| | | | | | | Good morning! We're bracing for another hot day here in NYC. To help you deal with the heat we have a column from Sam Sutton about CalPERS transparency. Take it away, Sam California Public Employees' Retirement System staff fought to diminish the level of disclosure GPs would have had to provide under draft versions of a transparency bill making its way through the state senate. CalPERS took several critical and groundbreaking steps to be more transparent in its disclosure of private equity data over the last several years. But this latest step was in the wrong direction. For those of you haven't followed the ups and downs of AB 2833, early versions of the bill required GPs to provide California public LPs with a comprehensive view into what fees were charged to underlying portfolio companies. After soliciting input from CalPERS staff, as well as the California State Teachers' Retirement System, AB 2833 authors made several changes to make the legislation more workable. The most substantive change reduced the amount of information GPs would have had to provide to California LPs. Private equity firms would only share the individual LP's pro-rata share of those fees, rather than the aggregate. That's still useful amount of information, but it's considerably less than what you would need to fully ascertain the fee burden placed on portfolio companies. PE firms often use several investment vehicles to buy portfolio companies. An LP could know its pro-rata share of fees as an LP in a single fund, but lack of insight into other vehicles would make it impossible to determine the total fees and expenses charged to portfolio companies. "In a perfect world, we would know the full fee burden. The long-term value of a portfolio company is impacted by the fees. But we view the legislation we're running this year as an important first step," said Deputy Treasurer Grant Boyken, who worked on the bill. Boyken's right. It is an important first step. What's unclear is why CalPERS would seek to weaken the bill in this regard. Read the rest here. Conference alert: Everyone from Buyouts and VCJ -- including me -- will be at our Emerging Manager Connect conference tomorrow. The event is taking place at the Harvard Club. Stop by and say Howdy. News from Buyouts/PE HUB: Steve has a story on S&P Global Ratings cutting its debt rating of YP Holdings LLC, the Cerberus Capital Management-backed entity that owns the Yellow Pages directories and other properties, to CCC+ from B. Read the story here. Paul Centopani has the top VC-backed deals in June. Check it out here. Housekeeping: Are you a single or multi-family office looking for co-investment opportunities from emerging managers? Take our brief survey to get your listing in our directory of family offices. Our thoughts and prayers go out to everyone in Baton Rouge (and in Dallas, in Nice, in Orlando). Peace, everyone. Any comments, thoughts or complaints please send them to me at lbeltran@buyoutsinsider.com. -Luisa | | Today's Take | | | | PE HUB First Read First Read starts the week with news that Softbank is buying ARM Holdings, the British semiconductor designer, for $32 billion, Samsung will announce the Galaxy Note 7 on Aug. 2, while Facebook has made meager increases in the number of women and minorities working at the social-network giant. Read more... S&P cuts Cerberus-backed Yellow Pages debt rating on print woes, competition S&P Global Ratings said YP Holdings LLC, the Cerberus Capital Management-backed entity that owns the Yellow Pages directories and other properties, remain vulnerable to refinancing risk in the face of weakness in both its print and digital business lines. S&P cut its view on the company's debt to CCC+ from B, with a negative outlook.... Read more... Data spotlight: Top venture-backed deals in June Uber led all comers in the month with its $3.5 billion round Read more... | NETWORKING...CAPITAL...DEALS ACG Philadelphia presents M&A East
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| | | | VC Deals | | | | Cambridge Medical raises $20.3 mln Cambridge Medical Robotics has raised $20.3 million in Series A funding. New investors include ABB Technology Ventures, LGT Global Invest and Cambridge Innovation Capital. Cambridge Medical is developing a next-generation robotic system for universal minimal access surgery. Read more... Mobile privacy pioneer Silent Circle raises $50 million: Reuters Silent Circle, a Geneva-based pioneer in the field of securing mobile communications, said on Friday that it has raised $50 million in a Series C financing round led by Santander Bank. Read more... Modo Labs snags $10 mln Modo Labs Inc has raised $10 million in funding. The investors were Education Growth Partners, Storm Ventures and New Magellan Ventures. Based in Cambridge, Massachusetts, Modo Labs is a provider of a mobile engagement platform that empowers people to create campus apps. Read more... Azalea Health scores $10.5 mln Series B Georgia-based Azalea Health, a provider of healthcare solutions and managed services for practices of all sizes and most specialties, has raised $10.5 million in Series B funding. Kayne Partners led the round with participation from return backer Intersouth Partners. Read more... Venture capital investments rebound for tech startups Venture capital investments in startups rebounded in the second quarter, as a general stock market recovery helped restore confidence, according to a new report published on Friday. Read more... Civil Maps nabs $6.6 mln seed Civil Maps, a provider of 3D mapping technology for fully autonomous vehicles, has secured $6.6 million in seed funding. Motus Ventures led the round with participation from other investors that included Ford Motor Company, Wicklow Capital, StartX Stanford and AME Cloud Ventures. Read more... Scope AR picks up $2 mln seed San Francisco-based augmented reality company Scope AR has secured $2 million in seed funding. The investors included Susa Ventures, Presence Capital Fund and New Stack Ventures. Read more... | Expand Your Network, Supercharge Your Strategy, and Get Deals Done at the 9th Annual PartnerConnect West 2016 PartnerConnect West will return this year with three insightful tracks: Buyouts West (9th year), Venture Alpha West (6th year) and the Private Real Estate Summit (4th year). Over 60 panels Over 500 delegates Over 150 Limited partners Over 300 fund managers, bankers, lenders and intermediaries All in one place dedicated to networking on a personal level.
