Golub Capital acted as Joint Lead Arranger on a unitranche facility to support the organic and inorganic growth strategy of German insurance broker MRH Trowe, a portfolio company of TA Associates (“TA”) and AnaCap.

MRH Trowe is one of the largest independent property and casualty commercial insurance brokers in Germany, with a highly diversified client base and a strong financial profile. AnaCap originally invested in MRH Trowe in 2020, followed by a minority investment by TA in March of 2023.

“Insurance brokerage deal activity continues to pick up in Europe, with a large portion of those deals being driven by sponsors who are drawn to the scalability of insurance business models,” said Tara Moore, Managing Director and Head of European Originations at Golub Capital. “We expect this trend to continue and are pleased to support TA and AnaCap, and to be a part of MRH Trowe’s continued growth.”

The unitranche facility is structured as a delayed draw term loan. Golub Capital joins existing lenders to support this add-on transaction.

“We welcome the new partnership with Golub Capital and look forward to deepening the relationship as our business continues to grow” said Ralph Rockel, Chief Executive Officer of MRH Trowe.

Golub Capital has completed more than 20 insurance brokerage platform investments since 2018; this is the Firm’s third investment in Europe.