Articles from Lincoln International

Lincoln International, a leading global investment banking advisory firm specializing in private capital markets, is pleased to announce the closing of its acquisition of MarshBerry, a global leader in investment banking and consulting serving the insurance brokerage and wealth & retirement sectors.

Lincoln International, a leading global investment banking advisory firm specializing in private capital markets, is pleased to announce its entry into a definitive agreement to acquire MarshBerry, a premier advisory firm that has been serving the insurance brokerage, insurance distribution, and wealth management sectors for over 40 years.

Lincoln International, a global investment banking advisory firm, announced today that the Lincoln Private Market Index (LPMI), the only index that tracks changes in the enterprise value of U.S. privately held companies, increased by 2.5% during the second quarter of 2025, driven by steady growth in EBITDA as enterprise value multiples remained approximately steady since Q1. When comparing the LPMI to the public markets, the LPMI underperformed the S&P 500 in Q2. The S&P 500 increased 10.6%, though the S&P 500 excluding the “Magnificent Seven” was more muted, increasing only 6.2%. Both increases were driven primarily by multiple expansion, likely due to investor optimism due to a deferral of the tariffs announced on “Liberation Day.”

Lincoln International, a global investment banking advisory firm, announced today that the Lincoln Private Market Index (LPMI), the only index that tracks changes in the enterprise value of U.S. privately held companies, increased by 2.3% during the first quarter of 2025, driven by steady growth in EBITDA as enterprise value multiples decreased approximately 0.1x since Q4 2024. When comparing the LPMI to the public markets, the LPMI outperformed the S&P 500 in Q1 2025 as the S&P 500 decreased 5.6%, though the S&P 500 excluding the “Magnificent Seven” was more muted, declining only 0.4%. Both decreases were driven primarily by multiple contraction, likely due to investor apprehension and uncertainty surrounding recessionary fears.

The Lincoln Private Market Index (“LPMI”), the only index that tracks changes in the enterprise value of U.S. privately held companies, increased by 2.3% during the fourth quarter of 2024 driven by steady growth in EBITDA as multiples were relatively unchanged. When comparing the LPMI to the public markets, the LPMI outperformed the S&P 500, which only grew 1.8%. Furthermore, the S&P 500 excluding the “Magnificent Seven” contracted 2.3% in enterprise value driven primarily by multiple contraction likely due to investor apprehension and uncertainty surrounding interest rates and potential tariffs. Despite the larger increase in the LPMI in Q4, overall in 2024, the growth in the LPMI (8.0% growth in 2024) lagged the S&P 500 (21.3%) and the S&P 500 excluding “Magnificent Seven” (10.7%).

Lincoln International, a global investment banking advisory firm, is pleased to announce the promotion of six advisory professionals to the role of Managing Director.

The Lincoln Private Market Index (“LPMI”), the only index that tracks changes in the enterprise value of U.S. privately held companies, increased by 2.2% during the third quarter of 2024 as the index reached a new high. As has been the case in most quarters since the index’s inception, the index’s growth was primarily driven by strong fundamental performance, rather than multiple expansion.

Lincoln International, a leading global investment banking advisory firm, announced today that it has acquired TCG Corporate Finance (TCG), a boutique European technology and digital economy advisory firm with offices in Munich, Berlin, Stockholm and London.

The Lincoln Private Market Index (“LPMI”), the only index that tracks changes in the enterprise value of U.S. privately held companies, increased by 1.9% during the second quarter of 2024 as the index reached a new high. As has been the case in most quarters since the index’s inception, the index’s growth was primarily driven by positive financial performance rather than multiple expansion.

The Lincoln Private Market Index (LPMI), the only index that tracks changes in the enterprise value of U.S. privately held companies, increased by 1.4% during the first quarter of 2024, as the index climbed to yet another record high. For the 12th consecutive quarter, the index’s growth was primarily driven by positive financial performance rather than multiple expansion. Conversely, the S&P 500’s quarter-over-quarter enterprise value increase of 9.2%, or 7.8% excluding the “Magnificent Seven,” overshadowed the LPMI’s increase, but the S&P 500’s growth was largely multiple driven on the back of optimism of rate cuts throughout the remainder of 2024.

The Lincoln Private Market Index (LPMI), the only index that tracks changes in the enterprise value of U.S. privately held companies, increased by 0.6% during the fourth quarter of 2023, resulting in the index ending 2023 at another record high. The LPMI’s increase was directionally in line with the movement of the S&P 500, which increased 9.1% since the third quarter. During 2023, the S&P 500 soared by 22.7%, while the LPMI climbed only 5.5% but demonstrated greater stability over the year. The public index was buoyed by multiple expansion in its seven largest companies whereas the engine behind the LPMI’s growth was strong operating performance, as multiples declined for the third consecutive quarter.

