Mediterra sells ACP to Howden

The deal ends a four-year holding period under Mediterra Capital, after the GP acquired the business in April 2014.

Howden has had a presence in Istanbul since 2012 and the acquisition is expected to increase its reach in the country with offices in Ankara, Bursa and Izmir. The business will be part of Howden's Turkey, Middle East and Africa business region, which has 12 offices in 12 territories including Turkey, the UAE and Oman.

GRC Howden, the reinsurance subsidiary of the Hyperion insurance group, will remain independent and continue to service its insurer and other business partners.

The transaction is expected to close in the first half of April 2018.

Mediterra is currently fundraising for its Mediterra Capital Partners II fund, announced in September 2015 with a target of €300m.

Previous funding
Mediterra acquired the insurance and reinsurance broking service provider in April 2014. It secured a 67% stake in return for an undisclosed investment, according to Unquote Data.

Mediterra, which held the €164m final close of its debut fund, Mediterra Capital Partners I, in January 2013, typically seeks to invest in businesses with an enterprise value ranging from €25-250m.

Company
Established in 1994 and headquartered in Istanbul, ACP Sigorta provides insurance and reinsurance broking services.

People
Mediterra Capital – Ahmet Faralyali (managing partner).
Hyperion – David Howden (CEO).

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