Jul 13 2021

AnaCap’s portfolio company MRH Trowe continues strong expansion with four bolt-on growth acquisitions

  • Accelerated implementation of successful buy-and-build strategy in the large and fragmented German corporate insurance broking market
  • Total of seven companies acquired in 2021
  • Acquisitions expand the Group’s product and sector capabilities as well as its geographical presence
  • Strong combined organic and inorganic revenue growth of more than 40% achieved in H1’21

AnaCap Financial Partners (“AnaCap”), a leading specialist mid-market private equity investor in technology enabled financial services, today announces that its portfolio company MRH Trowe (“MRHT” or “the Group”), a leading owner managed commercial lines insurance broker in Germany, has successfully completed four bolt-on acquisitions in quick succession, following the three already made earlier this year.

MRH Trowe is one of the ten largest German industrial brokers, offering extensive expertise in most insurance lines for both industrial and commercial customers as well as affluent private customers. AnaCap invested in MRHT as strategic growth partner in late 2020, identifying the company as a strong platform to achieve scale in the large and consolidating German market.

The latest acquisitions underpin the strategic roadmap aimed at expanding capabilities in specialist products and strengthening the Group’s competencies in strategically important areas. In line with MRHT’s historical M&A approach, owners of the four businesses acquired will remain fully involved and responsible for their operational activities.

ITUS Versicherungsmakler GmbH, based in Karlsruhe, is a leading specialised insurance broker serving clients active in the IT and financial sectors. Its acquisition will strengthen the Group’s presence in the Southwest region while complementing its internal IT proposition, already further developed via the acquisition of Anthes Versicherungsmakler GmbH, a specialist broker based in Dreieich with a strong track record in serving IT and e-commerce clients.

EKB GmbH is a leading broker from Karben, specialising in advising large corporate companies in relation to their pension schemes. Its acquisition will allow MRHT to further develop its own pension and benefits business while also delivering obvious synergies through cross-selling.

Advertum AG, founded in 1993 and based in Stuttgart, is a very successful broker active in the Baden-Württemberg region. Its addition to the Group will not only strengthen its leading position in the region but enable both companies to complement their own product propositions.

As a result of these four acquisitions and strong operational performance, the Group expects to generate revenues of around €70 million by end of 2021, representing an annual growth rate of more than 50%.

Tassilo Arnhold, Partner at AnaCap, commented

“We are very pleased with these acquisitions and the overall strong growth of the Group. MRHT is already a highly successful acquisition platform with a keen focus on cultural and operational integration and a very attractive home for sellers of businesses.  AnaCap places a huge emphasis on digitisation which will actively support the platform’s new and exciting sectors such as pensions as well as geographical expansion across the DACH region. We look forward to the successful integration of these four acquisitions and the continued future success of the company.”

Ralph Rockel, Co-Founder and Board Member at MRHT, commented:

“These acquisitions showcase the strategy to further expand our sector capability for different customer and market segments. In particular, we are strengthening our expertise in strategically important areas such as risk management for digital companies and in occupational pension provision. With all of these acquisitions, the focus is on strengthening the business operationally. The seamless integration of the various brokerage houses in our buy-and-build strategy bolsters our special capabilities on the one hand, but also offers clients access to extended services and optimised processes. This direction of travel is reiterated by the fact that MRHT has already hit its target of a 10% increase in turnover compared to the previous year by mid-2021 alone.”