Prospect Partners has sold Linkage to Renovous Capital Partners, Argosy Private Equity and BB&T Capital Partners

Lincoln International, a leading global mid-market investment bank, is pleased to announce that Linkage, Inc. (“Linkage” or the “Company”) has been recapitalized by Renovus Capital Partners, Argosy Private Equity and BB&T Capital Partners. Linkage was a portfolio company of Prospect Partners, II, L.P. (“Prospect Partners”), a Chicago-based private equity fund. Terms of the recapitalization were not disclosed.

Linkage, based in Burlington, Massachusetts, is a top provider of leadership training and development programs, assessments and professional services to organizations around the world. The Company’s consultants work with customers to identify and develop leaders and leadership teams that draw upon Linkage’s extensive library of intellectual property and research. Linkage has the largest and most extensive leadership offerings covering such subjects as Managing and Leading Change, Innovation, Leadership and Organization Development, Diversity and Women in Leadership. The Company’s intellectual property is the product of years of internal content development and partnership with leading subject matter experts. 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. Among Linkage’s myriad major clients are leading global organizations, including Allstate, Boeing, Coca-Cola, McKesson, Procter & Gamble and Toyota. Linkage has five offices in the U.S., as well as locations in 15 countries throughout Europe, Asia Pacific, South America, Middle East and Africa.

Lincoln International acted as the exclusive financial advisor to Linkage and Prospect Partners, working closely with the Company’s senior management team throughout the recapitalization process. This included providing advisory expertise and managing the preparatory, marketing, negotiation and due diligence phases of the transaction.

Phil Harkins, Linkage’s Chief Executive Officer and an internationally-recognized expert in leadership, commented, “Lincoln International’s strong understanding of Linkage’s business and senior-level dedication throughout the process were instrumental in achieving a successful outcome that positions Linkage for future success.”

Maneesh Chawla, a Principal at Prospect Partners, added, “By combining their deep understanding of the human capital services industry with strong deal execution capabilities, Lincoln International ran an effective process that generated a successful result for Linkage’s shareholders and management team. Linkage is an excellent company led by a top-notch management team. The Company has done very well and is positioned for strong continued growth.”

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