Palatine-backed Chase Templeton shapes up with Health Assist

The private medical assurance broker completed 12 buyouts prior to the purchase of Health Assist, bringing revenues to more than £12m. The company hopes that this acquisition will add £1.9m in annual premium income (API), having broken through the £100m API barrier this year.

Templeton hopes to grow by 10% this year, with the bolt-on of Health Assist the first in a new wave of deals the company has planned for the coming months. The broker is looking at potential takeover targets of various sizes and at varying stages of development. Its previous acquisitions have already contributed to the company's business and individual client base growing to more than 35,000.

Palatine invested in Templeton in February 2013, in a deal worth between £10-25m. This marked the first deal from its second fund, which closed on its hard-cap of £150m in July 2013. HSBC provided working capital, as well as a senior loan.

Palatine did not provide additional funding to finance the deal. Previous Templeton deals have ranged up to £5m.

Company
Founded in 2005 by managing director Simon Allen, Health Assist specialises in company private medical insurance, employee benefits and group risk. The company is headquartered in Kenilworth.

People
Simon Allen will relinquish his role as managing director of Health Assist following the transaction. Warren Dickson is the CEO of Chase Templeton. Ed Fazakerley is a partner at Palatine and a non-executive director at Chase Templeton.

Advisers
Equity – Shoosmiths (Legal).
Company – Askews Legal (Legal).

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• Palatine Private Equity
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