AnaCap to sell minority stake in MRHT to TA Associates

MRHT is an owner-managed commercial lines insurance broker in Germany. 

  • MRHT’s founding managers will remain the largest shareholder post the sale
  • AnaCap’s exit from MRHT marks its fourth from AnaCap’s third fund
  • AnaCap is a private equity firm specialising in mid-market companies 

AnaCap Financial Partners will sell its minority stake in MRH Trowe (MRHT), an owner-managed commercial lines insurance broker in Germany, to TA Associates at a 4.3x money multiple.

MRHT, headquartered in Frankfurt, Germany, has over 1,100 employees. The company aims to deliver more than €150 million of revenue in 2023.

MRHT’s founding managers will remain the largest shareholder group post the sale and will be backed by both AnaCap and TA Associates, according to a release.

AnaCap’s exit from MRHT is its fourth from AnaCap’s third fund.

MRHT completed 21 bolt-on acquisitions during AnaCap’s investment period.

AnaCap invested in MRHT in 2020. MRHT has demonstrated a strong double-digit organic growth rate during this period, the release added.

“This transaction not only gives AnaCap and its investor base a very impressive return of a 4.3x money multiple but it also allows for significant further growth of the business,” said Tassilo Arnhold, co-managing partner at AnaCap.

“The combination of its holistic client approach, organic growth and best-in-class integration enables MRH Trowe to deliver superior client service while also enjoying sustained growth,” said Chris Parkin, managing director and co-head of financial services at TA Associates.

The completion of the transaction is subject to EU antitrust approval.

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

AnaCap is a partner for founders and entrepreneurial management teams, investing in lower mid-market software, technology, and services within the Europe. The firm has raised over €1.7 billion of capital since 2016. The firm is based in London.

TA Associates is a global private equity firm based in Boston, Massachusetts. The firm has raised $48.6 billion in capital to date.