Key Takeaways
- Sector: Business Services.
- Geography: Belgium, France, Italy, Spain, Switzerland.
Analysis
TowerBrook has agreed to acquire a majority stake in Milan‑headquartered claims manager MSA Mizar, entering a strategic partnership with existing backer Columna Capital and long‑time executive shareholder Giovanni Campus. The deal, which remains subject to regulatory approvals, is designed to accelerate the company’s expansion and technology-led product development across Europe.
Founded in 1979 and led operationally by Group CEO Antonio Marchitelli, MSA Mizar has grown from an Italian specialist into a multi‑country platform. The group now handles more than 850,000 claims annually, employs roughly 850 people and reported revenues of €135 million as at December 31, 2024. Since Columna Capital invested in 2022 the business has completed ten strategic acquisitions and broadened into adjacent claims segments and new markets.
The investors say the combination of private capital and management continuity aims to sharpen the company’s AI and software capabilities. MSA Mizar operates a proprietary technology hub, Mizar Tech, which supplies digital claims tools and SaaS solutions to insurers and brokers; further investment in that stack is central to the new plan. TowerBrook brings sector experience and scale—its latest marketing materials list more than $26 billion in assets under management—which the company expects to deploy to support cross‑border roll‑outs and selective add‑on acquisitions.
Market drivers underpin the move: insurance carriers continue to outsource claims processing as they seek cost efficiency, faster cycle times and richer data-driven decision making. Insurtech adoption and AI‑enabled automation have uplifted productivity in claims operations, and consolidation remains active as investors look to build pan‑regional service platforms. For a company already present in Italy, Spain, France, Belgium and Switzerland, the partnership is intended to accelerate market share gains and product diversification.
Both investors emphasise continuity. Columna Capital will remain a material minority shareholder and continue working with management to support organic growth and acquisitions. Giovanni Campus will remain Executive Chairman, while Antonio Marchitelli will continue to run day‑to‑day operations—an ownership arrangement aimed at preserving the company’s entrepreneurial culture while providing deeper strategic resources.
Financial terms were not disclosed. Advisors to the transaction included a range of financial, legal and commercial diligence teams on both sides. Industry participants say the deal fits a broader pattern of mid‑market private equity firms backing technology‑enabled service consolidators in insurance, with investors seeking businesses that combine recurring service revenues, proprietary software and roll‑up opportunity.