Truelink Capital LLP, a middle-market private equity firm recently founded out of Westwood, added its second portfolio company with the acquisition of Philadelphia-based sales training and analytics platform Richardson Sales Performance.
“Richardson is an industry leader, with an immensely talented team, experienced leadership and a strong customer value proposition,” Luke Myers, Truelink founder and managing partner, said in a statement. “We are enthusiastic about Richardson’s high-quality and adaptable content, and we believe the company has a solid foundation for growth, industry-leading technology and global reach.”
Talks with Richardson began last October, right before Truelink announced its first acquisition: Trulite Glass & Aluminum Solutions LLC, an architectural glass fabricator based in Peachtree City, Georgia. The deal with Richardson closed last month.
Truelink is still fundraising for its debut fund. While the company was in its earliest stages last year, the Wall Street Journal reported the firm aimed at $500 million for its debut offering and could raise around $750 million.
Myers, co-founder Todd Golditch and partner Adam Rimmer left Beverly Hills-based private equity firm Platinum Equity LLC in the early part of last year to start Truelink, which is focused on the tech services and industrial sectors.
Founded in 1979, Richardson had acquired several companies recently to grow its primarily U.S.-based clientele to an international base. In 2019 the company acquired Sales Performance International Inc., and Canada-based DoubleDigit Sales Inc. was added last year.
The company sells a number of online sales curricula previously taught by representatives during offsite conferences and seminars.
According to a report by tech-research firm Infiniti Research Ltd., also known as TechNavio, the product-based sales-training market is expected to grow by $2.4 billion by 2027. Truelink said it would work with Richardson on investment strategy and plans to grow the company both organically and through further mergers and acquisitions.
