| | | | | | | Happy Prime Day! I, Luisa, will be your director of crowd control. I'll also be trying to decide whether to get a new Kindle. It's calling to me. One of the newer trends I'm hearing about is large equity checks. During the buyout boom of 2006 and 2007, the norm for LBOs was about 30 percent equity. That's changed. Average equity checks on buyouts of more than $500 million were 44.3 percent in the second quarter of 2016, up from 39.2 percent in Q2 2015, according to data from Thomson Reuters Loan Pricing Corp. More than one-third of large corporate LBOs during the first half had equity checks greater than 50 percent, LPC said. That's the highest since 2009, when 60 percent had equity checks greater than 50 percent, LPC said. I'm hearing this is due to leverage lending guidelines. Do you agree? Why so much equity, PE? Let me know at lbeltran@buyoutsinsider.com. Employment: Are you looking for a job? Well, Macquarie, Babson Capital Strategic Investors and Pacific Life are looking for people. Read the job's story here. News from Buyouts/PE HUB: Chris has a story on Pantheon and ICG stepping up as lead investors for the restructuring of First Reserve's Fund XI. Check it out here. LPs may have grown increasingly wary of private equity firms' power in negotiating fund terms, but a Preqin survey suggests competition has made terms increasingly LP-friendly over the past year, Sam Sutton is reporting. Read it here. Steve Gelsi is reporting that Eclipse Resources' debt was upgraded following a $142 million common-stock offering. Read it here. There is another departure at Coller Capital and this time it's Luca Salvato, a partner who is exiting. Read Chris's 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 day with the SEC reportedly investigating Tesla for a possible securities breach, Jordan Spieth is the latest star golfer to withdraw from the Rio Olympics and Line Corp.'s IPO prices at the top of the range in year's biggest tech IPO. Private Equity Jobs of the Week: Macquarie, Babson, Pacific Life are hiring Openings this week include senior positions at Macquarie, Babson, and Pacific Life, as well opportunities with Altamar and Kurt Salmon. PE HUB Second Opinion In Second Opinion, Theresa May is set to become the next British prime minister, Amazon's market value surpasses Berkshire Hathaway's and with an estimated 7.5 million U.S. downloads, Pokmon Go is earning $1.6 million in daily revenue. Oak Hill collects $1.27 bln for fourth fund Oak Hill Capital Partners raised $1.27 bln across five vehicles for Oak Hill Capital Partners IV, according to filings with the U.S. Securities and Exchange Commission. It's not clear if this is a final close. Celebrity manager WME-IMG to buy mixed martial arts organizer UFC: Reuters Sports and celebrity talent management agency WME-IMG said it would buy Ultimate Fighting Championship (UFC), which organizes mixed martial arts events, in a deal backed by private equity firms Silver Lake Partners LP and KKR & Co LP. Pantheon, ICG step up as investors in First Reserve fund revamp Pantheon and Intermediate Capital Group are lead investors in the restructuring of First Reserve's Fund XI, according to three people with knowledge of the process. The restructuring proposal would give the Greenwich, Connecticut, firm more time to sell off the assets held in Fund XI. The restructuring would also give First Reserve executives another chance to... Eclipse Resources debt upgraded as output plan to resume Eclipse Resources saw its debt upgraded following a $142 million common-stock offering and after the State College, Pennsylvania, oil-and-gas firm said it would resume production plans. While Eclipse's debt remains in speculative territory, the company, backed by EnCap Investments LP, appears to be gaining traction as energy prices stabilize. Elsewhere in the sector, more companies are garnering... Coller partner Salvato to step down Luca Salvato, a partner at Coller Capital, is leaving the firm — another longtime professional exiting the ranks of the firm's senior leadership. It's unclear why Salvato is leaving. He joined in 2000 and worked out of New York. Shona Prendergast, a spokeswoman for Coller, declined to comment. Fortune reported on Salvato's departure earlier. In... Competition eases fund terms for LPs: Preqin Limited partners have grown increasingly wary of private equity firms' power in negotiating fund terms, but a recent survey by Preqin suggests competition has made terms increasingly LP-friendly over the past year. Almost 80 percent of PE investors polled by the London data provider said their interests are aligned with those of their managers, a 16-percentage-point jump... American Stock Transfer going on block; bids expected around $1 bln: sources American Stock Transfer & Trust Co is going up for sale and is expected to seek bids of $1 billion, two sources familiar with the situation