EQT to Take Majority of McGill and Partners in $2 Billion Deal
Summary:
- EQT AB is buying a controlling stake in UK broker McGill and Partners from Warburg Pincus for $2 billion
- The investment comes through the EQT X fund and was announced Friday
- Closing is slated for H1 2027, after which EQT X would be about 85% to 90% deployed
The deal and the players
Sweden's EQT AB agreed to purchase a majority interest in McGill and Partners from Warburg Pincus for $2 billion, aiming to speed up the broker's international push. The buyout will be made via EQT X. Warburg Pincus plans to exit completely. EQT, headquartered in Stockholm, disclosed the agreement on Friday.
Company details and leadership
Founded in 2019, the firm now employs over 600 people in seven countries and generates revenue exceeding $250 million. Founder and Chief Executive Officer Steve McGill will keep running the firm. Chairman John Lloyd plans to stay closely engaged.
Growth plans and timing
EQT says it will support further organic growth through hiring and by putting money into tech and data tools. The deal is scheduled to close in H1 2027. Once completed, the EQT X vehicle would be around 85% to 90% invested. A potential sale by Warburg Pincus was first flagged by Bloomberg in January.
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Why it matters
This is a scale-up bet on specialty insurance broking. If EQT delivers on hiring and tech spend, McGill and Partners could widen its footprint and sharpen margins. For customers and competitors, that means more capacity and sharper execution. For everyday investors tracking private equity, it is a reminder that capital is still flowing to growth platforms with clear expansion runways, even as funds near the end of their dry powder.
