| | | | | | Today's big news is that Britain has voted to leave the EU and Prime Minister David Cameron is resigning. The vote has caused global financial markets to fall, Reuters News is reporting.
My first question is this: what does this mean for M&A, specifically private equity? Private Equity News is reporting that investors will not necessarily withdraw from the U.K. entirely but Brexit will likely lead to a slowdown in deals. The story then goes on to say, citing ICG Portfolio Manager Harry Sugiarto, that the M&A market will likely not slow down due to the availability of cheap credit, the high volume of dry powder and investors' search for yield. It's quite soon after the referendum. Is Brexit of any consequence to U.S. investors/PE firms? Or business as usual? Email me and let me know.
Rumors: One of the more interesting stories of the past week is the supposed sale of UBS Wealth Management Americas. Last week, the New York Post revived rumors that UBS has put its wealth management unit up for sale, citing an analyst who used to work at the investment bank (the rumors have actually been floating around since 2010). A UBS spokesman completely denied the rumors to Buyouts yesterday. Still, some private equity sources think there may be something going on with UBS WMA (cue the mystery music).
News from Buyouts/VCJ: Steve Gelsi is reporting that One Rock Capital Partners LP is focusing on corporate carve-outs to find better buyout candidates. Read the story here.
Mark Boslet has a story on Steve Case's Revolution and its strategy of looking beyond Silicon Valley. Revolution's third growth fund closed on an oversubscribed $525 million earlier this month. Check out his story here.
Have a good weekend! Any comments, thoughts or complaints please send them to me at lbeltran@buyoutsinsider.com.
-Luisa | | Today's Take | | | PE HUB First Read First Read ends the week with news that Britain votes to leave the EU, Twilio jumps more than 90 percent in its first day and CNN hires Donald Trump's fired campaign manager Corey Lewandowski as a political commentator. Tech 'unicorn' Twilio leaps in debut: Reuters Shares of software maker Twilio Inc surged as much as 72 percent in their debut on Thursday, raising hopes that investor appetite for U.S. tech IPOs is finally returning. PE HUB Second Opinion Big news from a shorthanded Supreme Court, which blocked the president's immigration measures and shored up affirmative action at public universities. One Rock mines carve-outs to avoid pricey prospects In a pricey deal environment, One Rock Capital Partners LP is focusing on corporate carve-outs to find better buyout candidates, a general partner at the firm said. Scott Spielvogel, managing partner of the New York firm, said he hopes to find more acquisitions in the vein of its April 2016 deal to buy a Hawaii refinery, terminals and service... Steve Case on policy and looking beyond Silicon Valley Fresh off of Revolution's third growth fund, the AOL co-founder tells VCJ that policy issues will impact startups in the years to come | Announcing PartnerConnect West 2016
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| | | | VC Deals | | | Crispr Therapeutics raises $38 mln Crispr Therapeutics said June 24 that it raised another $38 million in Series B financing, which closes the round at nearly $140 million. Participating investors in this round include Franklin Templeton Investments, New Leaf Venture Partners, funds advised by Clough Capital Partners LP and Wellington Capital Management LLP, and other undisclosed funds specializing in life sciences. Crispr is a biopharmaceutical company. Annexon nabs $44 mln in Series B led by NEA Annexon Biosciences closed a $44 million Series B financing led by new investor New Enterprise Associates. Also participating were Correlation Ventures and existing investors including Novartis Venture Fund, Clarus, and Satter Investment Management, LLC. Annexon is pursuing biopharmaceutical therapies for neurodegenerative disorders. Team management platform Dapulse nets $7.6 mln Israel-based team management platform Dapulse has raised $7.6 million in Series A funding. Genesis Partners led the round with participation from other backers that included Entre Capital. Reflexion Health scores $18 mln Series B Digital health company Reflexion Health has raised $18 million in Series B funding. The investors were not named. Simility adds $1.5 mln to first funding Simility, a provider