| | | | | | Brexit M&A: It's been about a week since Britain voted to exit the EU but I'm still surprised by this morning's news. Boris Johnson, the former London mayor, has abruptly pulled out of the race to become Britain's prime minister, Reuters News is reporting. Johnson was one of the leaders of the campaign for Britain to leave the EU and was highly expected to become the next PM. Wow. One of the implications of Brexit is a boost in M&A. Last week, a private equity executive told Buyouts that Brexit had basically put U.K. companies up for sale. Teri McMahon, a partner at Alston & Bird and co-chair of the firm's Private Equity team, echoes this sentiment. She thinks PE firms may find some good deals in the U.K. "PE funds that are looking for investment opportunities, ready to research an underlying business and willing to take a chance on the fact that the EU will continue and Britain will figure out a way to conduct business under different terms, will likely find bargains to make money in the long run," McMahon said. McMahon, however, thinks funds looking to sell their portfolio holdings should hold off on any auctions. "Unless there is a compelling reason to sell, perhaps due to the underlying fund nearing the point where it must liquidate its investments and close, most funds will likely wait before putting the portfolio company up for sale until the implications of Brexit are clearer," she said. News from Buyouts/VCJ: Chris has a story on James McIntire, Washington's state treasurer, who doesn't think fund terms need to be disclosed to the public. Read the story here. Rob Daniel is reporting that the second-half outlook for private equity merger activity is "bright" despite Brexit, according to a report from EY. Check out the story here. Steve Gelsi has a story on CD&R embracing "partnership deals" with its acquisition of French furniture retailer BUT. Read the story here. Alastair Goldfisher has a story on Andy McLoughlin, a partner at San Francisco-based SoftTech VC and why Brexit has caused McLoughlin's phone to ring off hook. Find out why here. Have a Happy July 4th everyone! I'll be back next Tuesday. 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 morning with news that NBA superstar LeBron James is opting out of his contract with the Cavaliers, Microsoft CEO Nadella says he wants to build robots that are like humans, and Google Capital Ventures begins investing in public companies beginning with Care.com. PE HUB Second Opinion In Second Opinion, Turkey declares a day of mourning after terror attack at airport kills 41 people, Facebook is cutting traffic to publishers in favor of user-generated content and AstroTurf files for bankruptcy while planning to be sold to a rival. Washington treasurer: Fund terms need not be disclosed to public Information about a general partner's carried interest doesn't belong in the state pension's annual financial statement, according to James McIntire, Washington's state treasurer, who gave a keynote address at the Buyouts Chicago conference on June 21. The implication is that carried interest is a GP's income, agreed upon by LP and GP in the fund... CD&R embraces 'partnership deals' with stakeholders Clayton Dublier & Rice's deal to team up with a unit of XXXLutz Group to buy French furniture retailer BUT marks its 14th acquisition since 2006 under an approach it uses to tap capital from sellers and other partners for acquisitions. All told, about 55 percent of all the capital it's deployed since 2009 falls... Back to School: Brexit, U.S. vote shouldn't much hurt 2nd-half M&A, EY says The second-half outlook for private equity merger activity is "bright," coming off a tough first half and buoyed by stockpiles of cash available for investment, a report from a key consulting firm said. More broadly, EY said in its midyear M&A survey, U.S. dealmaking showed "remarkable resilience" in the first half and shouldn't be "materially... TorQuest closes fourth mid-market fund at C$925 mln hard cap TorQuest Partners closed its fourth private equity fund at its C$925 million (US$707 million) hard-cap target, earmarking the proceeds for investment in mid-market companies in Canada and the United States. The Toronto firm said today that TorQuest Partners Fund IV closed 23 percent above its original target of C$750 million (US$573 million). The fund's limited partners were not... On the Bleeding Edge: Need a 'Brexpert'? Get in line to talk to SoftTech's McLoughlin In the post-Brexit vote days, if you happen to work in tech and you do business in the United Kingdom or Europe, you're going to be in demand with journalists wanting to interview you about the impact of Britain leaving the European Union. If you're a San Francisco-based, British-born VC, who's founded a U.K.