Lifepoint Healthcare has completed the purchase of Just Private Medical and is seeking to add more acquisitions to its business.
The deal will add 120 clients to Lifepoint’s client base.
Lifepoint director Isaac Feiner (pictured) told Health & Protection that Just Private Medical director Jason Becker had sold the business to concentrate fully on his financial advice business.
Feiner added the client portfolio of Just Private Medical will be brought into the Lifepoint business and the deal will enable London-based Lifepoint to add larger clients and some who are based outside of the capital.
He noted the deal also enabled Lifepoint to hone its acquisition processes and said he hoped to make further acquisition announcements in the coming weeks.
“We have made no secret of our growth aspirations with the intention of becoming a major player in the health and wellbeing space,” Feiner said in a statement.
“We have ambitions to build a £100m premium income business and are delighted to have completed this acquisition.
“Our plan is to continue our organic growth complemented by key strategic acquisitions of businesses and portfolios which are the right cultural fit for the Lifepoint Group and where the owners are looking to exit the market for whatever reason.”
More aquisitions ahead
Elaborating on future deals, Feiner told Health & Protection: “We are working with a number of brokerages who have decided that it’s time for them to exit to focus on other things or they have had enough and want to retire.
“They approach us because they know we’re culturally a good fit, we’re trying to look after people in the right way.”
But Feiner added he was prepared to reject deals if there was evidence of a high turnover of clients.
“If we feel it’s a toxic book with a lot of churn where they are trying to squeeze the clients, then we will walk away from the deal,” he said.
Just Private Medical director Jason Becker added: “I am delighted to have concluded the sale of our portfolio of healthcare clients to Lifepoint Healthcare.
“They are a customer focused business delivering a first class service who I know will take great care of our clients.
“The sale enables me to focus on continuing the growth of our financial business.”