David Binswanger and Clay Duvall will serve as Co-CEOs, succeeding Lincoln Founder and Chairman Mack Pogue and CEO and President Bill Duvall, both of whom will continue to have an ownership stake in the company. Greg Courtwright will continue to serve as Lincoln’s Chief Operating Officer and remain an owner of the business.
Pogue originally founded Lincoln Property Company in 1965 as an apartment developer. With the hiring of Bill Duvall in 1977, the company launched a major expansion into commercial development in leading cities across the United States. Today, Lincoln Property Company has grown into one of the largest privately held full service real estate companies in the country, managing 275 million square feet of real estate on behalf of third-party institutional clients. In the last five years alone, the company has acquired and developed more than $22 billion in commercial projects and currently has a robust pipeline of in-progress and future development opportunities.
“We’re delighted to have a world-class partner in Stone Point Capital to help drive transformational growth,” Binswanger said. “With our current team’s expertise and Stone Point’s network and capital markets success, we will build upon an incredibly strong platform that is nearly 60 years in the making. And we intend to uphold the high standards of trust, partnership, and innovation first established by Mack Pogue and Bill Duvall and embraced by our colleagues throughout the United States, United Kingdom, and Europe.”
Clay Duvall added: “Stone Point Capital has a great track record of investing in successful companies to fuel their growth and a strong history of backing management teams that are transitioning from one generation to the next by investing alongside the company founders and long-standing executives.”
“Stone Point Capital is pleased to partner with the Pogue and Duvall families, as well as other significant contributors to Lincoln’s long-term success, and we could not be more excited to support David, Clay, Greg, and their many talented colleagues,” said Chuck Davis, CEO of Stone Point Capital.
“We believe Lincoln is well positioned to take advantage of opportunities in the current challenging commercial real estate environment,” added Agha Khan, Managing Director of Stone Point Capital. “We expect that Lincoln’s local market knowledge and on-the-ground operating expertise will be in strong demand from owners, investors, lenders, and tenants seeking to transform existing properties or develop new properties.”
The appointment of David Binswanger and Clay Duvall as Co-CEOs and the investment by Stone Point Capital conclude a long-term succession planning process at Lincoln. The Co-CEOs have more than 50 years of collective experience working together at Lincoln. Duvall most recently served as Executive Vice President of Finance, where he oversaw and established relationships with many equity and debt capital partners. Binswanger has built and led the expansion of Lincoln’s presence in several U.S. markets, spearheading some of the company’s landmark deals with many of the world’s most prominent technology and entertainment companies.
In connection with the transaction, Berkshire Global Advisors acted as financial advisor to Lincoln Property Company.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by Mack Pogue, is one of the largest and most successful full service real estate companies in the country and consistently ranks as an industry leader in all major product types, both as a developer and service provider. The multifamily division is not part of this transaction. Access www.lpc.com for more information.
About Stone Point Capital LLC
Stone Point Capital is an investment firm based in Greenwich, CT, with over $45 billion of assets under management. Stone Point targets investments in companies in the global financial services industry and related sectors. The firm invests in a number of alternative asset classes, including private equity through its flagship Trident Funds. Stone Point also manages both liquid and private credit funds and managed accounts. In addition, Stone Point Capital Markets supports our firm, portfolio companies and other clients by providing dedicated financing solutions. For more information, please visit www.stonepoint.com.