-based tech... | | 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 | | | Tempo Automation scores $8 mln San Francisco-based Tempo Automation, which provides prototype circuit boards or engineers, announced it has raised $8 million in funding from Lux Capital, SoftTech VC, Jerry Yang's AME Cloud Ventures and Bolt. Haystack is also an investor. Fintech platform dv01 scores $7.5 mln of seed funding Lending markets analytics platform dv01 announced it has raised $7.5 million of seed funding from Quantum Strategic Partners Ltd., Leucadia National Corporation and Pivot Investment Partners. The New York-based company is launching portfolio management software for marketplace loans. Google Capital invests in Care.com Waltham, Massachusetts-based Care.com, an online marketplace for finding and managing family care, has raised $46.35 million in funding. The investor was Google Capital. In addition to the funding, Laela Sturdy, a partner at Google Capital, has been added to Care.com's board of directors. Morgan Stanley served as placement agent. Aramex leads $8.5 mln Series B in addressing platform what3words Addressing shorthand platform what3words closed an $8.5 million Series B funding round led by Aramex, a global logistics and transportation provider. The financing also included participation from existing investors Intel Capital, Force Over Mass Capital and Mustard Seed. NeuroVision secures $5 mln from family office Wildcat Wildcat Capital Management, the family office of TPG co-founder David Bonderman, has invested $5 million to lead a Series B financing round in NeuroVision Imaging LLC. A portion of the round has been reserved for strategic investors. Headquartered in Sacramento, California, NeuroVision is developing retinal imaging technology for early detection and monitoring of Alzheimer's disease. Jornaya closes $10 mln Series B, changes name from LeadiD Edison Partners led a $10 million Series B funding in Jornaya, a predictive analytics platform for consumer purchases. Founded in 2011, the company was known until now as LeadiD. All Def Digital scores $10 mln Series B led by Third Wave Third Wave Digital Partners led a $10 million Series B financing in ALL DEF DIGITAL, INC., a media company for urban-centric youth culture. The company's existing investors -- Nu Horizons, Greycroft Partners, eVentures and Advancit Capital -- also participated, as did WPP through WPP Ventures and Andreessen Horowitz. Orange Digital Ventures funds BandwidthX Orange Digital Ventures has made an undisclosed investment in BandwidthX, a developer and operator of real-time Wi-Fi marketplace BxMarket. In conjunction with the funding, Nicolas Demassieux, the head of Orange Labs, has been added to BandwidthX's advisory board. Vidac Pharma reels in $9 mln Series A Jerusalem-based Vidac Pharma, a developer of drugs that treat cancer and oncodermatology disease, has raised $9 million in Series A financing. Israel Biotech Fund led the round with participation from other investors that included Mivtach Shamir Holdings. In addition to the funding, Dr. Robert Spiegel and Ed Saltzman of Israel Biotech Fund's venture advisory team have been appointed to Vidac's board of directors. OpsGenie picks up $10 mln from Battery Ventures OpsGenie, a provider of alerting and on-call management solutions for development and operations teams, has secured $10 million in Series A financing. The investor was Battery Ventures. In addition to the funding, Battery's Neeraj Agrawal and Paul Drews have been added to OpsGenie's board. ForUsAll grabs $9.5 mln, also names ex-Treasury Secy Summers senior adviser San Francisco-based ForUsAll, a provider of 401(k)s for small businesses, has secured $9.5 million in Series A funding. Foundation Capital led the round. In conjunction with this funding, Steve