Miller-Heiman, a Reno-based sales training company that works with global companies, has been sold to a New York-based private equity firm.
The company was sold by Gryphon Investors of San Francisco, which in 1998 acquired Miller-Heiman in association with Crosslink Capital, also of San Francisco.
The buyer is Leeds Weld & Co., which specializes in investments in education and training companies.
Terms of the transaction weren't disclosed.
In announcing the transaction last week, Gryphon executives said their company realized a return five times their original investment in Miller-Heiman.
"Miller-Heiman has been a terrific investment for Gryphon despite the severe challenges faced by all providers of training services during the economic downturn earlier this decade," said Will Lynn, head of the operations resources group of Gryphon.
He said Sam Reese, recruited by Gryphon in 2000 to serve as chief executive officer of Miller-Heiman, spearheaded efforts to expand the company's market share through a larger Web presence, expansion of its sales force and creation of new training programs.
Along with its Reno headquarters,Miller- Heiman operates an international office in Milton Keyes in the United Kingdom.
The 25-year-old company has trained more than 500,000 sales professionals and published more than 1 million copies of books that include "Strategic Selling" and "Conceptual Selling."
