1. business and industrial
2. company
3. merger and acquisition

CORPORATE & PROFESSIONAL TRAINING
Q2 2015
CONTACTS
MERGER AND ACQUISITION ACTIVITY: 2014 REVIEW
Jacob Voorhees
Managing Director
(617) 619-3323
[email protected]
In 2014, M&A activity in the corporate and professional training industry continued to accelerate,
with a record 75 transactions reported for the year. Furthermore, 2015 started out particularly
strong with 15 corporate and professional training transactions either completed or pending
through March, putting 2015 on pace to another banner year of M&A activity. The heightened
activity is reflective of resumed growth and expansion in the training sector, as well as the need
to make acquisitions that result in expanded, more sophisticated offerings, new technological
platforms, additional modules for delivering training, access to blue-chip customers and
expansion into new vertical markets.
Eric Williams
Managing Director
(215) 854-4065
[email protected]
Mark Surowiak
Director
(215) 854-4063
[email protected]
Corporate & Career Training: M&A Transactions
70
64
61
60
53
51
45
50
40
Daniel Schultz
Director of Business Development
(617) 619-3368
[email protected]
75
80
35
31
30
29
32
15
20
10
0
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014 Q1 2015
Includes M&A transactions in the U.S. and Canada
Sources: Capital IQ and Capstone Partners LLC research
2015 OUTLOOK
BOSTON
CHICAGO
LONDON
LOS ANGELES
PHILADELPHIA
SAN DIEGO
SILICON VALLEY
TAMPA
With the economy steadily improving, corporate training budgets are increasing, creating a great
deal of optimism. In 2014, corporate training expenditures were expected to increase 1%-2%, but
growth actually occurred at ~5x that amount (5%-7%). These trends are expected to continue
(~5%), outpacing economic gains. The major driver of this growth is attributable to widely
projected global shortages of millions of skilled workers by the year 2020; these anticipated
shortages are forcing a fundamental shift from the Information Age to a new Learning Age.
Despite its growth, the corporate training industry remains very fragmented. Such conditions
make the industry ripe for consolidation, as larger providers seek opportunities to round out their
portfolios and build market share. Much of the M&A activity is driven by talent management
companies, which are acquiring smaller or specialized training companies to add to their
competencies as they try to build a comprehensive platform of content, talent management and
a proven methodology for employee development and performance improvement. Consolidation
is also underway by private equity firms who are attracted to the fragmented and diversified
nature of the industry and the opportunity to build a market-leading company from the
combination of complementary businesses.
Corporate & Professional Training
Q2 2015
M&A TRENDS
A wide variety of both corporate and private equity buyers are completing M&A
transactions in the industry, reflecting the broad attractiveness of the sector to
investors. Following is a detailed look at some of the industry’s active buyers, which
are representative of broader M&A trends in the sector.
Privately Held Companies are Both Buyers and Sellers: Strategic acquisitions
in the industry are widespread with corporate buyers looking to expand their
geographic reach, add new customer accounts, diversify their service offerings
and improve profitability. lynda.com is an interesting example of a privately
held training company that is evolving alongside changes in the industry.
Founded in 1995, the company is a developer of high quality software and
training tutorials delivered in a content-focused online delivery model and
targeting the business, academic and government markets. The company now
has a library of 5,700 classes with 255,000 video tutorials in English, French,
German and Spanish.
Having obtained critical mass and with a 17-year history of sales and profits, in
January 2013 the company raised $103 million in its first round of outside
funding via a private placement from Accel Partners, Spectrum Equity and
Meritech Capital Partners. While the owners retained a majority stake in the
company, the funding was to be used for accomplishing three goals:
expanding international reach (through translation and localization), scaling
the platform (particularly in the mobile environment) and increasing its
content offerings through development and acquisitions.
Soon after the funding, in February 2013, lynda.com acquired video2Brain,
headquartered in Graz, Austria, which boasted a library of 1,700 online
training videos in German, French, Spanish and English, as well as 400,000+
subscribers and 60 employees. In April 2014, lynda.com spent $20mm to
acquire Canada based-Complir, which provides a cloud-based platform for
people to learn, write and test code. In August 2014, the company made
another acquisition, purchasing the IT Video Course collection from
Gainshare/Interface Technical Training. With these acquisitions, the company
greatly increased its course offerings and geographic reach.