Vassallo, a general partner at Foundation Capital, has been added to ForUsAll's board while President Clinton's former Treasury Secretary Lawrence H. Summers has been named a senior adviser. Keen IO snags $14.7 mln in Pelion-led round San Francisco-based Keen IO, a cloud analytics provider, has raised $14.7 million in Series B financing. Pelion Venture Partners led the round with participation from other investors that included Hewlett Packard Pathfinder, Sequoia Capital, Rincon Venture Partners, Amplify Partners and Rothenberg Ventures. AntriaBio closes $12 mln private placement Louisville, Colorado-based biopharmaceutical company AntriaBio Inc has raised about $12 million in a private placement. SBI affiliate pH Pharma was the lead investor. | Complimentary Webinar: Improving Your Deal Sourcing Operations During this webinar you'll learn the following:
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| | | | | Sandwich chain Jimmy John's to hit the auction block: Reuters Jimmy John's Franchise LLC, the popular U.S. gourmet sandwich chain which explored an initial public offering (IPO) last year, is now seeking to sell a major equity stake to private investors, sources told Reuters News. CDPQ invests $222.9 mln in Eurofins Caisse de dpt et placement du Qubec (CDPQ) said June 29 that it invested 200 million euros ($222.9 million) in Eurofins Scientific. Eurofins, of Luxembourg, provides food, environment and pharmaceutical products testing and employs more than 23,000 people. OpenGate closes buy of Alfatherm OpenGate Capital said June 30 that it completed its buy of Alfatherm S.p.A. Emerald and PM & Partners are the sellers. Alfatherm, of Varese, Italy, makes rigid, semi-rigid and flexible PVC films. Freeman Spogli invests in City Barbeque Freeman Spogli & Co has invested in City Barbeque. Financial terms weren't announced. Columbus, Ohio-based City Barbeque is a fast-casual restaurant company focused on authentic, "smoker-to table" barbeque. BMO Capital Markets Corp. acted as financial advisor to City Barbeque. Ice Miller LLP provided legal counsel to City Barbeque and Morgan, Lewis & Bockius LLP provided legal counsel to Freeman Spogli. TA Associates buys majority of Kiwoko TA Associates has completed a majority investment in Masquepet SL (" Kiwoko"). Corpfin Capital and P rince Capital Partners sold 89.4 percent of Kiwoko to TA and Kiwoko's founders. Financial terms weren't announced. Madrid-based Kiwoko is a chain of pet care specialty retail stores in Spain. Latham & Watkins served as legal counsel to TA Associates. Alemany, Escalona & De Fuentes served as legal advisor to Corpfin Capital and Prince Capital. Goldman and PAI Partners ask Morgan Stanley to sell Xella, say sources: Reuters Private equity group PAI Partners and Goldman Sachs' investment arm have mandated Morgan Stanley and Goldman Sachs to sell building materials maker Xella after failing to float it last year, sources told Reuters. Apollo Global to buy Diamond Resorts in take-private deal for $2.2 bln Apollo Global Management LLC has agreed to acquire Diamond Resorts International for $30.25 per share or about $2.2 billion. Once the deal closes, Diamond Resorts' stock will stop trading. Based in Las Vegas, Diamond Resorts is a vacations provider. Fulcrum backs iHealth Fulcrum Equity Partners has made an undisclosed investment in iHealth Solutions LLC, which helps hospitals, physician practices and clinics navigate from fee-for-service healthcare models to value-based care. The transaction was part of Fulcrum's recent buy of DNA Healthcare Inc. | 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 | | | | | Talend files for U.S. IPO for up to $86.25 million: Reuters Talend SA filed with U.S. regulators on Tuesday to raise up to $86.25 million in an initial public offering of common stock, Reuters reported. | | | | | | | Global M&A declines in second quarter as mega deals seen too risky: Reuters The value of announced mergers and acquisitions (M&A) worldwide dropped by a third in the second quarter of 2016, as a wave of transactions were abandoned in the wake of concerns over regulatory and tax risks or national security, Reuters News reported. Lions Gate Entertainment nears deal to buy Starz: Reuters Lions Gate Entertainment Corp, the film studio behind the