July 2, 2008 — Westport, CT — Sterling Investment Partners ("Sterling"), a leading middle-market private equity firm, announced today that it has partnered with the management team of Miller Heiman, Inc. ("Miller Heiman") to purchase the company from Leeds Equity Partners, a New York-based private equity firm. Miller Heiman is the world's leading provider of sales performance improvement solutions that enable its clients to improve the effectiveness of their sales organizations. The debt financing was provided by GE Antares Capital, Madison Capital and York Street Capital Partners.
For almost 30 years, Miller Heiman has been recognized as the preeminent brand in the sales effectiveness market due to its proprietary intellectual property, workshop-oriented training seminars and best-in-class suite of sales effectiveness solutions. Headquartered in Reno, Nevada, with offices in the United Kingdom and Australia, Miller Heiman's solutions provide a process-based framework to help sales professionals succeed in complex selling situations. These solutions typically result in immediate sales productivity improvements for clients. Miller Heiman offers multiple delivery options of its solutions, including instructor-led seminars, asynchronous eLearning for pretraining and reinforcement solutions, and CRM-integrated sales process enablement software. To date, Miller Heiman has served over one million sales professionals, conducted over 10,000 client engagements, and sold more than 1.5 million books and publications. The company's blue-chip client base of Fortune 1000 companies spans a diverse range of industries.
Sterling intends to work closely with management and provide ongoing capital and strategic resources to support the company's growth initiatives. Doug Newhouse, a Partner of Sterling, noted, "We believe that Miller Heiman is an outstanding company and platform in part because it's the leader in a very attractive market, with a premier brand name and long-term relationships with numerous blue-chip clients."
Sam Reese, CEO of Miller Heiman, stated, "We are excited about our new partnership with Sterling and are confident they can provide the resources to help grow our business both domestically and internationally. We look forward to continuing to provide our clients with best-in-class solutions to help them address their sales effectiveness challenges."
Sterling Investment Partners invests in companies with significant competitive strengths and growth potential. Founded in 1991, Sterling has completed investments, strategic or add-on acquisitions, and liquidity events with an aggregate transaction value of approximately $7.0 billion, representing over 70 transactions. Sterling maintains a broad industry focus, including professional and business services, manufacturing, transportation and logistics, retail and technology-related businesses.
Contact: Sterling Investment Partners (203) 226-8711 www.sterlinglp.com
Doug Newhouse, Managing Partner x441
William Selden, Managing Partner x443
William Russell, Vice President x452
Amy L. Weisman, Vice President x445