Feb 05 2024

AnaCap and TA backed MRH Trowe completes 4 bolt-on acquisitions in January


AnaCap, a market-leading partner for founders and entrepreneurial management teams across services, technology and software within the European financial ecosystem, today announces that portfolio company MRH Trowe (“MRHT”), one of the largest independent P&C commercial brokers in Germany, has completed four bolt-on acquisitions in January. The four acquisitions are Bavaria AG, Vertoura Versicherungsmakler GmbH & Co. KG, Frank Rauch & Kollegen Finanz-und Versicherungsmakler GmbH and ASSPERT Versicherungsmakler GmbH & Co. KG. The companies were acquired with effect from 1st January 2024 and the respective management teams will remain on board.

The acquisition of Bavaria AG, one of the leading insurance brokers for yachts, private aircraft, classic cars and holiday properties, introduces a comprehensive range of insurance solutions for exclusive movables and valuables to MRHT. The acquisition of Vertoura, a renowned broker in the tourism sector, strengthens MRHT’s position in advising and insuring corporate clients within this industry.

Frank Rauch & Kollegen Finanz-und Versicherungsmakler GmbH brings MRHT a substantial customer base within the private client and SME market segment, while the acquisition of ASSPERT Versicherungsmakler GmbH & Co. KG, a company that focuses on commercial customers in the trade and crafts sector, complements MRHT’s geographical presence in south-west Germany, with a particular focus on purchasing associations.

With these four acquisitions, MRHT has further demonstrated its long-term, targeted growth strategy, starting 2024 on a successful note, as it continues to create value for customers, both in terms of sector-specific expertise and geographical proximity and personal support.

These developments represent a new chapter for AnaCap and its strategic partnership with MRHT as well as TA Associates (“TA”) following its investment into the company in 2023 and the successful closure of AnaCap’s maiden Continuation Fund, enabling the continuation of its investment hold periods for MRHT (and portfolio company GTT). These acquisitions exemplify AnaCap’s ambition for its growth partnership with TA, to further accelerate MRHT’s growth trajectory and cement its position as a leading insurance broker in the DACH region.

2023 was a very successful year overall for AnaCap. In addition to the closing of the Continuation Fund, it completed three portfolio company exits, for an average realised return of 3.6x and 44% IRR. This track record further endorses AnaCap’s strategy to institutionalise entrepreneurialism, scaling high-quality founder-led businesses in the European lower-mid-market.

Tassilo Arnhold, Co-Managing Partner at AnaCap, commented:
“We are delighted to announce this excellent start to the year for MRHT through this accelerated M&A programme, as the Founders and management team, together with TA
continue MRHT’s ambitious growth plans across the DACH region. This early success entirely endorses our vision for the continued hold period afforded by the Continuation Fund. Our expectation is for a significantly amplified ultimate return for our LPs through this new structure.”

Ralph Rockel, Chief Executive Officer at MRH Trowe, added:
“We are focussing on targeting partners who expand our range of services and create added value for customers as part of an integrated offering. This also includes comprehensive integration management, which ensures a high level of synergy and opens up long-term growth potential.”

Rockel concluded:
“All four brokerage houses contribute additional, established expertise from which other areas of the MRH Trowe brand also benefit. At the same time, the integration into MRHT’s overall product offering also ensures the future viability of these companies and further expands the range of services available for customers.”