NEW YORK–(BUSINESS WIRE)–MidOcean Partners, a leading private equity firm specializing in the business services and consumer sectors, today announced the acquisition of Pragmatic Institute (“Pragmatic” or the “Company”) from of Renovus Capital Partners and other investors.
Founded in 1993, Pragmatic has grown to become one of the largest and most respected product management training companies in the world. Over the past 30 years, the company has successfully trained over 200,000 professionals at leading companies in over 40 countries. Implementing its unique “pragmatic approach”, Pragmatic delivers industry-leading thought leadership through its team of world-class trainers to create an enterprise-wide language to drive excellence in the product management process. reviews. Company training is so valued that hands-on training is often touted as a specific skill 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 into the coming decade. Pragmatic is uniquely positioned to help companies bridge this gap to develop and retain new and experienced product management talent. Additionally, in response to client demand to expand the “pragmatic route” into tightly-demanded roles, the company has expanded its offering to now include both data and digital design.
Based in Scottsdale, AZ, the company quickly responded to customer needs during the COVID-19 pandemic to launch fully virtual and asynchronous offerings. This innovation has fueled Pragmatic’s significant growth through both geographic expansion and greater penetration of client audiences. MidOcean Partners plans to continue the company’s aggressive growth plan through planned organic initiatives and strategic acquisitions. Financial terms of the transaction were not disclosed.
“We are thrilled to partner with MidOcean to continue to drive Pragmatic’s growth story,” said Philip Alexander, CEO of Pragmatic. “MidOcean has an impressive track record of 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 of MidOcean, commented: “MidOcean has considerable expertise in helping middle-market education companies grow while generating exceptional returns for our investors, management teams and portfolio company employees. Pragmatic has built an impressive platform, and we believe there are many growth vectors for the business ahead – customer list expansion and penetration, new course offerings, and continued global expansion for n to name a few.
David Kieselstein, Operating Partner at MidOcean and Chairman of the Board of Pragmatic, added: “First and foremost, MidOcean seeks to invest behind great leaders and teams. CEO Phil Alexander has brought tremendous vision and energy to the company, and with it, outstanding results. He has added key talent to create a world-class management team and has a clear plan and the team to execute it.
Bobby Babbrah, operating partner of MidOcean, will join Mr. Kieselstein on the board. Mr. Babbrah, who brings more than 25 years of experience in education innovation and growth strategy, concluded:A certificate from Pragmatic carries weight in the professional world for individual learners and companies. Pragmatic’s training has a direct and measurable impact for employers, both directly in their bottom line and in retaining key employees in this challenging job market.
Gibson Dunn & Crutcher LLP acted as legal counsel to MidOcean. William Blair served as financial advisor and DLA Piper acted as legal advisor to Pragmatic.
About Pragmatic Institute
Formerly known as Pragmatic Marketing, Pragmatic Institute is one of the largest and most respected product and data training companies in the world. Pragmatic offers a variety of courses focused on the professional training and certification of product managers, marketers, and designers in multiple geographies and course delivery modalities. “The pragmatic approach” has been the defining aspect of the company’s course offerings, yielding great professional success for the deep alumni base of pragmatic learners. For more information, please visit: https://www.pragmaticinstitute.com/
About MidOcean Partners
MidOcean Partners is a leading New York-based alternative asset manager specializing in alternative middle market private equity and credit investments. Since its inception in 2003, MidOcean Private Equity has targeted investments in high quality middle market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and manages a series of alternative credit strategies, secured loan obligations (CLOs) and separately managed custom accounts.