AnaCap buys stake in MRH Trowe

The deal was sourced proprietarily, a source close to the situation told Unquote, and the transaction was executed via bilateral discussions.

The company's management are to remain the largest shareholders in the business.

AnaCap is deploying equity via AnaCap Financial Partners III, which held a final close in February 2016 on €850m. The financial services-focused fund deploys equity tickets of €40-150m.

The GP said in a statement that it intends to support MRH Trowe's digitalisation, as well as a buy-and-build strategy. The same source told Unquote that targets for the consolidation are small to mid-sized commercial brokers in Germany and potentially in adjacent markets.

AnaCap has previously invested in the financial services sector in Germany: the GP acquired payment service provider Heidelpay in January 2017 and sold the business to KKR in August 2019, scoring a 3.7x net money multiple in a deal that valued the business at around €750m.

AnaCap continues to have a healthy pipeline of deals in the DACH region, the same source said.

Company
MRH Trowe is an insurance broker headquartered in Frankfurt am Main, with offices in 11 other cities in Germany. Founded in 1950, the business serves industrial and commercial customers and also offers products for high-net-worth private customers.

MRH Trowe employs 470 people and generated revenues of around €60m in 2020, representing an average annual growth rate of approximately 20% since 2017, the GP said in a statement.

People
AnaCap Financial Partners – Tassilo Arnhold (partner).
MRH Trowe – Ralph Rockel (co-founder).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• DACH
• Financials
• Germany
• AnaCap Financial Partners