| | | | | | | Winter is coming: It's Thursday and we have some sad news. There are reports out saying that Game of Thrones may be delayed longer than usual due to weather. And the next two seasons will be shorter. What?! The sad thing is that I'm not joking. Today's biggest transaction is Avast Software's buy of AVG Technologies for $1.3 billion. There's private equity on both sides of this security software deal. TA Associates reportedly invested $200 million in AVG in 2009. CVC Capital Partners backed Avast in 2014. Summit Partners remained an investor, according to a statement from that time. Deals we've reported on: I reported in May that Moneris Solutions had put its U.S. business up for sale. Bloomberg News is now reporting that Moneris U.S. has drawn bids from Vantiv Inc and Warburg Pincus. A sale of Moneris U.S. could fetch as much as $600 million, the story said. Other bidders include Bain Capital, Silver Lake Management, Welsh Carson and Advent International while strategics including Cielo SA and First Data Corp are also interested, the story said. New Mountain Capital made it official yesterday. The PE firm has acquired Strategic Partners Inc, a medical apparel company. I reported last month that New Mountain was buying Strategic Partners from Partners Group Holding AG and Avista Capital Partners, which did announce the sale yesterday. No financial terms but I'm told the deal came in lower than the $900 million that was reported. News from Buyouts/VCJ: Venky Ganesan, a managing director at Menlo Ventures and chair of the National Venture Capital Association, thinks Twilio's successful IPO will boost venture-backed IPOs later this year. Unicorns, however, will remain challenged, Ganesan said. Read the story here. Sam Sutton is reporting that the New York State Common Retirement Fund has allocated more than $2.2 billion across nine funds. Read the story here. Sam has another story on State of Wisconsin Investment Board seeking outside service providers to address shortcomings uncovered by a recent Ernst & Young review of Wisconsin's private equity program. Read it here. Chris has a story on H.I.G. Capital's special-situations group, Bayside Capital, closing its fourth fund. Check it out here. I'll be back on Monday. Any comments, thoughts or complaints please send them to me at lbeltran@buyoutsinsider.com. -Luisa | | Today's Take | | | PE HUB First Read First Read kicks off the morning with news that France overtakes Britain as world's number five economy after the pound drops, production of Season 7 of HBO's "Game of Thrones" may be delayed due to sunny weather and Snapchat introduces Memories, a way to share and save old snaps. Former Wall Street executive Caspersen pleads guilty to massive fraud: Reuters Former Wall Street executive Andrew Caspersen pleaded guilty on Wednesday to charges that he tried to defraud investors including friends and family members out of nearly $150 million, conduct that his lawyer has blamed on a gambling addiction, Reuters reported. PE HUB Second Opinion The Iraq War returned on Wednesday in the form of Britain's long-awaited Chilcot Report. Capital Dynamics wraps up fourth secondaries fund at $564 mln Capital Dynamics has closed its fourth secondaries fund at $564 mln, beating its original $350 mln. Here's how to make QSBS work for the entrepreneurial ecosystem It's time for Congressional reform to help boost U.S. entrepreneurialism, say three industry insiders Apax to more than quadruple its money with Epicor sale: source Apax Partners is selling Epicor Software Corp after a five-year hold and is expected to make 4.4x its money with the sale, a source familiar with the transaction said. KKR said July 5 that it agreed to buy Epicor. Financial terms weren't announced but the deal is valued at $3.3 billion, including debt, the source said.... New York State Common pushes pace, commits $2.2 bln-plus to PE New York State Common Retirement Fund continued to commit to private equity at a fervent pace in April and May, allocating more than $2.2 billion across nine funds, according to investment disclosures published on its website. The $178.3 billion retirement fund's recent activity follows up a one-year period ending March 31 in which it committed... H.I.G.'s Bayside closes Fund IV H.I.G. Capital's special-situations group, Bayside Capital, closed its fourth Loan Opportunity Fund on $1.1 