| | | | | | | This morning: I, Luisa, shall be your breaker of chains today. (Yes, that title was totally predictable but I haven't used it yet.) We're still all about Brexit this morning. Confusion remains the word on Brexit, and the ramifications of the referendum won't be known for at least another two years, according to a debt banker. "There's too little data to make a decision," the banker said. The source referred to one deal in the loan market, MTS Systems' buy of PCB Group, which priced Friday. The deal was twice oversubscribed as the deadline neared, and syndication is pretty much done, said the banker, who noted no noticeable Brexit effect for the transaction. The secondary loan market, however, was frozen towards the end of last week, the source said. There were still 17 deals in the market, totaling roughly $5.9 billion of institutional term loans, the banker said. Due to Brexit, Scotland is again considering breaking away from the U.K., along with possibly Northern Ireland, according to press reports. "David Cameron may be the last prime minister of the U.K.," said the banking source, a tinge of sadness in his voice. "The world is too small." The biggest story this morning, outside of Brexit, is Lyft, which reportedly has hired Qatalyst Partners. Frank Quattrone, Qatalyst's chairman, has contacted companies including large automakers about acquiring a stake in Lyft, the Wall Street Journal said. See the Reuters story here. Employment: Are you looking for a job? Well, BlackRock, AlpInvest Partners and Siemens AG are looking for people. Read the job's story here. News from Buyouts/VCJ: Steve Gelsi has a story on S&P Global Ratings cutting its credit rating on U.K. debt following the Brexit vote. Read the story here. I have a story on Vestar Capital's deal to exit Sun Products. The firm is more than doubling its money after a nine-year hold. Check out the story here. Tom Stein has a column on sleeping or the lack of it. His story, which focuses on the companies devoted to sleeping, cites a poll that found 43 percent of Americans never get a good night's sleep. And I thought it was just me. Read his story here. If you have any comments, thoughts or complaints please send them to me at lbeltran@buyoutsinsider.com. -Luisa | | Today's Take | | | PE HUB First Read First Read begins the morning with news that Lyft may be looking for investors, Volkswagen U.S. diesel emissions settlement to reach nearly $15 billion and Airbnb has sued San Francisco over a new regulation. PE HUB Second Opinion More rulings by a shorthanded Supreme Court have dropped, and Brexit continues to reverberate. Private Equity Jobs of the Week: BlackRock, AlpInvest, Siemens are hiring This week there are opportunities at firms big and small, from BlackRock and Carlyle to Lorient Capital. Brexit sets Dow, S&P up for worst two-day drop in 10 months: Reuters The selloff in equities, sparked by Britain's vote to exit the European Union, continued on Monday, setting the Dow and S&P 500 on course for their biggest two-day percentage drop in 10 months, Reuters reported. Monomoy closes third fund at about $767 mln Lower mid-market focused private equity firm Monomoy Capital Partners has raised about $767 million for its third fund, sweeping past its original $650 million target. U.K. loses S&P's top AAA rating as Brexit selloff continues S&P Global Ratings cut its credit rating on U.K. debt, taking it down from its top AAA rating, on fears of constitutional instability and a possible exit vote from Scotland to follow the historic Brexit. The comment came as financial markets reeled for a second day on Monday. "This outcome is a seminal event, and will lead to... Vestar's return on Sun Products more than twice its investment Vestar Capital Partners expects to more than double its money with the sale of Sun Products Corp to Henkel AG, according to a source familiar with the transaction. On Friday, Henkel said it agreed to buy Sun Products, whose brands include All, Wisk, Surf and Snuggle, for $3.6 billion. Vestar, the New York private equity firm, is... Sleep? There's a nap for that Startups focused on helping consumers catch some zzzs are raising millions of dollars, as VCs dream of disrupting the bedroom Twilio's rocket debut won't spark more tech IPOs Imagine hosting a dinner with about 40 people and not having any topics to discuss. That was pretty much the case last week when DFJ held its annual media gathering at Steve Jurvetson's house in Half Moon Bay, California. Off limits for discussion was the firm's filing that day to raise a new $500 million... | | 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 | | | PredictSpring raises $11.4 mln PredictSpring said June 28 that it raised $11.4 million in Series A finacing led by Felicis Ventures. Existing investors Beanstalk Ventures and Novel TMT Ventures participated, while new investors Benvolio Group, the investment arm of Lew Frankfort, Chairman Emeritus, Coach, and his family, also took part. Los Altos, California-based PredictSpring provides a mobile-first commerce platform for brands and retailers. SpringCM raises $17.5 mln SpringCM said June 27 that it received $17.5 million in funding from existing investors, including Foundation Capital, North Bridge Venture Partners, Bluestem Capital and Square 1 Financial, as