KNOXVILLE, Tenn. — Propel Insurance, a leading retail insurance agency and a portfolio company of Flexpoint Ford, has acquired HealthCare Services (HCS), a boutique risk management and insurance consulting firm based in Knoxville. HCS specializes in serving senior care organizations.
The combined agency expects to generate more than $120 million of annual revenue in 2020 and will have seven offices across the country.
The acquisition will expand Propel’s existing senior living practice, as well as the Charlotte, North Carolina-based company’s geographic spread.
Ed Sims and Taylor Preston, senior partners at HCS, note that the companies have competed for more than 20 years. “Collaborating as a team going forward will offer many new opportunities for our senior living vertical,” the partners noted in a joint quote.
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.