Credit provider Homebuy has been acquired by its management team in a £10 million deal.

The Walsall-based business has partnered with Seneca and Intrinsic Equity, the investment vehicle of Birmingham-based corporate finance adviser Orbis Partners, for the deal.

Seneca said the deal would provide significant funding to support growth and add to Homebuy's 20,000-strong customer base.

Homebuy provides customers with a means of acquiring household goods such as furniture, entertainment equipment and kitchen appliances via consumer finance plans.

In addition to its HQ in Aldridge, it has offices in Glasgow, Belfast, Rotherham, Wigan and Seven Oaks.

Birmingham-based Nick Leitch, who leads Seneca's equity and lending businesses, said: "We are delighted at this opportunity to partner with management and Intrinsic to deliver this transaction.

"The funding structure we've created ensures significant scope for management to grow the group."

James Grenfell, senior partner of Intrinsic Equity, added: "The management team has ensured the business is now well positioned to service the growing demand of the customer base and we look forward to working with them achieve the strategic plan."

Investment equity was provided by Seneca and Intrinsic, senior debt facilities by Hampshire Trust Bank and junior debt by Seneca Secured Lending.

Gateley (legals) advised Seneca and Intrinsic, Hill Hofstetter (legals) acted for management and tax advice was provided by Smith & Williamson.

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