Lancashire insurance firm Chase Templeton sold to US investor

Palatine Private Equity has completed the sale of medical insurance broker Chase Templeton to US-based Nevada Investments.

The private equity house first backed the Blackburn-based company in 2013 and has since assisted the management team with an extensive buy-and-build strategy.

Chase Templeton represented the first investment from Palatine’s Fund II.

The firm was established in 2002 and operates from its HQ in Darwen, Lancashire and an additional office in Bridgwater, Somerset.

The company has experienced rapid growth, completing over 75 acquisitions and increasing its annual premium income from around £90m to £150m in just four years.

The deal with Nevada Investments exchanged on May 3 and has now received full regulatory approval.

Chase Templeton will continue to seek further acquisitions with the support of Nevada Investments, an investment vehicle set up by HPS Investment Partners and Madison Dearborn Partners.

Palatine Private Equity partner Ed Fazakerely, a former board director at Chase Templeton, said: “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.”

Chase Templeton CEO Warren Dickson commented: “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 £90m to £150m.”

Mr Dickson added: “Chase Templeton is now firmly established as one of the UK’s leading private medical insurance specialists.”

Olly Tebbutt, Simon Barrass and Myles Philips of Deloitte, Rebecca Grisewood and Steve Roberts of Gateley plc and Jonathan Cooper and Syd Hussain of PwC advised the shareholders on the transaction.

Palatine Private Equity was founded in 2005 and has offices in Manchester, London and Birmingham.

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