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Palatine-backed MoneyPlus Group adds Debt Free Me

5 Sep 2012

MoneyPlus Group, the consumer financial services business backed by UK lower mid-market buyout firm Palatine Private Equity, has completed the acquisition of debt management company Debt Free Me.

Financial terms of the deal were not disclosed.

Debt Free Me, based in Blackburn, England, provides a range of debt management services to consumers and employs 30 people.

The business will continue to trade under the Debt Free Me brand as part of MoneyPlus Group.

The acquisition adds over 6,000 consumers to the MPG customer base.

MPG 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.

MPG 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.

“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,” said MPG chief executive Chris Davis.

“We will continue to work with Palatine to achieve our growth strategy and ultimately become one of the largest companies in our sector.”

This is the fifth acquisition completed by MPG since Palatine backed a management buyout in June 2011. Palatine partner Ed Fazakerley said the firm is also looking at a number of further acquisitions.

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