| | | | | | | I'm still bleary-eyed from our conference yesterday (and later awards dinner) so today's comments will be short. The big news this morning is the sale of Dollar Shave Club, which is being sold to Unilever for a reported $1 billion. David Pakman, of Venrock Partners, which invested in several early Dollar Shave Club rounds, said the sale represents a 10x return for his firm, the New York Times is reporting. Other investors include Science, Felicis Ventures, Comcast Ventures and Technology Crossover Ventures, the NY Times said. Also, Henry Kravis, co-CEO of KKR, expects Brexit to spark a wave of dealmaking opportunities across Europe, the Wall Street Journal is reporting. He also expects 20 percent of London's financial sector to relocate somewhere else, the WSJ said. News from Buyouts/PE HUB: Locust Point Capital is in the market for a $250 million fund, I'm reporting. Several executives from Contemporary Healthcare Capital, a management company that targets exclusively healthcare, spun out to form Locust Point in 2015. Read the story here. Chris has a story from the conference yesterday. Emerging managers should structure their early funds so they can't collect carried interest until limited partners are paid back, a panel of LPs suggested. Read the story here. Big LPs from Tulane University, DuPont Co and Liberty Mutual also said at the Buyouts conference that they're planning more investments among emerging managers to seek superior returns, foster long-term relationships and get better access to general partners, Steve Gels is reporting. Check out the story 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. 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 midweek with news that Unilever has bought Dollar Shave Club, Twitter has permanently suspended Milo Yiannopoulos and despite its annual revenue declining the past seven years, Microsoft's quarterly profit beat expectation which causes its stock to jump, PE HUB Second Opinion Bad news from NASA on the climate front: 2016 is breaking temperature records in alarming fashion. Tulane, DuPont, Liberty Mutual seek, advise emerging managers Big limited partners from Tulane University, DuPont Co and Liberty Mutual said they're planning more investments among emerging managers to seek superior returns, foster long-term relationships and get better access to general partners. And the LPs offered solid advice to GPs who are just starting out and looking to get LPs' attention. Scott Gerdes, investment associate... Locust Point is said to seek $250 mln Fund I Locust Point Capital is in the market with its first fund, a source and placement documents said. Locust Point Private Credit Fund LP is seeking $250 million, the source and documents said. A first close of $30 million is expected in September, the source said. The Red Bank, New Jersey, firm has yet to pick... LPs urge emerging GPs to use Euro-style waterfall structures Emerging managers should structure their early funds so they can't collect carried interest until limited partners are paid back, a panel of LPs suggested at a Buyouts conference Tuesday. This model is known as a European-style distribution waterfall. Under this system, GPs don't collect carry until LPs' commitments (or sometimes contributed capital), plus a preferred return,... Oak HC/FT's Lamont on frothy markets, IPOs and women in VC Longtime investor Annie Lamont, who spoke at the GES, chats about her views on investing and exiting within fintech and healthcare services | | 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 | | | Sift Science pulls in $30 mln Series C Sift Science, a provider of fraud detection solutions for online businesses, has raised $30 million in Series C funding. Insight Venture Partners led the round with participation from return backers Union Square Ventures and Spark Capital. Doppler Labs takes in $24 mln from Chernin, Geffen, Kravis and others Doppler Labs, a wireless listening system provider, has secured $24 million in funding. Peter Chernin of The Chernin Group led the round with participation from other investors that included David Geffen, Dan Gilbert, Henry Kravis and Anton Levy. Precision Ocular inks over $20 mln Series A UK-based Precision Ocular, a retinal therapeutics company, has closed its Series A funding at 15.5 million pounds (over $20 million). The firm's investors include Imperial Innovations, Consort Medical plc, NeoMed, V-Bio Ventures and Hovione Scientia Ltd. GuardiCore secures $20 mln Series B Data security firm GuardiCore raised $20 million in a Series B funding round led by existing investors Battery Ventures and 83North. Cisco Investments also participated. The company's total funding raised to date is now $33 million. Marketing startup Zenreach rakes in $50 mln According to a statement from its founder Jack Abraham, Zenreach, a marketing platform for brick and mortar businesses, has raised $50 million in funding. The investors included Founders Fund, 8 VC, Bain Capital Ventures, First Round Capital, Felicis Ventures, SoftTech VC and SV Angel. In addition to the funding, Founders Fund's Peter Thiel has joined Zenreach's board. Cisco Investments funds Mist Mist, a mobile experiences provider for businesses, has raised an undisclosed amount of funding. The backer was Cisco Investments. Kiip nets $12 mln Series C in North Atlantic-led round Mobile advertising network Kiip has secured $12 million in Series C funding, according to a blog post on the company's site. North Atlantic Capital led the round with participation from other investors that included U.S. Cellular, Relay Ventures, HWVP, Verizon Ventures and True Ventures. Guideline pulls in $7 mln Series A Guideline, a 401(k) startup, has