of cloud-based fraud prevention software, announced the closing of an additional $1.5 million in its first round of funding, bringing the total raised to $7.2 million. The new investment was led by The Valley Fund, one of the company's first investors (along with Accel Partners and Trinity Ventures). Y Soft Ventures backs GreyCortex and Lumitrix Y Soft Ventures is investing in two Czech-based tech companies. Y Soft's venture unit is providing $1.3 million to GreyCortex, a provider of network traffic analysis and forensics solutions and $1 million to Lumitrix, a maker of advanced software and hardware for its projection-mapping solution. iZotope racks in $7.5 mln iZotope Inc, a provider of audio production tools, has raised $7.5 million in funding. Included in this figure is $2.5 million in Series B funding led by return backer ABS Capital Partners and a $5 million loan from Comerica Bank. The capital infusion will be used for growth and a product launch. Payments app Circle raises $60 million in China expansion: Reuters U.S.-based payments app Circle has raised $60 million from Chinese investors and launched a company in China, as it seeks to expand in the world's second-largest economy, Reuters reported. Battery Ventures leads Series B round for Narvar San Bruno, California-based Narvar, a post-purchase experience platform, has secured $22 million in Series B financing. Battery Ventures led the round with participation from Fung Capital, Accel and Freestyle Capital. In addition to the funding, Roger Lee, a general partner at Battery Ventures, has been added to Narvar's board Recruit Strategic Partners backs Alignable Local business owners' network Alignable has secured $1.5 million in funding. The investor was Recruit Strategic Partners. SecurityScorecard nabs $20 mln Series B New York City-based SecurityScorecard, a provider of cybersecurity ratings, has secured $20 million in Series B funding. GV led the round with participation from Sequoia Capital, Evolution Equity Partners, Boldstart Ventures and Two Sigma Ventures. | 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.
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| | | | | EQT launches sale of utility services provider SAG: Reuters Buyout group EQT is launching the sale of German utility services provider SAG, which may fetch roughly 1 billion euros ($1.1 billion), Reuters News reported. Cerberus to acquire GE Money Bank from General Electric Cerberus Capital Management, L.P. agreed to acquire GE Money Bank, the French consumer finance business of General Electric Co. The deal would represent ending net investment of approximately $4.6 billion as of the end of Q1 2016, and excludes GE Money Bank's $2 billion prime mortgage portfolio. Solvay kicking off disposals of two units, say sources: Reuters Belgian chemicals group Solvay is pressing ahead with the sale of two non-core units as part of its efforts to streamline operations and refocus on specialty materials, sources told Reuters. Golub backs Freeman Spogli's ISN acquisition Golub Capital has made an undisclosed investment to back Freeman Spogli & Co's buy of Integrated Supply Network LLC. Based in Lakeland, Florida, ISN is a distributor of products for auto mechanics and technicians. Snow Phipps acquires ECRM from BV BV Investment Partners has sold ECRM to Snow Phipps Group. No financial terms were disclosed. Robert W. Baird & Co. served as financial adviser to ECRM and BV on this transaction. ECRM is a software, data and integrated services provider for consumer product makers and retailers. | Wondering what all the excitement is about surrounding our PartnerConnect conferences? Click here to see what your PE, VC, or Real Estate peers
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| | IPOs | | | | | Tech 'unicorn' Twilio leaps in debut: Reuters Shares of software maker Twilio Inc surged as much as 72 percent in their debut on Thursday, raising hopes that investor appetite for U.S. tech IPOs is finally returning. | | | | | | | Henkel buys laundry care firm Sun Products in $3.6 billion deal: Reuters German consumer products group Henkel ( HNKG_p.DE) said on Friday it was buying U.S. laundry and home care company The Sun Products Corp from a fund of Vestar Capital Partners in a deal valued at $3.6 billion including debt, Reuters News reported. Dividend Solar to merge with Figtree Financing Dividend Solar Inc said June 23 it was merging with Figtree Financing. Financial terms