NEW YORK--(BUSINESS WIRE)--MidOcean Partners, a premier middle market private equity firm focused on the business services and consumer sectors, announced today that it has acquired Pragmatic Institute (“Pragmatic” or the “Company”) from Renovus Capital Partners and other investors.
Founded in 1993, Pragmatic has become one of the world’s largest and most-respected product management training companies. Over the past 30 years, the Company has successfully trained more than 200,000 professionals in top tier corporations across over 40 countries. By implementing its unique “Pragmatic Approach,” Pragmatic delivers cutting edge thought leadership via its world class team of trainers to create a company-wide language to drive excellence in the mission critical product management process. The Company’s training is so highly regarded that Pragmatic training is often stated as a specific skills requirement in product management talent searches.
Product management is one of the fastest growing roles in the global economy, with double digit demand growth and resulting talent supply challenges projected in the decade ahead. Pragmatic is uniquely positioned to help companies bridge this gap to develop and retain both new and experienced product management talent. Additionally, in response to client demand to expand the “Pragmatic way” into closely related in demand roles, the company has expanded its offering to now include both data and digital design.
Based in Scottsdale, AZ, the Company rapidly responded to client needs during the COVID-19 pandemic to launch fully virtual and asynchronous offerings. This innovation has fueled Pragmatic’s significant growth via both geographic expansion and further penetration of customer audiences. MidOcean Partners plans to continue the Company’s aggressive growth plan through both planned organic initiatives and strategic acquisitions. Financial terms of the transaction were not disclosed.
“We are thrilled to partner with MidOcean to continue driving the Pragmatic growth story,” said Philip Alexander, CEO of Pragmatic. “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, commented, “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 the Pragmatic Board of Directors, added: “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 Mr. Kieselstein on the Board will be MidOcean Operating Partner Bobby Babbrah. Mr. Babbrah, who brings over 25 years of experience leading innovation and growth strategy in the education space, concluded: “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 LLP acted as legal advisor to MidOcean. William Blair served as financial advisor, and DLA Piper acted as legal advisor to Pragmatic.