Control of Msa Mizar at TowerBrook Aiming to grow in Northern Europe
The expansion will take place through targeted acquisitions and new services and offices. A valuation of between 350 and 400 million has been made for the asset
TowerBrook ready for first deal on an Italian-based company. The private equity firm (over USD 26 billion in AUM) announced today the acquisition of a majority stake in Msa Mizar, an Italian provider of end-to-end insurance claims management services, headquartered in Milan but with operations also in Spain, France, Belgium and Switzerland.
The transaction is worth between EUR 350 million and EUR 400 million, and the minority investors - Columna Capital and the current chairman of the board of directors, Giovanni Campus - will retain a minority stake, remaining in place.
The transaction - subject to the usual approvals - aims at 'bringing together,' explained Paolo De Bona, co-head of consumer products & services, Europe at TowerBrook, 'complementary skills and resources, enabling Msa Mizar to strengthen its technological and AI-enabled capabilities, continue to expand its service offering, and pursue growth, through office openings or selected M& A, in foreign markets not yet reached, such as the UK and Germany. Growth in the north-central area of the continent'. TowerBrook will provide Msa Mizar with not only the technological know-how, but also the financial backing to create a pan-European leader in insurance claims management. Columna Capital will remain as a long-term partner.
'Since we entered Msa Mizar in 2022,' explained Gemma Zaino and Andrea Frecchiami, managing director and partner of Columna Capital, respectively, 'the value of the business has more than quadrupled compared to the initial investment. Msa Mizar has completed transformative platform acquisitions, entered the Swiss and Belgian markets, and significantly expanded operations in Spain and France, which is testament to the success of our buy-and-build strategy. For us, this is the fifth transaction in which, as a fund, after consolidating growth, we are seeking partners for widespread international expansion."
Founded in 1979 by Salvatore Campus, Msa Mizar is a fast-growing platform for insurance claims and third-party claims administration, particularly high-frequency vehicle and property claims, offering end-to-end services through its proprietary technology platform. Since 2022, it has been supported by Columna Capital to accelerate growth with an active buy-and-build strategy that has enabled it to complete ten acquisitions, expand its offering into adjacent claims segments, penetrate new European markets and continue to invest in technology and operational capabilities. Today, Msa Mizar is the holding company of a group operating in six European countries, with a turnover of EUR 135 million (as at 31 December 2024). In Italy, it is the only operator able to manage outsourcing across the entire claims chain. It handles over 850,000 claims per year and employs about 850 people.
'The partnership with TowerBrook,' said Antonio Marchitelli, CEO of Msa Mizar, 'allows us, on the development path started with Columna Capital, to grow at double-digit rates year-on-year with access to TowerBrook's pool of resources in continuity with our industrial project.