well as new financial partners Panorama Partners and Wellington Financial. Chicago-based SpringCM is a sales contract lifecycle management (CLM) platform. Vemba scores $5 mln Series A led by Upfront, Bertelsmann Vemba raised $5 million in a Series A round led by Upfront Ventures and Bertelsmann Digital Media Investments, with participation from the Enterprise Fund at the John S. and James L. Knight Foundation. Based in Toronto, Vemba provides a video distribution platform for premium publishers. Arevo pulls in $7 mln in Khosla-led round 3D printing startup Arevo has raised $7 million in Series A funding. Khosla Ventures led the round. In conjunction with the funding, Vijit Sabnis of Khosla Ventures has been added to Arevo's board of directors. Affiris scores funding Affiris AG, an Austrian developer of therapeutic peptide vaccines against chronic diseases, has secured 10 million euros in funding. The investors included FCPB Affi GmbH. Also, the company has named Gnther Staffler as chief technology officer. GV leads Series B round for Orbital Insight Geospatial big data company Orbital Insight has raised $15 million in Series B funding. GV led the round with participation from CME Ventures, Sequoia Capital, Lux Capital and Bloomberg Beta. ZynBit.com picks up $500K Research Triangle, North Carolina-based ZynBit.com, a provider of sales acceleration software, has secured $500,000 in funding. Sandy Roberson of Healthview Capital and Jason Bedford of Dreambox Learning led the round. The capital infusion will be used for marketing and product development. Vagabond Vending nabs more than $3 mln Vagabond Vending, a provider of route management and data analytics tools for vending machine operators, has secured more than $3 million in funding. The investors included Middleburg Capital Development, IrishAngels and Blu Venture Investors. Resin.io snags $9 mln Resin.io, a provider of modern DevOps management platform for connected devices, has raised $9 million in funding. The investors were DFJ, GE Ventures, Ericsson and Aspect Ventures. | Complimentary Webinar: Improving Your Deal Sourcing Operations During this webinar you'll learn the following:
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| | | | | Singapore's sovereign fund in talks to buy Yes Communities: WSJ Singapore's sovereign-wealth fund GIC is in talks to buy Denver-based Yes Communities, an owner of manufactured-housing communities, in a $2 billion deal, the Wall Street Journal reported, citing people familiar with the matter. American Securities buys Milk Specialties Global American Securities said June 27 that it has acquired Milk Specialties Global from Kainos Capital. Financial terms weren't announced. Eden Prairie, Minnesota-based Milk Specialties is a human and animal nutrition company. Morgan Stanley and Houlihan Lokey acted as financial advisors and Greenberg Traurig acted as legal advisor to Milk Specialties in this transaction. Pavilion Financial to buy Altius Holdings Pavilion Financial Corp said June 28 that it is buying Altius Holdings Ltd. Financial terms weren't announced. Altius Holdings is the parent of Altius Associates Ltd. and Altius Associates (Singapore) Pte Ltd, a global private markets advisory and separate account management firm with offices in the UK, U.S. and Singapore. The deal is expected to close in third quarter. West Partners invests $10 mln in D3 Banking San Diego-based West Partners invested $10 million in D3 Banking. The company provides a digital banking platform for regional and mid-sized financial institutions. Roark Capital invests in blowout specialist Drybar An affiliate of Atlanta-based Roark Capital Group acquired a minority interest in Drybar. Financial terms were not disclosed. Founded in 2009, Drybar operates salons specializing in blowouts and also markets a line of hair care products. SEB Private Equity backs Accedo Accedo, a provider of multi-platform applications for video, has raised $10 million in funding. The investor was SEB Private Equity. In addition to the investment, Accedo has named James Ackerman as board chairman. Ackerman's work background includes roles at A&E, BSkyB, OpenTV, Documentary Channel and Broadway Systems. Onex to invest in WireCO Onex has agreed to take a majority stake in WireCo WorldGroup, a Kansas-based maker of steel wire rope, synthetic rope and engineered products. No financial terms were disclosed. | 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 | | | | | Line's IPO price range indicates strong demand, values firm at up to $6.6 billion: Reuters Japan's Line Corp on Tuesday set a price range for a Tokyo share sale that could value the messaging app operator at up to $6.57 billion, indicating strong demand for a firm that pitched itself as a stable investment rather than quick-growing startup, Reuters News reported. PE-backed Medpace files for IPO Cincinnati-based Medpace Holdings Inc, a clinical contract research organization focused on the biotech, pharmaceutical and medical device sectors, has filed for an IPO. The number of shares that will be sold as well as its pricing terms have yet to be determined. Jefferies LLC and Credit Suisse Securities (USA) LLC will be the lead underwriters. Medpace is backed by Cinven. | | | | | | | Horizon Pharma explores potential stake sale: Reuters