Lincoln International, a global investment banking advisory firm, today announced the appointment of several firm leaders into executive management and client advisory roles. The firm has promoted Mary Weber to the newly created role of Chief Operating Officer, as well as Nick Baldwin and Charles de Fels to Managing Directors.

The Lincoln Private Market Index (LPMI), the only index that tracks changes in the enterprise value of U.S. privately held companies, increased by 0.8% during the third quarter of 2023. The increase was the result of persistent earnings growth but was partially offset by a decline in multiples. The LPMI’s increase contrasted with the movement of the S&P 500, which decreased 3.7% since the second quarter.

The Lincoln Private Market Index (LPMI), the only index that tracks changes in the enterprise value of U.S. privately held companies, increased by 2.3% during the second quarter of 2023. The increase in the LPMI was less than the S&P 500, which grew 8.0%; however, the increase in the S&P 500 was primarily driven by the top five largest companies. Excluding these companies, the S&P 500 only grew 4.2%, more closely aligning with the LPMI’s growth. Unlike the S&P 500, the LPMI’s growth was primarily a function of performance growth: the average EBITDA measured by Lincoln International increased by 4.5%, whereas the average EBITDA of companies in the S&P 500 was stable, indicating that S&P 500 growth was primarily fueled by multiple expansion.

The Lincoln Private Market Index (LPMI), the only index that tracks changes in the enterprise value of U.S. privately held companies, increased by 1.5% during the first quarter of 2023. As has been the case for the past two years, growth in the LPMI was driven by fundamental performance rather than multiple expansion as private company performance has held up well, particularly in the presence of the persistent inflationary pressures impacting the broader economy.

The Lincoln Private Market Index (LPMI), the only index that tracks changes in the enterprise value of U.S. privately held companies, increased by 1.6% during the fourth quarter of 2022. This marginal increase was driven primarily by modest improvement in fundamental performance, not multiple expansion. The uptick in enterprise value from the LPMI was consistent with the increase in the S&P 500 which bounced back from its 2022 lows in Q3, increasing 5.0% from September 30 to December 31. Interestingly, the increase in the S&P 500, unlike the LPMI, was primarily driven by multiple expansion rather than earnings growth.

Lincoln International, a global investment banking advisory firm, is pleased to announce the promotion of six Directors to Managing Director (MD), effective January 1, 2023.

The Lincoln Private Market Index (Lincoln PMI), the only index that tracks changes in the enterprise value of U.S. privately held companies, increased 1.9% in the third quarter. The increase was driven by earnings performance of the underlying constituents outpacing contraction observed in enterprise value multiples. While the average year-to-date EBITDA growth YoY was approximately 1.6%, the average multiple of private companies tracked by Lincoln International was approximately flat at 10.8x in Q2 vs. Q3. Interestingly, excluding TMT companies, the multiple in Q3 would have declined to 10.5x.

Lincoln International announced today that it has expanded its U.S. footprint with the opening of offices in Miami, Florida, and Atlanta, Georgia. The two offices represent the firm’s entry into the Southeast, an area experiencing an increasing amount of economic growth driven by population migration and relocation, as well as added operations of corporations and private equity firms in the region.

Lincoln International, a global leading investment banking advisory firm, is pleased to announce that Mihir Shah has joined as a Managing Director in the firm’s Capital Advisory Group, an integrated team of product experts that deliver comprehensive and tailored advisory services spanning the entire capital structure. Mihir has extensive expertise advising technology-focused private equity firms and corporations on structuring and arranging financings in the Technology, Media and Telecom (TMT) industry.

The Lincoln Private Market Index (Lincoln PMI), the only index that tracks changes in the enterprise value of U.S. privately held companies, saw a decline of 0.5% in Q2, its first quarter-over-quarter decline since Q1 2020. The modest decline was driven by a contraction in multiples as private company performance remained relatively resilient quarter-over-quarter. Since the onset of the year, Lincoln has observed a pull-back in multiples; however, until Q2, earnings growth of private companies has more than offset this contraction and led to continued growth in the Lincoln PMI. This quarter an inflection point was reached, as earnings growth did not offset the contraction in private company multiples, which declined from 11.1x to 10.8x in Q2.

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Lincoln International, a leading global investment banking advisory firm, is pleased to announce the addition of John McClure as a Managing Director in the firm’s automotive and truck sector, a sub-vertical in Lincoln’s Industrials Group. John brings extensive experience advising clients on strategic mergers and acquisitions (M&A) to capitalize on the myriad opportunities created by technology’s impact across the automotive sector. John will be based in Lincoln’s San Francisco office.

