AnaCap reaps 4.3x on MRH Trowe minority stake sale to TA Associates

Following the deal, the company's founding managers will remain the largest shareholder, backed by both AnaCap and TA. 

The new growth partnership will further accelerate MRHT's growth trajectory, AnaCap said in a statement, with the group on track to report more than EUR 150m in revenue in 2023. 

MRHT said in a statement that it has achieved its five-year plan early and now plans to double its sales to EUR 300m through organic growth and further consolidation by 2028. 

TA Associates' entry into MRHT's capital structure follows the recent completion of a debt refinancing, led by Macquarie Capital Private Credit and incumbent lender Bain Capital Credit.

AnaCap first invested in MRHT in January 2021 via AnaCap Financial Partners III, which closed in 2016 on EUR 850m. The vintage is the sponsor's most recent buyout fund, with successor vehicles dedicated to credit opportunities. 

In that investment period, the company has completed 21 bolt-ons and delivered double-digit organic growth. 

The transaction marks AnaCap's fourth exit from the fund, following its 4x return sale of Oona Health to Topdanmark earlier this month. 

Company
MRHT is one of the 10 largest German industrial insurance brokers, with more than 1,100 employees and EUR 650m 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. 

People
AnaCap Financial Partners - Tassilo Arnhold (co-managing partner).
TA Associates - Chris Parkin (managing director and co-head of financial services). 
MRH Trowe - Ralph Rockel (CEO), Peter Gabriel (CFO). 

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