Chase Templeton makes first of new wave of deals
ACQUISITIVE private medical insurance specialist Chase Templeton has completed the first in a new series of deals with the purchase of a Warwickshire firm.
Chase Templeton of Darwen Lancashire, has acquired Kenilworth-based Health Assist for an undisclosed sum.
Specialising in company private medical insurance, employee benefits and group risk, Health Assist was founded in 2005 by managing director Simon Allen. He decided to sell in order to focus on other business interests and agreed a deal which will add £1.9m in annual premium income to Chase Templeton’s business division.
Warren Dickson, chief executive of the Norht West company said: “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.”
Vendor Simon Allen added: “Founding and building Health Assist has been a thoroughly rewarding experience but the time is right to hand over the reins to a company better placed to both manage the growing regulatory burden and offer the expertise and market influence necessary to best serve my clients going forward.
“Chase Templeton best fitted the bill, giving me genuine reassurance that my valued clients’ interests will be in safe hands.”
The acquisition is the first in a series Chase Templeton expects to complete over the next two months. Backed by funding from Manchester investment firm Palatine Private Equity, the company has been actively seeking potential takeover targets, ranging from fully fledged brokers to the books of consultants and IFAs.
In 2013 it bolted-on 12 deals which took turnover to over £12m and saw its business and individual client base grow to over 35,000.
Mr Dickson added: “We are close to signing off several other acquisitions of varying size and remain hungry for more.”
The Health Assist business will be integrated with Chase Templeton’s Business operation which is housed at its Blackburn headquarters.
