Palatine exits Chase Templeton
Lancashire-based Chase Templeton has been sold by Palatine Private Equity to Navada Investments, the investment vehicle set up by HPS Investment Partners and Madison Dearborn Partners.
The move will see previous backer Palatine exit the fast-growing private medical insurance broking business in which it invested in 2013.
Since then Chase Templeton has enjoyed rapid growth as it pursued a “buy and build” strategy which saw it complete more than 75 acquisitions and grow its in force annual premium income from approximately £90m to £150m in just four years.
Nevada Investments will support an extension of that strategy which will see Chase Templeton continue to acquire targets.
“Palatine has been incredibly supportive and promoted the extraordinary growth from which we’ve benefited since 2013,” said Chase Templeton chief executive Warren Dickson.
“We’re making a step change now with backers who can help us explore bigger deals. 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 that the deal would not impact the business operationally.
He went on: “For our staff and clients, it will very much be business as usual. 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 is already one of the UK’s leading PMI specialists. It operates from headquarters in Darwen and offices in Bridgwater, Somerset.
