Acquisition will support the Group’s next phase of Pan-European growth

Milan, January 21 2026 – TowerBrook, Columna Capital and Giovanni Campus, Entrepreneur and Executive Chairman, announce the establishment of a new partnership to support the continued development of MSA Mizar (the “Group” or the “Company”), a tech-enabled, end-to-end insurance claims management services provider headquartered in Milan, Italy, with operations across Spain, France, Belgium and Switzerland.

TowerBrook will join the shareholding structure as the majority owner, operating alongside existing investors Columna Capital and Giovanni Campus, who will reinvest and retain a significant minority interest. The management team will continue to be led by Group CEO Antonio Marchitelli, with Giovanni Campus continuing in his role as Executive Chairman, ensuring full entrepreneurial and operational continuity.

Founded in 1979, MSA Mizar is a fast-growing insurance claims management and third-party claims administration platform, specialising in high-frequency motor and property claims and delivering high-quality, end-to-end services through its proprietary technology platform. Since 2022, the Group has been backed by Columna Capital to accelerate growth, combining strong organic expansion with an active buy-and-build strategy. During this period, MSA Mizar has completed ten strategic acquisitions, expanded its offering into adjacent claims segments, entered new European geographies and continued to invest significantly in technology and operational capabilities. Today, the Group operates in six European countries, manages over 850,000 claims annually and employs approximately 850 people.

The transaction, which is subject to customary regulatory approvals, marks a significant new phase in the Group’s development. The new partnership aims to bring together complementary expertise and resources, allowing MSA Mizar to further strengthen its technology and AI-based capabilities, pursue selective M&A opportunities and continue scaling its service offerings.

The Group will benefit from TowerBrook’s deep expertise in insurance and technology-enabled business services, as well as its significant capital and strategic capabilities to support international expansion and continued consolidation in the sector. This transaction follows on TowerBrook’s long-held thematic pursuit of creating a pan-European insurance claims management leader, capitalising on the sector’s technological innovation and deployment of AI in insurance claims, secular tailwinds and significant opportunities for M&A. Columna Capital remains closely involved as a long-term partner, continuing to support management alongside TowerBrook.

Antonio Marchitelli, CEO of MSA Mizar, commented: “The partnership with TowerBrook allows the Group to build on the development path started with Columna Capital, which has supported MSA Mizar in achieving double digit year-on-year growth and will continue to contribute shaping our future. At the same time, this transaction will give us access to a significant pool of resources and expertise, leveraging the multidisciplinary background of TowerBrook’s investment team. The new shareholding structure reflects the strategic continuity of our industrial project, based on innovation, execution capabilities and international ambition.”

Nikolay Skibnevsky of TowerBrook commented: “We are excited to be partnering with the exceptional team led by Giovanni Campus and Antonio Marchitelli to support MSA Mizar on its next stage of growth. MSA Mizar’s client focus, quality of technological assets, track record of innovation, as well as strong organic growth, profitability and proven M&A capabilities position the Company well to become the insurance claims technology leader in Europe.“

Paolo De Bona of TowerBrook added: “MSA Mizar is our first investment headquartered in Italy, which marks an important milestone in our expanding European footprint, reflecting the momentum we’ve built since opening our Milan office last year.“

Andrea Frecchiami, Partner at Columna Capital, commented: “We are proud to have supported MSA Mizar’s growth from a leading Italian provider of insurance claims management to a top pan-European industry player. Since our initial investment nearly four years ago, MSA Mizar has completed transformative platform acquisitions, entered the Swiss and Belgian markets, significantly expanded operations in Spain and France and recorded a revenue increase of more than 4x, a testament to the success of our buy-and-build strategy.“

Gemma Zaino, Managing Director at Columna Capital, added: “We are confident that TowerBrook is the best partner for the next step in our long-term partnership with MSA Mizar and its team. We look forward to continuing to be a part of this Group’s exciting story.”

Giovanni Campus, Executive Chairman of MSA Mizar, commented: “Together with TowerBrook and Columna, I am confident that the Group’s growth journey will be even stronger. I have been deeply impressed by the expertise, commitment, and networking capabilities of their teams, and I therefore look forward to continuing to contribute in my role as Executive Chairman.“

MSA Mizar and Columna Capital were advised by Mediobanca as financial advisor, LMS as legal advisor, PwC as financial and technology, NCTM as tax and Oliver Wyman as commercial due diligence advisors. TowerBrook was advised by Lazard and Macquarie Capital as financial advisors, Chiomenti and Fried Frank as legal advisors, and Alvarez & Marsal, PwC and Capstone as commercial, financial, operational, technology, legal, tax and regulatory due diligence advisors.

Financial terms of the transaction were not disclosed.

MSA Mizar

MSA Mizar is the holding company of a European claims management group, originally founded by Salvatore Campus with the creation of MSA-Multi Serass. The Group has since expanded to operate across Europe, with reported revenues of €135 million as at December 31st, 2024.
In Italy, MSA Mizar is the only provider able to deliver outsourced services across the full claims management value chain. The Group encompasses nine highly integrated specialist companies, each focused on a distinct area of the process, spanning portfolio operations, claims handling, trustee and governing body services, recovery management, civil and criminal litigation, and hail damage claims, including MSA-Multi Serass, N4C, Legalade, RipArte, Acclàims and Dottor Hail.
The Group is also supported by Mizar Tech, a dedicated technology centre responsible for the development of proprietary IT solutions and digital platforms offered to corporate clients, including on a SaaS basis.
In 2024, MSA Mizar expanded into the Spanish Property & Casualty claims market through the acquisition of company Veta+, and further strengthened its presence in France with the acquisition of IMS. In 2025, the Group continued its expansion with the acquisitions of MedExpert and Dells Angels.

Columna Capital
Columna Capital is a London-based entrepreneurial lower mid-market private equity firm with an investment focus in Spain, France, Italy and Switzerland. Founded in 2009 and led by four partners, the Columna team consists of an engaged group of professionals that actively support dedicated management teams and entrepreneurs to drive organic growth and execute on strategic consolidation opportunities. Typically, Columna invests in companies with up to €100 million in revenue and significant growth potential and has a sector focus in (i) healthcare and well-being, (ii) animal health, (iii) financial and business services, as well as (iv) agri-food.
For more information, please visit: www.columnacapital.com

TowerBrook
TowerBrook is a modern value investor focused primarily on transforming services businesses across four sectors in Europe and North America: business services, consumer products and services, financial services and healthcare. It champions founders, entrepreneurs and management teams as they grow and transform their companies, helping them become long-lasting leaders in their industries. The firm is an experienced investor across the financial services, insurance, and tech-enabled services sectors, with investments such as The AA, Premium Credit, and others. It develops theses with intentionality and looks to build companies that deliver meaningful customer and shareholder value.
TowerBrook invests through private equity, structured opportunities, growth & impact, and strategic partnerships, offering flexibility across the capital structure, and has over $26 billion of assets under management.
It takes an entrepreneurial, multinational, single-team approach and has invested in more than 115 companies on both sides of the Atlantic since inception in 2000.
TowerBrook is the first mainstream private equity firm to be certified as a B Corporation, demonstrating leadership in commitment to responsible business practices.

Media contacts:

TowerBrook:
Prosek Partners
pro-towerbrook@prosek.com

Columna Capital:
Brackendale Consulting
Fabio Galloni-Roversi Monaco – fabio@brackendaleconsulting.com
+44 (0)7517 192047

MSA Mizar
Tommasina Cazzato: tommasina.cazzato@msamizar.com
LP Comunicazione
Lea Calvo Platero: lea.platero@lpcomunicazione.it – 335 7357146