| | | | | | | This morning: PE HUB underwent maintenance last night (the squirrels needed to be fed, plants repotted, etc) and now things aren't where they're supposed to be this Wednesday morning. I will try to be your guide through the chaos. Reuters has a very interesting story about PE firms emerging as the lender of last resort for energy firms. Clayton Williams is borrowing $350 million from Ares Management at a heavy interest rate. The deal could also give Ares control over Clayton's assets if it should fall into bankruptcy, Reuters said. Deals: I also have a story on New Capital Partners, which I don't know very much about. (They refused to say anything and their website isn't much use.) New Capital Partners has put Realtime Electronic Payments, or Repay, up for sale. Check it out here. Buyouts' Steve Gelsi has a story on Wise SGR wrapping up fundraising for its latest pool at $239 million. Read the story here. If you have a comment, a tip or something nice to say email me at lbeltran@buyoutsinsider.com. Any complaints should go to Chris at cwitkowsky@buyoutsinsider.com. -- Luisa |  | | Today's Take | | | Private equity emerges as lender of last resort for U.S. energy firms: Reuters U.S. energy companies facing a likely cut in their bank loans are seeking a costly alternative - borrowing from private equity firms at hefty interest rates to stay alive for longer, Reuters News reported. PE HUB First Read In First Read, the Feds have finally charged the man who stole nude photos of celebrities in 2014, Instagram is using an algorithm-based feed and Snapchat hires Tom Conrad, longtime Pandora exec, as its VP of Product. Clayton Associates seeks $75 mln for sixth FCA fund Nashville, Tennessee-based Clayton Associates announced it is seeking to raise $75 million for FCA Venture Partners VI. Fund V raised $53 million and closed in 2011, according to Thomson Reuters. FCA, which focuses on early and growth-stage healthcare and tech companies. such as Pathfinder Health Innovations and One Medical Passport, among others. FCA, which counts among its LPs high-net-worth individuals and families along with family offices, regional banks and leading wealth management firms, said the fund will be raised over the next 12 to 18 months. Fund VI will be the firm's first since the passing of founder Clayton McWhorter, who passed away in January at the age of 82. He founded the firm in 1996. PE HUB Second Opinion In Second Opinion, Shares of Valeant plunge 50 percent after the drugmaker said it was in danger of a debt default, meal delivery service SpoonRocket, which has raised $13.5 million to date, shuts down after failing to raise new financing, the Koch brothers have started a new family office to quietly invest their fortune. New Capital puts Repay up for sale: sources New Capital Partners has put Realtime Electronic Payments, or Repay, up for sale, two sources said. William Blair & Co is advising on the process, the sources said. New Capital is seeking bids of $100 million to $150 million for Repay, the sources said. It's unclear when New Capital invested in Repay. Established in 2006,... Italy's Wisequity IV hits 215 mln euro cap with new U.S. LPs Wise SGR drew commitments from limited partners in the U.S. for the first time as the Milan-based buyout firm in less than six months wrapped up fundraising for Wisequity IV at its hard cap of 215 million euros ($239 million), according to a filing and an executive at the firm. While the firm invests 15... LP Scorecard: NYC Employees' collects nearly $500 mln in distributions in recent six-month period The New York City Employees' Retirement System, the largest pension for municipal public employees in the United States, realized $479.7 million in the first six months of 2015, with funds from Vista Equity Partners and Leeds Equity Partners spearheading the charge. Among buyout funds, the 2011-vintage Vista Equity Partners IV added the most to the Big Apple... Omaha Beach raises 80 pct of $30 mln target for `young secondaries' Omaha Beach Capital is raising $30 million to invest in the funds of "unloved" general partners and is 80 percent on the way to the target, co-founder Eric Fishman told Buyouts. The Aventura, Florida, firm commits to private-equity funds when they are 25 to 60 percent invested, typically securing its allocation as part of the... Dashboard: Fundraising soars in February IPOs come back from the dead, thanks to four VC-backed biotech companies debuting | | | | | | VC Deals | | | Menlo Ventures leads $14.5 mln Series B for Usermind Usermind, which emerged from stealth Wednesday, raised $14.5 million in a Series B round, bringing the company's total funding to $22.1 million. Menlo Ventures led the round with participation from existing investors Andreessen Horowitz and CRV. Based in Seattle, Usemind provides a unified platform for orchestrating business operations. Manda raises $2.5 mln Manda said Tuesday it raised $2.5 million from Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures, with participation from existing investors Monashees+ and Valor Capital Group. Sao Paulo-based Manda provides a platform that aims to simplify the shipping process for individuals and small businesses in Brazil. VC-backed meal delivery service SpoonRocket shuts down Meal delivery service SpoonRocket shut down Tuesday, the company announced on its website. Based in Berkeley, California, SpoonRocket received $11 million in Series A funding from Foundation Capital and General Catalyst Partners in 2014. It previously