said. American Stock Transfer is in the process of hiring bankers, the sources said. Founded in 1971, the New York company provides stock-transfer and employee-plan services to more than... Keeping his chin up: Macpherson on impact of Brexit and entrepreneurial London Capital flows may pause and overseas talent may think twice before migrating to the city by the Thames, but entrepreneurs in sprawling, international London won't give up without a fight. So says Alexander Macpherson, an investor at the multi-stage London-based firm Octopus Ventures. The firm invests throughout Europe, backing tech-enabled companies in various stages. "Political... | | 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 | | | Data.world nabs $14 mln Series A Austin, Texas-based data startup Data.world has launched with $14 million in Series A funding. Shasta Ventures led the round with participation from other investors that included Capital Factory, Chicago Ventures, Floodgate, FYRFLY Venture Partners, Homebrew, Lead Edge Capital, LiveOak Venture Partners and Rothenberg Ventures. Lux Capital and Data Collective leads Series B round for 3Scan San Francisco-based 3Scan, a computational pathology services platform, has secured $14 million in Series B financing. Return backers Lux Capital and Data Collective led the round with participation from other investors that included Dolby Family Ventures, OS Fund, Comet Labs and Breakout Ventures. In addition to the funding, Matthew Ocko, co-managing partner and co-founder of Data Collective, has been added to 3Scan's board of directors. Moneybox scores $1.75 mln UK-based savings and investment app Moneybox has raised $1.75 million in funding. Oxford Capital Partners led the round with participation from other investors that included Samos Investments. In conjunction with the funding, Moneybox has named Daniel Godfrey, former director general of the Association of Investment Companies and former chief executive of the Investment Association, to its board of directors. | | 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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| | | | | AE Industrial Partners buys Moeller Aerospace AE Industrial Partners LLC said July 12 that it acquired Moeller Mfg. Company LLC ("Moeller Aerospace"). Financial terms weren't announced. Wixom, Michigan-based Moeller specializes in the precision machining of complex hot- and cold-section turbine hardware across all major aerospace engine programs. Kirkland & Ellis LLP served as legal advisor and PricewaterhouseCoopers LLP as financial advisor to AE Industrial Partners. Honigman Miller Schwartz and Cohn LLP served as legal advisor and P&M Corporate Finance LLC served as financial advisor to Moeller Aerospace. Accel-KKR invests in ESO Accel-KKR has made an undisclosed investment in ESO Solutions Inc. Based in Austin, Texas, ESO is a software provider for emergency medical services, fire departments, hospitals and healthcare professionals. Audax sells Winchester Electronics to Snow Phipps Snow Phipps Group has acquired South Norwalk, Connecticut-based Winchester Electronics Corp, a provider of custom engineered interconnect solutions. The seller was Audax Private Equity. No financial terms were disclosed. Lincoln International provided financial advice to Winchester and Audax on the transaction. Riverstone to invest up to $175 mln in Centennial Riverstone Holdings LLC has agreed to acquire a majority stake in Centennial Resource Development LLC for up to $175 million. The sellers include NGP Energy Capital. Centennial is an exploration and production company focused on acquiring and developing natural gas resources in the Permian Delaware Basin, West Texas. The deal is expected to close in late September 2016. New Mountain backs skin care products maker Topix New Mountain Capital has made an undisclosed investment in Topix Pharmaceuticals Inc. Based in Amityville, New York, Topix is a maker of skin care products. Silver Lake-led group to buy UFC An investor group that includes Silver Lake, KKR and Michel Dell's investment firm have agreed to buy UFC. Financial terms weren't announced by press reports pegged the deal at $4 billion. UFC is a premier mixed martial arts organization that produces more than 40 live events annually. | 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 | | | | | | | Vanke, partners in talks to pay Blackstone $1.9 billion for property firms: Reuters China Vanke Co Ltd said it and partners are in talks to acquire some commercial property firms from Blackstone Group LP and other third parties for 12.9 billion yuan ($1.9 billion), Reuters News reported. Terra Firma to sell Odeon & UCI Cinemas for $1.2 bln AMC Entertainment Holdings Inc has agreed to buy Odeon & UCI Cinemas Group in a deal valued at 921 million pounds ($1.2 billion). Terra Firma is the seller. The 921 million pounds includes 500 million pounds for the equity