Firm makes debut investment from second fund.
Palatine has invested in private medical insurance broker Chase Templeton. No financial details have been disclosed.
Founded
in 2002, Chase Templeton hopes to post a 2013 turnover of around £12m
(€13.9m), and employs 50 people between its offices in Blackburn and
Somerset. It has made ten acquisitions in recent years and plans to use
the windfall to further consolidate the private medical insurance and
employee benefit specialist services markets, with the next buy expected
to be confirmed within weeks.
The deal is the
first from Palatine's second fund. Fundraising is ongoing, and the firm
is thought to have set a target of £150m. Its most recent exit came with
the sale of Air Energi Group last October, delivering a 3x return.
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