Jan 18 2023

AnaCap-backed MRH Trowe to acquire leading pension and HR specialist Lurse AG

We are pleased to announce that AnaCap’s MRH Trowe, a market-leading, owner managed commercial lines insurance broker has announced the agreement to acquire Lurse AG, one of the leading DACH pension and consulting specialists subject to regulatory approval.

This deal will be the 21st bolt-on since the partnership with AnaCap began in October 2020.

  • Bolt-on of leading Benefits & Pension (“B&P”) specialist Lurse offering a wide range of brokerage and consulting services across Germany
  • Acquisition will strengthen MRH Trowe’s 360-degree approach focusing on insurance, benefits and finance providing first-class pension solutions to corporate clients under the Group’s holistic commercial approach
  • Signing represents the 21st bolt-on since the partnership with AnaCap in October 2020

AnaCap Financial Partners (“AnaCap”), a leading specialist investor in European mid-market Financial, Technology and related Business Services, today announces that its portfolio company MRH Trowe (“MRHT” or “the Group”),  a market-leading, owner managed commercial lines insurance broker in Germany, has announced that it has signed an agreement for the acquisition of Lurse AG (“Lurse”) one of the leading DACH pension and consulting specialists, subject to regulatory approval.

Lurse is one of the largest, active companies in the benefits and human resources (“HR”) sector in Germany, offering a wide range of brokerage and consulting services, with a particular focus on the design and administration of occupational pension solutions across the country and wider DACH region. It currently serves more than 500 clients across many sectors including several large DAX listed companies and employs 200 FTEs from 7 offices in Germany and Switzerland.

This acquisition follows the natural and logical development of a close business relationship between MRHT and Lurse that started in 2017 with the creation of a joint venture focused on the implementation of complex projects in the area of B&P and risk management. This latest addition will significantly strengthen MRHT’s capabilities within the B&P space and is expected to be mutually beneficial for both companies. Moving forward, both MRHT and Lurse will align commercially to better serve the combined client base across multiple product lines. This will be facilitated by the Lurse Founding Partners remaining with the company post-transaction and taking on increased responsibilities within the Group.

This deal will be the 21st since AnaCap entered the share capital of MRHT. The final months of 2022, in particular, were busy on the M&A front with the signing of two further bolt-ons that saw SHT Group and Zwicknagl & Partner becoming part of the MRHT Group. These acquisitions are expected to complement existing product propositions, client coverage and geographical footprint.

These latest deals are expected to cement MRHT’s position as a top 3 independent B&P-broker in Germany, with the Group now on track to deliver more than €150 million of run-rate revenue.

Ralph Rockel, Co-Founder and Chief Executive Officer at MRH Trowe, commented:

“This partnership with Lurse is a logical next step in expanding our holistic, client-centric approach in the field of B&P and HR brokerage and consulting. With this partnership, we will be able to offer a comprehensive range of services not only in the field of risk management but also in the strategically important field of occupational pension to our combined client base.”

Tassilo Arnhold, Private Equity Partner at AnaCap, added:

“We are delighted to have signed the acquisition of Lurse and are very excited to welcome them in the Group. In particular, we are pleased to join forces and realise attractive and mutual commercial synergies. We see the pensions and broader brokerage landscape continuing to undergo rapid consolidation and look forward to announcing further complementary deal activity in 2023.”