billion in a fundraising process interspersed with a wave of team departures. H.I.G. announced the fund close Wednesday. The total, which exceeded Fund IV's original $1 billion target, included limited-partner commitments and separate accounts, H.I.G.'s statement said. It's unclear how much of the... Wisconsin to hire consultant to address fee transparency State of Wisconsin Investment Board will seek outside service providers to address shortcomings uncovered by a recent Ernst & Young review of Wisconsin's private equity program, Buyouts has learned. Wisconsin had been manually inputting fee and expense data obtained from private equity general partners, spokeswoman Vicki Hearing told Buyouts in an email. GPs vary in... NVCA's Ganesan on Twilio's IPO and challenges facing unicorns For Menlo's Venky Ganesan, Twilio deal didn't just pry open the IPO window, but "opened it with a bang" | | NETWORKING...CAPITAL...DEALS Early pricing thru 7/15 at mandaeast.com Save $45 on general registration, discount code pehub16 1,300 middle market dealmakers 80% generated deal leads $125 billion in capital under one roof 1,000+ 1:1 deal meetings 80% of attendees are VP, Partner, Director |
| | | | VC Deals | | | Fintech startup EarnUp raises $3 mln in seed funding San Francisco-based EarnUp, a provider of an automated loan-payment platform, has launched and announced it has raised $3 million in seed-stage funding from Blumberg Capital, Kapor Capital and Camp One Ventures. The company has been bootstrapped to date and the seed funding is the company's first institutional round. David Blumberg, founder and managing partner of Blumberg Capital, has joined the board as part of the seed financing. EarnUp is still in private beta and expects the app to be available later in the year. Technology Crossover Ventures invests $49.8 mln in Brillen.de Technology Crossover Ventures has invested 45 million euros ($49.8 million) in Brillen.de. Wildau, Germany-based Brillen.de provides prescription eyewear in that country. SuperVista AG is the parent of Brilen.de. Siemens makes VC investment in R&D software Riffyn Siemens Venture Capital invested an undisclosed amount in Riffyn, a provider of cloud-based research process design software. The company now has $4.6 million of funding, including lead investments from Bioeconomy Capital and O'Reilly Alphatech Ventures. EQT leads Series A round for Service Partner One Berlin-based digital office management company Service Partner One has raised $10 million in Series A funding. EQT Ventures led the round with participation from Target Global, Vito Ventures, Rheingau Founders, Ringier Digital Ventures and Earlybird. UK agricultural startup KisanHub takes in over $1 mln UK-based agricultural startup KisanHub has secured over $1 million in funding, according to a blog post on its site. Notion Capital led the round with participation from NIAB. Hommee raises $5 mln in Series A led by Founders Fund Furniture and home design iOS app Homee raised $5 million in a Series A funding round led by Founders Fund. The company's total amount of funding to date is $7.2 million, including previously undisclosed seed funding from angel investors including Sean Rad, Ben Silverman, Stephen Oskoui, Bill Lee, David Wyler, FF Angel, Foundation Capital, and Scooter and Yael Braun. GV leads Series C funding for camera developer Light Palo Alto, California-based Light, maker of a high-tech, multi-aperture computational camera called the L16, announced it has raised $30 million in Series C funding led by GV. The company has now raised about $65 million in funding since it was launched in 2013, according to data from Thomson Reuters. GV, formerly called Google Ventures, was joined by returning investors Bessemer Venture Partners, CRV, Eclipse Ventures, StepStone Group, strategic investor Foxconn and Paul Jacobs, executive chairman of Qualcomm. India's online movie ticketing portal BookMyShow raises $82 million funding: Reuters India's Bigtree Entertainment Pvt Ltd, owner of online movie and events ticketing portal BookMyShow, said it had raised 5.5 billion rupees ($81.63 million) in funding from a group of investors, led by U.S.-based private equity Stripes Group. Admiral snags $2.5 mln seed Admiral, an advanced analytics and revenue recovery platform for online publishers, has raised $2.5 million in seed funding. The investors were New World Angels, Birchmere Ventures, Mosley Ventures, Gulfshore Capital and the Florida Institute for the Commercialization of Public Research. | Complimentary Webinar: Improving Your Deal Sourcing Operations During this webinar you'll learn the following:
