True Wind Capital Realizes Investment in Sterling Brokers

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SAN FRANCISCO--(BUSINESS WIRE)--Oct 6, 2025--

True Wind Capital (“True Wind”) today announced that it has exited its investment in Sterling Brokers (“Sterling”), a leading Canadian benefits brokerage and third-party administrator, through a sale to HGGC, a Palo Alto-based private investment firm. 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. True Wind’s investment came in 2022 and marked Sterling’s first institutional capital raise.

“We thank True Wind Capital for their partnership over the past three years,” said Andrew Blanchard, Chief Executive Officer of Sterling. Thomas McArdle, President of Sterling, commented, “We look forward to the company’s next chapter and the opportunity to continue to grow with our incredible existing clients while looking to add new clients that are looking for a distinctive benefits offering.”

Tom Hegge, Managing Director at True Wind Capital, commented, “Sterling’s world class team, industry-leading technology, and commitment to unparalleled customer service truly differentiate the company in a highly fragmented market. We look forward to watching the company grow as they continue to increase their presence across Canada.”

Deal advisors for Sterling include BMO Capital Markets (financial) and Mintz (legal).

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 True Wind Capital

True Wind is a San Francisco-based private equity firm focused on partnering with management teams to build leading technology businesses in growing vertical markets in three primary sectors: Industrial Tech, Business Services and Financial Services. True Wind seeks to maximize value creation and invests across the full range of transaction structures. Since its founding in 2015, True Wind has completed 16 platform investments and dozens of add-on acquisitions.

Learn more about True Wind at https://truewind.com.

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KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA CANADA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES TECHNOLOGY INSURANCE HUMAN RESOURCES SOFTWARE FINANCE CONSULTING

SOURCE: True Wind Capital

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PUB: 10/06/2025 12:00 PM/DISC: 10/06/2025 11:58 AM

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