Bridgepoint Group Plc agreed to acquire a majority stake
in German insurance broker Hanseatic Broking Center GmbH from Prese
rvation Capital Partners.
The transaction sees Bridgepoint partner with HBC’s manage
ment team and founders, who will remain significantly invested
, according to a statement on Tuesday that confirmed an earli
er Bloomberg News report. Preservation Capital will fully exit. While fi
nancial 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 servi
ces for companies and private clients. It was founded in 2022 through t
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he 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 on
e 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