Palatine has provided equity funding alongside the company’s CEO, Chris Davis, and the senior management team. PNC Business Credit has provided working capital facilities.
MPG intends to use the proceeds from the investment and the debt financing to make further acquisitions and extend its offering to consumers into other areas, including insurance and legal services under the MoneyPlus brand.
Operating under a number of trading names, including Chiltern, The Debt People and Hamilton Locke, the company offers a range of services including debt management plans and IVAs. MPG curently employs 130 people.
In conjunction with the deal, Ed Fazakerley and Beth Houghton of Palatine will join the company’s board.