MidOcean buys product management training firm Pragmatic Institute

• William Blair served as financial advisor to Pragmatic on the deal
• Pragmatic was founded in 1993
• MidOcean invests in middle-market companies in the business services and consumer sectors

MidOcean Partners has acquired Scottsdale, Arizona-based Pragmatic Institute, a product management training company. The sellers include Renovus Capital Partners. No financial terms were disclosed.

Founded in 1993, Pragmatic has successfully trained more than 200,000 professionals in top tier corporations across over 40 countries.

“We are thrilled to partner with MidOcean to continue driving the Pragmatic growth story,” said Philip Alexander, CEO of Pragmatic, said in a statement. “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.”

In conjunction with the acquisition, MidOcean Operating Partner Bobby Babbrah will join Pragmatic’s board of directors. David Kieselstein, operating partner at MidOcean, is currently chairman of Pragmatic’s board.

Gibson Dunn & Crutcher LLP acted as legal advisor to MidOcean. William Blair served as financial advisor to Pragmatic while DLA Piper acted as legal advisor.

Since its inception in 2003, MidOcean Private Equity has targeted investments in middle-market companies in the consumer and business services sectors.