In January 2015, lynda.com raised another $186 million led by TPG at a
valuation of approximately $1 billion; the purpose of this latest round is to
“allow the company to go on a shopping spree for education technology
companies.” The company reportedly already had letters of intent with three
potential acquisition targets and has several more companies in its sights.
This growth did not go unnoticed by the industry, and in April 2015, LinkedIn
announced its agreement to acquire lynda.com for $1.5 billion (52% cash, 48%
stock) with an implied transaction multiple of 10x 2014 sales and an estimated
133.3x EBITDA. The acquisition will enhance LinkedIn’s recruiting business and
adds a new revenue up-sell stream as LinkedIn looks to provide more utility for
users while boosting customer stickiness and engagement.
Capstone Partners LLC 2
Corporate & Professional Training
Q2 2015
CORPORATE & PROFESSIONAL TRAINING M&A TRENDS (CONTINUED)
Public Companies Acquire Multiple Private Targets to Expand Offerings: One
example of this trend is John Wiley & Sons, Inc., a NYSE-traded publishing
company that operates in three business segments: Research, Professional
Development and Education. The Professional Development segment
acquires, develops and publishes professional information and content
through print and digital books, test preparation, assessments, online learning
services and certification and training services for a wide variety of markets.
In 2014, the company completed four transactions, three of which expanded
its Professional Development division. In March, the company acquired Elan
Guides, a provider of study materials for CFA candidates. In April, it acquired
Profiles International, Inc. for $51 million in cash, a multiple of 1.8x revenue
and 9.6x EBITDA. Profiles International provides talent management and
employee assessment solutions for businesses, and helped to broaden Wiley’s
offering beyond content. This acquisition was followed with the May purchase
of CrossKnowledge for approximately $175 million in cash, or 4.7x revenue.
CrossKnowledge provides distance learning solutions worldwide.
Wiley’s 2014 acquisitions continued a long history of transactions, including
three purchases in 2013 and seven in 2012. During this period, its most
notable deals in the corporate & professional training field included the
February 2012 acquisition of Inscape Publishing from Sentinel Capital Partners,
Fort Point Capital and others for $85 million in cash at a multiple of 4.2x
revenue. Inscape Publishing develops online personality assessment tools that
help users to understand themselves and other people to build effective
working relationships based on an understanding of different behavioral
styles. The company sells its products through a network of independent
consultants, trainers, and coaches in the United States and internationally.
Wiley described the acquisition as complementary to the workplace learning
products it published, and one that would help Wiley advance its digital
delivery strategy and extend its global reach through Inscape's international
distributor network.
Also in 2012, the company purchased Efficient Learning Systems Inc., a
provider of computer-based exam reviews and online classes for financial
accounting and reporting.
These acquisitions underscore Wiley’s strategy of expanding its Professional
Development business through an effective combination of organic growth
and acquisition.
Capstone Partners LLC 3
Corporate & Professional Training
Q2 2015
CORPORATE & PROFESSIONAL TRAINING M&A TRENDS (CONTINUED)
Private Equity Firms Remain Very Interested in the Space: The corporate
training industry is very popular with private equity buyers, as they seek to
consolidate the highly fragmented market, making both platform and add-on
acquisitions in the sector. There are many examples of private equity
investments in the industry, often involving a platform acquisition that then
makes additional add-on purchases in the sector.
One of the most notable private equity-backed firms in the industry Is Skillsoft.
Since 2002, Skillsoft has grown through several acquisitions, the most notable
early transaction being the purchase of NETg from The Thomson Corporation
for $269.7 million (1.8x revenue) in 2007. Thomson NETg offered integrated
corporate learning solutions.
In May 2010, Skillsoft was itself acquired by a consortium of private equity
groups Advent International, Bain Capital and Berkshire Partners. The
transaction price was $1.1 billion, representing a healthy 3.6x revenue and
9.7x EBITDA multiple. In 2011, Skillsoft then acquired Element K, which offers
online management training services and content for $110 million or 1.3x
revenue. The acquisition added to SkillSoft's offerings in learning content and
learning platform technology with complementary offerings in e-learning
content, virtual labs, print materials and custom development services. The
addition of Element K employees in sales, customer support and product
development also strengthened SkillSoft's long-term ability to compete for a
greater share of the global corporate training market.
