Lincoln International (LCLN) Registration filing summary

Company overview and business model

• Global independent investment banking advisory firm focused on private capital markets, serving private equity, private credit investors, business owners, and executives across M&A, capital advisory, private funds advisory, and valuations.

• Operates through two segments: Investment Banking Advisory (M&A, Capital Advisory, Private Funds Advisory, Other Services) and Valuations and Opinions (portfolio valuations, transaction opinions, disputes advisory).

• Significant international presence with 1,400+ professionals, 159 managing directors, and 30+ offices in 14 countries as of December 31, 2025.

• Recent growth driven by talent investments, technology (including proprietary AI tools), and strategic acquisitions, notably MarshBerry in October 2025.

• Diversified client base with deep relationships in private equity, insurance brokerage, and wealth management sectors.

Financial performance and metrics

• Pro forma client revenues grew from $191.9M in 2015 to $842.4M in 2025, a 16% CAGR.

• For the year ended December 31, 2025, pro forma earnings before income taxes were $14.8M and $145.9M on an adjusted basis.

• For the three months ended March 31, 2026, pro forma earnings (loss) before income taxes were $(28.8)M and $(0.2)M on an adjusted basis.

• Compensation ratio was 49.5% in 2025; non-compensation ratio was 23.0%.

• Cash and cash equivalents as of March 31, 2026, were $241.98M; long-term debt was $269.85M.

Use of proceeds and capital allocation

• Estimated net proceeds of $368M (or $423M if underwriters exercise their option in full) from the IPO, after underwriting discount but before expenses.

• Proceeds will be used to purchase newly issued common units from LILP, which will use funds to redeem $180M in common units from certain partners ($125M to directors/executives), repay $186M under the Term Loan Credit Facility, and for general corporate purposes.

• Prior to the IPO, a special cash dividend of $70.4M will be paid to LILP unit holders, not available to IPO investors.