Palatine-backed MoneyPlus buys Debt Free Me
Palatine Private Equity portfolio company MoneyPlus Group has acquired debt management firm Debt Free Me.
The acquisition was financed from the company's existing balance sheet and adds 6,000 customers to MoneyPlus's client base.
MoneyPlus has completed five acquisitions since Palatine backed the MBO of the firm last year. Palatine invested through its £100m maiden fund at an auction arranged by Grant Thornton.
Company
Debt Free Me provides debt management services and employs 30 people. The firm is based in Blackburn. The company will continue to operate under the brand Debt Free Me as part of the MoneyPlus group.
People
Ed Fazakerley is a partner at Palatine. Chris Davis is CEO of Debt Free Me.
Advisers
Acquirer – Dow Schofield Watts, Chris Williams (Financial due diligence); DWF, Frank Shephard, Victoria Barker, Lucy Shenton (Legal).
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