Palatine’s Chase Templeton acquires Health Assist
Palatine Private Equity portfolio company Chase Templeton has completed the first in a new series of acquisitions with the purchase of Health Assist.
Health Assist, based in Kenilworth, specialises in company private medical insurance (PMI), employee benefits and group risk.
The acquisition will add GBP1.9m in annual premium income (API) to Chase Templeton’s business division.
The Health Assist business will be integrated with Chase Templeton’s business operations based in Blackburn. The firm employs nearly 60 staff and also has an office specialising in individual and family health insurance in Bridgwater, Somerset.
This acquisition is the first in a series Chase Templeton has planned in the coming months. Palatine Private Equity backed the buy and build of Chase Templeton in 2013, the first investment from its GBP150m Fund II. Since then Chase has completed 12 acquisitions taking turnover to over GBP12m and has seen its business and individual client base grow to more than 35,000. Aided by organic growth the company has just broken through the GBP100m API barrier and is forecasting further growth of around 10 per cent for this year.
Warren Dickson, chief executive officer, Chase Templeton says: “Health Assist has a relatively small but well established and profitable SME client base to which we feel, with our greater resources and expertise, we can offer greater value. In the current economic and regulatory climate it’s really tough for smaller brokers to compete effectively.”
Ed Fazakerley, partner, Palatine Private Equity, says: “The latest acquisition enables Chase to expand its customer base further and will provide a boost to its revenue and profit. This is the first in a new wave of deals for the business and we’re very excited for the next phase of its buy and build strategy.”
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