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| | | | | Pfingsten sells Des-Case Pfingsten Partners LLC said July 6 that it sold Des-Case Corp to Industrial Growth Partners. Financial terms weren't announced. Goodlettsville, Tennessee-based Des-Case provides contamination control products and services for industrial lubricants. Paul Hastings LLP represented Pfingsten in the sale. BRS acquires airgun maker Daisy Bruckmann, Rosser, Sherrill & Co has acquired Rogers, Arkansas-based Daisy Outdoor Products, a maker of airguns and accessories. No financial terms were disclosed. Equistone to take majority stake in Camusat Equistone Partners Europe has agreed to acquire a majority stake in Camusat Group, a French provider of maintenance and installation of telecom infrastructure networks. The sellers included MBO Partenaires. No financial terms were disclosed. Partners Group and Avista to exit medical scrubs provider Strategic Partners Partners Group and Avista Capital Partners have sold their stake in Strategic Partners Inc. to New Mountain Capital. No financial terms were disclosed. Robert W. Baird & Co and Ropes & Gray are advising Strategic Partners on the transaction. Based in Chatsworth, California, Strategic Partners is a provider of medical scrubs, medical footwear and school uniforms. Grand Crossing backs energy drinks maker Outlaw Energy Grand Crossing Capital Partners LP has provided funding to Outlaw Beverage LLC, a producer of branded energy drinks. No financial terms were disclosed. 3i to take furniture brand BoConcept private 3i Group plc has agreed to invest 166 million pounds (about $214 million) in global furniture brand BoConcept. When the transaction closes, BoConcept's stock will stop trading on NASDAQ Copenhagen. Halifax sells Envision to Ardian and GHO Capital Ardian and GHO Capital have acquired medical communications company Envision Pharma Group from The Halifax Group. No financial terms were disclosed. William Blair provided financial advice to Envision and The Halifax Group on the transaction. Canadian investor group to buy GuestLogix business A Canadian investor group comprised of Stornoway Portfolio Management Inc, Bridgecorp Canada Inc, Logan Peak Capital Inc and Klass Capital Corp. has agreed to acquire GuestLogix Inc's onboard business. No financial terms were disclosed. Headquartered in Toronto, GuestLogix is an onboard retail technology provider for the travel sector. Novacap invests in Syntax Novacap has made an undisclosed investment in Syntax. Based in Montreal, Syntax is a provider of tech solutions for businesses in North America. | One of a Kind Networking in The Robust Emerging Manager Space Join LPs and Intermediaries at the Emerging Manager Connect event: a one day networking opportunity with emerging superstars who will produce blockbuster returns in the next 5-10 years. Register Today! July 19, 2016 | Harvard Club | NYC |
| | IPOs | | | | | Brexit could delay car parts firm TI Automotive's IPO, say sources: Reuters The planned stock market listing of UK auto parts supplier TI Automotive, a potential 3 billion euro ($3.3 billion) deal, is facing a delay due to volatility triggered by Britain's vote to leave the European Union, sources told Reuters. | | | | | | | ABRY-backed Confie buys Sprague, J.N. Mason Confie, which is backed by ABRY Partners, has acquired two insurance brokerages in New York State: Lloyd D. Sprague & Son Inc (Dba Sprague Insurance) and J.N. Mason Agency Inc. Financial terms weren't announced. Corning, New York-based Sprague offers personal lines and small commercial insurance. J.N. Mason offers personal lines and small commercial insurance. Allcare Medical merges with National HME Allcare Medical LLC has merged with National HME Inc, a portfolio company of Tailwind Capital. Financial terms weren't announced. National HME provides technology enabled durable medical equipment (DME) solutions for the hospice industry while Allcare Medical provides medical equipment for hospice agencies and hospice patients. CVC-backed Avast to buy AVG Tech for $1.3 bln Avast Software, which is backed by CVC Capital Partners, has agreed to buy AVG