Ashcombe advises Provident Financial plc on its acquisition of Moneybarn
Ashcombe Advisers is pleased to announce that it has acted as M&A adviser to Provident Financial plc on its acquisition of Duncton Group Limited, trading under the Moneybarn brand, for £120 million. The consideration for the acquisition will be funded through the proceeds of a placing of new ordinary shares in Provident Financial with institutional investors which took place earlier today.
Founded in 1992, Moneybarn provides car finance to non-standard customers in the UK, operating mainly through brokers with additional distribution sourced through independent car dealers and from its website directly to customers. The business offers secured car loans, predominantly through conditional sale agreements, and will create a third leg of earnings for Provident alongside its Vanquis credit card and consumer credit divisions.
Peter Crook, CEO of Provident Financial plc, said:
“I am delighted that Provident Financial is able to announce the acquisition of Moneybarn, which is the market leader in the non-standard car finance market. Ashcombe Advisers’ detailed knowledge of the business and its shareholders was critical in allowing us to complete this transaction.”
Andreas Wesemann of Ashcombe Advisers commented:
“We are pleased to have advised Provident Financial plc on this transaction, building on our long-standing relationship with both parties. The transaction reflects our strengthening advisory franchise in the speciality finance sector and we look forward to working with our clients in this area in the future.”