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.
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.
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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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.
