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Baldwin going private in latest big brokerage deal - Business Insurance Skip to content Register for free Search Search Log In Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2026 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2026 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2026 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2026 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Baldwin going private in latest big brokerage deal by Gavin Souter Agents and Brokers , Mergers and Acquisitions Baldwin Group Sep 14, 2026 The $7.7 billion deal to take The Baldwin Group private adds another multibillion-dollar transaction to a surge in large insurance brokerage deals and comes as Baldwin has returned to acquisitions after several years of debt reduction. The agreement with Sequence Holdings and the family investment office of Dell Technologies founder Michael Dell is “another blockbuster deal that reflects the seminal change in the business,” said Tim Cunningham, managing partner at Optis Partners, an insurance merger and acquisition consulting firm. Under the agreement announced Monday, Baldwin shareholders will receive $32.50 per share in cash, an 88% premium to the brokerage’s June 17 closing price, the day before reports emerged that the company was exploring a deal to go private. The offer, though, is roughly in line with where Baldwin shares traded about a year ago. Sequence and DFO Management, which manages the investment assets of Mr. Dell and his family, will acquire a majority interest in Tampa-based Baldwin. Eligible Baldwin employees who hold equity will have the opportunity to retain a significant minority stake in the privately held company, according to a statement announcing the deal. The transaction comes amid a series of large insurance brokerage acquisitions, including Aon’s recently announced agreement to buy USI Insurance Services for $17 billion, Arthur J. Gallagher & Co.’s $13.45 billion acquisition of AssuredPartners and Brown & Brown’s $9.83 billion purchase of Accession Risk Management Group. The deal values Baldwin’s equity at about $4.6 billion and includes about $3.1 billion of net debt that will be assumed or refinanced. The $7.7 billion enterprise value is about 20 times Baldwin’s $396 million in adjusted earnings before interest, taxes, depreciation and amortization over the past 12 months, Baldwin said. Raymond James analysts said the transaction values Baldwin at 12.8 times their estimate of the brokerage’s 2027 adjusted EBITDA. Baldwin CEO Trevor Baldwin said the investment would provide the brokerage with long-term capital and allow it to accelerate investment in artificial intelligence and other technology. “Our vision and strategy are not changing,” Mr. Baldwin said in the statement. “What changes is the pace of our investments in talent and technology.” The transaction comes less than a year after Baldwin agreed to buy CAC Group in a $1.03 billion deal, its largest acquisition since the brokerage curtailed M&A activity several years ago to reduce debt. Baldwin had been an aggressive acquirer following its 2019 initial public offering, completing 35 acquisitions in about 2½ years. It largely suspended acquisitions after its $385 million purchase of Westwood Insurance Agency in 2022 pushed its leverage ratio to 5.8 times earnings. Last year, Mr. Baldwin said the brokerage was preparing to resume acquisitions after reducing its leverage. Mr. Cunningham said the new ownership could give Baldwin additional flexibility to make deals. “Baldwin will be in a better position as they restructure their capital structure and they may be able to be more acquisitive,” he said. Baldwin reported second-quarter revenue of $492.9 million, up 30% from the prior-year period, reflecting in part the CAC acquisition. Adjusted EBITDA increased 23.7% to $116.7 million, while organic revenue grew 2%. Sequence is a New York-based permanent holding company that acquires established service businesses and seeks to use technology to improve their operations. DFO was established as MSD Capital in 1998 and restructured as DFO in 2022. The deal is expected to close in the first quarter of 2027, after which Baldwin’s shares will cease trading on Nasdaq. 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