Palatine buys into Chase Templeton
MANCHESTER-based private equity firm Palatine has bought into medical insurance broker Chase Templeton.
The Blackburn firm has grown rapidly by acquisition since being set up in 2002 and this deal is expected to fuel further growth.
It said it would target firms specialising in private medical insurance and employee benefit services.
The scale of Palatine’s investment was not disclosed.
Chase Templeton, set up by Kevin Amphlett, has offices in Blackburn and Somerset. It employs some 50 staff and expects sales to hit £12m by the end of the year.
Mr Amphlett, the firm’s chairman, said: “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.”
He added: “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.”
Palatine partner Ed Fazakerley, who will join the Chase board, said: “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.”
The corporate team at HSBC led by Julien Andrew has provided senior debt and working capital facilities to support Palatine.
Gateley’s Manchester team, led by Mark Halliwell and Rebecca Grisewood, provided legal advice to Palatine. A team at Ernst & Young, led by Manchester-based partner Richard Harding, provided financial and tax due diligence to Palatine. Rennison Consulting undertook commercial due diligence and The Quinn Partnership provided management due diligence.
Chase Templeton were advised by Matt Beckley of DTE Corporate Finance with legal advice from Shoosmiths’ Manchester team led by Mark Dawson, Karen Procter and Alex Lilley.
