Dell Family Office Acquired The Baldwin Group for $7.7B
The brokerage returned to private ownership in a deal valued at 20 times trailing adjusted EBITDA.
Updated on Sept. 22, 2026 in Corporate Finance
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Investors led by the Dell family office purchased The Baldwin Group for $7.7 billion, moving the firm from public markets back to private ownership. The acquisition reflects a valuation of 20 times trailing adjusted EBITDA, a move intended to provide the firm with long-term balance sheet stability.
Why it matters
The deal signals a preference for long-term asset security over the aggressive short-term returns typically demanded by private equity. By moving private, the firm gains the balance sheet flexibility needed to service debt without the pressures of quarterly public earnings disclosures.
The $7.7 billion purchase price values The Baldwin Group at 20 times trailing adjusted EBITDA. This acquisition marks a pivot for the firm, which had been public since 2019.
The players
The Baldwin Group
A brokerage firm that returned to private ownership after operating as a public entity since 2019.
Dell family office
An investment vehicle that previously served as an early investor in the brokerage.
MarshBerry
A financial advisory firm that tracks trends among private capital-backed brokers.
The details
The transaction leverages the Dell family office's capital to provide the brokerage with enhanced balance sheet strength. Unlike traditional private equity firms that often target annual returns of 20% to 25%, family offices frequently operate with lower return goals, such as 15%, to prioritize stability. This shift allows the firm to manage debt servicing more effectively than it could under the scrutiny of public market investors.
Timeline
2019: The Baldwin Group completed its initial public offering.
September 2026: The Dell-led acquisition of The Baldwin Group was announced.
Market Landscape
This move follows the documented trend of private capital-backed brokers identified by MarshBerry. The high valuation multiple set by this deal may encourage other private equity-backed brokerages to explore similar exits or sales.
Operators should watch for increased pressure on brokerage valuations as this deal sets a high benchmark for the sector. Consider whether your firm's current capital structure provides the necessary long-term stability to compete with firms backed by patient family office capital.
The takeaway
The Baldwin Group's transition from public back to private highlights the current competitive advantage of patient, family-office capital over short-term private equity targets. Assess your organization's reliance on quarterly growth metrics versus long-term debt capacity to determine if a pivot in your funding strategy is required.
Further reading
For more on industry consolidation patterns, visit Corporate Finance.
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