The company made several additional investments in the corporate training
space in both the U.S. and UK before being acquired again in April 2014 by
Charterhouse Capital Partners for $2.3 billion. Shortly thereafter, in
September 2014, Skillsoft acquired SumTotal Systems, LLC, which was
previously owned by private equity firms Gladstone Management Corporation
and Vista Equity Partners. SumTotal provides human resources solutions to
3,500 customers including many of the Fortune 500. Skillsoft reportedly paid
$725 million for the company, and expects the addition to expand its solution
portfolio and global reach. The transaction also signifies a prevalent industry
trend – combining learning assets with other talent and workforce
management solutions to allow customers to comprehensively manage and
expand their workforce talent.
Via these and smaller acquisitions, Skillsoft has grown from its early days as a
provider of IT and business skills elearning, to a company that now offers
learning solutions that include digitized books, videos, simulations, a learning
management system, content development tools and a range of training
services. Through its subsidiaries, the company provides on-demand elearning and performance support solutions for enterprises, government,
education and small and medium-sized businesses worldwide.
Capstone Partners LLC 4
Corporate & Professional Training
Q2 2015
CORPORATE & PROFESSIONAL TRAINING M&A TRENDS (CONTINUED)
Another interesting example of a private equity platform supported by add-on
investments is Relias Learning, LLC which provides online training programs to
senior care, health and human services, law enforcement and intellectual and
developmental disabilities organizations primarily in the United States. It
offers Learning Management System, a solution that helps users to automate,
manage and track their organization's training needs.
The company was founded in 2012 when Vista Equity Partners completed a
buyout of Essential Learning, LLC . The company has grown dramatically
through acquisitions and organic growth and now serves more than 4,000
organizations with more than 20 million courses completed annually.
Following its acquisition by Vista, Relias made four add-on acquisitions:
 May 2012: Acquired Silverchair Learning Systems, a provider of learning
management systems, course content and authoring tools to skilled
nursing and assisted living facilities, continuing care retirement
communities and home health agencies in North America. The company's
SaaS offerings help clients address complex administrative needs
associated with delivering and tracking mandatory employee training and
communicating compliance with regional and national regulatory bodies.
 May 2013: Acquired Online HealthNow from VectorLearning.com. Online
HealthNow, Inc., doing business as Care2Learn, provides online continuing
education and healthcare compliance training solutions to the post-acute
healthcare and senior care industries.
 January 2014: Acquired Hospice Education Network, a provider of online
education for hospice staff and other palliative care professionals.
 June 2014: Acquired Autism Training Solutions, which operates as an
online education company that focuses on providing training to
professionals and paraprofessionals in the field of autism and related
behavioral disabilities.
With these acquisitions, the company built both its offerings and its customer
base. Having achieved a significant scale, its private equity owners sought to
exit the business, and in October 2014, Relias was acquired by Bertelsmann SE
& Co. KGaA for $540 million. With revenue of $21.3 billion, Bertelsmann is
Europe's largest media group; the acquisition represented the company's
biggest push yet into the training industry. With the support of Bertelsmann,
Relias plans on making additional investments in learning technologies and
expects to continue its track record of strong organic growth, while becoming
even more aggressive in pursuing acquisition opportunities and international
growth initiatives.
Capstone Partners LLC 5
Corporate & Professional Training
Q2 2015
SELECT M&A TRANSACTIONS
Date
03/10/15
Target
Knightsbridge Human
Capital Mngmnt. Inc.
03/10/15
Versalys, Inc.
02/03/15
Advanced E-Learning
Solutions, Inc.
02/03/15
Career Step, LLC
12/31/14
12/29/14
12/26/14
12/15/14
12/01/14
11/21/14
11/20/14
11/14/14
11/05/14
11/05/14
10/31/14
10/21/14
10/06/14
10/01/14
10/01/14
09/26/14
09/24/14
09/24/14
09/23/14
09/02/14
08/28/14
07/31/14
07/30/14
07/28/14
07/14/14
Acquirer
Lee Hecht Harrison, LLC
SVP, Société par Actions
Simplifiée
eLearning
Innovation, LLC
Revelstoke Capital
Partners LLC
Bruner Business
Communication, Inc.
Target Business Description
Provides human capital solutions and training in North
America, the United Kingdom and Australia.
Provides training to the employees in the field of information
and soft skills.
Operates as a technical training development company.
An online provider of corporate training in healthcare,
administrative services and technology.
