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Asset manager Intriva Capital has bought a "significant" stake and supported a management buyout in consumer debt advice company Moneyplus Group.
Intriva Capital, an independent alternative investment manager that specialises in credit businesses, said the management buyout would accelerate Moneyplus Group's expansion.
The existing management team will continue in their roles.
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The asset manager also announced a £60m investment programme to grow the business, which already boasts more than 50,000 customers.
"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," Moneyplus chief executive Chris Davis said. "With Intriva's backing, we'll continue to grow the business and help more people in need of financial advice and assistance."
Last summer Intriva Capital bought peer-to-peer lender Lending Works for an undisclosed sum. Lending Works has recruited former Zopa president Jonathan Kramer as Chief Operating Officer with a mandate to create a new institutional funding division.
"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," Intriva Capital managing partner Simon Finn said.
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