| | | | | | This morning: Yesterday morning I complained about the snow outside. I was then amazed when I looked out the window at around 11:30 am Monday and the snow was all gone. Today it's beautifully sunny and it does look like Spring will arrive. I say this after reading the terror report from Brussels. The airport and subway stations there have been attacked with at least 26 people killed. Read the story here. Misunderstood: The Financial Times has an interesting piece this morning about the conundrum faced by large, publicly traded buyout firms. Private equity, the FT said, thinks it is misunderstood. Of the eight publicly traded PE firms — Fortress, Blackstone, Och-Ziff, KKR, Apollo, Carlyle, Oaktree and Ares — six sit below their IPO prices. But the firms don't blame themselves. "Their sense of grievance has been consistent since listing but has taken a sharper tone after this most recent sell-off: they believe public market investors simply do not grasp their long-term cash flow generation capabilities," the FT said. Check out the story here. Healthcare: I have a story on MBF Healthcare Partners, that's the PE firm of entrepreneur Miguel "Mike" Fernandez, that's out in the market. MBF Fund II is targeting $300 million to $500 million. Read the story here. Moves: Chris has a story on Daryl Yap, a VP at Bregal Private Equity Partners, joining American Industrial Partners. Read the story here. Beer M&A: We have another craft beer deal. Oskar Blues Brewery, which is backed by Fireman Capital Partners, has acquired Cigar City Brewing. Read the brief here. Hello, Canada! We've relaunched PE Hub Canada, where our northernmost colleague Kirk Falconer consistently breaks news about the Great White North. Check it out here. You can also get there by clicking on the U.S./Canada toggle on the navigation bar atop our website. If you have a comment, a tip, or something nice to say email me here here at lbeltran@buyoutsinsider.com. If you have a complaint, email Chris at cwitkowsky@buyoutsinsider.com. -- Luisa |  | | Today's Take | | | | MBF Healthcare Fund II targets up to $500 mln: source MBF Healthcare Partners is seeking $300 million to $500 million with its second fund, according to a source familiar with the situation. That's as much as double MBF's first fund, which closed at $250 million in 2005. The Coral Gables, Florida-based private-equity firm is not using a placement agent for the second pool, the source said.... AIP to bring on Bregal Vice President Daryl Yap Daryl Yap, a vice president at Bregal Private Equity Partners, is joining American Industrial Partners, according to three people with knowledge of the move. Yap has worked as a limited partner at Bregal since 2010. It's not clear what his official title will be at AIP. One person said he will work on business development.... Texas County & District backs Vista for $65 mln The Texas County & District Retirement System committed $112.5 million to private equity and venture capital in March, according to its website. The $24.3 billion retirement system's largest commitment went to Vista Equity Partners' new flagship fund. TCDRS committed $65 million to Vista Equity Partners VI, which is targeting $8 billion with a $10 billion hard cap...
