London, UK – British insurance broker McGill has been acquired by Swedish private equity firm EQT in a deal valued at £1.5 billion. The transaction will see EQT acquire a majority stake in McGill from its current backer, Warburg Pincus.
Founded in 2019 by Steve McGill and John Lloyd, McGill specializes in insurance policies for sectors including aviation and shipping. The firm reported revenues exceeding $250 million and employs over 600 individuals across seven countries. Following the acquisition, Steve McGill will continue to lead the company, with Chairman John Lloyd remaining actively involved.
EQT stated that the acquisition aims to drive accelerated organic growth and global expansion for McGill. The private equity firm plans to invest further in technology and data capabilities, while continuing to attract and support specialty broking talent in key markets. Matthias Wittkowski, a partner at EQT, highlighted McGill's strong position in specialty insurance broking.
This deal marks another instance of private equity firms acquiring British companies. Earlier this year, EQT agreed to a £10.7 billion takeover of FTSE 100-listed Intertek. In separate transactions, U.S. private equity firm Veritas Capital agreed to a £1.65 billion deal for industrial firm Bodycote, and Apollo completed a £5.7 billion takeover of EasyJet during the summer.
McGill's employee ownership structure means all employees will benefit from the transaction. Steve McGill expressed enthusiasm for the partnership with EQT, noting the firm's track record with technology-enabled businesses. A potential sale of the broker was first reported in January.