Lincoln International (LCLN) Registration filing summary

Company overview and business model

• Operates as a 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.

• Employs approximately 1,400 professionals, including 159 managing directors, in over 30 offices across 14 countries, with a strong presence in the Americas, Europe, Middle East, and Asia.

• Achieved significant growth through talent investment, platform expansion, and strategic acquisitions, including MarshBerry, which enhanced its position in financial services and insurance brokerage advisory.

• Diversified revenue streams across M&A, capital advisory, private funds advisory, and recurring valuations, with a focus on private market transactions between $250 million and $2 billion.

Financial performance and metrics

• Pro forma client revenues grew from $191.9 million in 2015 to $842.4 million in 2025, representing a 16% annualized growth rate.

• For the year ended December 31, 2025, pro forma earnings before income taxes were $14.8 million and $145.9 million on an adjusted basis; for the three months ended March 31, 2026, pro forma earnings (loss) before income taxes were $(28.8) million and $(0.2) million on an adjusted basis.

• Compensation ratio was 49.5% and non-compensation ratio was 23.0% for 2025; client revenue per managing director was $4.86 million in 2025.

• Completed 321 investment banking advisory transactions and performed over 25,000 portfolio company valuations in 2025.

Use of proceeds and capital allocation

• Net proceeds of approximately $368 million (or $423 million if underwriters exercise their option in full) will be used to purchase newly issued common units from LILP, redeem $180 million in common units from certain LILP Partners, repay $186 million under the Term Loan Credit Facility, and for general corporate purposes.

• Prior to the offering, a special cash dividend of $70.4 million will be paid to LILP unit holders, funded by cash on hand and borrowings under the Delayed Draw Term Loan Credit Facility.