Brera Partners Acquires 70% of Shares of GBSAPRI Group to Create Italy's Leading Independent Insurance Broker
Brera Partners, a private equity firm specializing in investments in the asset light financial services sector, has announced it has acquired 70% of the shares in Italian insurance broker GBSAPRI Group, with the strategy to drive consolidation in Italy's fragmented insurance broking sector. Financial details of the transaction were not disclosed.
Headquartered in Rome with nine offices across Italy, GBSAPRI Group was established in 1951 to service SMEs, corporates and the public sector. The brokerage has grown its specialist expertise via acquiring local insurance intermediaries across different verticals and sectors, covering: marine, cargo, aviation, financial institutions, employee benefits and affinity groups, reinsurance, risk management and claims management.
Brera said the acquisition will enable GBSAPRI Group to continue its aggregator business model and acquire a series of businesses currently in the pipeline to grow its presence on the Italian market.
"Our ambition is to become Italy's premier insurance broker, and we are delighted to be able to work with Brera Partners to achieve that goal," said GBSAPRI Managing Director Carlo Maria Bassi who will transition to the CEO role in the context of this transaction. "With Brera's financial support and partnership, we will be able to significantly strengthen our position in the Italian insurance market, whilst guaranteeing the highest standards of work quality and customer satisfaction that we have maintained for the past 70 years."
"When we started this process, we never imagined meeting a company like Brera. Their partners Andrew Borda and Tin Radosevic have been instrumental in turning this ambitious project into a reality," added current CEO Guilio Spagnoli who will transition to Chairman as part of the transaction. "GBSAPRI now has the means to become a true insurance hub, with significant M&A ambitions, but will still maintain its values as a service-focussed broker managed by partners."
"Brera Partners is excited to support GBSAPRI and the management team on their growth journey to become the leading Italian insurance broker for businesses and the public sector," said Andrew Borda, Partner at Brera Partners. "GBSAPRI has earned a reputation as a leader in several non-life insurance product lines and in recent years has successfully built its position through constant organic growth and M&A transactions, acquiring leading specialist brokers such as marine intermediary Poliass and corporate and industries expert Rodinò & Partners. We look forward to supporting Carlo Bassi and Giulio Spagnoli in building GBSAPRI into the main aggregator broker in Italy."
The GBSAPRI Group was assisted by financial advisors Kitra Advisory, KPMG, and by law firms Lener & Partners, Lexia and Andpartners.
Brera Partners was supported by Chiomenti on Legal DD and transaction documentation, by PWC on Financial and Tax DD and tax structuring, LEK Consulting on Commercial Due Diligence and Rosedge Capital as debt advisor. Eurazeo, advised by Ahsurst, provided the acquisition financing for the transaction. Brera Partners was backed by Headway Capital Partners with equity financing to facilitate the transaction.
About Brera Partners:
Brera Partners is a leading investor in European asset light financial services with a focus on opportunities in western Europe and an EV range of EUR 25 million ? EUR 300 million. Focus sectors are financial product distribution, wealth management, trust and fiduciary services and insurance broking.
www.brerapartners.com
About GBSAPRI Group:
GBSAPRI Group (the "Company") is a leading independent Italian insurance broker serving the private and public sector with a focus on commercial and specialty lines as well as employee benefits. The Company has 9 offices, more than 130 FTEs and has been active in the Italian insurance space for more than 70 years. Brokered premium in 2023 exceed EUR 210 million.
www.gbsapri.it
About Headway Capital Partners:
Headway Capital Partners is a London-based private equity firm with advised funds of over ?1.3 billion. Headway provides bespoke liquidity and capital solutions to private equity GPs and managers, investing globally in a full range of co-investment and secondary transactions, with a focus on small to mid-size independent sponsor co-investments and GP-led transactions in Europe and North America.
www.headwaycap.com/
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