US: MidOcean Partners acquires Pragmatic Institute
MidOcean Partners, a middle market private equity firm focused on the business services and consumer sectors, has acquired Pragmatic Institute from Renovus Capital Partners and other investors.
Based in Scottsdale, Arizona and founded in 1993, Pragmatic is a product management training company which has taught over 200,000 professionals in corporations across more than 40 countries.
MidOcean Partners stated it plans to continue the company’s aggressive growth plan through planned organic initiatives and strategic acquisitions. Financial terms of the transaction were not disclosed.
Philip Alexander, chief executive of Pragmatic, said: “We are thrilled to partner with MidOcean to continue driving the Pragmatic growth story. MidOcean has an impressive track record in executing transformational growth and brings deep expertise in the education and training markets that will enhance our ability to better serve our customers while supporting our market expansion goals.”
Elias Dokas, managing director at MidOcean, added: “MidOcean has significant expertise in helping middle market education businesses scale while driving outstanding returns for our investors, management teams and portfolio company employees. Pragmatic has built an impressive platform, and we believe there are numerous growth vectors for the business ahead – client roster expansion and penetration, new course offerings, and further global expansion to name a few.”
David Kieselstein, operating partner at MidOcean and chairman of Pragmatic, commented: “First and foremost, MidOcean looks to invest behind great leaders and teams. CEO Phil Alexander has brought tremendous vision and energy to the business, and with it, stellar results. He has added key talent to create a world class executive team and has a clear plan and the team to execute on it.”
Joining Kieselstein on the board will be MidOcean’s operating partner Bobby Babbrah, who has more than 25 years’ experience in the education sector.
He said: “A certificate from Pragmatic carries weight in the professional world for both individual learners and corporations. Pragmatic’s training has a direct and measurable impact for employers, both directly in their results and by retaining key employees in this challenging employment market.”
Gibson Dunn & Crutcher was legal advisor to MidOcean. William Blair was financial advisor, and DLA Piper was legal advisor to Pragmatic.