Portfolio company development: Strategic acquisition by Harrington Brooks
Inflexion Private Equity, the mid-market private equity investor, today announces the latest acquisition by its portfolio company, Harrington Brooks, one of the UK’s largest providers of debt management and consolidation services. Harrington Brooks has acquired the debt management and IVA customer back books from DebtMatters, a Bolton based debt management business. The two companies have also entered into an ongoing mutually beneficial trading relationship. The deal was financed by Harrington Brooks’ existing senior lender, The Royal Bank of Scotland PLC, as well as available cash resources within the business.
Going forward, DebtMatters will continue to advise new clients on dealing with their debt concerns and then Harrington Brooks will supervise the plans and achieve the best results for customers and their creditors.
Harrington Brooks is a national firm and has been operating for many years as insolvency practitioners. The business has successfully acquired and integrated similar back book transactions in the past and this transaction, particularly the joint venture on ongoing business with DebtMatters, will help to generate greater economies of scale for the business.
Tim Smallbone, a Partner at Inflexion commented “At Inflexion we remain firmly committed to the future growth and development of our portfolio companies, and in working with our management teams to identify and pursue value enhancing acquisitions. Harrington Brooks has established stable foundations for future organic and acquisitive growth with the ability to exploit its highly scalable infrastructure. We look forward to working with the newly expanded company as it continues to grow”