| | | | | | | This morning: Happy belated holidays to everyone. Can we now wear white or do we wait until Memorial Day? M&A: We have more news on the Yahoo front today. Microsoft executives have met with private equity firms to help finance a potential buy of Yahoo, Reuters News is reporting. Re/code, which first had the story, said MSFT is willing to lend significant financing to PE's efforts to buy Yahoo. The Internet pioneer has been engaging with strategic bidders, Re/code said. Those mentioned include AT&T, Verizon and Comcast. PE firms interested in Yahoo include Advent International, Vista Equity Partners, TPG, KKR and others, Re/code said. I'll be honest. I've been very skeptical of this story for months because I just don't get the private equity angle. What value does Yahoo, an aging Internet company, represent for private equity? How could PE turn this around? This seems like banker spin but I've been wrong before. If you have a comment, a tip, or something nice to say email me here at lbeltran@buyoutsinsider.com. If you have a complaint, email Chris at cwitkowsky@buyoutsinsider.com. -- Luisa |  | | Today's Take | | | | Talking Deal Prices: Apollo pays average of 5.2x EBITDA for trio of take-privates Apollo Global Management kicked off 2016 by paying subdued purchase-price multiples well within the single digits for three take-privates, despite frothier prices in the broader buyout industry. Apollo founder Leon Black has already talked up the New York shop's shift into investing after distributing tens of billions in capital back to LPs. In 2015, the... Credit Suisse exec Martin joins Goldman: Reuters Sarah-Marie Martin has resigned as co-head of Credit Suisse Group AG's Americas financial sponsors group, which focuses on private equity firms, to join Goldman Sachs Group Inc, people familiar with the matter said. Martin's departure comes after Credit Suisse passed on financing several leveraged buyouts this year, including Apollo Global Management LLC's $6.9 billion acquisition... Market at a glance Fundraising surged over the past two weeks, with the year-to-date total growing from $27.8 billion to $42.2 billion. It still trails where it was at this time last year by $11.2 billion. Chart of the Week: Middle-market funds give anything but middling returns Middle-market buyout funds are better investments than their bulkier counterparts, according to Cambridge Associates. The average IRR for above-median middle-market vehicles outperform large-market in the five- and 10-year outlooks. Five Questions with Keirsten Lawton, Managing Director, Cambridge Associates 1. The Cambridge Associates U.S. PE index generated negative 1.4 percent in the third quarter, the first negative return in three years. To what do you attribute this? That was really the impact of energy-price declines feeding through to the private-equity market. The sector was down 12 percent, and that muted returns for the asset... | The Summit for Middle Market Debt Finance 23rd Annual Atlantic Conferences Symposium
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| | | | VC Deals | | | Bromium raises $40 mln Bromium Inc has raised $40 million in funding. The investment round was led by existing investors and also included Silver Lake Waterman. Cupertino, California-based Bromium, a provider of cybersecurity software, said total investment comes to $115 million. Prior investors include by Andreessen Horowitz, Ignition Partners, Highland Capital Partners, Intel Capital, Lightspeed Venture Partners and Meritech Capital Partners. Goldman to invest $37 mln in Venus Medtech Goldman Sachs is investing $37 million in Venus Medtech (Hangzhou) Inc. Venus Medtech, of Hangzhou, China, is developing a transcatheter cardiac valve. Prior investors include Qiming Venture Partners, Sequoia Capital China and Dinova Venture Capital. JetBlue Technology Ventures invests in FLYR JetBlue Technology Ventures, the VC subsidiary of JetBlue Airways, has invested in FLYR. Financial terms weren't announced. San Francisco-based FLYR is a travel and data science company. Founders Fund VI raises $1.3 bln Founders Fund said Friday its sixth fund closed at $1.3 billion. Founders Fund VI will be led by partners Lauren Gross, Ken Howery, Geoff Lewis, Scott Nolan, Luke Nosek, Brian Singerman and Peter Thiel. Cyberpost raises $1.5 mln Cyberpost said Friday it raised $1.5 million in seed funding. It did not disclose the private investors. Cyberpost, of Toronto, is a video and virtual mail system. | | | PE Deals sponsored by | |
| | | | | Microsoft meets with private equity over Yahoo deal: Reuters Microsoft Corp (MSFT.O) executives are in early talks with potential Yahoo Inc (YHOO.O) investors about contributing to financing to buy the troubled Internet company, Reuters News reported. | Registration is Now Open for PartnerConnect MidWest! Join hundreds of your peers, including 150+ LPs, 200+ GPs,
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| | IPOs | | | | | | No items | | | | | | | Invo Healthcare buys Progressus Therapy Invo HealthCare Holdings, a portfolio company of Post Capital Partners, has acquired Progressus Therapy LLC. Financial terms weren't announced. Tampa, Florida-based Progressus school-based therapy and early intervention services for school districts and communities. Qlik Technologies explores potential sale: Reuters U.S. data analytics firm Qlik Technologies Inc (QLIK.O) has begun exploring strategic alternatives, including a sale, after coming under pressure from an activist shareholder, Reuters News reported. Ebates buys Shopular Ebates, which is backed by Rakuten, has acquired Shopular. Financial terms weren't announced. Redwood City, California-based Shopular is a mobile product discovery app that alerts users to relevant deals and coupons when they are near their favorite stores. | | Firms & Funds | | | | | SoftTech expands its opportunity fund to $45 mln SoftTech VC, which filed with the Securities and Exchange Commission in January to raise two new funds, has expanded the size of one of the funds by 50 percent, according to a new regulatory document. Fort seeks $75 mln for sophomore fund Atlanta-based Fort Ventures, a multi-stage investor, is seeking to raise $75 million for its second fund, according to a regulatory filing. | | Human Resources | | | | | Dragone named President & CEO of Fleetpride Fleetpride, a portfolio company of TPG, has named Allan Dragone as its new President & CEO effective immediately. Dragone takes over for Donald Sturdivant, who will continue to serve on the Board through the transition process. Dragone is the former COO of GCA Services and former CEO of Unisource. TPG names Thickins Country Head of Australia TPG said Sunday that it appointed Joel Thickins as Country Head of Australia. He takes over the role from Ben Gray, who will stay with TPG until the end of the year. Thickins most recently served as a Director at CHAMP. | | Odds & Ends + Hot Links | | | | | PE HUB First Read To start off your Monday, we have Spotifiy CEO confirming the digital music service has 30 million paid subscribers, Facebook apologizes for freaking people out with misdirected safety checks and a tombstone for Donald Trump mysteriously appeared in Central Park over the weekend. |
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