Golub Capital acted as Joint Lead Arranger on a unitranche facility to support the organic and inorganic growth strategy of German insurance broker MRH Trowe, a portfolio company of TA Associates ("TA") and AnaCap.
MRH Trowe is one of the largest independent property and casualty commercial insurance brokers in Germany, with a highly diversified client base and a strong financial profile. AnaCap originally invested in MRH Trowe in 2020, followed by a minority investment by TA in March of 2023.
"Insurance brokerage deal activity continues to pick up in Europe, with a large portion of those deals being driven by sponsors who are drawn to the scalability of insurance business models," said Tara Moore, Managing Director and Head of European Originations at Golub Capital. "We expect this trend to continue and are pleased to support TA and AnaCap, and to be a part of MRH Trowe's continued growth."
The unitranche facility is structured as a delayed draw term loan. Golub Capital joins existing lenders to support this add-on transaction.
"We welcome the new partnership with Golub Capital and look forward to deepening the relationship as our business continues to grow," said Ralph Rockel, Chief Executive Officer of MRH Trowe.
Golub Capital has completed more than 20 insurance brokerage platform investments since 2018; this is the Firm's third investment in Europe.
About Golub Capital Sponsor Finance
Golub Capital is a market-leading, award-winning direct lender and experienced credit asset manager. We specialize in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. The firm's Direct Lending group provides buy-and-hold financing for sponsor-backed transactions with hold positions up to $700 million and arranges syndicated credit facilities up to $2 billion.
As of January 1, 2024, Golub Capital had over 875 employees and over $65 billion of capital under management, a gross measure of invested capital including leverage. The firm has lending offices in New York, Chicago, Miami, San Francisco, London, Seoul and Hong Kong. For more information, please visit golubcapital.com.
About MRH Trowe
MRH Trowe is one of the ten largest German industrial brokers. Under the umbrella of Mesterheide Rockel Hirz Trowe AG Holding, several specialized service providers for different segments operate alongside MRH Trowe Insurance Brokers GmbH. MRH Trowe offers comprehensive expertise in virtually all lines of insurance for industrial and commercial clients, institutions and upscale private clients. The owner-managed company pursues a consistent growth course with a holistic range of consulting services, specialized expert teams and a high degree of digitalization at the interfaces of clients, brokers and insurers. Around 1,100 employees manage a premium volume of more than 650 million euros. www.mrh-trowe.com
TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries technology, healthcare, financial services, consumer and business services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has over 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.
About AnaCap Financial Partners
AnaCap is a market-leading partner for founders and entrepreneurial management teams, investing in lower mid-market Services, Software and Technology within the European financial ecosystem.
The firm has raised ~€3 billion of capital and deployed successfully into a strong strategy with 50+ deals across Western and Northern Europe since 2016.
AnaCap's focus is on lower mid-market buyouts, management buy-in or buy-outs of businesses in need of capital, expertise and sophistication to execute organic and inorganic strategies.