GGW Group secures investment from Permira as the firm scales as a leading insurance brokerage group in Europe
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Frankfurt, Germany – 8 December 2023: Permira, the global private equity firm, today announced that a company backed by the Permira funds has agreed to acquire GGW Group.
GGW Group is one of the leading European insurance brokerage platforms for small and medium-sized enterprises (“Mittelstand”) currently owned by Hg, a leading investor in European and transatlantic software and services businesses. Closing is subject to regulatory clearances and expected in the second quarter 2024.
Founded by CEO Tobias Warweg, the Group has driven a best in class insurance brokerage platform in Germany over the last 3 years. Today, more than 50 brokerage companies are operating under the roof of GGW Group, advising small and medium-size enterprises in Europe.
Tobias Warweg, CEO of GGW Group, said: “The backing from the Permira funds marks an important milestone and yet we are only at the very beginning of GGW’s success story. We are looking forward to working with Permira and are excited about the future as we continue to grow in Germany and expand further across Europe. Thanks to my fantastic colleagues we have surpassed all of our expectations, and quickly become a leading commercial insurance distribution platform in Germany and other European countries. The partnership with Hg has been a core pillar for our success.”
Initiated and led by Tobias Warweg and with the help of Hg in 2020, the group has attracted a rising number of partners to the platform which was one of the key growth drivers in recent years. Decades of experience in the insurance sector, Hg’s local relationships and a trusted partnership with Tobias, enabled the foundation of a highly entrepreneurial brokerage group.
Justin von Simson and Benedikt Joeris, both Partners at Hg, said: “This investment really highlights what gets us out of bed in the morning at Hg. It started as an innovative and very entrepreneurial idea, building a high-quality business alongside a long-trusted partner, in a sector we’ve studied over decades. We’re delighted for the team and look forward to seeing their continued success.”
For further information please contact:
Permira Global
Carl Leijonhufvud / James Williams
E-Mail: media@permira.com
Permira Germany
Philipp Halstrick
E-Mail: philipp.halstrick@fgsglobal.com
Tel: +49 (0)173 32 27 189
Hg
Tom Eckersley
E-Mail: tom.eckersley@hgcapital.com
About GGW Group:
The GGW Group is a group of highly qualified and owner-managed insurance brokers, bundled under the umbrella brand LEADING BROKERS UNITED, and high-profile MGA´s, bundled under WECOYA UNDERWRITING. The independence and entrepreneurial freedom of the individual companies and the bundling of their expertise, which has grown over 265 years, are key features of the GGW Group. The GGW Group was founded at the beginning of 2020, has since acquired more than 50 partner companies and employs today more than 1,700 people. The company is headquartered in Hamburg.
About Hg
Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers.
This industry is characterised by digitization trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.
With a vast European network and strong presence across North America, Hg’s 400 employees and $65bn in funds under management support a portfolio of more than 50 businesses, worth over $135 billion aggregate enterprise value, with over 100,000 employees, consistently growing revenues at more than 20% annually. Additional information is available at www.hgcapital.com.