IWCC Training In
Provides writing skills training and communication services for
Communications Ltd.
clients in Canada.
Gannett
Publishes training for registered nurses in the United States
OnCourse Learning, Co.
Healthcare Group
and internationally.
Providence Equity Prtnrs.; Provides online education & training for architecture,
VectorLearning.com, Inc.
LLR Partners
engineering, facilities management and construction.
Summit Professional
Focuses on providing educational content to professional
Greybull Stewardship
Education, LLC
audiences in the United States.
Superior Training
Lifeloc
Provides workplace drug and alcohol training solutions for
Solutions, Inc.
Technologies, Inc.
supervisors and employees.
Hillsboro
Renovus Capital;
Operates as a combined airplane and helicopter
Aero Academy
Graycliff Partners
flight school.
Provides employee compliance training solutions to various
NAVEX Global, Inc.
Vista Equity Partners
organizations across the globe.
Lincoln Electric
RealWeld Systems, Inc.
Manufactures welding training systems.
Holdings Inc.
Develops and delivers computer software/IT training videos
Infinite Skills Inc.
O'Reilly Media, Inc.
via DVDs, online and cloud based solutions.
Phoenix Strategy
Provides training to help optimize the performance and
Praendex Incorporated
Investments, LLC
potential of individuals, teams and organizations.
Intelligent Business
Develops compliance and regulatory training games and
NYSE Holdings LLC
Entertainment Inc.
applications for mobile platforms.
Challenge Training
Compunnel Software
Provides human capital training, development and resource
and Consulting, Inc.
Group, Inc.
services for corporations globally.
The TEAM
Provides a range of leadership/supervision and customer
VitalEDU
Approach, Inc.
service and sales training tools.
Mortgage Resource
Provides information, compliance guidelines and training for
Ellie Mae, Inc.
Center, Inc.
the mortgage lending industry.
SumTotal
Provides integrated human resources solutions and training to
SkillSoft Corporation
Systems, LLC
customers worldwide.
QuickStart
Provides information technology (IT) training solutions to IT
360training.com, Inc.
Intelligence, Inc.
professionals and developers in the U.S.
CentreLearn
Provides online training programs for EMS, fire and public
TargetSolutions, Inc.
Solutions, LLC
health organizations.
Center for Excellence
Training to YOU, Inc.
Provides application and technical training services.
in Higher Education
Ontario Teachers'
Provides technology-based educational, curriculum and
Ascend Learning, LLC
Pension Plan
assessment solutions for the healthcare industry.
Provides corporate training and organizational
VitalSmarts, LC
Miller Heiman, Inc.
performance services.
Provides simulation, training and education solutions for
Simbionix USA Corporation 3D Systems Corporation
medical professionals and the healthcare industry.
Provides a virtual patient simulation platform for the
TheraSim, Inc.
Medscape, LLC
assessment and training of healthcare workers.
Knowledge Partners
Sapiens International
Provides training in the field of business decision modeling for
International LLC
Corporation N.V.
the global 1000 companies.
Solomon Global
The Shuchter Group
Offers executive coaching, training and consulting services.
Holdings Inc.
Provides live training services for maintenance personnel in
American Trainco, Inc.
Telemedia, Inc.
industrial plants and large facilities.
Enterprise
Value ($mm)
$63.1
-
-
$30.0
$725.0
$2.8
$120.0
$3.2
-
Capstone Partners LLC 6
Corporate & Professional Training
Q2 2015
SELECT M&A TRANSACTIONS (CONTINUED)
Date
Target
07/14/14
Pencom, Inc.
07/09/14
06/17/14
06/12/14
06/09/14
05/13/14
Safelight Security
Advisors, Inc.
McGraw-Hill
Ryerson Ltd.
Autism Training
Solutions L.L.C.
Smith System Driver
Improvement Institute
American Safety
Council, Inc.
Acquirer
Ready Training
Online, Inc.
Security
Innovation, Inc.
McGraw-Hill Global Ed.
Intermediate Holdings
Relias Learning, LLC
Levine Leichtman
Capital Partners
Falfurrias
Capital Partners
Holmes Consulting
Group Limited
Atlantic
Aviation Corporation
Charterhouse
Capital Partners
Enterprise
Value ($mm)
Target Business Description
Provides restaurant management and waitstaff training
services.
Provides information security education programs to
employees in various industries worldwide.
