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AnaCap sells insurance co stake to TA Associates

AnaCap Financial Partners has sold a minority stake in portfolio company MRH Trowe, one of the largest owner-managed commercial lines insurance brokers in Germany, to TA Associates. The company’s founders will remain the largest shareholder group post transaction and will be backed by both AnaCap and TA Associates moving forward. 

AnaCap Financial Partners (AnaCap) has sold a minority stake in portfolio company MRH Trowe (MRHT), one of the largest owner-managed commercial lines insurance brokers in Germany, to TA Associates. The company’s founders will remain the largest shareholder group post transaction and will be backed by both AnaCap and TA Associates moving forward. 

This transaction, which marks the fourth exit from AnaCap’s third fund, generates a 4.3x money multiple and follows the 4x exit of Oona Health to Topdanmark earlier this month. Closing of the transaction is subject to EU antitrust approval.

MRHT is one of the ten largest German industrial insurance brokers, with more than 1,100 employees and €650 million of premium volume, offering comprehensive expertise in practically all insurance lines for industrial and commercial clients, financial institutions as well as high-net- worth individuals. 

This deal follows the recent completion of a debt refinancing for MRHT, led by Macquarie Capital Private Credit and existing lending partner Bain Capital Credit. 

The sale comes 2.5 years after AnaCap’s initial investment, during which time MRHT has completed 21 bolt-on acquisitions, and achieved double-digit organic growth.

 
  

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