raised $2.5 million from Y Combinator and FundersClub. NewWorld Capital, Constellation Technology Ventures back PosiGen NewWorld Capital Group LLC and Constellation Technology Ventures, the venture capital arm of Exelon Corp, invested in PosiGen Inc. Based in New Orleans, PosiGen provides solar panel leases and energy efficiency upgrades to low- to moderate-income homeowners. Financial terms of the investment were not disclosed. Flint Capital invests $1.11 mln in Poland's Creamfinance. Flint Capital, a venture capital firm based in Barcelona, Spain, paid 1 million euros ($1.11 million) for a minority stake in Creamfinance, a consumer finance services provider based in Warsaw, Poland. Flint invested 5 million euros ($5.55 million) in the company two years ago. Andrew Gershfeld, Partner at Flint, will join the Creamfinance board. Pivot3 raises $55 mln in financing round Austin-based Pivot3, a provider of data center solutions, closed on $55 million in equity and bank financing. Returning investors Argonaut Private Equity and S3 Ventures provided the funding. Edison leads $7.5 mln Series A for Terminus Terminus raised $7.5 million in Series A funding, including $5 million in equity financing and $2.5 million in venture debt. Edison Partners led the round with participation from existing investors including Hyde Park Venture Partners, Arthur Ventures and Knoll Ventures. Edison General Partner Ryan Ziegler will join the Terminus board. CrowdStreet raises $3.5 mln CrowdStreet said Wednesday it raised $3.5 million in a Series A round led by Rally Ventures. Also participating were investors Green Visor Capital, Seven Peaks Ventures and Portland Seed Fund. Portland-based CrowdStreet provides a real estate investor acquisition and management platform. Librestream Technologies raises $11 mln in Emerald-led round Librestream Technologies Inc has secured $11 million in financing. Emerald Technology Ventures led the round and was joined by BDC Capital and other investors. Based in Winnipeg, Librestream provides mobile video collaboration solutions to energy, field service, manufacturing, and public sector industries. Its Onsight platform is currently deployed on over 10 million devices worldwide. Librestream said it would use the round's proceeds to advance growth plans through the addition of sales and marketing resources and acceleration of the product road-map. With the investment, Emerald's Charles Vaslet and BDC's Geoff Catherwood have joined the company's board of directors. Israeli startup Shoppimon closes $2.3 mln seed round Tel Aviv, Israel-based Shoppimon Ltd, which helps e-commerce companies understand website performance, closed a $2.3 mln seed funding round. Investors include AOL, StageOne Ventures, Explore and 2B-Angels. GV leads $30 mln Series C for Skyport Systems Skyport Systems, an enterprise security architecture company based in Mountain View, California, raised $30 million in a Series C funding round led by GV (formerly Google Ventures). New investors Cisco Investments, Thomvest Ventures, Northgate Capital and InstantScale participated in the round as well as all existing backers Index Ventures, Sutter Hill Ventures and Intel Capital. The round brings Skyport's total funding to $67 million. | Meet The Man Who President Bill Clinton Described As
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| | | | | Caesars could face $5 billion hit from unit's bankruptcy: Reuters Caesars Entertainment Corp (CZR.O) and its private equity backers could be on the hook for up to $5.1 billion in potential damages over a series of corporate deals that a court-ordered examiner said Tuesday led to a $18 billion bankruptcy protection filing by the casino company's operating unit, Reuters News reported. Digital Marine Solutions to buy Jeppesen's marine division Digital Marine Solutions said Wednesday it agreed to buy the marine division of Jeppesen. The Boeing Company is the seller. Financial terms weren't announced. The former Jeppesen Marine will operate as a separate entity and trade under the C-Map brand name. C-Map provides cartography products and services for all types of leisure boaters. Digital Marine Solutions is owned by the Altor 2003 Fund, which is part of the Nordic based Altor family of private equity funds. AEA's Evoqua Water Tech to buy Audax-backed Neptune Benson Evoqua Water Technologies agreed to acquire Neptune Benson, a maker of water filtration and disinfection products backed by Audax Group. Evoqua is a portfolio company of AEA Investors LP. Terms of the deal were not disclosed. Monogram Capital invests in Country Archer Jerky Los Angeles-based private equity firm Monogram Capital Partners made a minority growth investment in Country Archer Jerky Co, a premium beef jerky brand headquartered in San Bernardino, California. Financial terms of the investment were not disclosed. Levine Leichtman buys Brass Smith Innovations Levine Leichtman Capital Partners said Tuesday it acquired Brass Smith Innovations LLC. Financial terms weren't announced. Denver-based Brass Smith makes food guards, counters, cold pans, heated merchandisers, floor troughs, and custom stainless products to the institutional food service sector. Madison Capital Funding LLC provided senior debt. Augeo Advisors advised Brass Smith while Minor and Brown was their attorney. Honigman Miller Schwartz and Cohn LLP advised Levine Leichtman. Renovo invests in DIMONT Private equity firm Renovo Capital invested in Dallas-based DIMONT, a provider of specialty insurance and loan