Develops and distributes educational and professional learning
$70.1
solutions in digital and print media in Canada.
An online education company focusing on training
professionals in the field of autism.
Operates as a driver safety training company.
Provides online courses for traffic school, workplace safety and
continuing education.
An educational institution that offers language and teacher
training programs.
05/07/14
Sol Schools International
04/30/14
Galaxy Aviation, Inc.
04/28/14
Skillsoft Ltd.
04/10/14
RedTree Inc.
Franklin Covey Co.
04/09/14
Digital-Tutors
PluralSight
Operates as a software training services company.
04/02/14
Profiles
International, Inc.
John Wiley
& Sons Inc.
03/14/14
Axzo Press
Element K/Skillsoft
03/03/14
Groupe AST
Morneau Shepell Inc.
Provides employment assessment tools for selection,
development, training and promotion.
Publishes self-study business books, reference cards, custom
job aids and book customization software.
Provides HR, OSHA and time management training and
solutions for employers in Canada.
Provides online training courses and learning management
systems to the healthcare industry.
Offers online education & compliance solutions to companies,
associations and government agencies.
Provides learning and talent measurement solutions for
training providers and corporations.
Provides online driver training courses for commercial fleet
drivers and managers.
Provides educational programs for health care professionals in
the United States and internationally.
Provides industrial training for equipment
maintenance workers.
Provides advanced project management training and solutions
to organizations around the globe.
Provides internetworking and IT training via on-site and virtual
learning solutions for professionals.
Provides geometric dimension and tolerance (GD&T) training
for corporate and educational organizations.
Provides mystery shop evaluation, training and consulting
services to organizations in the U.S.
Provides human capital training, management consulting and
performance technologies solutions.
Provides online education for hospice staff and other palliative
care professionals.
Provides knowledge transfer solutions and learning
management for oil & gas, and pharma industries.
Operates a Web-based food safety and sanitation training
program for the food service industry.
03/03/14
02/28/14
Health Care
Compliance Strategies
OnCourse
Learning, Co.
02/28/14
KnowledgeAdvisors
02/13/14
Drivefleet, LLC
02/10/14
National Medical
Education, Inc.
Learn
Maintenance, Inc.
Healthstream Inc.
CIP Capital
Corporate Executive
Board Co.
Automotive
Rentals, Inc.
Medtech, LLC
01/31/14
IPS Learning, LLC
01/31/14
Great Equalizer Inc.,
d/b/a Ascolta
Advanced Technology
Services, Inc.
Providence Equity
Partners LLC
ITT Educational
Services, Inc.
01/20/14
Effective Training, Inc.
SAE International
01/16/14
Shops, Training And
Results, Inc.
IntelliShop, LLC
01/10/14
Adayana, Inc.
AVX Learning, LLC
02/06/14
01/06/14
01/06/14
01/01/14
Hospice Education
Network, Inc.
Resource
Development Co., LLC
Keeping It Kleen
Relias Learning, LLC
PetroSkills LLC
Restaurant Results
Offers safety and service training.
-
$195.0
Designs and develops on-demand training and e-learning
solutions and provides enterprise solutions.
Provides consulting, change management, coaching, teambuilding and training services.
$2,325.0
$0.5
$45.0
$51.0
$28.9
$16.0
-
$52.0
$5.0
-
Sources: Capital IQ and Capstone Partners LLC research
Capstone Partners LLC 7
Corporate & Professional Training
Q2 2015
CAPSTONE PARTNERS: CURRENT MARKETING PROCESS
Capstone Partners’ professionals have completed many transactions in the training sector and the firm maintains the
most active education & training practice in the middle market, having represented clients across various corporate
training and education niches. Following are profiles of Capstone’s latest in-process transaction and its most recently
closed transaction (November 2014) in the education & training space.
CONFIDENTIAL
corporate sale
(IN PROCESS)
Online Coding Training
Capstone Partners LLC has been engaged by a leading provider of software
development training and content development to explore either a
growth capital raise or sale of the Company. The Company’s training
repertoire encompasses Microsoft platforms, the Web stack, the cloud
and several other platforms and application frameworks. The most recent
division focuses on on-demand, cloud-based training services for software
professionals accessible on traditional and mobile devices. Supported by a
long history and superb brand, the Company’s new on-demand service
offers over 300 online training courses from over 50+ industry recognized
authors. The service presently has 500 paid users (subscription-based)
and 3,000 active users. Over its history, the Company has trained over
25,000 software developers globally at leading firms such as AT&T,
Hewlett-Packard, Bose, McKesson, JP MorganChase, Charles Schwab,
ExxonMobil, Publix, LexisNexis and Schlumberger. Management’s growth
plan for over 3,000 new courses over the next three years will drive user
subscriptions and revenue.
