Baldwin Group, Inc. announced on January 8, 2026 that it has acquired Capstone Group, a Philadelphia‑based independent brokerage founded in 2013 that has consistently achieved double‑digit organic growth and serves a broad portfolio of personal and commercial clients in healthcare, finance, construction, manufacturing, private equity, and technology.
The transaction adds Capstone’s client relationships and people‑first culture to Baldwin’s national platform, but the financial terms of the deal were not disclosed. The acquisition is intended to broaden Baldwin’s geographic footprint, deepen expertise in key verticals, and enhance its embedded insurance and advisory capabilities, aligning with the company’s strategy of expanding its service mix and market reach.
Baldwin’s recent M&A activity—including the merger with CAC Group, the acquisition of a homebuilder distribution network, and the purchase of Cobbs Allen Capital Holdings—underscores its aggressive growth strategy. The Capstone deal is expected to accelerate that trajectory by bringing a high‑growth brokerage into Baldwin’s ecosystem and providing immediate access to new client segments and geographic markets.
Baldwin’s financial context shows a company in transition: 2024 revenue rose 13.99% to $1.39 billion, yet the firm posted a net loss of $24.52 million. In Q3 2025, revenue was $365.4 million with a net loss of $30.2 million, while adjusted diluted EPS reached $0.31. Q2 2025 results highlighted 11% organic revenue growth, 14% adjusted EBITDA growth, and a 24% increase in adjusted diluted EPS, illustrating the company’s focus on operational leverage and margin improvement.
Capstone’s double‑digit growth and strong client relationships complement Baldwin’s embedded insurance strategy, positioning the combined firm to capture higher‑margin advisory work and expand its footprint in high‑growth verticals. The acquisition is part of a broader industry consolidation trend, with larger brokers acquiring specialized firms to enhance service breadth and scale.
Dan Galbraith, President of Baldwin, said the partnership “mirrors our commitment to client success and holistic risk management.” Kevin Fox, Managing Partner of Capstone, added that the deal “will enable us to serve clients with complex needs by leveraging Baldwin’s global resources and regional relationships.”
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