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Budco Financial has been acquired by a Cleveland-based growth capital firm in a $10.5 million deal.

Scale Community Inc. is acquiring the Detroit-based payment plan program management company from Evolution Capital Partners, which is also based in Cleveland. It is the first acquisition for ScaleCo.

As of now, the ownership structure gives ScaleCo a 58 percent interest, founder and CEO Bud Brian about 40 percent of the company and four members of the management group owning the remaining 2 percent, says ScaleCo Founder and Managing Partner Brendan Anderson.

“The management group has an incentive that could get them up to 48 or 49 percent, but we’ll always retain a bit of a majority,” Anderson says.

Evolution Capital Partners acquired Budco in 2012 and established a technology platform, expanded customer service capabilities, increased employment by 50 percent and introduced new product avenues to deliver vehicle service contracts.