closed $7 million in Series A funding. Propel Venture Partners led the round with participation from other investors that included New Enterprise Associates and Lerer Hippeau Ventures. Caprizia nabs $23 mln Palo Alto, California-based Capriza, a provider of enterprise mobility for business applications, has secured $23 million in funding. Andreessen Horowitz led the round with participation from other investors that included Charles River Ventures, Harmony Partners, Tenaya Capital, Entre Capital and Vintage Investment. Protean Electric snags $70 mln Protean Electric, a provider of in-wheel electric drive systems, has secured $70 million in funding. The investors were GO Scale Capital, Zhejiang VIE Science & Technology Co. Ltd, Tianjin THSG Corp, Oak Investment Partners and GSR Ventures. RefleXion Medical hikes up Series B funding to $52 mln Hayward, California-based RefleXion Medical, which is developing a radiotherapy system for personalized cancer treatment, has increased its Series B funding to $52 million. KCK Group was the lead investor. Other investors included Venrock, Pfizer Venture Investments, Sofinnova Partners and Johnson & Johnson Innovation -- JJDC Inc. Skycure grabs $16.5 mln Series B Palo Alto, California and Tel Aviv-based Skycure, a mobile threat defense platform provider, has closed $16.5 million in Series B funding. Foundation Capital led the round with participation from other investors that included Shasta Ventures and Pitango Venture Capital. In conjunction with the funding, Skycure has added Paul Holland, a general partner at Foundation Capital, to its Skycure's board of directors. Signal Peak Ventures leads $5.5 mln round for Eastwind Networks Eastwind Networks, a provider of network breach detection systems for government agencies and enterprise IT security teams, has raised $5.5 million in funding. Signal Peak Ventures led the round with participation from Cybersecurity Investments LLC. According to Eastwind, the capital infusion will be used for product development, R&D and personnel hiring. Pixie Technology nabs $18.5 mln Series B Pixie Technology, a location of things platform provider, has raised $18.5 million in Series B funding. Spark Capital led the round with participation from other investors that included Cedar Fund and OurCrowd. | | 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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| | | | | Warburg Pincus to buy stake in Hygiena: Reuters Warburg Pincus LLC has agreed to invest in U.S. environmental testing and sanitation company Hygiena LLC, the private equity firm said on Wednesday, gaining exposure to a business that grew sharply over the past decade, Reuters News reporting. Versa recaps and restructures EMS and Bob's, forms Eastern Outfitters Versa Capital Management LLC has formed Eastern Outfitters LLC after the Philadelphia-based private equity firm restructured and recapitalized retailers Eastern Mountain Sports and Bob's Stores. No financial terms were disclosed. EMS and Bob's will now be part of Eastern Outfitters LLC, a holding company that will be headquartered in Meriden, Connecticut and led by CEO Mark Walsh. CommonBond announces new funding, led by Neuberger Berman unit: Reuters Online student loan company CommonBond said on Tuesday that it had raised $30 million in new funding, including from the private equity arm of investment manager Neuberger Berman. Starwood Capital and Vencom to sell six Swedish retail assets Starwood Capital Group and Vencom have agreed to sell six Swedish retail parks and shopping galleries to Trophi Fastighets AB, which is managed by Redito and owned by Swedish pension fund AP3. The value of the deal is worth about SEK 3.1 billion. It is expected to be completed in September 2016. Cushman & Wakefield, Mannheimer Swartling and PwC served as advisers on the transaction. Walter Capital invests in Canadian optical retailer Bonlook Walter Capital Partners has made an undisclosed investment in Bonlook. Based in Montreal, Bonlook is an optical retailer. Baby food provider NurturMe picks up $3.7 mln NurturMe, a producer of baby food and toddler snacks, has raised $3.7 million in funding. Advantage Capital Agribusiness Partners LP was the investor. Riverside backs education company n2y The Riverside Company has made an undisclosed investment in n2y LLC. Madison Capital and New Canaan provided funding for the transaction.Based in Huron, Ohio, n2y is a creator of education curricula and teaching materials for K-12 students with special needs. | 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 | | | | | | No items | | | | | | | Unilever buys men's grooming brand Dollar Shave Club: Reuters Unilever Plc (ULVR.L) said it has agreed to buy U.S.-based men's grooming brand Dollar Shave Club in a deal that would expand the consumer goods group's catalog of personal care products, Reuters News reported. American Beacon to invest in ARK Investment Management ARK Investment Management has agreed to sell a minority stake to American Beacon Advisors. Financial terms weren't announced. New York-based ARK is an investment manager that provides a line of ETFs. Freeman & Co advised ARK. PE-backed Albireo makes two acquisitions Alibireo Energy, a portfolio company of Huron Capital Partners LLC, has acquired Advanced Power Control and Energy Systems Technologies. No financial terms were disclosed. Newark, Delaware-based APC and EST provide building automation systems, lighting controls, metering, fault detection and diagnostics, and energy services to building owners in the Mid-Atlantic region. Huron Capital's Ronnoco buys Black Waters Coffee St. Louis-based Ronnoco Coffee, a portfolio company of Huron Capital Partners, acquired