Palatine-backed medical insurance consolidator Chase Templeton has acquired its competitor Avanti Healthcare.
Chase Templeton stated that Avanti would add £6.8m of annual income and 1,500 clients to its business. The bolt-on is the company's 18th deal this year and the 50th since Palatine invested in the business in 2013.
Avanti's management exited the healthcare insurance sector in order to focus on the travel insurance business.
Palatine acquired Chase Templeton in March 2013. HSBC provided working capital as well as a senior loan. Palatine made the acquisition from its second fund, which held its final close on £180m in July 2013.
Founded in 1996 and based in Essex, Healthcare Partners trades under the Avanti Healthcare brand. The company is a medical insurance consolidator.
Founded in 2002, Chase Templeton is a British private medical insurance broker with operations in Darwen, Bridgewater and Bromley. The company employs 100 people.
Warren Dickson is CEO of Chase Templeton. Glen Smith is CEO of Avanti.
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