Chase Templeton has acquired Ealing-based SJS Healthcare Associates Ltd. in a deal which adds a further £2m in annual premium income (API) to the fast-growing private medical insurance intermediary’s books.
It’s the second purchase to be completed in just four weeks by the company which last month purchased Warwickshire PMI, employee benefits and group risk specialist, Health Assist. That deal brought in £1.9m API to the Lancashire-headquartered business.
Founded in 2002 SJS Healthcare majors on private healthcare, life cover, income protection and critical illness for business although it also offers advice to individuals. Co-founder Helen Simons, who boasts 22 years specialist PMI experience, is to retain links to Chase Templeton post-acquisition by taking on an introducer role.
“SJS is an ideal fit,” commented Chase Templeton’s chief executive officer, Warren Dickson. “It holds a strong SME book which will bolster our fast-growing presence in the company PMI and business protection sector. I’m delighted too that Helen will be using her expertise and impressive experience to support Chase Templeton’s future organic growth in her role as an introducer.”
Commenting on her decision to sell Helen Simons said: “This is an ideal outcome for me. Whilst exiting SJS and leaving my clients in good and capable hands I get to remain in an industry which I know inside out – and love.”
Meanwhile Dickson reports that the company, which is backed by Manchester private equity house Palatine, is set to imminently announce another deal which will provide another significant boost to its presence in the SME sector. “We’re talking days rather than weeks,” he said.
He added that the company intended to maintain the pace of its “buy and build” strategy through 2014, with several acquisitions scheduled to complete before the end of this month. “We’ve kicked off 2014 as we ended 2013, in full flow”. In addition to this deal we are set to confirm a number of new acquisitions before the month is out.”
The SJS deal means Chase Templeton has now added around £6m in API in the two quarters since the beginning of its accounting year last November. It also made a £150,000 capital investment when relocating its headquarters to a dedicated two-storey building at Darwen Interchange, Blackburn. This followed a 40 percent increase in staffing levels in 2013 which now sees the company employing over 60 people in Lancashire and its offices in Bridgwater, Somerset.
Chase Templeton was advised by Manchester Law Firm Shoosmiths.