Sale Delivers NorthWall a Successful Exit within 18 Months
London, UK – Monday 20th April 2026 – NorthWall Capital (“NorthWall”), a leading European alternative credit specialist delivering private capital solutions to Western European counterparties, announces the successful exit of its investment in Eaton Gate, following the signing of a definitive agreement for the business to be acquired by DOXA, a leading US-based MGU platform, with closing expected within six months.
NorthWall provided a £43.5 million senior secured lending facility to Eaton Gate in December 2024, supporting the refinancing of existing debt facilities and equipping the business with additional capital to accelerate growth. Over the course of the partnership, the facility supported Eaton Gate’s continued regional expansion and investment in its e-trade platform.
Since NorthWall’s investment, Eaton Gate has delivered strong performance, achieving premium growth ahead of the wider market and further strengthening its position as the largest independent MGU in the UK. The company’s leading market position, diversified product offering and scalable platform has attracted significant strategic interest, culminating in the agreed acquisition by DOXA as it makes its first investment in Europe.
NorthWall’s investment supported the business from refinancing and growth capital through to a strategic sale, demonstrating its ability to provide flexible, tailored capital solutions which are aligned to management’s objectives, helping to deliver defined realisations for shareholders.
The exit, expected to be achieved 18 months after initial investment, highlights NorthWall’s disciplined underwriting approach and its focus on partnering with management teams and shareholders to support value creation and deliver successful outcomes for all stakeholders.
Fabian Chrobog, Founder and CIO at NorthWall, said, “Eaton Gate delivered exactly what we underwrote – strong performance, consistent execution and a clear trajectory over the course of our investment. From the outset, the focus was on building a partnership that gave the business the flexibility to invest and grow, while maintaining a clear path to a strategic outcome. This is a good example of how we work with management teams to support delivery and ultimately achieve a defined exit.”
Jonathan Matthews, CEO at Eaton Gate, added, “NorthWall has been a supportive and flexible capital partner throughout a pivotal phase of Eaton Gate’s growth. Their ability to structure a solution tailored to our needs allowed us to accelerate our strategic priorities whilst maintaining our market position. We thank the team for their partnership and look forward to building on the strong foundations established together as we enter our next chapter with DOXA.”
The signed acquisition is subject to standard regulatory approvals and is expected to complete in the second half of 2026.
About Eaton Gate
Eaton Gate is an independent MGU focused upon the UK commercial SME and mid net worth home insurance segments, distributed through broker partners and underwriting on behalf of a panel of tier-1 global insurers. More information can be found at www.egmgu.co.uk.
ABOUT DOXA
DOXA is an award-winning specialty insurance platform that acquires and grows niche-market focused insurance program administrators, underwriting and program distribution companies including MGAs, MGUs, brokers and direct-to-consumer operators. DOXA delivers centralized sales, marketing, underwriting and operational support services to help companies maximize their growth potential. DOXA offers hundreds of custom specialty insurance programs, in support of over 20,000 agent broker relationships in all 50 states. For information visit www.DOXA.com.