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| | | | VC Deals | | | Medivate Partners invests $12 mln in Sillajen Medivate Partners said Monday it invested $12 million in Sillajen. Busan, South Korea-based Sillajen is an oncolytic immunotherapeutic firm currently in Phase III multi-national clinical development in US, Europe and Asia. Bregal Sagemount invests $40 mln in Open Lending Bregal Sagemount has invested $40 million in Open Lending LLC for a "significant" minority position. Austin-based Open Lending provides loan analytics, risk-based pricing, risk modeling and automated decision technology for automotive lenders. Vaquero Capital LLC and Andrews Kurth LLP provided financial and legal counsel to Open Lending. Goodwin Procter was the attorney for Bregal Sagemount. GreatHorn raises $2.25 mln GreatHorn has raised $2.25 million in a Series Seed funding round led by f f Venture Capital and SoftTech VC. Also participating were Techstars Ventures, RRE, and Walter Winshall, alongside existing investors Zelkova Ventures and V1.VC. GreatHorn, of Belmont, Massachusetts, provides a cloud native communication security platform. Medical Departures gets $2.5 mln Series A for medical tourism Medical Departures raised $2.5 million in Series A financing. Singapore-based DMP led the round with participation from Hubert Burda Media, CyberAgent Ventures and OPT SEA, the Asia arm of Japanese digital advertising agency OPT Group . Based in Bangkok, Thailand, Medical Departures is an online platform that helps patients find, compare and book medical appointments abroad. ClubRead gets Series A investment from Level Equity St. Louis, Missouri-based ClubReady, a software provider for the fitness and wellness industry, closed a Series A investment from Level Equity. Financial terms of the investment were not disclosed. In conjunction with the funding, Ben Levin, founder and partner of Level, will join the company's board. HPE Growth leads $45 mln Series C for eGym Munich-based eGym, a provider of high-tech fitness equipment and software for gyms, raised $45 million in Series C funding. New investor HPE Growth Capital led the round with participation from existing backer Highland Europe and others. Adarza BioSystems closes $5 mln Series B Adarza BioSystems Inc closed a $5 million Series B financing round led by Cultivation Capital, Lewis and Clark Ventures and Siemens' venture capital unit. Adarza, which has operations in Rochester, New York and St. Louis, Missouri, is a developer of label-free biosensor assays and instruments. IP Group leads $15 mln investment in Mirriad Advertising Mirriad Advertising Ltd, a video advertising company based in London, raised $15 million in a funding round led by IP Group PLC with participation from Parkwalk Funds and Unilever Ventures, the investment arm of Unilever. Mattermark raises $7.3 mln Series B, valuing company at $42 mln Mattermark, a data intelligence service for startups and investors, raised $7.3 million in a Series B funding round that values the company at $42 million. Foundry Group led the round with participation from existing investors. The investment brings the company's total funding to $18.4 million. Based in San Francisco, Mattermark raised $6.5 million in Series A funding in December 2014. | 2 Weeks Left To Join Your Peers at PartnerConnect East! There's still time to join 700+ decision makers, whether
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| | | | | Nautic Partners invests in Response Team 1 Nautic Partners LLC has invested in Response Team 1. Financial terms weren't announced. Wheeling, Illinois-based Response Team 1 provideS property restoration and renovation services. Antares Capital and LStar Capital provided financing. Concurrent with Nautic's investment, RT1 acquired three additional restoration businesses: Emergency Reconstruction of Raleigh, North Carolina; JFS Construction Group of Van Nuys, California; and Venturi Technologies of Philadelphia. Robert W. Baird & Co. acted as financial advisor for Response Team 1. India's BigBasket raises $150 mln in funding led by Abraaj Group: Reuters Indian grocery delivery service BigBasket has raised $150 million in fresh funding in a round led by UAE's Abraaj Group as the company looks to expand its services into smaller cities, the investor said. Energy Capital Partners invests $300 mln in Sunnova Houston-based Sunnova Energy Corp, a provider of rooftop solar service to homeowners, secured a $300 million equity investment from Energy Capital Partners. In November, Sunnova raised about $300 million from investors including Triangle Peak Partners and Franklin Square Capital Partners. YFM Equity, Octopus sell Callstream stake to J2 Global YFM Equity Partners and Octopus Investments sold their stake in Callstream Group Ltd for an undisclosed sum to J2 Global Inc, a publicly traded technology company based in Los Angeles. UK-based Callstream provides cloud-based call management technology to the insurance, travel and retail markets. Stellex Capital buys Morbark Stellex Capital Management acquired family-owned Morbark LLC, a maker of