Hg completes its investment into GGW as the firm scales as a leading insurance brokerage and MGA group in Europe
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Completion of the investment means Hg will own a co-controlling stake in the business alongside Permira, whose investment into GGW Group was announced in December 2023 and also completed today.
Hamburg, Germany. 24 April 2024: Hg, a leading investor in European and transatlantic software and services businesses, today announces that it has completed an investment in the next phase of growth of GGW Group, one of the leading European insurance brokerage platforms for small and medium-sized enterprises (“Mittelstand”).
Hg is making the investment from its large-cap focused Hg Saturn fund and will now own a co-controlling stake in the business alongside Permira, a global private equity firm.
Justin von Simson, Managing Partner at Hg, said: “We are delighted to confirm our investment into the next phase of GGW’s growth, to continue the incredible journey we have been on alongside the business since its formation. We are excited for the opportunity to support this long-standing partnership, now alongside Permira, bringing our insurance sector experience to this new chapter for GGW.”
Founded by CEO Tobias Warweg, the Group has driven a best-in-class insurance brokerage and MGA platform in Germany over the last four years. Today, more than 60 brokerage companies and MGAs are operating under the roof of GGW Group, advising small and medium-size enterprises in Europe.
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, before the transaction with Permira announced in December 2023.
Tobias Warweg, CEO of GGW Group, said: “We warmly welcome back the team at Hg, who were so supportive to us as an investor as we started GGW. Now, with the backing of two high quality investors, we’re looking forward to working together as we continue to grow in Germany and expand further across Europe.”
For further information, please contact:
Tom Eckersley
tom.eckersley@hgcapital.com
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 $65 billion in funds under management support a portfolio of around 50 businesses, worth over $140 billion aggregate enterprise value, with around 110,000 employees, consistently growing revenues at more than 20% annually.
About GGW
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 60 partner companies and employs today more than 1,700 people. The company is headquartered in Hamburg.