HGGC, a private equity firm, has completed an investment in Sterling Brokers, a Canadian benefits brokerage and third-party administrator. Sterling provides group benefits solutions to Canadian and multinational corporations through a proprietary technology platform that integrates with HRIS and payroll systems, connecting employers and insurance carriers.
Founded in 2014 and headquartered in Toronto, Ontario, Sterling Brokers combines client service with technology-enabled benefits administration, designed to simplify plan management and expand access to insurance products from Canadian carriers. The specific terms of the private transaction were not disclosed.
Andrew Blanchard, Chief Executive Officer, and Thomas McArdle, President, of Sterling, stated, “We have a significant opportunity to grow with our existing clients and to add new clients seeking a distinctive benefits administration and broker platform. We are grateful for the opportunity to partner with HGGC, given their track record of building best-in-class platforms that achieve exceptional client outcomes.”
From HGGC’s perspective, the firm noted Sterling’s recognition for its expertise, technology, and client service. “Employee benefits are crucial in the competition for talent. We believe Sterling is well positioned to continue serving a growing base of businesses that are seeking an improved insurance experience,” an HGGC spokesperson commented.
Carlyle Direct Lending and Northleaf Capital Partners provided debt financing for the transaction, with Carlyle acting as the administrative agent. Advisors for HGGC included Santander, Kirkland & Ellis LLP, and Stikeman Elliott LLP.
HGGC, based in Palo Alto, CA, manages over $8 billion in assets under management as of June 30, 2025. The firm focuses on technology, business services, financial services, and consumer enterprises, generally valuing them between $200 million and $1.5 billion+.