weren't announced but the deal includes a $200 million commitment from LL Funds. Figtree provides Property Assessed Clean Energy (PACE) financing for energy efficiency improvements, including solar energy. Figtree raised $30 million in financing in March led by LL Funds. Dividend Solar is a residential solar lender. Bryant Park Capital acted as financial advisor to Dividend Solar. Vestar Capital to sell Sun Products to Henkel for $3.6 bln Henkel Consumer Goods Inc, a subsidiary of Henkel AG & Co. KGaA, has agreed to buy The Sun Products Corp from Vestar Capital Partners. The deal is valued at $3.6 billion, including. Wilton, Connecticut-based Sun Products is a North American provider of laundry detergent, fabric softeners and other household products. Brands include all, Sun, Wisk, Snuggle and Sunlight. Morgan Stanley & Co LLC acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Sun Products. PE-backed Amplus buys SEI's commercial and industrial rooftop projects Amplus, which is backed by I Squared Capital, has acquired SunEdison India's portfolio of commercial and industrial rooftop projects. No financial terms were disclosed. PE-backed Mitratech buys CMO Software Mitratech, which is backed by TA Associates, has acquired CMO Software. No financial terms were disclosed. CMO Software is a provider of environment, health, safety, governance, risk and compliance solutions for organizations. NewSpring-backed Snagajob to aquire PeopleMatter Snagajob has agreed to buy Charleston, South Carolina-based PeopleMatter, a workforce management platform. No financial terms were disclosed. Snagajob is backed by Rho Acceleration, NewSpring Capital and the Invus Group. | | Firms & Funds | | | | | 500 Startups announces $25 mln fund to back black, Latino entrepreneurs 500 Startups announced it is raising a $25 million fund to invest in startups headed by black and Latino entrepreneurs. The firm said the new fund is expected to invest in about 100 companies. As is its custom when announcing a new microfund, 500 Startups said the new vehicle will be led by founding partner Dave McClure. Also leading the new fund is Monique Woodard, a venture partner at 500 Startups and co-founder of Black Founders, a national organization that aims to increase the number of black entrepreneurs in tech. | | Human Resources | | | | | HCAP Partners promotes Frank Mora to partner HCAP Partners, formerly Huntington Capital, promoted Frank Mora to partner. Mora joined the firm in early 2013 and served on the investment committee for HCAP Partners III, L.P. Based in California, HCAP Partners finances companies located in the western United States, in the services, manufacturing, software, and healthcare industries. Janney adds new MD to team Janney Montgomery Scott LLC has named John Putrino as a managing director for its real estate investment banking group. Putrino is the former CEO of Sachem Street Capital Advisors. Tech investor Kobie Fuller joins LA's Upfront Ventures as partner Los Angeles-based Upfront Ventures hired Kobie Fuller as a partner. Formerly of Accel, Fuller was an angel investor in Oculus VR, which was acquired by Facebook. SK Capital promotes three SK Capital Partners has made three internal promotions. Stephen d'Incelli has been upped to principal while Jared Kramer and Jay Taunk are now senior associates. Leading BioSciences appoints Doyle as CEO California-based biopharmaceutical company Leading BioSciences Inc has named Greg Doyle as CEO. Doyle will be succeeding Clark Straw, who will continue as board chairman. Doyle is a former managing partner at early-stage venture fund InLab Ventures. | | Odds & Ends + Hot Links | | | | | Britain's financial sector reels after Brexit bombshell: Reuters Britain's 2.2 million financial industry workers face years of uncertainty and the risk of thousands of job cuts after the country voted to quit the European Union, leaving question marks over London's status as Europe's premier financial centre, Reuters News reported. PE HUB First Read First Read ends the week with news that Britain votes to leave the EU, Twilio jumps more than 90 percent in its first day and CNN hires Donald Trump's fired campaign manager Corey Lewandowski as a political commentator. PE HUB Second Opinion Big news from a shorthanded Supreme Court, which blocked the president's immigration measures and shored up affirmative action at public universities. |
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