This move strengthens Wesleyan’s position in the dental market where it has provided specialist financial advice and services to dentists. The Society’s other core customer markets include doctors, lawyers and teachers.
Craig Errington, Wesleyan’s chief executive, said: “The acquisition of Practice Plan is part of a larger strategic growth programme that we are embarking upon over the coming years. Until now we have largely focused on providing personal financial services to dentists. Practice Plan is a strong and successful business and will play an integral role in helping us to grow our commercial offering to dental practices.
“Practice Plan offers a great synergy with the Wesleyan brand; it has an excellent reputation within the dental profession and has built up strong relationships with a large number of dental practices nationwide. We can develop these links further to provide a more comprehensive financial service tailored specifically to this market.”
Wesleyan Chairman Bryan Jackson CBE commented: “Wesleyan is in a position of financial strength and so can grow to the benefit of our customers and members. Our interests lie in opportunities that will develop our offering for our professional customers. This acquisition is a clear indication of our commitment to be the provider of choice for dental professionals.”
Nick Dilworth, managing director of Practice Plan, said: “Practice Plan is pleased to become part of one of the UK’s financially strongest mutuals with a great heritage and a reputation for customer service and product performance.”
Practice Plan has been acquired from UK mid-market private equity firm Dunedin and shareholders and the transaction is subject to regulatory approval.
Wesleyan was advised by Fenchurch Advisory Partners and law firm Pinsent Masons, and Practice Plan's shareholders were advised by Deloitte and law firm Addleshaw Goddard.