Propel Insurance, a retail insurance agency and a portfolio company of Flexpoint Ford, has acquired HealthCare Services (HCS), a risk management and insurance consulting firm based in Knoxville, Tenn., that specializes in serving senior care organizations.
The combined agency will generate in excess of $120 million of annual revenue in 2020 and will have seven offices across the U.S.
Together, Propel and HCS will continue to focus on providing tailored insurance products to clients and offer growth opportunities for insurance carrier partners. Propel’s acquisition of HCS will expand Propel’s existing senior living practice.
Additionally, the acquisition of HCS will help Propel expand its geographic footprint. Knoxville and Charlotte will serve as Propel hubs in the Southeast as it expands its national platform.
According to Richard Todd, regional director of Propel, the acquisition allows it to expand its East Coast presence with a group risk management and insurance veterans. HCS will complement Propel’s new office in Charlotte, N.C.
Kirkland & Ellis LLP acted as legal counsel to Propel and Flexpoint Ford in connection with the transaction. Reagan Consulting acted as financial advisor to HCS and Morris Manning & Martin, LLP acted as legal counsel in connection with the transaction.
Propel Insurance is a nationwide privately-owned insurance agency providing an array of property, casualty, risk management, workers’ comp, employee benefits, personal insurance and other products across North America.
Flexpoint Ford is a private equity investment firm that has raised more than $4.3 billion in capital and specializes in privately negotiated investments in the financial services and healthcare industries.
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