MSA Mizar acquires 100% of Veta+, a Spanish group specializing in outsourced property claims management

Over the past three years, MSA Mizar has quadrupled in size, driven by accelerated international expansion and a diversified service offering that extends beyond the motor insurance sector.

• With €35 million turnover and nearly 400 employees, Veta+ is the largest player in the Spanish outsourced property claims management market

• Veta+ is MSA Mizar’s seventh acquisition since their partnership with Columna Capital began in 2022

Milan, 3 December 2024 – MSA Mizar, the leading provider of outsourced insurance claims management services, has finalized the acquisition of Veta+, an independent market leader in property insurance outsourcing in Spain with over 30 years of experience, from Kartesia’s Credit Opportunities strategy. The acquisition marks a significant milestone in MSA's growth trajectory. From a turnover of €30 million in 2021, the Group is on track to achieve €130 million by 2024—quadrupling its size in just three years.

Veta+ contributes a turnover of approximately €35 million and manages more than 700,000 claims annually across the Iberian Peninsula. This integration also adds the expertise of nearly 400 employees, 120 claims specialists, and 450 repair professionals to the Group. Recognized as the most innovative and fastest-growing player in the Spanish market, Veta+ stands out for its operational excellence and its customer-centric service model, placing policyholders at the core of its value proposition.

This strategic transaction aligns with MSA's broader vision of consolidating its presence in key international markets, particularly Spain and France, while driving diversification and scale.

"We are thrilled about this new acquisition—the seventh since our partnership with Columna Capital began in 2022—not only for its significant scale and reputational value but also for the deep alignment in our business philosophy. Veta+ Group shares a remarkably similar DNA with MSA Mizar Group," commented Giovanni Campus, Group CEO of MSA Mizar.

Veta+, like all companies within the MSA Mizar Group, operates with a tech-driven business model powered by a proprietary, in-house-developed platform. This platform incorporates advanced AI components, seamlessly integrated into the claims management process, from initial reporting to final settlement. Veta+ can outsource every stage of the claims management process, offering businesses flexible solutions: from comprehensive end-to-end support to specialized services such as claim initiation, appraisal, liquidation, management, or repair.

"We anticipate strong, consistent growth from Veta+ Group, aligned with its impressive performance in recent years. We also see it serving as a strategic bridgehead for cross-selling opportunities, particularly to expand our Motor insurance business, already well-established in Spain through MSA Spain, Doctor Granizo, Acclàims Spain and Coris Spain," Campus added. “We hope to integrate the technology and know-how of Veta+ in the field of property claims into the wider commercial offer of our Group, with the aim of diversifying the business and transferring Veta+’s expertise to the other European markets in which we operate, including Italy.”

Andrea Frecchiami, Partner at Columna Capital said: "MSA Mizar’s acquisition of Veta+ represents a huge step in advancing its strategic vision to expand into new markets and achieve significant, sustainable year-on-year growth. With this acquisition, they will have more than quadrupled in size within just three years, demonstrating further validation of MSA’s pan-European appeal. As partners, we are proud to have supported MSA throughout their expansion into the Home Insurance space and congratulate the team on their vision and execution in bringing this deal to fruition.”

Tomás Neuhaus, Partner and Head of Value Enhancement at Kartesia, added, “We are very proud of the culmination of this transformational journey. We have supported the company and its management team over the past 7 years, during which the business evolved from a founder’s led organisation to a professionalised platform, from leveraging on certain apps using public sources to providing fully automatised claim management services. We are very happy that Veta+ is becoming part of the MSA family and believe both parties will grow stronger together given their complementarity in business and culture.”

The acquisition was supported by Tikehau Capital, which arranged a bespoke direct lending financing to facilitate this strategic transaction. This deal marks the third investment in Italy from the 6th vintage of Tikehau Capital’s flagship direct lending fund. For this transaction, Tikehau Capital was advised by White & Case on legal matters and Simmons & Simmons for tax matters.

MSA Mizar received legal counsel from Cases & Lacambra (Spain) with LMS Studio Legale and Arendt providing advice on financial legal matters. Due diligence was conducted by PwC and Cases & Lacambra, while NCTM and Cases & Lacambra provided guidance on the transaction's tax structuring. The sellers were advised by Socios Financieros and BlueBull as M&A advisors, Gomez, Acebo & Pombo and Tribeca Abogados as legal and tax advisors, respectively, and KPMG conducted due diligence.

About MSA Mizar

MSA Mizar, founded in 1979 by Salvatore Campus as MSA-Multi Serass, is now the holding company for a Group operating in Italy and eight European countries, with a turnover of €75 million in 2023. The Group is the only operator in Italy capable of overseeing the entire outsourced insurance claims management process. In 2022, it partnered with Columna Capital, which valued the business at over €120 million.

The Group includes seven companies specializing in various aspects of claims management, such as portfolio operations, trustee coordination, recovery management, litigation, and hail damage claims. These include MSA-Multi Serass, N4C, Legalade, RipArte, Acclàims, and Dottor Grandine.

MSA Mizar leverages Mizar Tech, an IT hub developing solutions like the Clever claims management system and the RiPortal platform for body shop management. In 2024, the Group will expand into Property & Casualty claims through the acquisition of Veta+ in Spain. The Group processes over 150,000 claims annually, serving more than 30 insurance groups and leading automotive brands.

More information on MSA Mizar can be found at: https://www.msamizar.com/