Hunger Games movie franchise, is in advanced talks to buy premium television network Starz, in a deal that would unite two media companies with ties to cable mogul John Malone, Reuters News is reporting. Schryver Medical Sales buys Professional Clinical Laboratory Schryver Medical Sales and Marketing LLC, a portfolio company of Revelstoke Capital Partners, has closed its buy of Professional Clinical Laboratory Inc. Financial terms weren't announced. Fort Worth, Texas-based Professional Clinical Laboratory provides clinical laboratory services with locations in Texas, Oklahoma, Alabama, and Mississippi. Perkins Coie LLP and Winston & Strawn LLP acted as legal advisors to Schryver. Solar company Sungevity to go public in reverse merger: Reuters Sungevity Inc, the No. 5 U.S. rooftop solar company by market share, on Wednesday said it would list its shares after a reverse merger by a shell company, allowing it to tap the public markets at a difficult time for solar stocks, Reuters reported. Ardian to sell Laboratoires Anios Ardian is having talks with Ecolab to sell Laboratoires Anios. No financial terms were disclosed. European-based Laboratoires Anios is a maker of disinfection products. GAM acquires Cantab Capital in trends-based investment push: Reuters Swiss asset manager GAM has bought British hedge fund firm Cantab Capital Partners in a $217 million deal to increase its offering of computer-driven quantitative investment funds that cash in on identifying trends in global financial markets, Reuters reported. AGCO Corp to buy Cimbria from Silverfleet Capital Silverfleet Capital has agreed to sell Cimbria, a Danish maker of equipment and processing lines for seed and grain, to AGCO Corp. The price of the transaction is about 310 million euros (about $344 million). | | Firms & Funds | | | | | Kleiner Perkins raises $1.4 bln for new growth and core funds Kleiner Perkins Caufield & Byers has raised $1.4 billion for its latest core and growth funds, according to a pair of regulatory filings. TorQuest closes $925 mln for fourth fund Canadian private equity fund manager TorQuest Partners has raised $925 million for its fourth fund, beating its initial $750 million target. The fund will focus on middle-market companies. | | Human Resources | | | | | Intel Capital names four new managing directors Intel Capital has appointed four new managing directors as part of a restructuring to streamline its investment process and give startups more access to company business units, according to a newsletter from the firm. PE-owned Belk Inc CEO to retire Tim Belk, CEO of department store chain Belk Inc, which is owned by Sycamore Partners, will be retiring next month. Lisa Harper, who most recently served as CEO of Hot Topic Inc, will succeed Belk as CEO. Her appointment becomes effective July 5, 2016. Ameri100 appoints venture fund chair/founder to board Princeton, New Jersey-based Ameri Holdings Inc, a SAP-based strategy consulting firm, has added Venkatraman Balakrishnan to its board of directors. Balakrishnan is the founder and chairman of Exfinity Venture Partners, a venture fund focused on tech startups. He is also the former chief financial officer at Infosys Ltd. Liberty Hall taps Nadal as principal Liberty Hall Capital Partners has named Jack F. Nadal as a principal. Previously, Nadal worked at Insight Equity where he served as a senior vice president. Berkshire Group hires venture investments VP Berkshire Group has appointed Justin Brown as vice president of venture investments. Previously, Brown worked at M&T Bank where he served as vice president of commercial real estate banking. | | Odds & Ends + Hot Links | | | | | PE HUB First Read First Read starts the morning with news that NBA superstar LeBron James is opting out of his contract with the Cavaliers, Microsoft CEO Nadella says he wants to build robots that are like humans, and Google Capital Ventures begins investing in public companies beginning with Care.com. PE HUB Second Opinion In Second Opinion, Turkey declares a day of mourning after terror attack at airport kills 41 people, Facebook is cutting traffic to publishers in favor of user-generated content and AstroTurf files for bankruptcy while planning to be sold to a rival. |
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