London, 30 March 2023 – Bain Capital Credit announces the completion of a refinancing and upsize for MRH Trowe (MRHT) to optimise MRHT’s capital structure and provide the funding necessary to deliver on the next chapter of the company’s growth. In partnership with Macquarie Capital Private Credit, Bain Capital provided this financing, extending its existing partnership with MRHT, having first provided financing to the company in 2021. MRHT is one of the largest owner‐managed commercial lines insurance brokers in Germany.
Bain Capital’s original financing was expanded to support the ongoing and targeted buy‐and‐build approach by MRHT. Since then, MRHT has completed 21 bolt‐on acquisitions, complementing existing product propositions, client coverage and geographical footprint. MRHT has also demonstrated a strong double‐digit organic growth rate.
TA Associates acquired a minority stake in MRHT from AnaCap and MRHT’s founding managers following the completion of the debt refinancing. The founding managers will remain the largest shareholder group post transaction and will be backed by both AnaCap and TA Associates moving forward. Closing of the transaction is subject to EU antitrust approval.
Ralph Rockel, Co‐Founder and Chief Executive Officer at MRH Trowe, commented: “We look forward to the continued cooperation with Bain Capital Credit, and new partnership with Macquarie Capital Private Credit, with both excitement and confidence. Bain Capital Credit’s and Macquarie’s insurance brokerage expertise and strategic understanding make them ideal partners for MRH Trowe to leverage its inorganic potential. The partnership allows us to make even more effective use of the opportunities in the current market consolidation and to further strengthen MRH Trowe’s market position.”
Tom Maughan, Partner at Bain Capital Credit says: “MRH Trowe is widely recognised as a high‐quality operator and we are very pleased to continue to support the Company’s continued consolidation of the attractive and fragmented German market.”
Alessandro Nuti, Director at Bain Capital Credit added: “We are excited to continue our successful partnership with the founding management team, with the strong support of AnaCap and TA Associates.”
MRHT is one of the ten largest German industrial insurance brokers, with more than 1,100 employees and €650 million of premium volume, offering comprehensive expertise in practically all insurance lines for industrial and commercial clients, financial institutions as well as high‐net‐worth individuals. The owner‐managed company has a holistic advisory offering, specialised teams of experts and a high degree of digitalisation at the interfaces of clients, brokers and insurers.
About Bain Capital Credit
Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $42 billion in assets under management. Bain Capital Credit invests across the credit spectrum and in credit‐related strategies, including leveraged loans, high‐yield bonds, structured products, private middle market loans, bespoke capital solutions, distressed securities and assets, non‐performing loans, hard assets and equities. Our team of more than 95 investment professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity, venture capital and real estate, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus. Bain Capital Credit’s dedicated Private Credit Group focuses on providing complete financing solutions to businesses with EBITDA between $10 million and $150 million located in North America, Europe and Asia Pacific. Our dedicated global team affords us the ability to diligence the most complex situations and provide private capital to those companies.
About MRH Trowe
MRH Trowe (www.mrh‐trowe.com) is one of the ten largest German industrial brokers. Under the umbrella of Mesterheide Rockel Hirz Trowe AG Holding, several specialised service providers for different segments operate alongside MRH Trowe Insurance Brokers GmbH.
MRH Trowe offers comprehensive expertise in practically all insurance lines for industrial and commercial clients, institutions as well as upscale private clients. The owner‐managed company pursues a consistent growth course with a holistic advisory offering, specialised teams of experts and a high degree of digitalisation at the interfaces of clients, brokers and insurers. More than 1,100 employees manage a premium volume of more than €650 million.
AnaCap Financial Partners
AnaCap (www.anacapfp.com) is a market‐leading partner for founders and entrepreneurial management teams, investing in lower mid‐market Software, Technology and Services within the European financial ecosystem. Since 2016, the firm has raised €1.7 billion+ of capital and deployed successfully into a strong strategy with 50+ deals across Western and Northern Europe. 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.
TA Associates (“TA”) (www.ta.com) 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 businesses 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 $48.6 billion in capital to date and has more than 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong.