Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 04.04.2019  
C(2019 )  2753 final  
 
 
To the notifying parties:  
Subject : Case M .9334 – GTCR / APAX PARTNERS / DOLPHIN TOPCO  
Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) 
No 139/20041 and Article 57 of the Agreement on the European Economic Area2  
Dear Sir or Madam,  
1. On 13 March 2019 , the European Commission received notification of a proposed 
conc entration pursuant to Article 4  of the Merger  Regulation by which  the undertakings 
GTCR LLC (‘GTCR’, USA) , and Apax Partners LLP (‘AP’, United -Kingdom) ,  acquire 
within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control over 
the whole of the undertaking Dolphin TopCo Inc. (‘Dolphin’, USA), co ntrolled by AP and 
indirect sole shareholder of AssuredPartners Inc.,  by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 GTCR is a private equity firm focused on investing in companies in the financial 
services and technology, healthcare, technology, media and telecommunications and 
growth business services industries,  
 AP is a private equity firm investing and providing investment advisory services to 
private equity funds in consumer, healthcare, services, telecommun ication, and 
technology sectors,  
 Dolphin is the indirect sole shareholder of the operating subsidiary AssuredPartners 
Inc.  
 
AssuredPartners Inc. is a US -based provider of non -life insurance brokerage services, 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the 'Merger Regulation '). With effect from 1 December 2009,  the Treaty on the 
Functioning of the European Union ( 'TFEU ') has introduced certain changes, such as the replacement of 
'Community ' by 'Union ' and 'common market ' by 'internal market '. The terminology of the TFEU will be used 
throughout this decision.  
2  OJ L 1, 3.1.1994, p . 3 (the 'EEA Agreement '). 
3  Publication in the Official Journal of the European Union No C 106, 20.03.2019 , p. 26. 
PUBLIC VERSION  
2 specialised in the distribution of non -life i nsurance and insurance related to employee 
benefits.  
3. After examination of the notification, the European Commission has concluded that the 
notified operation falls within the scope of the Merger  Regulation  and of paragraph s 5(a) 
and 5 (b) of the Commission Notice on a simplified procedure for treatment of certain 
concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European Commission 
has decided not to oppose the noti fied operation and to declare it compatible with the 
internal market and with the EEA Agreement. This decision is adopted in application of 
Article 6(1)(b) of the Merger  Regulation  and Article 57 of the EEA Agreement . 
For the Commission  
 
(Signed)  
Johannes LAITENBERGER  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .