ZURICH: Brera Partners, a private equity firm with a focus on the asset-light financial services industry, has acquired a 70% stake in the esteemed Italian insurance broker, GBSAPRI Group.

While the financial specifics of the deal remain undisclosed, this acquisition marks a significant step in Brera Partners’ strategy to strengthen its position in the Italian market.

GBSAPRI Group, a Rome-based brokerage with a history dating back to 1951, has established itself as a key player in providing specialized insurance services to SMEs, corporates, and the public sector.

“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 in the context of this transaction.

“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.”

With nine offices spread across Italy, the group has expanded its expertise through the acquisition of local insurance intermediaries, offering services in various sectors including marine, cargo, aviation, financial institutions, employee benefits, and affinity groups, along with reinsurance, risk management, and claims management.

The acquisition is set to empower GBSAPRI Group to further its aggregator business model, enabling the firm to proceed with its plans to acquire a series of businesses that are currently in the pipeline, thereby expanding its footprint in the Italian insurance landscape.

GBSAPRI Group’s transition was facilitated by financial advisors from Kitra Advisory and KPMG, alongside legal support from Lener & Partners, Lexia, and Andpartners.

On the other side, Brera Partners received comprehensive support, including legal due diligence and transaction documentation from Chiomenti, financial and tax due diligence and structuring from PWC, commercial due diligence from LEK Consulting, and debt advisory from Rosedge Capital.

The acquisition was financed by Eurazeo, with legal advice from Ashurst, and Brera Partners also secured equity financing from Headway Capital Partners to enable the transaction.

This acquisition is expected to create a ripple effect in the Italian insurance broking sector, potentially leading to further mergers and acquisitions as the market moves towards greater consolidation.

Andrew Borda, Partner at Brera Partners, said, “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”.

“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.”

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