Tampa-based insurance brokerage The Baldwin Group has agreed to go private in a $7.7 billion deal backed by Sequence Holdings and Michael Dell\u2019s family office, giving shareholders $32.50 per share in cash and ending the company\u2019s run on Nasdaq.<\/p>\n
The price is 88% above Baldwin\u2019s June 17 closing price, the last trading day before reports surfaced that the company was exploring a sale. The deal values Baldwin\u2019s equity at about $4.6 billion and includes roughly $3.1 billion of net debt that the buyers will assume or refinance.<\/p>\n
Baldwin\u2019s board unanimously approved the transaction after an independent special committee recommended it. Shareholders and regulators still have to sign off, and the company expects the deal to close in the first quarter of 2027. The buyers are not making the acquisition contingent on securing financing.<\/p>\n
When the deal closes, Baldwin will become a wholly owned subsidiary of a new parent formed by Sequence and DFO Management, the investment office that manages assets for Dell and his family. Eligible Baldwin employees who already own equity can roll part of those holdings into the private company and keep a minority stake alongside the buyers.<\/p>\n
The $7.7 billion enterprise value works out to about 20 times Baldwin\u2019s trailing 12-month adjusted EBITDA of roughly $396 million. CEO Trevor Baldwin said private ownership will let the company spend faster on technology and artificial intelligence without changing the strategy it has already been pursuing.<\/p>\n
\u201cOur vision and strategy are not changing,\u201d Baldwin said. \u201cWhat changes is the pace of our investments in talent and technology.\u201d<\/p>\n
Sequence, a New York-based permanent holding company, plans to bring its engineering team and Atlas technology platform into Baldwin. The firm buys established service businesses and rebuilds their workflows, products and operations around newer technology.<\/p>\n
Michael Dell said Baldwin has spent about 15 years building what he described as a data and platform advantage in insurance distribution. DFO, which grew out of the Dell family\u2019s former MSD Capital operation, invests without the fixed exit timetable that comes with a traditional private equity fund.<\/p>\n
Baldwin serves more than 3 million clients in the United States and internationally across insurance brokerage, risk management and employee benefits.<\/p>\n
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