Broker maintains 'buy and build' momentum following acquisition by Ardonagh.
Chase Templeton has reaffirmed its commitment to a long-term “buy and build strategy” having completed five acquisitions since being acquired by the newly formed Ardonagh Group.
The deals brought in nearly £6.3 million in annual premium income (API).
Finalised over a three-week period (ending August 1st 2017), they saw the broker acquire a mix of consultant, broker and independent financial adviser (IFA) books.
The largest of the transactions was the acquisition of St Albans based IFA Feast Noble and Co’s private medical insurance (PMI) book. This alone brought in some £2m. in API.
The pace of acquisitions signals that the Chase Templeton will continue to be the most active PMI consolidator under its new owners.
“We have a proven formula which we have finessed over the years in order to secure maximum value from acquisitions,” said Chase Templeton’s Mergers & Acquisition Director, Jeff Tate. “Now, as part of a wider and exceptionally well-resourced group we are perfectly placed to execute further and bigger deals.”
He added that the company is already pursuing specific acquisition opportunities and expects to complete two or three deals within the next six months.
“We have a proven formula which we have finessed over the years in order to secure maximum value from acquisitions. Now, as part of a wider and exceptionally well-resourced group we are perfectly placed to execute further and bigger deals.”
The broker has grown fast in recent years. Since 2013 it has completed over 80 acquisitions and increased API by some 70 percent, from £90m to around £150m.
Acquisitive expansion has been complemented by solid organic growth, aided by an impressive near 90 percent retention rate.
Founded in 2002, Chase Templeton secured the backing of Palatine Private Equity in 2013. Palatine subsequently realised its investment by selling its stake to HPS and Madison Dearborn backed Nevada Investments at the end of June. Nevada was subsequently folded into the Ardonagh Group which is also home to Autonet, Price Forbes, Ryan Direct and Towergate.