Specialty pharmaceutical company Horizon Pharma Plc (HZNP.O) has hired Bank of America Corp (BAC.N) to help it explore selling a significant equity stake to an investor that would bolster its balance sheet, Reuters News reported. Lyft hires investment bank Qatalyst Partners: WSJ Ride-sharing service Lyft has hired investment bank Qatalyst Partners, the Wall Street Journal reported on Monday, citing people familiar with the matter. Bolder Healthcare Solutions buys Healthcare Receivable Professionals Bolder Healthcare Solutions, which is backed by The Edgewater Funds and JZ Capital Partners, has acquired Healthcare Receivable Professionals Inc. Financial terms weren't announced. Healthcare Receivable provides services for third party liability accounts and specializes in healthcare reimbursement for all payers. TorcSill Foundations buys AnchorPipe International TorcSill Foundations LLC, which is backed by Intervale Capital, said June 28 that it acquired AnchorPipe International Inc. Financial terms weren't announced. Houston-based AnchorPipe is a North American provider of onshore and offshore pipeline anchoring solutions to the Oil & Gas industry. PE-backed Nexus Brands buys Kingpin Tattoo Supply Nexus Brands Group, a portfolio company of Bunker Hill Capital, has acquired St. Petersburg, Florida-based Kingpin Tattoo Supply, a tattoo supplies provider. No financial terms were disclosed. Insight-backed E2open acquires Orchestro E2open, which is backed by Insight Venture Partners, has acquired Orchestro, a provider of demand signal repositories and preemptive analytics for retail and omni-channel fulfillment. No financial terms were disclosed. Avendus Capital Inc advised Orchestro on the transaction. Franklin Square hikes up financing to A.P. Plasman to $50 mln Franklin Square Capital Partners has increased its loan to Insight Equity-backed A.P. Plasman Inc. to $50 million. The financing is to support A.P. Plasman's acquisition of Plastal Industri, a Swedish provider of exterior painted trim products for the auto sector. PE-backed J.S. Held buys Lovett Silverman J.S. Held LLC, a portfolio company of Lovell Minnick Partners, has acquired Lovett Silverman Construction Consultants Inc, a construction surety claims consulting firm. No financial terms were disclosed. Corporate Fuel Advisors served as financial adviser to Lovett Silverman on the transaction. | | Firms & Funds | | | | | Apax raises $7.9 bln for its global fund, says source: Reuters Private equity firm Apax Partners has secured $7.9 billion for its latest pool of capital, a source told Reuters. Bee Partners closes over $30 mln for second fund Bee Partners has raised over $30 million for its oversubscribed second fund, beating its initial $25 million target, according to a blog post on its site. The fund will focus on early-stage startups. MedMen unveils debut $100 mln legal cannabis PE fund MedMen, a legal cannabis-focused management company, has launched a $100 million private equity fund. MedMen Opportunity Fund LP has partnered with Wicklow Capital on it. Monomoy closes third fund at about $767 mln Lower mid-market focused private equity firm Monomoy Capital Partners has raised about $767 million for its third fund, sweeping past its original $650 million target. | | Human Resources | | | | | Fuloria joins Fundbox Prashant Fuloria has joined Fundbox as Chief Product Officer while Oren Katz was named Vice President of R&D and Michal Cieplinski was appointed General Counsel & Chief Compliance Officer. Johnson Ma has also joined Fundbox as Vice President of Business Development. Fuloria was previously SVP of Advertising Products at Yahoo. Katz was with eXelate where he was VP R&D and General Manager, while Cieplinksi was previously MD and Senior Counsel at The Bank of New York Mellon and Ma was with Trial Pay. J.F. Lehman & Company adds retired Army General Campbell to board J.F. Lehman & Company has appointed retired Army General John F. Campbell to its operating executive board. During his 37-year tenure in the Army, General Campbell led units in Germany, Haiti, Iraq, Afghanistan and the United States. Evan Schultz joins O2 Investment Partners Midwest-based private equity firm O2 Investment Partners added Evan Schultz to its investment team. Schultz, formerly of Baker Tilly Capital, LLC, will be responsible for sourcing new transactions, due diligence, underwriting and monitoring O2's portfolio companies. Private Equity Jobs of the Week: BlackRock, AlpInvest, Siemens are hiring This week there are opportunities at firms big and small, from BlackRock and Carlyle to Lorient Capital. | | Odds & Ends + Hot Links | | | | | PE HUB First Read First Read begins the morning with news that Lyft may be looking for investors, Volkswagen U.S. diesel emissions settlement to reach nearly $15 billion and Airbnb has sued San Francisco over a new regulation. PE HUB Second Opinion More rulings by a shorthanded Supreme Court have dropped, and Brexit continues to reverberate. Brexit sets Dow, S&P up for worst two-day drop in 10 months: Reuters The selloff in equities, sparked by Britain's vote to exit the European Union, continued on Monday, setting the Dow and S&P 500 on course for their biggest two-day percentage drop in 10 months, Reuters reported. |
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