfolio. It also removes our only known competitor in the UK royalty finance market, strengthens our team and provides a robust future deal pipeline for the enlarged group to deploy capital into. "