Mon, 04/02/2013 - 10:20
Chase Templeton Group, one of the UK’s largest private medical insurance (PMI) specialist intermediaries, has secured investment from Palatine Private Equity.
Chase Templeton was founded in 2002 by Kevin Amphlett and is the major consolidator in the PMI broker sector having undertaken 10 acquisitions over the past few years. The move secures the firm’s strategy to undertake further acquisitions of PMI and employee benefit specialist services.
The company operates from offices in Blackburn and Bridgwater in Somerset and employs 50 people. Turnover is expected to reach about GBP12m by the end of 2013.
The investment is the first deal to be made from Palatine’s second fund.
Amphlett says: “It became clear that attracting professional investment was the most efficient way of fuelling our ambitious growth plans. After considering various offers, we chose the team at Palatine because of their enthusiastic approach and deep understanding of our buy-and-build strategy.
“These are exciting times ahead for the business. Although our hunger for growth is strong, we will continue to remain selective in our choice of acquisitions and true to our business model. We will announce another acquisition in the next few weeks. Organic growth is also an important aspect of our future strategy and a focus on new initiatives and bespoke product offerings is planned in the coming months.”
Ed Fazakerley (pictured), partner at Palatine Private Equity, says: “Kevin and the Chase management team have grown the business to become a leading player in a very competitive environment. The investment will allow the business to continue with its buy-and-build strategy and will further strengthen its position in the market. We are excited about working with such an ambitious team and a great business.”
As part of the deal Fazakerley will join the board of the company as a non-executive director.
The corporate team at HSBC led by Julien Andrew has provided senior debt and working capital facilities to support Palatine.
Palatine Private Equity is a private equity firm for the regions with offices in Manchester, London and Bristol. The firm exited oil and gas recruitment business Air Energi Group in October 2012, delivering a 3x return in just over three years.
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