The private equity firm initially backed the Blackburn-based business in 2013 and has supported the management team through a successful buy and build strategy. It was the first investment from Palatine’s Fund II.
Founded in 2002, Chase Templeton is one of the UK’s leading PMI specialists. It operates from headquarters in Darwen, Lancashire and offices in Bridgwater, Somerset. The company has enjoyed rapid growth, completing more than 75 acquisitions and growing its annual premium income from approximately £90m to £150m in just four years.
Chase Templeton will now be supported by its new owner Nevada Investments, the US investment vehicle set up by HPS Investment Partners and Madison Dearborn Partners. The deal, which exchanged on 3 May 2017, has now received full regulatory approval. Nevada Investments will support Chase Templeton as it continues to acquire new targets.
Ed Fazakerely, partner at Palatine Private Equity and former board director at Chase Templeton, said: "The management team led by Warren Dickson have done a great job in implementing the buy and build strategy, which has led to the business becoming a leading player in the PMI marketplace. Chase Templeton is a fantastic example of a fast growing business from the North of England and we are confident that this level of growth will continue with support from Nevada."
Warren Dickson, chief executive officer at Chase Templeton, added: "Palatine has played an instrumental role in the extraordinary growth at Chase Templeton since investing in our business in 2013. With their much valued support we have in that time completed over 75 acquisitions, more than doubled our workforce and increased our annual premium income from £90m to £150m. Chase Templeton is now firmly established as one of the UK’s leading private medical insurance specialists."
Advisers to the shareholders included Deloitte (Olly Tebbutt, Simon Barrass and Myles Philips) Gateley plc (Rebecca Grisewood and Steve Roberts) and PwC (Jonathan Cooper and Syd Hussain).
Westleigh's affordable housing developments at Saffron Acres in Leicester and Derby Road in Loughborough were recognised as part of the annual awards, which acknowledge the UK's most responsibly managed construction sites. Staff at both developments have made special efforts to reach out to the community in each area, showing ingenuity and resourcefulness to find new ways of engaging with local people.
Saffron Acres is Europe's largest scheme to meet the Passivhaus standard, the construction industry's benchmark for ecologically friendly projects. The 68-home development uses state-of-the-art insulation and heating technology to reduce energy usage to an absolute minimum, and will bring predicted heating costs for some homes down to just £13 annually.
Staff at the site, on formerly derelict land off Heathcott Road in Leicester, have expanded on the development's eco-friendly credentials with a number of environmentally focused community projects. In partnership with the Saffron Lane Neighbourhood Council, Westleigh employees took part in efforts to plant 800 saplings adjacent to the site in Spring last year and also offered practical support in constructing an eco garden, eco visitor centre and parking in the local area.
Employees at the Derby Road site, meanwhile, made local headlines in September 2016 when they volunteered their time to undertake a litter pick and clean-up on the neighbouring Grand Union Canal, repairing bridge handrails and fencing along the way. Members of the Loughborough site team have also made an effort to raise funds for local charitable causes, taking part in the 2016 Iron Run and arranging a charity barbecue.
Westleigh's Site Manager at Derby Road, Mark Dixon said: "Being considerate, courteous and respectful to the local community is just as important as quality craftsmanship and thoughtful planning when it comes to making a housing development a success. It is a prerequisite of the high standards we set for ourselves and which we promote as members of the CCS.
"In trying to meet our commitment to the CCS, my line of thinking was always; ‘What can we do to be better neighbours? What can we do to make a positive contribution to the local area?' We encourage our staff on site to think outside the box and come up with suggestions, and it is thanks to the hard work and dedication of everyone on site that we have been recognised in this way."
Jason Mann, Senior Production Manager at Westleigh, added: "To be acknowledged at the CCS National Site Awards is an immense source of pride for our business. The construction industry has suffered from a poor reputation in the past and as a progressive and ambitious developer, we've always felt that playing our part in correcting that should be at the heart of our ethos.
"The conduct of staff on these two sites has really encapsulated our principles as a business, and I'd like to offer them all the warmest congratulations."
Completion of works on both sites is anticipated later this year.
Westleigh builds commercial projects and new homes across the East and West Midlands, Cambridgeshire and Yorkshire, including homes for sale and properties for affordable rent on behalf of local councils and housing associations. It manufactures its own eco-friendly timber frames for the construction industry at its Westframe factory in Leicestershire.
The shocking events on Monday night spurred local firms into action and in just a few days 18 private equity firms based in the city came together to make this joint contribution. The money will be transferred to the BVCA which will make the donation to the We Love Manchester Emergency Fund, set up by Manchester City Council in partnership with the British Red Cross.
Richard Young, BVCA Director of Manchester, said: "As people who work in Manchester, with families of our own, we were all shocked by this terrible attack on innocent people. It has been heartening to see people come together in support of those affected. The private equity community is pleased to be able to play our part in offering support to the victims and their families"