PE Firm TowerBrook Takes Stake in Insurance Claims Company MSA Mizar

Investment firm TowerBrook is acquiring a majority stake in MSA Mizar, an insurance claims management services provider, marking its first deal in Italy since it opened an office in Milan last year.

MSA Mizar’s existing investor Columna Capital and the firm’s Executive Chairman Giovanni Campus will re-invest and retain a significant minority interest, according to a statement reviewed by Bloomberg News. MSA Mizar’s management team will continue to be led by Chief Executive Officer Antonio Marchitelli, with Campus remaining in his role.

The transaction values MSA Mizar at as much as €400 million ($469 million), including debt, people familiar with the matter said, asking not to be identified discussing non-public information.

Founded in 1979, MSA Mizar is an insurance claims management and third-party claims administration platform, specializing in high-frequency motor and property claims. The Milan-based group operates in six European countries, including Spain, France, Belgium and Switzerland. It manages more than 850,000 claims each year and employs about 850 people.

Columna Capital invested in the company in 2022 and since then MSA Mizar has completed 10 strategic acquisitions, expanding its offering into adjacent claims segments as well as new markets in Europe.

Photograph: A view shows the deserted Corso Venezia main street on March 10, 2020 in downtown Milan, Italy; photo credit: Miguel Medina/AFP/Getty Images