MoneyPlus Group strikes again with Debt Free Me deal
CONSUMER debt solutions provider MoneyPlus Group has snapped up a Lancashire rival.
MoneyPlus, based in Altrincham, and backed by Manchester private equity firm Palatine, has bought Blackburn firm Debt Free Me for an undisclosed sum.
The deal is the fifth since Palatine backed a management buyout at MoneyPlus in July 2011.
Debt Free Me employs 30 people and will continue to trade under its own brand. The deal will add more than 6,000 consumers to the MPG customer base.
MoneyPlus Group now employs more than 190 people and is due to move from its Altrincham base to new offices in Manchester city centre in the next few weeks.
The company offers a range of services to improve consumers’ financial situations, including debt management plans and Individual Voluntary Arrangements and has plans to extend its offering into other areas, such as insurance and legal services,under the MoneyPlus brand.
Chief executive Chris Davis said: “We are delighted to have completed this latest acquisition. Debt Free Me has a high quality book of debt management plans and a very strong customer service ethos driving one of the lowest attrition rates I have seen in the sector.
“We will continue to work with Palatine to achieve our growth strategy and ultimately become one of the largest companies in our sector.”
Ed Fazakerley, Partner at Palatine Private Equity, said: “Our strategy has always been to grow the business both organically and via acquisitions, so we are very excited about the latest deal with Debt Free Me. We are also looking at a number of further acquisitions to support this strategy in the future.”
Dow Schofield Watts provided due diligence advice on the acquisition, with Frank Shephard, Victoria Barker and Lucy Shenton from DWF providing legal advice to MoneyPlus Group.
