Palatine Private Equity’s portfolio company, MoneyPlus Group (‘MPG’), has completed four acquisitions in the four months since its management buyout, adding more than 5,000 IVA and debt management cases.
MPG has acquired three customer back books, including those of Manchester-based Byrom & Keeley and Debt Solver. Along with the back books, MPG has also acquired EasierDebt, which will continue to operate from its Cardiff base as part of MPG. No financial details for the transactions have been disclosed.
With its head office in Altrincham, MPG now employs more than 160 people and offers a range of services to improve consumers’ financial situations, including debt management plans and IVAs.
Palatine backed the management buyout of MPG in June 2011, with support from PNC Business Credit, and will continue to support the growth of the Group as it looks at further acquisitions. MPG also plans to extend its offering to consumers into other areas, including insurance and legal services, under the MoneyPlus brand.
Ed Fazakerley, partner at Palatine Private Equity, said: “When we backed the management buyout of MoneyPlus Group, the strategy was to grow the business both organically and via acquisitions. We are delighted that Chris and the team has been able to complete and integrate these deals so quickly and there are a number of further acquisition opportunities currently being considered.”