PE Firm Brera Partners Buys 70% of Shares in Italian Broker GBSAPRI Group

Brera Partners, a Zurich-based private equity firm specializing in investments in the asset-light financial services sector, 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 small-and-medium-sized enterprises (SMEs), corporates and the public sector. With more than 130 full-time employees, the brokerage has grown its specialist expertise by 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. The company’s brokered premium in 2023 exceeded €210 million.

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. “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 advisers Kitra Advisory, KPMG, and by law firms Lener & Partners, Lexia, and &partners.

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 adviser. 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 an investor in European asset light financial services with a focus on opportunities in western Europe with an enterprise value of €25 million-€300 million. Focus sectors are financial product distribution, wealth management, trust and fiduciary services and insurance broking.

Source: Brera Partners

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