Black Waters Coffee Company of Beaver Dam, Wisconsin. Ronnoco supplies coffee to convenience stores and foodservice customers throughout the Midwest. PE-backed The Hilb Group acquires Carrier Insurance Agency The Hilb Group, which is backed by ABRY Partners, has acquired Florida-based Carrier Insurance Agency Inc. No financial terms were disclosed. Solera to acquire VC-backed Enservio Solera Holdings Inc has agreed to buy Needham, Massachusetts-based Enservio, a provider of SaaS-based software and services for the property contents insurance sector. No financial terms were disclosed. Solera's backers include Vista Equity Partners, Koch Industries and Goldman Sachs while Enservio is backed by Bain Capital Ventures and Matrix Partners. | | Firms & Funds | | | | | Bloomberg Beta raises $75 mln second fund Bloomberg Beta has raised a second $75 million fund from its LP, Bloomberg, according to a press release. Thrive Capital wraps up fifth fund at $700 mln Thrive Capital Partners has closed its fifth fund at $700 million, according to an SEC filing. The New York-based venture firm reportedly raised $400 million for its previous fund. Industry Ventures racks up over $400 mln for two funds Industry Ventures has raised over $400 million for two funds: Industry Ventures Partnership Holdings IV LP, a fund of funds, and Industry Ventures Direct LP, an inaugural direct co-investment fund. Both funds will focus on making primary and early secondary investments in smaller venture funds as well as direct co-investments alongside venture funds previously backed by Industry Ventures. The funds' investors included government and corporate pension funds, insurance companies, endowments, foundations and high-net worth family offices. | | Human Resources | | | | | Friedman named Executive Chairman of Apothecary by Design Apothecary by Design, a portfolio company of BelHealth Investment Partners, said July 20 it named Richard Friedman its Executive Chairman. Friedman is the former Chairman of Aureus Healthcare Services, a past BelHealth portfolio company. 3 Rivers-backed rehab provider PHOENIX appoints new COO PHOENIX Rehabilitation and Health Services, Inc. appointed Peter Grabaskas chief operating officer. Grabaskas was formerly executive vice president of development. PHOENIX, which has locations in Pennsylvania and Virginia, is a portfolio company of Pittsburgh-based 3 Rivers Capital. AUA-backed Tijuana Flats appoints Larry Ryback CEO Tijuana Flats Tex-Mex restaurants parent company TJF USA, LCC appointed Larry Ryback CEO. Ryback, formerly of True Food Kitchen and P.F. Chang's, will report to Steven Flyer, the company's chairman and partner at AUA Private Equity Partners, which backs Tijuana Flats. Nepsis expands team with new addition Nepsis Capital Management has hired Ken Harpell as vice president of advisor services. Previously, Harpell worked at MNsure where he served as broker relations director. VC-backed BlueVine recruits Square's ex-sales head for chief revenue officer Palo Alto, California-based BlueVine, a provider of financing to small businesses, has hired Eric Sager as chief revenue officer. Previously, Sager was the sales head at Square. BlueVine's backers include Lightspeed Venture Partners, 83North, Correlation Ventures, Menlo Ventures and Rakuten. iboss Cybersecurity adds ex-Bain Capital Ventures MD to board San Diego-based iboss Cybersecurity, a provider of data breach detection solutions, has named John M. Connolly and Frank Fanzilli to its board of directors. Connolly is a former managing director and operating group head at Bain Capital Ventures. Fanzilli is a former managing director at Credit Suisse. FOS Capital adds new VP to team FOS Capital Partners has named Raymond Wu as vice president. Wu and the firm's investment team manage the Future of Surgery Fund, which is focused on backing medical and surgical tech opportunities. Perella Weinberg appoints Tracy as MD Perella Weinberg Partners has named Alex Tracy as a managing director for its advisory business. Previously, Tracy was a managing director at Miller Buckfire & Co. McCabe joins PAAMCO as MD Pacific Alternative Asset Management Company has hired Carrie McCabe as a managing director. Prior to joining the firm, McCabe was a senior adviser to McKinsey & Company. Harbor Beach Capital launches Harbor Beach Capital LLC, a private equity firm based in Ft. Lauderdale, Florida, has launched. Brian Urbanek, a former MD of Sun Capital Partners, is the managing partner of Harbor Beach, the firm's website said. | | Odds & Ends + Hot Links | | | | | PE HUB First Read First Read starts the midweek with news that Unilever has bought Dollar Shave Club, Twitter has permanently suspended Milo Yiannopoulos and despite its annual revenue declining the past seven years, Microsoft's quarterly profit beat expectation which causes its stock to jump, PE HUB Second Opinion Bad news from NASA on the climate front: 2016 is breaking temperature records in alarming fashion. Goldman details cost savings plan after "challenging" quarter: Reuters Goldman Sachs Group Inc (GS.N) reported a higher second-quarter profit on Tuesday, as it benefited from a sharp decline in expenses and more activity in some parts of the fixed-income markets, but most of its businesses came under pressure. Point Judith Capital rebrands to PJC, also promotes two to principal Boston venture firm Point Judith Capital has rebranded to PJC. The change becomes effective immediately. Also, the firm has promoted Matt Hayes and Mike Cunningham to principals. Before joining PJC, Hayes worked at Teespring.com while Cunningham served in EY's transaction advisory services group. |
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