Lincoln International, a leading global investment banking advisory firm, is pleased to announce the addition of Tosh Dhanalal as a Managing Director in the firm’s Consumer Group in Los Angeles. Tosh’s extensive expertise with multichannel brands and retailers in the home furnishings and décor, home improvement and other specialty sectors adds to the global Consumer Group’s mergers and acquisitions (M&A) and capital advisory offerings.

The private markets exhibited marked resiliency in Q1 2022 despite declines in the public markets. The Lincoln Private Market Index (Lincoln PMI) increased 1.7%, signaling that private markets continue to provide investors more stability during times of volatility. This stability was primarily a function of steady earnings growth rather than multiple performance.

Lincoln International, a leading global investment banking advisory firm, today announced that it has signed a definitive agreement to acquire Spurrier Capital Partners (SCP), a technology and software-focused investment bank based in New York.

Lincoln International, a leading global investment banking advisory firm, today announced the addition of three senior hires to strengthen and expand the firm’s global capabilities offered to financial institutions. The addition of Managing Directors Jay Bliley in New York and Antoine Dupont-Madinier and Max Cornu-Thenard in London expand Lincoln’s global capabilities for clients in the financial services sector.

In Q4 2021, private company enterprise values grew 3.9%, bringing the Lincoln Private Market Index (Lincoln PMI) once again to an all-time high. Enterprise value growth continued to be driven by fundamental performance as last twelve months (LTM) revenue grew 5.5% and LTM EBITDA grew an average of 3.4% quarter-over-quarter based on information from Lincoln International’s proprietary private market database.

Lincoln International, a leading global investment banking advisory firm, today announced the launch of a new offering, Private Funds Advisory. The new group will advise and partner with private equity firms to raise capital and create tailored private capital solutions.

Lincoln International, a global investment banking advisory firm, is pleased to announce the promotion of eleven professionals to Managing Director (MD), effective January 1, 2022.

Private company enterprise value growth continued in the third quarter as the Lincoln Private Market Index (Lincoln PMI), formerly known as the Lincoln Middle Market Index, grew 6.4% in Q3 2021, the second-highest quarter-over-quarter growth since its inception seven years ago. This growth was primarily a function of strong fundamental performance among private businesses, even as U.S. economic growth slowed in the third quarter.

Please replace the release issued October 5, 2021, at 11:45 a.m. ET with the following corrected version to revise mentions of 'General Partner' to 'GP Director.'

Lincoln International, a global investment banking advisory firm, announced today that it has appointed two of its long-time leaders into new roles, effective immediately. Rob Brown has been named Global Chief Executive Officer (CEO) of the firm and Eric Malchow becomes CEO North America.

Lincoln International, a leading global investment banking advisory firm, is pleased to announce that Jennifer Press has joined the firm’s Valuations & Opinions Group as a Managing Director.

In the second quarter of 2021, the Lincoln Middle Market Index (Lincoln MMI) grew by 5.6%, with the last two quarters representing the strongest six-month growth in the Lincoln MMI’s history. This compares to the historical quarterly average growth of the Lincoln MMI of 1.9%. Strong fundamental performance contributed to the large majority of this growth with EBITDA multiples remaining at record high levels of 10.9x, approximately 1.0x above the historical average, and relatively stable over the first quarter.

Lincoln International, a leading global investment banking advisory firm, is pleased to announce that Andreas Bienert has joined the firm’s Frankfurt office as a Managing Director in the Global Industrials Group. Andreas will lead the firm’s advisory business in industrial technology in the German-speaking region.

Lincoln International is pleased to announce the addition of Hardeep Singh as a Managing Director in the firm’s Valuations & Opinions Group. Hardeep will be based in Lincoln's San Francisco, California, office. With more than a decade of experience, Hardeep provides financial, transaction and valuation advice to clients across multiple industries, including private equity sponsors and their portfolio companies as well as public and private companies and their boards of directors. He brings a wealth of experience in providing fairness and solvency opinions in connection with mergers and acquisitions, dividend recapitalization, secondary recapitalization and spin-off transactions.

Lincoln International, a global investment banking advisory firm, has advised Blackstone on the acquisition of Desotec.

Lincoln International is pleased to announce the addition of Jeff Cleveland as a Managing Director. Jeff joins the firm’s Global Consumer Group, where he will partner in leading the firm’s efforts within the food and beverage sector, in addition to his responsibilities in the broader consumer industry. Jeff brings extensive experience in food and beverage, expanding the team’s advisory credentials and relationships in the sector.

In the first quarter of 2021, the Lincoln Middle Market Index (Lincoln MMI) increased 5.7%, which compared favorably to the S&P 500 which grew 4.2% over the same period. The continued enterprise value growth was driven by a snapback in company performance from COVID lows, which resulted from further vaccine rollouts, and additional government stimulus fueling consumer spending.