LNC Partners, a private equity firm based in Reston, Va., has acquired family-owned CrossLink Professional Tax Solutions, formerly known as Petz Enterprises, from the Petz family.
LNC said it partnered with CrossLink CEO Reynold Sbrilli, who has been running the company for the past six years. He and his executive team will continue managing day-to-day operations at CrossLink. The Tracy, Calif.-based company makes the CrossLink suite of professional tax prep software products. Financial terms were not disclosed.
“This is a pivotal moment in the company's history,” Sbrilli said in a statement. “In order to continue growing CrossLink and its leadership position in the professional tax software marketplace, we saw the need for a new partner that could help us unlock the true growth potential of our business. LNC is a natural fit for us as they are committed to working with our executive team and investing for the betterment and growth of the business. We would like to thank the Petz family for all they have done for CrossLink in the past. We now look forward to faster, broader, and more sustained growth as CrossLink Professional Tax Solutions.
LNC’s managing partners have invested over $1.5 billion in more than 50 different companies in various industries.
“We are thrilled to be backing a proven, committed executive team led by CEO Rey Sbrilli and believe that we can add our expertise and resources to help deliver the best value to CrossLink's customers,” said LNC Partners managing partner Robert Monk in a statement.
Moving forward, the company will continue to use the name CrossLink Professional Tax Solutions and will continue to sell and market CrossLink Professional Tax Software.