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| | | | | | Back to top | | Sandvik to sell Mining Systems operations to CoBe Capital Sandvik said July 18 that it agreed to divest its Mining Systems operations to CoBe Capital. Financial terms weren't announced but Sandvik said the deal entails a a capital loss of -800 million SEK. Mining Systems supplies design and engineering of material handling systems for the mining industry. Read more... Warburg buys nearly 32% of Camil Alimentos Warburg Pincus said July 15 that it has acquired a 31.75 percent stake in Camil Alimentos S.A. Financial terms weren't announced. Fundo de Investimento de Participaes Camil ("FIP Camil)", an equity investment fund managed by Gvea Investimentos Ltda, was the seller. Camil, of So Paulo, is a packaged food company. Read more... Goldman Sachs, Bain to buy majority stake in cosmetics firm Carver Korea: Reuters Goldman Sachs Group Inc (GS.N) and Bain Capital Private Equity will acquire a majority stake in unlisted cosmetics maker Carver Korea Co Ltd, seeking to tap into the growing popularity of South Korean beauty products in markets such as China, Reuters News reported. Read more... Maven Capital, NVM Private Equity invest in Rockar Maven Capital Partners and NVM Private Equity LLP have invested 5 million pounds ($6.6 million) in Rockar. The investment is split equally between Maven and NVM. Rockar, of the U.K., is a motor retailer that provides customers with access to the services of a traditional dealership online. Read more... Ferro Corp rebuffs bids from Apollo, CVC, say sources: Reuters Specialty chemicals company Ferro Corp turned down acquisition offers from private equity firms Apollo Global Management LLC and CVC Capital Partners Ltd as too low, sources told Reuters. Read more... Fidelity preparing bid for Energy Future's Oncor with creditors, say sources: Reuters Fidelity Investments is working on preparing a bid with other creditors of Energy Future Holdings Corp to acquire through Energy Future's bankruptcy the company's crown jewel, Oncor, according to people familiar with the matter. Read more... | One of a Kind Networking in The Robust Emerging Manager Space
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July 19, 2016 | Harvard Club | NYC |
| | IPOs | | | | Back to top | | Oaktree-backed AdvancePierre debuts IPO AdvancePierre Foods Holdings Inc, which is backed by Oaktree Capital Management LP, has priced 18.6 million shares of its IPO at $21 per share. The stock began trading July 15, 2016 on the New York Stock Exchange under the ticker symbol "APFH." Barclays, Credit Suisse and Morgan Stanley are serving as the lead underwriters. Based in Cincinnati, AdvancePierre is a provider of ready-to-eat sandwiches, sandwich components and other entres. Read more... | | | | |
Back to top | | SoftBank to buy UK chip designer ARM in $32 billion cash deal: Reuters SoftBank Group Corp (9984.T) has agreed to buy UK chip designer ARM Holdings PLC (ARM.L) in a 24.3 billion pound ($32.2 billion) cash deal, the two sides said on Monday, a bold bet on internet-connected machines that will transform the Japanese group, Reuters News reported. Read more... Leading Ridge Capital sells Rugby Architectural Building Leading Ridge Capital Partners has completed the sale of portfolio company, Rugby Architectural Building Products, to Hardwoods Distribution Inc. Financial terms weren't announced. Concord, New Hampshire-based Rugby is a wholesale distributor of specialty building products. Read more... PE-owned Suba Seeds buys Brotherton Seed Suba Seeds USA, which is owned by Paine & Partners, has acquired Brotherton Seed Company, a producer of high quality pea and bean seeds for the North American processing sector. No financial terms were disclosed. Read more... | | Firms & Funds | | |
Back to top | | EES Ventures targets over $4 mln for inaugural fund EES Ventures is seeking to raise over $4 million for its debut fund, according to an SEC filing. The Houston-based venture firm focuses on seed and early-stage companies that "impact energy, efficiency, and sustainability." Read more... | | Human Resources | | |
Back to top | | Outpost Medicine forms senior leadership team Outpost Medicine said July 18 that Nancy Martin, M.D., Pharm.D., has joined as a SVP, Chief Medical Officer, while Gordon McMurray, Ph.D., was named Chief Scientific Officer and Gayle Kennedy was appointed VP, Clinical Development. And Mike Ramsay was named VP, Manufacturing. Read more... PE-backed MDLive hires SVP and chief medical officer Sunrise Florida-based MDLive, a provider of virtual health services, has named Dr. Sylvan Waller as senior vice president and chief medical officer. The appointment becomes effective immediately. Previously, Waller worked at Alii Healthcare where he was the founder and CEO. MDLive's backers included Bedford Funding, Heritage Group, Sutter Health and Kayne Anderson Capital Advisors. Read more... Global Employment Solutions and Fahrenheit IT ups ex-KRG VP to CEO Middle market staffing firm Global Employment Solutions and Fahrenheit IT has promoted Howard Brill to executive chairman and Wayne Cavanaugh to CEO. Previously, Brill was CEO of the company while Cavanaugh was CFO, COO and president. Prior to joining the company, Cavanaugh worked at KRG Capital Partners where he served as a vice president. Read more... | | Odds & Ends + Hot Links | | |
Back to top | | CalPERS and the hassle of full transparency CalPERS took several critical and groundbreaking steps to be more transparent in its disclosure of private equity data over the last several years. But this recent step was in the wrong direction. Read more... Man vs machine: computer-driven hedge funds win on Brexit night: Reuters As hedge fund manager Buford Scott sat at home, watching the TV in shock as it emerged Britain had voted to leave the European Union, his computer-based trading models were quietly boosting his business by 1.5 percent, Reuters News reported. Read more... PE HUB First Read First Read starts the week with news that Softbank is buying ARM Holdings, the British semiconductor designer, for $32 billion, Samsung will announce the Galaxy Note 7 on Aug. 2, while Facebook has made meager increases in the number of women and minorities working at the social-network giant. Read more... |
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