If there is interest in learning more about this opportunity, please contact
Jacob Voorhees at [email protected] or 617-619-3323.
has recapitalized with
Capstone Partners recently advised Penn Foster Educational Holdings on
its recapitalization with The Vistria Group.
Penn Foster offers
comprehensive corporate training, high school, career school and college
programs through a 100% online platform. Through direct student
enrollments as well as partnership programs offered with schools and
businesses, more than 13 million people have taken Penn Foster-enabled
courses to further their education and better position them for life
success. Aside from being the largest online high school in the United
States, Penn Foster graduates 25,000 students yearly and enrolls more
than 100,000 new students each year in programs designed to address the
gap in middle skilled careers. Penn Foster combines affordable careerready education with a flexible delivery model that makes content
available and allows students to connect with their peers and instructors
on an “anytime and anywhere” basis.
The press release for this transaction can be found here:
http://www.capstonellc.com/news/capstone-partners-advises-penn-fostereducation-group-its-recapitalization-vistria-group
Capstone Partners LLC 8
Corporate & Professional Training
Q2 2015
CAPSTONE PARTNERS: A SAMPLING OF TRAINING & EDUCATION TRANSACTIONS
Capstone Partners’ professionals have completed several transactions in the corporate training & talent management
sector and the firm maintains the most active education & training practice in the middle market, having represented
clients across various corporate training and education niches.
CONFIDENTIAL
CONFIDENTIAL
corporate sale
(IN PROCESS)
corporate sale
(IN PROCESS)
Online Coding
Training
Real Estate
Certification
Training
has been
acquired by
has been
acquired by
has recapitalized with
has been
acquired by
has received
growth capital from
has recapitalized with
a portfolio company of
THE CARLYLE GROUP
An Company
has been
acquired by
has been
acquired by
has been
acquired by
has secured
financing from
has secured
financing from
has recapitalized with
has been
acquired by
have acquired
CMS SMALL-CAP
PRIVATE EQUITY
FUND
has been
acquired by
has been
acquired by
has been
acquired by
has been
acquired by
CAPITAL PARTNERS
Capstone Partners LLC 9
Corporate & Professional Training
Q2 2015
CORPORATE AND PROFESSIONAL TRAINING TEAM
Jacob Voorhees, Managing Director
[email protected] • (617) 619-3323
Jacob is a founding member of Capstone Partners and oversees the Northeast Region. Jacob
has a vast amount of experience in the education and training, consumer products and business
services sectors. Over the last five years, Jacob’s transactional work has resulted in over 40
individual nominations for deal of the year within his sectors, culminating eight wins, including
2014 “Consumer Services Deal of the Year” and 2014 “Consumer Goods Deal of the Year”.
Formerly, Jacob was with Andersen Corporate Finance LLC, where he focused his efforts on the
software and direct marketing industries. He started his career in New York City with Rabobank
International, a multi‐national Dutch investment bank in Utrecht, the Netherlands. While at
Rabobank International, Jacob worked in the mergers and acquisitions group focusing on
cross‐border transactions in South and Latin America in the consumer products, food &
beverage industries.
The M&A Advisor named Jacob to its prestigious “40‐UNDER‐40” deal makers list in 2012.
Jacob received an MBA from the Sloan School of Management at Massachusetts Institute of
Technology (MIT) and a BS from Cornell University. Additionally, Jacob founded Sophie’s Fund
which provides college scholarships and financial support to homeless youth. Jacob is qualified
as a General Securities Representative.
Eric Williams, Managing Director
[email protected] • (215) 854-4065
Eric serves as Managing Director and Head of the Atlantic Region for Capstone, based out of
Philadelphia. Prior to Capstone, Eric was responsible for managing the Eastern region for
Morgan Stanley Smith Barney’s Capital Strategies Group and its predecessor, Citi Capital
Strategies. Eric has 20 years of experience managing strategic sale assignments and leveraged
recapitalizations for owners of privately held companies. He has successfully completed over
100 transactions in a wide range of industries including post-secondary education, health care
services, medical technology outsourcing, defense, pharmaceutical services, and education and
training.
