At a glance
| Latest fund | Madison Dearborn Capital Partners VIII, $5B S2 |
|---|---|
| Deal types | Platform, Add-on, Growth, Minority S2 |
| Geography | United States S2 |
| Sectors | Accounting & Professional Services, Insurance Brokerage, Wealth Management, Healthcare Services, IT Services & MSP, Software & SaaS |
What Madison Dearborn Partners buys
Madison Dearborn Partners is a Chicago firm, formed in 1992, that has raised about $36 billion and completed more than 160 investments. It buys established middle and upper-middle market companies, mostly in the United States, through three industry teams. Financial services covers insurance distribution, wealth and retirement, accounting and other professional services, and fintech. Healthcare covers providers, home and community care, health IT and outsourced services. Technology and government includes contractors that build software and modernize IT for defense and federal agencies. MDP does control buyouts and growth equity deals, and it will take a minority stake when that suits the business.
It is now investing Madison Dearborn Capital Partners VIII, a $5.0 billion fund, and its deals are large: the wealth businesses it agreed to buy from Aon in 2025 for about $2.7 billion earned roughly $127 million of EBITDA. MDP does not publish size ranges. A smaller company is most likely to meet MDP as an add-on to a platform such as Amynta Group, Wealthspire or the Nichols Cauley accounting group.
Recent deals
Announced in the 24 months before October 22, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Aug 2026 | Southern States UnderwritersAgreement for Amynta Group to buy the agribusiness insurance operations of Southern States Cooperative | Add-on | Insurance Brokerage | Source |
| Jun 2026 | Stephano SlackGrowth investment in the Wayne, Pennsylvania accounting and advisory firm; current leadership stays | Growth | Accounting & Professional Services | Source |
| Mar 2026 | IntermediaAgreement by 26North to buy the cloud communications company | Exit | Software & SaaS | Source |
| Jan 2026 | Air Control ConceptsBlackstone added to its stake in the commercial HVAC platform; MDP now lists the company as exited | Exit | HVAC, Plumbing & Electrical | Source |
| Jan 2026 | Nichols Cauley, Partners Risk Services and JGH ConsultingAtlanta accounting firm merges with an insurance agency and a transaction advisory firm to form a new platform backed by MDP | Growth | Accounting & Professional Services | Source |
| Dec 2025 | International SuretiesSpecialty surety broker added to Amynta Group | Add-on | Insurance Brokerage | Source |
| Nov 2025 | Nonprofit Services Insurance AgencyBought by First Nonprofit Companies, part of Amynta Group | Add-on | Insurance Brokerage | Source |
| Oct 2025 | Insurance Office of AmericaInvestment alongside Navacord and the agency's own producers and employees; IOA stays independent | Investment | Insurance Brokerage | Source |
| Sep 2025 | Unemployment Services, Inc.Bought by First Nonprofit Companies, part of Amynta Group | Add-on | Insurance Brokerage | Source |
| Sep 2025 | NFP wealth businesses (Wealthspire, Fiducient, Newport Private Wealth)Agreement to buy most of NFP's wealth business from Aon for about $2.7 billion; the businesses earned about $127 million of EBITDA | Platform | Wealth Management | Source |
| Jun 2025 | NextGen HealthcareCompleted purchase of a significant ownership stake in the physician practice software company alongside Thoma Bravo | Investment | Software & SaaS | Source |
| Dec 2024 | Crum & Forster credit insurance businessCredit division of Crum & Forster added to Amynta Group | Add-on | Insurance Brokerage | Source |
Portfolio by sector
From the firm's portfolio page S3.
Basic Industries
- IPL Plastics
- Shaw Development
Financial Services
- Amynta Group
- Ankura
- Ardonagh Group
- Great Gray Trust Company
- Insurance Office of America
- MoneyGram International
- Navacord
- Nichols Cauley
- Stephano Slack
- Wealthspire
Healthcare
- Advanced Personnel Management (APM)
- CareRing Health
- NextGen Healthcare
- Performance Health
- Sevita Health
Technology & Government
- AEVEX
- Carnegie Learning
- Lightspeed Systems
- OMNI
- Revolutional
- T2S Solutions
- Unison
Telecom, Media & Technology Services
- Asurion
- Fastwyre Broadband
- Zilliant
Past investments: Air Control Concepts, Intermedia
Greymont’s take
How Madison Dearborn Partners fits a seller
MDP suits owners of sizable accounting, insurance brokerage, wealth management, healthcare and government technology businesses who want a partner with a long record in their industry. Its two accounting deals show the pattern: at Stephano Slack and Nichols Cauley, the existing leaders stayed in place, MDP made a growth investment, and each firm moved to an alternative practice structure in which a licensed CPA firm keeps the audit work. At Insurance Office of America, producers and employees invested alongside MDP and the agency kept its independence.
Most owners below MDP's size range will meet it through an add-on, such as a sale to Amynta Group, which bought several agencies, brokers and underwriters in 2025 and 2026. An owner should ask how much equity partners and staff can keep or roll over, who will control the board, and how long MDP expects to hold the business.
Questions owners ask
Does Madison Dearborn invest in accounting firms?
Yes. It backed Stephano Slack in Wayne, Pennsylvania in June 2026 and the Nichols Cauley platform in Atlanta in January 2026. In both cases the firm moved to an alternative practice structure, with a licensed CPA firm keeping the attest work and a separate company providing tax and advisory services.
Does Madison Dearborn invest in government IT contractors?
Yes. Its Technology and Government team targets software modernization, enterprise IT and digital transformation for federal and defense customers. Current holdings include Revolutional, which serves federal agencies, OMNI, which builds software for the Defense Department and intelligence community, and T2S Solutions.
Will Madison Dearborn take a minority stake?
It says it does both control and minority deals. Stephano Slack and Nichols Cauley were growth investments with existing leaders staying in charge, and at Insurance Office of America the agency's own producers and employees invested alongside MDP and Navacord.
How large are Madison Dearborn's deals?
Large. It is investing a $5.0 billion fund, and the NFP wealth businesses it agreed to buy from Aon in September 2025 cost about $2.7 billion and earned roughly $127 million of EBITDA. Smaller companies usually fit as add-ons to its platforms.
Sources
- S1Madison Dearborn Partners home page Accessed October 22, 2026
- S2About Madison Dearborn Accessed October 22, 2026
- S3Madison Dearborn: Investment Portfolio (sector, deal type and status filters) Accessed October 22, 2026
- S4Madison Dearborn: Financial Services sector Accessed October 22, 2026
- S5Madison Dearborn: Healthcare sector Accessed October 22, 2026
- S6Madison Dearborn: Technology & Government sector Accessed October 22, 2026
- S7Madison Dearborn: News Accessed October 22, 2026
- S8Stephano Slack Announces Strategic Growth Investment from Madison Dearborn Partners (June 10, 2026) Accessed October 22, 2026
- S9Nichols Cauley, Partners Risk Services, and JGH Consulting Merge to Establish New Platform in Partnership with Madison Dearborn Partners (January 5, 2026) Accessed October 22, 2026
- S10Aon Signs Definitive Agreement to Sell Significant Majority of NFP's Wealth Business to Madison Dearborn Partners (September 3, 2025) Accessed October 22, 2026
- S11The Amynta Group news releases on PR Newswire Accessed October 22, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Madison Dearborn Partners. Figures are as reported on the dates shown and may have changed. Request a correction