Transaction Opinions & Board Advisory

We provide independent fairness, solvency and other transaction opinions to a range of clients including boards of directors, private equity, private credit and large corporate / multinational clients.

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Objective Financial Advice supported by Deep Industry Expertise

As a part of the broader Valuations & Opinions Group, Lincoln’s transaction opinions and board advisory team provides best-in-class financial advice to general partners, boards of directors, special committees, investors, trustees and other corporate decision-makers at public and private companies.

We differentiate our fairness and solvency opinions services by integrating industry sector and capital markets expertise from our M&A and Capital Advisory groups on every engagement.

Areas of Focus

Fairness Opinions

Cross-Fund/Related Party Transactions
GP-Led Secondary Recapitalizations
Buy- or Sell-Side M&A
Going-Private Transactions
Recapitalizations (Minority / Majority)
Special Situations (i.e. Debt Exchanges)
Bond Indenture Affiliate Party Covenants

Solvency Opinions

Dividend Recapitalizations (Leveraged or Unleveraged)
Stock Buyback / Redemption Transactions
Spin-Offs / Split-Offs
Corporate Restructurings and Exchange Transaction

Board Advisory & Other Valuation Opinions

Commercially Reasonable Debt Opinions
Reasonably Equivalent Value Opinions
Board Advisory Valuation Opinions
Financial advice for take private and other public company
Special Committee advisory

Perspectives & Publications

Q3 2025 Lincoln Senior Debt Index™

Fortune | Private Credit Deals See a Rise in ‘Bad PIKs’ Showing ‘Cracks’ in the Market for Corporate Debt

An Overview of the Lincoln Senior Debt Index™

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Recent Transactions in Valuations & Opinions

Lincoln International advised CapVest on the recapitalization of Curium

Lincoln International advised CVC on the extension of its partnership with Ahlsell

Lincoln International advised ECI on the completion of a single asset continuation vehicle transaction involving CSL

Lincoln International advised Lakestar on its completion of a multi-asset continuation vehicle transaction

Lincoln International advised Ares Acquisition Corporation II on closing its business combination with Kodiak

Automotive & Mobility Technology

Lincoln International advised Tikehau Capital on the launch of its continuation fund to support Egis’ next phase of growth

Business Services

Lincoln International has advised Seven2 on a continuation vehicle transaction involving Marlink and Crystal

Lincoln International advised Ambienta on completing a single asset continuation vehicle transaction involving Wateralia

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Meet Our Senior Team with Transaction Opinions & Board Advisory Expertise

I find immense fulfillment in enabling clients to achieve their objectives and navigate the complexities of today's ever-changing landscape.

Chris Croft

Managing Director & Co-Head of Transaction Opinions

New York

Individual board members have different levels of sophistication and I find it my obligation to distill the financial information in sometimes complicated, bet-the-firm transactions into easy to understand presentations.

William Epstein

Managing Director

Los Angeles

I enhance my clients’ decision making and governance processes by providing independent and objective financial advice in a highly responsive manner.

Chris Gregory

Managing Director & Co-Head of Transaction Opinions

New York

I value the constant opportunity to work with clients from different backgrounds and industries to both learn and pass on something new every day.

Atit Sheth

Managing Director

Chicago

I strive to be a trusted partner for my clients by building relationships based upon sound, objective advice and mutual respect.

Hardeep Singh

Managing Director

San Francisco

I cultivate enduring partnerships with clients by adopting a forward-thinking strategy, ensuring a foundation built on trust and proactive engagement.

Dr. Simon von Witzleben

Managing Director & Head of Transaction Opinions, Europe

London

I find it rewarding to help my clients solve complex problems and add value to their decision-making processes.

Kevin Brooks

Director

Dallas

I guide clients through their most important and complex decisions with unmatched responsiveness, technical rigor and trusted insight.

Jacob Kalatizadeh

Director

New York

I create strong connections with clients through robust and responsive communication coupled with a deep understanding of their objectives.

Cooper Groves

Vice President

Dallas

I navigate clients toward success by understanding their unique business objectives and forging a relationship built on trust.

Umar Rizvi

Vice President

London

I provide best-in-class advisory services with a strong focus on honesty and trust, which is a material component of the overall deliverable for my clients.

Michael Schmit

Vice President

Atlanta

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