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Palatine exits Chase Templeton

Palatine Private Equity has completed the successful sale of Chase Templeton to Nevada Investments following a period of extraordinary growth for the private medical insurance provider.

The private equity firm initially backed the Blackburn-based business in 2013 and has supported the management team through a successful buy and build strategy. It was the first investment from Palatine’s Fund II.
 
Founded in 2002, Chase Templeton is one of the UK’s leading PMI specialists. It operates from headquarters in Darwen, Lancashire and offices in Bridgwater, Somerset. The company has enjoyed rapid growth, completing more than 75 acquisitions and growing its annual premium income from approximately GBP90m to GBP150m in just four years.
 
Chase Templeton will now be supported by its new owner Nevada Investments, the US investment vehicle set up by HPS Investment Partners and Madison Dearborn Partners. The deal, which exchanged on 3 May 2017, has now received full regulatory approval. Nevada Investments will support Chase Templeton as it continues to acquire new targets.
 
Ed Fazakerely, partner at Palatine Private Equity and former board director at Chase Templeton, says: “The management team led by Warren Dickson have done a great job in implementing the buy and build strategy, which has led to the business becoming a leading player in the PMI marketplace. Chase Templeton is a fantastic example of a fast growing business from the North of England and we are confident that this level of growth will continue with support from Nevada.”
 
Warren Dickson, chief executive officer at Chase Templeton, adds: “Palatine has played an instrumental role in the extraordinary growth at Chase Templeton since investing in our business in 2013. With their much valued support we have in that time completed over 75 acquisitions, more than doubled our workforce and increased our annual premium income from GBP90m to GBP150m. Chase Templeton is now firmly established as one of the UK’s leading private medical insurance specialists.”
 
Advisers to the shareholders included Deloitte (Olly Tebbutt, Simon Barrass and Myles Philips) Gateley plc (Rebecca Grisewood and Steve Roberts) and PwC (Jonathan Cooper and Syd Hussain).

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