British insurance broker McGill has been sold to Swedish private equity firm EQT in a deal worth £1.5billion, making it the latest UK company to be bought by an overseas buyout firm.
EQT is acquiring a majority stake in McGill from Warburg Pincus, the firms announced on Friday.
McGill specialises in insurance policies for sectors including aviation and shipping. The company was founded in 2019 by Steve McGill and John Lloyd, with backing from Warburg Pincus.
Steve McGill will continue to lead the firm as chief executive, while Lloyd will remain actively involved as chairman, the companies said.
Part of a wider wave of takeovers
The McGill deal comes just months after EQT agreed a £10.7billion takeover of FTSE 100-listed testing and inspection group Intertek, adding to a growing list of British companies acquired by private equity firms.
Earlier this week, FTSE 250 industrial firm Bodycote agreed a £1.65billion deal with US private equity firm Veritas Capital. That followed Apollo's £5.7billion takeover of easyJet earlier this summer.
EQT, based in Stockholm, is one of Europe's largest private equity groups, investing across sectors including technology, healthcare and infrastructure.
Growth plans and employee ownership
EQT said the investment would help drive accelerated organic growth and global expansion by continuing to attract and support specialty broking talent in key markets, as well as investing further in technology and data capabilities.
EQT partner Matthias Wittkowski said McGill had established a strong position in specialty insurance broking, with revenues in excess of $250million. A possible sale of the broker was first reported in January.
McGill employs more than 600 people across seven countries. The company said its all-employee ownership structure means staff will all be beneficiaries of the transaction.
What McGill's boss said
Steve McGill said: "We are delighted to welcome EQT as our new partner and for our colleagues to retain a significant ownership stake in our firm. EQT's track record of backing high-growth, best-in-class technology-enabled businesses makes them absolutely the right partner for the next stage of our journey."
