Palatine backs management buyout of MoneyPlus Group

Palatine Private Equity (Palatine) has backed the management buyout of MoneyPlus Group (MPG), a leading consumer financial services group.

Based in Altrincham, MPG currently operates under a number of trading names, including Chiltern, The Debt People and Hamilton Locke.  It offers a range of services to improve a consumer’s financial situation – from repayment plans, including debt Management and IVAs, to unique solutions that lower household bills (and everything in between).

MPG, which employs 130 people, has grown both organically and via a number of acquisitions.  The investment from Palatine will support the continued growth of the group as it looks at further acquisitions and extending its offering to consumers into other areas, including insurance and legal services under the MoneyPlus brand.

Palatine has provided equity funding alongside the CEO of MPG, Chris Davis, and the senior management team.  PNC Business Credit has provided working capital facilities.  Ed Fazakerley, Gary Tipper and Beth Houghton made up the deal team for Palatine with Fazakerley and Houghton both joining the MPG board.  MoneyPlus Group is the seventh investment made from the £100m maiden fund that Palatine closed in December 2007.

Grant Thornton advised the management team throughout the transaction with KPMG undertaking due diligence for Palatine.  Rebecca Grisewood and Kate Richards from Gateley provided legal advice to Palatine with Frank Shephard and Lisa Stavropoulos from DWF advising the MoneyPlus team.

Ed Fazakerley, Partner, Palatine Private Equity, said:  “We are delighted to have invested in MoneyPlus Group and are looking forward to working with Chris and his team to take the business forward. MPG has achieved impressive growth in recent years both organically and via acquisition and is now one of the most respected players in the sector. Increased regulation and consolidation in the industry will create further opportunities for growth in addition to the company’s plans to provide a broader range of services and products to its customer base.”

Chris Davis, CEO, MoneyPlus Group, said: "We are delighted to have teamed up with Palatine in order to complete this buyout. We are convinced that working with Palatine will enable us to continue our growth and ultimately achieve our aim of establishing
Moneyplus Group as a leading provider of financial advice."

Andrew Stubbs, Grant Thornton, said: “We wish Chris and his team every success with this new chapter for the business.  MoneyPlus already has a superb reputation within the industry, trusted for providing excellent advice and service to its customers with the highest ethical standards.”