A Salford-based provider of consumer debt advice has completed a management buy-out with the support of an independent alternative asset manager.
Intriva Capital has acquired a "significant" stake in MoneyPlus Group as part of the move and will provide additional funding to further "enhance the depth, breadth and value" of services for its customers in a total investment program of £60m.
MoneyPlus Group, which employs more than 170 people, was founded in 2010 to help people who are struggling with their finances to find the right solutions to their problems.
Alongside its core debt advice service, MoneyPlus Group also provides household energy solutions and legal services to its customer base.
Intriva’s backing of the management buyout, led by Chris Davis, the longstanding chief executive of MoneyPlus Group, will accelerate the expansion of the company’s services to a wider range of customers across the country.
The current MoneyPlus management team will continue in their existing roles.
Simon Finn, managing partner at Intriva Capital, said: "Chris and his team have successfully grown MoneyPlus to become a leader in its field with a reputation for understanding customer needs and acting with the upmost responsibility.
"This transaction is an opportunity for us to invest in a high-growth, dynamic business with a strong management team and an ambitious plan to support underserved markets and geographies."
Mr Davis added: "When we began talking to the Intriva team, it was clear that they understood our business and broader sector and, perhaps most importantly of all, shared our core values and ethos of supporting customers fairly and responsibly at all times.
"With Intriva’s backing, we’ll continue to grow the business and help more people in need of financial advice and assistance."
