Fluent Money Group acquired by Mortgage Advice Bureau

Mortgage Advice Bureau (MAB) has announced it is to acquire a majority stake in the Fluent Money Group for a total cash payment of around £73m.

The group confirmed the figure is based upon an enterprise value of £95m on a “debt free, cash free basis”, together with a put and call option over the remaining interests.

Fluent is a telephone advice mortgage broking platform that has developed an end-to-end digital customer journey, with approximately 420 employees that includes 125 advisers across first and second charge mortgages, later life lending and bridging finance.

MAB revealed the acquisition will be funded from renewed and increased debt facilities, existing cash resources and the proceeds of a proposed placing of new ordinary shares in the company, to raise around £40m.

“We are very excited to partner with a like-minded management team and high growth intermediary that is a leader in centralised telephone mortgage advice,” said MAB founder and CEO, Peter Brodnicki.

“This acquisition is a perfect example of our strategy to invest in complementary businesses and platforms to help accelerate growth by broadening our proposition. MAB has targeted the fast-growing sector of national lead generation by using technology to link together its key appointed representatives and invested firms seamlessly.

“Combined, we expect that Fluent and MAB will be able to grow this new market share opportunity quickly and effectively, complementing the local and regional strategy delivered by the rest of MAB's growing distribution.”

The acquisition is subject to approval by the FCA and completion of the deal is not expected until the second half of 2022.

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