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| Cash flows slump during 1Q in both PE, VC |
| | After record distributions during the past two years in both private equity and venture capital, 1Q 2016 returns were somewhat disappointing. VC cash flows back to LPs went negative, while PE funds' net cash flow hit just $27.9 billion globally, well off the pace of the past three years. While the 1Q exit market could be blamed, the massive sums each asset class invested is the real reason for the change in cash flow. Neither industry should worry. |
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| | | | | | | Infor turns to Koch for $2B funding |
| Business software provider Infor has announced an investment of more than $2 billion from Koch Equity Development, with a Fortune report indicating a total financing of $2.5 billion at a $10 billion valuation. The investment wing of Koch Industries will join two private equity firms as co-owners: Golden Gate Capital first invested in Infor during 2002, while Summit Partners has backed the company since 2012.
Koch reportedly beat out private equity competitors to complete the deal, which makes a lot of sense: The US software sector has... |
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| | | | | | | | Private equity’s retail woes will be on full display this holiday season. [Investopedia]
What made Seventh Generation such an attractive takeover subject for Unilever? Beth Kowitt explores the company’s quest to maintain its natural focus while competing with the big boys. [Fortune]
Rodrigo Duterte was elected president of the Philippines on a platform of killing drug users. So far, he’s followed through. A look at the polarizing leader’s politics and his past. [The New Yorker]
Some more reporting and details on KKR’s technology growth fund, which is expected to hold a final close on about $700 million later this year. [Bloomberg] |
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| Since yesterday, the PitchBook Platform added: | | 202 Deals | 1302 People | 447 Companies | 4 Funds |
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| 2009 Vintage US Buyout Funds with IT Investments |
| | Median IRR | | | | Top Quartile IRR Hurdle Rate | | | | 1.52x Median TVPI | $992M Average Amount Distributed |
| | | | *IRR: net of fees | | 30 Funds in Benchmark » |
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| Deals in Play & Announcements |
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| FFL to acquire Crisis Prevention Institute |
| | Training Services | Milwaukee, WI | Secondary Buyout |
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| MOD Pizza orders up additional $42M |
| | Restaurants | Bellevue, WA | PE Growth |
| PWP Growth Equity and Fidelity Management & Research have invested $42 million in fast-casual restaurant chain MOD Pizza, following a $34 million investment in the company led by PWP Growth Equity in March. The company, which operates 177 locations in 19 US states, has now raised more than $100 million in total funding. |
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| | | | | | | Summit Partners buys FineLine |
| | Commercial Products | Norcross, GA | Recapitalization |
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| Sun Capital unloads gas station chains |
| | General Merchandise Stores | Coopersville, MI | Acquisition |
| An affiliate of Sun Capital Partners has sold Admiral Petroleum, which operates the Admiral and Lemmen Oil brands, to a subsidiary of GPM Investments. The deal marks a quick exit for Sun Capital after acquiring the company, which operates 170 gas and convenience stores in Michigan and Indiana, during May. |
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| LDC to exit Microlease to Electro Rent |
| | Electrical Equipment | Harrow, UK | Add-on |
| Electro Rent, a Platinum Equity portfolio company, has agreed to acquire Microlease from Lloyds Development Capital. Backed by LDC since 2006, Microlease provides equipment services to the electronic testing and measurement industries. The combined company will be headquartered in both London and Van Nuys, California. |
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| | | | | | | PE firms to sell Santander Asset Management stake |
| | Asset Management | Madrid, Spain | Corporate Acquisition |
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| EMR closes $860M fund for mining deals |
| | Melbourne, Australia | Mining |
| EMR Capital has raised $860 million for its second resources fund, surpassing a $750 million target, according to reports. The firm will use the capital to invest in copper, gold, potash and coking coal, with a particular interest in Australian copper mines, per Reuters. EMR closed its first resources fund on $450 million in 2015. |
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| Inkwell debuts with diversity focus |
| | Cleveland, OH | PE/Buyout |
| The Inkwell Group has launched as a new firm that will make investments of between $3 million and $30 million in lower-middle-market companies focused on healthcare, financial services, manufacturing and media & telecom. The firm will also emphasize racial and gender diversity as ways to improve business performance by seeking diverse leadership for its portfolio companies. Co-founders Chijioke Asomugha and Marques Martin have previous private equity experience at Cyprium Partners and The Riverside Company, respectively. |
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| Bridge Growth Partners hires Bill Teuber |
| | William J. Teuber has joined Bridge Growth Partners as a senior operating principal after leaving his role as vice chairman of EMC in September, following the completion of the company's sale to Dell. The news comes less than two months after former EMC CEO Joe Tucci was hired as the new chairman of Bridge Growth. |
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| | | | | | | 32 Degrees promotes Trent Baker to MP |
| | Calgary, Canada | PE/Buyout |
| 32 Degrees Capital has named Trent Baker a managing partner to lead deal sourcing, due diligence and investment monitoring. Baker has been with 32 Degrees for nine years after previously working in the audit and assurance department at KPMG. |
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