Chase Templeton has completed five acquisitions, adding nearly £6.3m in annual premium income, since being purchased itself by the newly formed Ardonagh Group.
Finalised over a three-week period, 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 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 and 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.
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.
It has also more than doubled staff numbers in the same period and now employs over 120 people at its headquarters in Darwen, Lancashire and offices in Bridgwater, Somerset.
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.
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