He has also executed complex cross-border transactions with foreign buyers based in London,
Germany, Sweden and Switzerland and has structured deals with leading private equity groups
and strategic corporate buyers. Over the last five years, Eric’s transactional work has resulted
in 14 nominations and three wins, including 2014 “Cross-Border Deal of the Year” and 2014
“North American Deal of the Year”. Previously, Mr. Williams worked as a senior executive with
Newport Securities Corporation. He graduated cum laude from the University of California and
is a Series 7 and 63 Registered Securities Representative as well as a Series 24 Registered
Securities Principal.
Capstone Partners LLC 10
Corporate & Professional Training
Q2 2015
CORPORATE AND PROFESSIONAL TRAINING TEAM
Mark Surowiak, Director
[email protected] • (215) 854-4063
Mark is a Director in the Philadelphia office, supporting the management of the Atlantic
Region. Previously, Mark served over 10 years as a senior investment banking professional in
Morgan Stanley Smith Barney’s Capital Strategies Group. Over his career, Mark has focused on
developing deep credentials and expertise in the sale and recapitalization of privately held
businesses.
Mr. Surowiak's experience spans a broad range of industries, including the consumer products,
post-secondary education, corporate training, government and defense contracting,
manufacturing, and outsourced business services sectors. Prior to investment banking, Mark
enjoyed a career in the social services field. Mark is a graduate of Illinois State University with a
BS in Business Administration. He is a Series 7 and 63 Registered Securities Representative.
Daniel Schultz, Director of Business Development
[email protected] • (617) 619-3368
Dan oversees Capstone’s national business development and industry coverage activities,
working closely with current and prospective clients of the firm on matters related to corporate
sales, recapitalizations, mergers & acquisitions and growth financings. In his role, Dan is able
to deliver specific market intelligence to clients regarding M&A, financing, strategic, industry
and competitive trends.
Prior to spearheading the firm’s business development and market initiatives, he was a Vice
President in Capstone’s M&A group, managing numerous successful transactions across a
variety of industries. Dan also gained hands-on transaction experience as an investment banker
at Headwaters MB. He started his career with Ernst & Young’s National Professional AABS
practice and later worked in Assurance and Advisory Business Services in the Denver office.
Dan received a BE in Biomedical Engineering with a Business Minor from Vanderbilt University.
He earned an MBA and a Master of Accountancy from the Daniels College of Business at the
University of Denver.
Capstone Partners LLC 11
CAPSTONE’S OFFICE LOCATIONS
BOSTON
176 Federal Street
3rd Floor
Boston, MA 02110
(617) 619-3300
CHICAGO
200 South Wacker Drive
Suite 3100
Chicago, IL 60606
(312) 674-4531
LONDON
42 Brook Street
London W1K 5DB
United Kingdom
+44 (0) 203 427 5068
LOS ANGELES
23046 Avenida de la Carlota
Suite 600
Laguna Hills, CA 92653
(949) 460-6431
PHILADELPHA
1515 Market Street
12th Floor
Philadelphia, PA 19102
(215) 854-4063
SAN DIEGO
12707 High Bluff Drive
Suite 200
San Diego, CA 92130
(858) 926-5950
SILICON VALLEY
228 Hamilton Avenue
3rd Floor
Palo Alto, CA 94301
(650) 319-7370
TAMPA
1550 W Cleveland Street
Suite 10
Tampa, FL 33679
(813) 251-7285
ABOUT CAPSTONE PARTNERS
Capstone Partners LLC is a premier investment banking firm dedicated to serving
the corporate finance needs of middle market business owners, investors and
creditors. The firm provides corporate sale & divestiture, merger & acquisition,
private placement, corporate restructuring, valuation and financial advisory
services. Capstone maintains various industry specialties including one in the
Education & Training industry. The firm also has a merchant banking capability to
actively co-invest in transactions. Headquartered in Boston, Capstone has offices
in Chicago, London, Los Angeles, Philadelphia, San Diego, Silicon Valley and Tampa.
For more information
about our expertise,
please visit
www.capstonellc.com
World Class Wall Street Expertise. Built for the Middle Market.
© 2015 Capstone Partners LLC. All rights reserved.