Michael Dell’s family office takes Baldwin Group private in a $7.7bn LBO, betting on its data, tech and AI edge to drive the next chapter.
A “Dell of a deal”. Michael Dell certainly thinks so, with his family office DFO Management teaming up with Sequence Holdings to execute a leveraged buyout to take insurance broker Baldwin Group private in a $7.7bn deal. Baldwin shareholders will receive $32.50 a share in cash, an 88% premium to its unaffected June price, while the transaction will give the business longer-term capital to accelerate investment in technology and AI. Mr Dell was quoted as saying: “Baldwin has built something rare in insurance distribution: a genuine data and platform advantage, compounded over 15 years, led by a team with a clear and differentiated vision.” The deal values Baldwin at roughly 20 times trailing adjusted EBITDA and includes around $3.1bn of net debt. With private equity buyout firms left on the sidelines, this was a case of “for whom the Dell tolls”.
James is an experienced financial journalist and editor with over 20 years experience covering private markets and alternatives. He is host of the Clockwork CIO podcast.