administration solutions to the residential and commercial financial services industries. Financial terms of the investment were not disclosed. Renovo also owns RealtyTrac and Homefacts, two real estate data providers. J.W. Childs forms holding company for motorcycle retailers J.W. Childs Associates LP closed an investment in Comoto Holdings Inc, a new holding company formed in partnership with the founders and equity holders of RevZilla Motorsports LLC. Comoto will have equity investments in both RevZilla and Cycle Gear Inc, two retailers of apparel, accessories and parts for motorcycle riders. Financial terms of the transaction were not disclosed. Australia's Asciano bows to $6.8 billion break-up bid: Reuters Australia's Asciano Ltd has agreed to a A$9.1 billion (US$6.8 billion) buyout by two consortia after a seven-month bidding war for the port and rail giant, Reuters reported. Asciano said it supported a joint bid from local rival Qube Holdings Ltd, Canada's Brookfield Asset Management and a host of backers from China to Qatar. Canadian Pension Plan Investment Board is among the investors that will get Asciano's railways business. TPG Growth joins ex-IBM Watson exec to launch Noodle.ai TPG Growth joined forces with Stephen Pratt and other technology executives to launch Noodle Analytics Inc (Noodle.ai), a company that uses artificial intelligence to help corporate clients. No financial terms of the deal were disclosed. Pratt was most recently global leader of Watson for IBM's Global Business Services unit. Noodle.ai will be based in San Francisco and Bangalore. | How can you get involved at Buyouts East? ACG Boston
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| | IPOs | | | | | | | | | | | | | Frankfurt and London seal $30 billion trading tie-up to counter U.S. threat: Reuters Deutsche Boerse AG (DB1Gn.DE) and London Stock Exchange Group Plc (LSE) (LSE.L) agreed to combine in a $30 billion deal to create a European trading powerhouse better able to compete with U.S. rivals encroaching on their turf, Reuters News reported. Digital Marine Solutions to buy Jeppesen's marine division Digital Marine Solutions said Wednesday it agreed to buy the marine division of Jeppesen. The Boeing Company is the seller. Financial terms weren't announced. The former Jeppesen Marine will operate as a separate entity and trade under the C-Map brand name. C-Map provides cartography products and services for all types of leisure boaters. Digital Marine Solutions is owned by the Altor 2003 Fund, which is part of the Nordic based Altor family of private equity funds. AEA's Evoqua Water Tech to buy Audax-backed Neptune Benson Evoqua Water Technologies agreed to acquire Neptune Benson, a maker of water filtration and disinfection products backed by Audax Group. Evoqua is a portfolio company of AEA Investors LP. Terms of the deal were not disclosed. | | Firms & Funds | | | | | Anterra Capital food & agriculture fund raises $125 mln Anterra Capital said Wednesday that its food and agriculture technology fund had raised $125 million in a second close. Anterra's existing investors are Rabobank and Eight Roads, the proprietary investment arm of Fidelity International Ltd. Amsterdam-based Anterra, a food and agriculture growth capital firm, said it is also opening an office in Boson. Clayton Associates seeks $75 mln for sixth FCA fund Nashville, Tennessee-based Clayton Associates announced it is seeking to raise $75 million for FCA Venture Partners VI. Fund V raised $53 million and closed in 2011, according to Thomson Reuters. FCA, which focuses on early and growth-stage healthcare and tech companies. such as Pathfinder Health Innovations and One Medical Passport, among others. FCA, which counts among its LPs high-net-worth individuals and families along with family offices, regional banks and leading wealth management firms, said the fund will be raised over the next 12 to 18 months. Fund VI will be the firm's first since the passing of founder Clayton McWhorter, who passed away in January at the age of 82. He founded the firm in 1996. HealthQuest Capital closes second fund at $225 mln hard cap HealthQuest Capital closed its second fund at its $225 million hard cap, exceeding an initial target of $175 million in commitments. Accel raises $2 bln in new capital Accel Partners has raised $2 billion in new capital, according to a blog post. | | Human Resources | | | | | Regimen Partners' Bill Murray to join eQube's board of directors Bill Murray, a director at Canadian private equity firm Regimen Partners, has been appointed an advisor to the board of directors of eQube Gaming Ltd (TSX-V: EQG), an Edmonton-based provider of community and charitable gaming solutions. Murray will formally join the board subject to regulatory approvals. Prior to joining Regimen in 2015, Murray had a 20-year career as an investment banker at several firms, including National Bank Financial. Regimen's recent deals include its January investment in Central Technology Services Corp. | | Odds & Ends + Hot Links | | | | | J.W. Childs forms holding company for motorcycle retailers J.W. Childs Associates LP closed an investment in Comoto Holdings Inc, a new holding company formed in partnership with the founders and equity holders of RevZilla Motorsports LLC. Comoto will have equity investments in both RevZilla and Cycle Gear Inc, two retailers of apparel, accessories and parts for motorcycle riders. Financial terms of the transaction were not disclosed. |
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