Tampa-based The Baldwin Group announced late Tuesday that it has struck a deal to acquire CAC Group in a transaction valued at up to $1.346 billion, a move that will dramatically expand its specialty insurance capabilities and forge one of the largest independent advisory platforms in the United States.
A Billion-Dollar Blueprint for Expansion
In its announcement, Baldwin revealed an upfront package totaling $1.026 billion—a mix of $438 million in cash and 23.2 million Baldwin shares worth $589 million, based on the 30-day VWAP as of Dec. 1.
Layered atop that is up to $250 million in performance-based earnouts and a $70 million deferred payment, rounding out a deal engineered to blend immediate firepower with long-term performance incentives.
The company said the acquisition is projected to lift adjusted earnings per share by more than 20% in 2025, excluding integration charges. Despite the size of the transaction, Baldwin expects the deal to be net-leverage neutral at closing and to accelerate its deleveraging path through 2028.