wood chippers and deforestation equipment based in Michigan. Financial terms of the deal were not disclosed. CI Capital buys majority stake in Hero Digital CI Capital Partners acquired a majority interest in Hero Digital, a digital consulting firm based in San Francisco. Terms of the transaction were not disclosed. Hero's management retains a significant equity stake in the company. Danu Partners acquires Smith & Wollensky from Bunker Hill Irish investment firm Danu Partners acquired Boston-based The Smith & Wollensky Restaurant Group Inc, an operator of upscale steakhouses, from Bunker Hill Capital. Financial terms of the transaction were not disclosed. The deal gives Danu ownership of 7 of the 8 U.S. locations as well as Smith & Wollensky London, which Danu opened under license from Smith & Wollensky in June 2015. Safanad, Formation Capital acquire nine assisted living facilities for $128.6 mln Formation Capital and Dubai-based investment firm Safanad acquired nine assisted living facilities in South Carolina from Agape Senior for $128.6 million. | Registration is Now Open for PartnerConnect MidWest! Join hundreds of your peers, including 150+ LPs, 200+ GPs,
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| | IPOs | | | | | | No items | | | | | | | Fed approves Goldman acquisition of GE Capital's U.S. online deposits: Reuters Goldman Sachs Group Inc (GS.N) received permission on Monday to complete its $17 billion acquisition of GE Capital Bank's U.S. online deposits, Reuters News reported. Online PE marketplace iCapital Network to buy HedgeFocus from Credit Suisse iCapital Network, an online private equity and alternative investments marketplace, agreed to acquire HedgeFocus from Credit Suisse. Financial terms were not disclosed. The HedgeFocus portfolio contains more than 20 hedge fund access vehicles representing approximately $1.8 billion in assets. | | Firms & Funds | | | | | Sverica Capital Fund IV raises $275 mln Sverica Capital Management LLC has closed its fourth private equity fund at its hard cap of $275 million. Sverica Capital Partners Fund IV LP will target business and IT services, healthcare services and high value industrial companies. Advent International GPE VIII closes at $13 bln Advent International said Tuesday that its eighth flagship fund closed at $13 billion, above its $12 billion target. Advent International GPE VIII LP will invest in buyouts, recapitalizations and growth equity transactions, primarily in Europe and North America and selectively in other regions such as Asia and Latin America. Advent's prior fund closed on $10.8 billion in 2012. venBio collects $288 mln toward second venture fund Healthcare investment firm venBio Partners LLC raised $288 million from 22 LPs toward a $303 million venture fund, according to an SEC filing. | | Human Resources | | | | | Brawn joins GenNx360 Capital as an Operating Partner Rick Brawn has joined GenNx360 Capital Partners as an Operating Partner. Brawn previously served as the Managing Director of Weir Services Europe based in Scotland. Baum named Executive Chairman of NorthStar Financial NorthStar Financial Services Group LLC said Tuesday that it named Jon Baum as its Executive Chairman. Baum was previously Chairman and CEO of The Dreyfus Corp, a subsidiary of BNY Mellon. Northstar is a portfolio company of TA Associates. Riverside promotes Dooling to principal Riverside Partners promoted Patrick Dooling to principal. Dooling joined Riverside in 2014 as a vice president. He previously worked in Bain Capital's global private equity group. Boston-based Riverside is currently investing out of Fund V, a $561 million equity fund. | | Odds & Ends + Hot Links | | | | | PE HUB First Read In First Read, the U.S. says it may not need Apple's help to unlock iPhone, Hulk Hogan awarded another $25 mln from Gawker and its founder, former Intel CEO Andy Grove, who taught Silicon Valley how to do business, dies. PE HUB Second Opinion In Second Opinion, Sequoia Capital is looking to raise up to $1.5 bln for China funds, Moat raises $50 mln to develop a currency for buying and selling online ads, and Apple unveils a smaller, cheaper iPhone SE aimed at new buyers. PE-backed fantasy sports companies FanDuel and DraftKings shut down games in New York: Reuters Top daily fantasy sports companies FanDuel and DraftKings agreed to stop taking money in New York on Monday, amid a months-long fight with the state's attorney general over whether the games are illegal gambling. VC-backed Jumio files for bankruptcy, to sell assets to investor Eduardo Saverin Jumio Inc, an identity management and credentials company based in Palo Alto, California, has commenced voluntary Chapter 11 proceedings in the U.S. The company agreed to sell its assets to Jumio Acquisition LLC, an entity formed by Facebook co-founder Eduardo Saverin, who was an early investor in Jumio. Saverin will also provide Jumio with $3.7 million to support the company's operations during the sale process. Jumio has previously raised funding from Andreessen Horowitz and others. |
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