The investment vehicle set up by
Towergate backers HPS Investment Partners and Madison Dearborn Partners has acquired private health insurance broker Chase Templeton for an undisclosed sum.
Nevada Investments purchased Chase Templeton from Palatine Private Equity, which is now exiting the private medical insurance broking business after investing in the sector in 2013.
Under its “buy and build” strategy, Chase Templeton enjoyed rapid growth, completing over 75 acquisitions and increasing its annual premium income from £90 million to £150 million in just four years.
Chase Templeton said it will continue to acquire targets with the support of Nevada Investments, which will help the broker extend its business strategy.
“We’re making a step change now with backers who can help us explore bigger deals,” said Chase Templeton CEO Warren Dickson.
“Given its leading position in the worldwide investment community and expertise in the insurance brokerage sector, Nevada is the ideal partner to help drive the business forward,” he added.
Dickson said the deal would not impact Chase Templeton operationally.
“For our staff and clients, it will very much be business as usual,” he said. “This is all about making sure that, with the help of our new backers, we can identify and fully exploit future opportunities for growth, whether through acquisition or organically.”
Founded in 2002, Chase Templeton operates from its headquarters in Darwen,
Lancashire and offices in Bridgwater, Somerset.
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