Transaction Opinions

Collaborating with our global colleagues and utilizing our deep M&A industry and capital markets transactional knowledge, we provide independent fairness, solvency, and other transaction opinions to a diverse range of clients.

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  • 89%
    increase in opinions YoY
  • 234
    total transactions in 2020
  • 625+
    professionals aligned for your sucess

Objective Financial Advice supported by Deep Industry Expertise

As a part of the broader Valuations & Opinions Group, Lincoln’s Fairness and Solvency Opinions practice provides best in class financial advice to GP’s, boards of directors, special committees, investors, trustees, and other corporate decision makers on a broad range of transactions.

We differentiate our fairness and solvency opinion 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
    • Capital Raise by Successor Fund
    • Capital Raise with Significant Minority Investor
    • Mergers of Portfolio Companies
    • Debt for Equity Exchanges
    • Backstopped Rights Offerings
  • 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 Transactions

Board Advisory & Other Valuation Opinions

  • Commercially Reasonable Debt Opinions
  • Reasonably Equivalent Value Opinions
  • Board Advisory Valuation Opinions

The Lincoln Difference

Lincoln’s Fairness & Solvency Opinions practice, housed in a global investment bank with highly active M&A and Capital Advisory Groups, brings real world experience and deep industry expertise to every one of its transaction opinion engagements.

Firm-wide collaboration with Global Mergers & Acquisitions Investment Banking Advisory, Capital Advisory, and Valuations & Opinions Groups deliver best-in-class, highly defensible opinions.

M&A Advisory

Valuations & Opinions Group

Capital Advisory Group

M&A industry bankers provide the deal team transactional expertise, extensive industry sector expertise, and a comprehensive database of closed deals. Valuations bankers provide the deal team exceptional technical capabilities in valuing all types of securities across various valuation methodologies. Capital markets bankers provide the deal team unparalleled market expertise from raising growth equity, arranging debt financing, and providing advisory services involving bespoke securities or restructuring transactions to solve capital structure challenges.

Perspectives & Publications

Are Normalized Earnings Acceptable? A Deep Dive into EBITDA Adjustments during the Pandemic

This article originally ran on February 26, 2021 on CFO Dive. The challenges created by the pandemic have led CFOs to evaluate whether they should include incremental adjustments to Earnings Before Interest, […]

An Overview of the Lincoln Middle Market Index

The Lincoln Middle Market Index is a first-of its kind quarterly index that tracks the enterprise value of more than 1,800 privately held, mid-market portfolio companies for  approximately 100 sponsors and lenders. […]

Webinar: New Year Valuations Insights

Lincoln International hosted a webinar on February 3, 2020, led by our European Valuations, M&A and Debt Advisory experts discussing proprietary insights sourced from private companies into Q4 2020 valuations alongside forecasts […]

Liquidity Solutions Academy Webinar

On Thursday, November 5, 2020, Lincoln International’s Chris Gregory, Managing Director in the firm’s Valuations and Opinions Group and leader of its fairness and solvency opinion practice, joined Kirkland & Ellis’ Liquidity […]

Meet Our Senior Team with Valuations & Opinions Expertise