and the assumption of 407 million pounds of net debt. London-based Odeon is theater operator in Europe selling 90 million tickets annually. eBay to acquire VC-backed SalesPredict According to an announcement on its site, ecommerce titan eBay has agreed to acquire Israel-based SalesPredict, a provider of analytics that predict customer-buying behavior and sales conversion. No financial terms were disclosed. SalesPredict's backers include Redline Capital, KGC Capital and Pitango Venture Capital. Caesars Entertainment, Caesars Acquisition amend merger deal: Reuters Caesars Entertainment Corp (CZR.O) and Caesars Acquisition Co (CACQ.O) have amended their proposed merger agreement, which is intertwined with the $18 billion bankruptcy of the casino company's main operating unit, the companies said on Monday. Celebrity manager WME-IMG to buy mixed martial arts organizer UFC: Reuters Sports and celebrity talent management agency WME-IMG said it would buy Ultimate Fighting Championship (UFC), which organizes mixed martial arts events, in a deal backed by private equity firms Silver Lake Partners LP and KKR & Co LP. | | Firms & Funds | | | | | Oak Hill collects $1.27 bln for fourth fund Oak Hill Capital Partners raised $1.27 bln across five vehicles for Oak Hill Capital Partners IV, according to filings with the U.S. Securities and Exchange Commission. It's not clear if this is a final close. Venture fundraising maintains strong pace with $8.8 bln raised in Q2 Venture fundraising continued at a strong pace in the second quarter, with $8.8 billion raised by 67 funds, according to the National Venture Capital Association and Thomson Reuters. CenterGate collects over $156 mln for debut fund Austin, Texas-based private equity firm CenterGate Capital Partners has raised over $156 million for its initial fund, according to an SEC filing. The target is $300 million. | | Human Resources | | | | | Miller joins Wynnchurch Capital Alison Miller has joined Wynnchurch Capital as a Director. Miller was previously a Director of Business Development at Garden City Group and Donlin Recano & Company. DeAngelo, Simpson joins Houlihan Lokey Larry DeAngelo and Paul Simpson have joined Houlihan Lokey Inc as Managing Directors to lead the firm's global Business Services Group. DeAngelo joins from SunTrust Robinson Humphrey (STRH), where he was a Managing Director in the Mergers & Acquisitions Group. Simpson previously spent nearly two decades at Rothschild, where he held a number of roles, most recently serving as Managing Director and Global Head of Business Services. Adelson joins Monroe Capital Monroe Capital LLC said July 12 that Marc Adelson has joined the firm as Managing Director, Originations. Previously Adelson was the Chief Credit Officer of Medallion Financial and President of its asset based lending business. Fiserv appoints New York Life Insurance president and venture firm adviser to board Financial services tech solutions provider Fiserv Inc has named John Kim to its board of directors. Kim is president of New York Life Insurance Company. He is a senior adviser and member of the advisory committee of venture firm RRE. Blue Wolf's National Home Health recruits PE exec as new CEO Blue Wolf-backed National Home Health Care Corp, a Scarsdale, New York-based home healthcare services provider, has appointed Stan Dennis as CEO. Previously, Dennis was a senior operating executive at Welsh, Carson, Anderson and Stowe. He is succeeding Steve Fialkow, who is retiring but will remain on National Home Health's board. Weil, Gotshal & Manges hires new partner for PE practice Weil, Gotshal & Manges has added Christopher Machera as a partner in the law firm's private equity practice. Based in Weil's New York office, Machera was previously a partner at Greenberg Traurig. He is also a former vice president and associate general counsel at Goldman Sachs. PE-backed Cimarron Energy taps Foster as CEO Turnbridge Capital-backed Cimarron Energy Inc has hired Jeffrey L. Foster as CEO. Previously, Foster worked at MicroSeismic Inc where he served as president and CEO. ClearPoint hires new operating partner ClearPoint Investment Partners has named Kenneth May as an operating partner. May is the former chairman and CEO of Group RCI (now Wyndham Vacation Exchange & Rentals). | | Odds & Ends + Hot Links | | | | | PE HUB First Read First Read starts the day with the SEC reportedly investigating Tesla for a possible securities breach, Jordan Spieth is the latest star golfer to withdraw from the Rio Olympics and Line Corp.'s IPO prices at the top of the range in year's biggest tech IPO. PE HUB Second Opinion In Second Opinion, Theresa May is set to become the next British prime minister, Amazon's market value surpasses Berkshire Hathaway's and with an estimated 7.5 million U.S. downloads, Pokmon Go is earning $1.6 million in daily revenue. |
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