The Baldwin Group, an independent U.S. insurance brokerage and advisory company providing risk management, employee benefits, and wealth management solutions for individuals and businesses, completed the acquisition of Capstone Group, a full-service, multi-line insurance brokerage headquartered in the Philadelphia area.
The deal deepens Baldwin’s presence in a key regional market and broadens its reach across personal and commercial insurance lines in the US.
Founded in 2013, Capstone built its business around a people-first operating model and long-term client relationships.
The firm focuses on risk management, group health and ancillary benefits, and property and casualty insurance, and has posted consistent double-digit organic growth since launch. Its client base spans healthcare, finance, construction, manufacturing, private equity, and technology.
Capstone’s hands-on service model and integrated view of risk management align closely with Baldwin’s client-focused and entrepreneurial approach.
Under the transaction, Capstone continues operating with its existing team while gaining access to Baldwin’s national platform, infrastructure, and broader advisory resources.
Baldwin said the acquisition strengthens its regional footprint and expands its ability to deliver end-to-end insurance and risk management solutions.
Dan Galbraith, president of The Baldwin Group and chief executive officer of retail brokerage operations, said Capstone’s approach to client service mirrors Baldwin’s own priorities. He said both firms push beyond traditional brokerage expectations and share a similar culture built around client outcomes rather than transactional placement.
Capstone leadership said the partnership supports the firm’s long-term direction as client needs grow more complex and the insurance market shifts.
Kevin Fox, managing partner of Capstone Group, said the firm was built on the idea clients need strategic guidance and real partnership, not simple policy placement.
Fox said aligning with Baldwin gives Capstone access to wider resources and infrastructure while preserving its service model and regional relationships. He said the combination supports a sustainable competitive position for both employees and clients over the long term.
Baldwin said the acquisition positions the combined organisation for continued growth and stronger client outcomes, supported by shared values and an ongoing focus on service quality rather than scale alone.
The Baldwin Group operates through four primary platforms: Insurance Advisory Solutions (IAS), Mainstreet Insurance Solutions (MIS), Underwriting Capacity and Technology Solutions (UCTS), and Wealth Advisory Solutions.
The firm was founded in 2011 as Baldwin Risk Partners (BRP Group) and grew rapidly through acquisitions and organic expansion. It rebranded as The Baldwin Group in 2024 to unify nearly 40 regional brands under one identity. The new brand reflects a cohesive approach to delivering integrated business, personal, and employee benefits insurance solutions across the U.S.
In December, 2025, Baldwin Group signs a definitive deal to merge with CAC Group, a move that pushes both firms into territory usually reserved for the biggest independent brokerages in the US. The companies expect the merger to close in early 2026 once regulators clear it.
CAC brings a stack of specialty expertise that Baldwin’s IAS segment has chased for years. Natural resources, private equity, real estate, senior living, education, construction – CAC already runs deep in these sectors and doesn’t hide it.
Total upfront consideration of $1.026 bn, consisting of $438 mn in cash and 23.2 mn shares of Baldwin common stock valued at $589 mn based on the 30-day volume-weighted average pricing as of 12/1/2025; implied multiple of 7.9x 2025E Pro Forma Adjusted EBITDA inclusive of targeted full run-rate synergies.
Post-closing payments include a performance-based earnout of up to $250 mn and a $70 mn deferred payment. The transaction would be accretive to 2025 Adjusted EPS by over 20% based on targeted full run-rate synergies and the exclusion of one-time integration costs and transaction expenses.