Technologies NV for $25 a share or $1.3 billion. AVG develops business, mobile and PC device security software applications. Avast is investing $150 million equity. TA Associates owns a minority stake in AVG. Avast has received a financing commitment of $1.685 billion from Credit Suisse Securities, Jefferies and UBS Investment Bank. Jefferies International Ltd is acting as exclusive financial advisor, and White & Case LLP and De Brauw Blackstone Westbroek NV are acting as legal advisors, to Avast. Morgan Stanley & Co LLC advising AVG while Bridge Street Securities LLC is acting as independent financial advisor to the supervisory board of AVG. Orrick, Herrington & Sutcliffe LLP and Allen & Overy LLP are acting as legal advisors to AVG. | | Firms & Funds | | | | | Forerunner raises $122 mln third venture fund Forerunner Ventures has raised a $122 million third venture fund, according to a filing with the SEC. NFL Hall of Famer Joe Montana's inaugural venture fund targets $40 mln Liquid 2 Ventures is seeking to raise $40 million for its debut fund, according to an SEC filing. NFL Hall of Famer Joe Montana is serving as one of the general partners of the San Francisco-based venture firm. TriGuard collects over $660 mln for seventh fund TriGuard Management LLC has closed its seventh private equity fund at over $660 million, sweeping past its original $600 million target. The limited partners of Montauk Fund VII include public and corporate pension plans, insurance companies, endowments, foundations, family offices and high-net worth individuals. The firm's previous fund closed at $500 million in 2014. Capital Dynamics wraps up fourth secondaries fund at $564 mln Capital Dynamics has closed its fourth secondaries fund at $564 mln, beating its original $350 mln. Edison Partners closes its largest growth fund at $275 mln Princeton, New Jersey-based Edison Partners announced it has raised $275 million for Edison Partners VIII, beating its $250 million target. The firm previously raised $250 million for Fund VII, which closed in 2010, according to Thomson Reuters data. Edison Partners focuses on fintech, healthcare IT, enterprise and marketing software sectors. The firm says it has achieved nine exits of its portfolio companies in the last 18 months, including the acquisitions of FolioDynamix and NetProspex, among others. | | Human Resources | | | | | Isomer Capital beefs up team with new addition Isomer Capital has appointed Catherine Dupr as a principal to its London-based staff. Previously, Dupr worked at BDC Capital, the investment arm of Business Development of Canada. University Ventures hires two and promotes one University Ventures has named Troy Williams as a managing director and Prateek Aneja as vice president. The firm has also promoted Aanand Radia to managing director. Recently, Williams was CEO of Macmillan Enterprise Solutions while Aneja worked at Wells Fargo Securities. And, previously, Radia led University Ventures' investments in student financing. Norwest Equity Partners ups Cantwell to partner Norwest Equity Partners has promoted Andrew Cantwell to partner. Cantwell joined the firm in 2006 and became a principal two years later. | | Odds & Ends + Hot Links | | | | | PE HUB First Read First Read kicks off the morning with news that France overtakes Britain as world's number five economy after the pound drops, production of Season 7 of HBO's "Game of Thrones" may be delayed due to sunny weather and Snapchat introduces Memories, a way to share and save old snaps. Former Wall Street executive Caspersen pleads guilty to massive fraud: Reuters Former Wall Street executive Andrew Caspersen pleaded guilty on Wednesday to charges that he tried to defraud investors including friends and family members out of nearly $150 million, conduct that his lawyer has blamed on a gambling addiction, Reuters reported. PE HUB Second Opinion The Iraq War returned on Wednesday in the form of Britain's long-awaited Chilcot Report. Partners Group to open Manilla office Partners Group is expanding its Asian base by opening an office in Manilla in September 2016. The firm also has offices in Singapore, Tokyo, Seoul, Mumbai and Shanghai. Here's how to make QSBS work for the entrepreneurial ecosystem It's time for Congressional reform to help boost U.S. entrepreneurialism, say three industry insiders |
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