HGGC, a values-driven, partnership-focused middle-market private equity firm with over $8 billion of AUM (as of June 30, 2025), today announced it has completed an investment in Sterling Brokers, (“Sterling”, or “the Company”) a leading Canadian benefits brokerage and third-party administrator. Terms of the private transaction were not disclosed.

Founded in 2014, Sterling provides a comprehensive suite of group benefits solutions to Canadian and multinational corporations through its proprietary tech platform, which integrates with HRIS and payroll systems to seamlessly connect employers and insurance carriers. Sterling’s differentiated model combines high-touch client service with tech-enabled benefits administration capabilities, simplifying plan management and expanding access to insurance products from top Canadian carriers.

“We have a great opportunity to continue to grow with our incredible existing clients while looking to add new clients that need a distinctive benefits administration and broker platform,” said Andrew Blanchard, Chief Executive Officer of Sterling, and Thomas McArdle, President of Sterling. “We are very grateful for the opportunity to partner with HGGC. They have an outstanding track record of building best-in-class platforms that drive exceptional client outcomes.”

“Sterling is recognized for its expertise, technology, and outstanding client service, and we’re thrilled to collaborate alongside an exceptional leadership team committed to exceeding the long-term needs of their clients and carrier partners,” said HGGC. “Employee benefits play a critical role in the war for talent. We believe that Sterling is well positioned to continue serving a growing base of businesses who are seeking a better insurance experience.”

Carlyle Direct Lending and Northleaf Capital Partners provided debt financing in support of the transaction, with Carlyle serving as administrative agent. Advisors for HGGC include Santander, Kirkland & Ellis LLP, and Stikeman Elliott LLP.

About Sterling Brokers

Sterling Brokers was founded in 2014 and is headquartered in Toronto, Ontario. Sterling is Canada’s leading third-party administration platform for group benefit programs in Canada. Sterling offers comprehensive benefit consulting and customized plan management technology services that provide its clients with rapid and bespoke solutions.

About HGGC

HGGC is a values-driven, partnership-focused private investment firm. The firm’s ecosystem of investors, operators, and professionals are united by the shared mission to develop leading enterprises and build long term value together. HGGC invests in technology, business services, financial services and consumer enterprises generally valued between $200M - $1.5B+. The firm is based in Palo Alto, CA and manages over $8 billion in AUM (as of June 30, 2025). More information, including a complete list of current and former investments, is available at www.hggc.com.

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