Renovus Capital Partners, Argosy Private Equity and BB&T Capital Partners have invested in Linkage, a provider of leadership training programs, to fund the acquisition of the company from Prospect Partners which acquired the company in July 2008.
Linkage is a global provider of organizational and leadership development and training programs, services and products for executives and senior managers. It offers a broad line of resources to help organizations and their employees become more efficient, effective and productive in addressing a variety of leadership, human resources, and organizational challenges. In addition to providing customized training and development programs, the company also has created and runs three annual institutes focused on leadership: the Global Institute for Leadership Development (“GILD”), Women in Leadership (“WIL”) and the Institute for Leading Diversity & Inclusion (“ILDI”). Since 1988, Linkage has provided training and development to more than 250,000 leaders from 67 countries. Linkage’s customers include Allstate, Boeing, Coca-Cola, McKesson, Procter & Gamble and Toyota. Linkage has five offices in the US, as well as locations in 15 countries throughout Europe, Asia Pacific, South America, the Middle East and Africa. Linkage is headquartered in Burlington, MA (www.linkageinc.com).
“This transaction provides a great opportunity for Linkage to continue its history of success,” said Phil Harkins, Linkage’s CEO and founder. “In addition to capital, our new partners bring an in-depth understanding of the training industry and will support management as we pursue amazing opportunities for future growth.”
Renovus Capital Partners invests from $5 million to $15 million in education related companies that have less than $10 million of EBITDA. Within education, sub-sectors of interest include schools, training, content providers, technology, and services. Renovus is currently investing its first fund, a $180 million SBIC fund focusing on small and mid-sized businesses within the education and training sector. To date, the fund has invested over $65 million in six portfolio companies in verticals such as corporate training, career colleges, and technology enabled content. Renovus was founded in 2010 and is based in Wynnewood, PA, a suburb of Philadelphia (www.renovuscapital.com).
Argosy Private Equity invests from $4 million to $10 million in lower middle market companies with revenues of $15 million to $100 million and EBITDAs of $3 million to $9 million. Sectors of interest include manufacturing, business services, value-added distribution and franchising. The firm is located in Wayne, PA (www.argosycapital.com).
BB&T Capital Partners manages over $725 million in committed capital across three funds which are all focused on the middle market. The firm makes direct equity investments in control transactions of privately-held companies; provides subordinated debt or mezzanine capital in support of transactions led by financial sponsors and others; and invests in other private equity funds. BB&T is an investment arm of BB&T Corporation and principally targets companies in business, government, healthcare and industrial services, niche manufacturing, value-added distribution and education. The firm was founded in 1998 and is based in Winston-Salem, NC (www.bbtcp.com).
DLA Piper advised the buyers on the transaction while Lincoln International and Sidley Austin advised Linkage.
© 2013 PEPD • Private Equity’s Leading News Magazine • 8-9-13
