Marlborough-based Healthcare Solutions sold by retiring founder
Marlborough-based Healthcare Solutions, which provides private health insurance to small and medium-sized businesses, has been bought by Blackburn-based private health insurance specialist Chase Templeton for an undisclosed sum.
The deal will bring Chase Templeton £700,000 in annual premium income, of which 90 percent is generated by small- and medium-sized enterprise clients.
Healthcare Solutions was the corporate vehicle of Peter Frankum who has decided to retire from the business at the age of 73.
Mr Frankum said: "Having spent many enjoyable and rewarding years building up a great book of loyal clients, predominantly small businesses, I felt now was the time to hand over the reins.
"Chase Templeton, with whom I've also worked with for many years, seemed a natural home. They have an excellent track record of successfully integrating the many businesses they've acquired and retaining clients by continuing to provide the high levels of service they demand."
Jeff Tate, Chase Templeton's mergers and acquisitions director, said: "When it comes to company medical insurance and employee benefits, whilst we do serve national and international corporates, the SME space is really our sweet spot.
"Healthcare Solutions book will complement our existing strength in that space bringing an impressive roster of small businesses to Chase Templeton."
The deal, concluded on October 30, is the 16th acquisition for the fast-growing broker this year, and the 50th since securing backing in January 2013 from Manchester-based Palatine Private Equity and recruiting CEO Warren Dickson to lead a “buy and build” expansion strategy.