Bridgepoint Group Plc agreed to acquire a majority stake in German insurance broker Hanseatic Broking Center GmbH from Preservation Capital Partners.
The transaction sees Bridgepoint partner with HBC’s management team and founders, who will remain significantly invested, according to a statement on Tuesday that confirmed an earlier Bloomberg News report. Preservation Capital will fully exit. While financial terms weren’t disclosed, people familiar with the matter have said the deal values HBC at €700 million ($810 million) or more.
The transaction is expected to complete in the third quarter, subject to regulatory approvals.
Hamburg-based HBC provides insurance brokerage services for companies and private clients. It was founded in 2022 through the merger of three specialty brokers and a managing general agent.
In the insurance broker industry, Bridgepoint in May entered into exclusive talks to sell France-based Kereis to Advent. The UK buyout firm has returned about €2 billion to investors in one of its flagship funds in recent weeks, Bloomberg reported last month.
Rothschild & Co. and Nomura Holdings Inc. were the financial advisers for Bridgepoint, while Macquarie Capital advised HBC and Preservation Capital.
Photograph: Hamburg-based HBC provides insurance brokerage services for companies and private clients. Source: Getty Images
Topics Mergers & Acquisitions Agencies
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