Propel Insurance acquires senior living specialist HealthCare Services
Propel Insurance, a US retail insurance agency, has acquired HealthCare Services (HCS), a boutique risk management and insurance consulting company based in Knoxville, Tennessee, for an undisclosed price.
HealthCare Services specializes in catering to senior care organizations.
Propel Insurance, which is a portfolio company of Flexpoint Ford, said that the enlarged firm following the acquisition, will have over $120 million in annual revenue this year. With seven offices across the US, Propel Insurance and HealthCare Services will continue to focus on offering customized insurance solutions to their clients.
Ed Sims and Taylor Preston – Senior Partners at HealthCare Services said: “We are excited to partner with Propel and Richard Todd, who we’ve competed with for more than twenty years. Collaborating as a team going forward will offer many new opportunities for our senior living vertical. We share similar values and take pride in providing creative, tailored insurance solutions for our clients.
“High quality client service is the ultimate driver of organic growth. We are confident that our alignment with Propel will provide us with strategic resources to accelerate our existing momentum.”
Propel Insurance acquisition of HealthCare Services will grow the former’s existing senior living practice and confirm it among the top healthcare specialists in the insurance industry. The two companies will strengthen their expertise in helping clients handle risk across the country.
Mike Ferreira – Executive Director of Growth and Distribution for Propel Insurance said: “We have long admired HCS as a leader and provider of top-tier service to its clients in the senior living industry. We are thrilled to announce this partnership which reinforces our commitment to our growth strategy as we bolster our industry expertise through strategic acquisitions.
“The addition of Ed and his team will add a wealth of industry knowledge and solidify Propel as a national leader in the senior living industry.”
The acquisition of HCS will deliver Propel’s goal of continuing to expand its geographic footprint with top industry talent. Knoxville and Charlotte will serve as Propel hubs in the southeast as we expand our national platform.
Kirkland & Ellis was the legal counsel for Propel Insurance and Flexpoint Ford for the transaction. On the other hand, Reagan Consulting was the financial advisor to HealthCare Services, while Morris Manning & Martin was the legal counsel for the transaction.