Baldwin Group to Go Private After $7.7B Investment Deal
Insurance brokerage The Baldwin Group, Inc. said today it has entered a definitive agreement resulting in becoming a privately held company.
An entity formed by Sequence Holdings and DFO Management is to pay an all-cash sum of $7.7 billion to acquire a majority interest in Baldwin. Tampa, Florida-based Baldwin will continue as a wholly owned subsidiary of the new parent company.
DFO Management manages the investment assets of Michael Dell, the founder, chairman, and CEO Dell Technologies.
“Our vision and strategy are not changing,” said Baldwin Group CEO Trevor Baldwin, in a statement. “We remain committed to building the most diversified, vertically integrated insurance firm of the future, the destination for our industry’s best professionals. What changes is the pace of our investments in talent and technology.
Moving faster on AI sharpens what we deliver for clients and elevates the work our colleagues do every day. Foundationally important, our colleagues will remain owners of what we build together,” he added.
After the deal, expected to close during the first quarter 2027, Baldwin said its eligible employees will retain a significant minority equity stake alongside Sequence and DFO. Baldwin shareholders will receive $32.50 in cash for each share of Baldwin common stock they hold. Those eligible will roll over a portion of holdings into the private company.
The purchase price is comprised of about $4.6 billion in equity and about $3.1 billion of net debt to be assumed or refinanced.
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Sequence CEO Michael J. Lee said it is looking forward to working with the team to “rebuild workflows, products, and services around what is now possible with technology – extending Baldwin’s lead as the insurance firm of the future.”
“DFO invests with the flexibility and patience of permanent capital, not as a fund working against a fixed exit clock,” added Dell. “That structure enables DFO to back proven operators like Trevor and his team for the long term.