| | | | | | | It's Thursday and I, Luisa, will be your Happiness Advocate this morning. No booing! Everything is good, life is sweet and we all get what we want. Sometimes this is the attitude you need to get through the day. Now, I'll click my heels three times and get to the news. Speedy, speedy: KPS Capital isn't wasting time with portfolio company Anchor Glass, which is reportedly up for sale. I don't have a copy of the story, which is on Mergermarket, but I know Anchor Glass completed its second recap in May. That dividend produced a $148 million cash distribution to Anchor Glass shareholders, a statement said. The first recap occurred in July 2015 and produced a $150 million payout to Anchor Glass stockholders. KPS acquired Anchor Glass, which makes glass packaging products, in April 2014. Earnings: Reuters has a very early story on Blackstone Q2 earnings, which is reporting higher than expected ENI of 44 cents a share. We'll be updating the story later today. Catalyst Investors has promoted some of its executives, including David Gordon to VP. Normally I wouldn't highlight this so prominently but this item failed to appear in yesterday's wire. Read the brief here. We also have two companies this morning with nearly the same names that are being sold to PE firms. Revenew Inc which is going to Marlin Equity, and Revenew International, which is being sold to Sentinel Capital. Interesting, huh? News from Buyouts/PE HUB: Spindletop Capital Management is targeting $200 million for its second fund. Launched in 2011, Spindletop focuses on all sectors of healthcare including medical devices, diagnostics and healthcare IT, specialty pharmaceuticals and biotechnology. Read the story here. Chris has a story on Jeffrey Mills joining Resource Capital Funds as a managing director and global head of investor relations. Mills was previously an Ares Management executive. Check out the story here. Steve has a story on the Carlyle Group, which is targeting $2.5 billion for Carlyle Global Infrastructure Opportunities I. Read the 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. I'll be back on Monday. 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 day with news that Turkey has imposed a three-month state of emergency following last week's failed military coup, former Attorney General Eric Holder gets a job with Airbnb and Senator Ted Cruz was booed last night after he withheld his endorsement of Donald Trump at the RNC. PE HUB Second Opinion Second Opinion ends the day with news that "Pokmon Go" could boost Apple sales by $3 billion, Snapchat CEO Evan Spiegel and model Miranda Kerr announce their engagement on Instagram and the U.S. is seeking to seize $1 billion in assets tied to Malaysian fund 1MDB. These assets include the rights to the movie "The Wolf of Wall Street." With longer holds, Carlyle infrastructure fund targets $2.5 bln Carlyle Group is targeting $2.5 billion for Carlyle Global Infrastructure Opportunities I, which features longer hold times for non-core infrastructure investments with a return target in the mid-teens, according to sources. The Washington firm is sifting for deals while avoiding pricier assets such as London City Airport. The airport drew a purchase-price multiple of roughly 35x... Back office seen critical as emerging GPs compete for LP dollars Investors have become increasingly picky when it comes to how new private equity firms manage their back offices. Limited partners now demand institutional-quality accounting, oversight and operations from new managers, particularly after regulators homed in on several firms for misallocating fees and expenses, several speakers said on July 19 at Buyouts' Emerging Manager Connect 2016.... Spindletop Capital seeks $200 mln for Fund II Spindletop Capital is targeting $200 million for its second fund as the Austin, Texas, firm with ties to two family offices seeks investments in commercial-stage and profitable healthcare companies, according to a filing. Among its portfolio companies, Spindletop lists Bioventus, QSpex and HNI Healthcare on its website. Bioventus, the Durham, N.C., unit of Smith &... Former Ares executive joins Resource Capital Funds Jeffrey Mills joined Resource Capital Funds as a managing director and global head of investor relations, according to a person with knowledge of the move. The source said Mills started at the firm recently. No one from RCF returned a call for comment. Mills joins RCF after working at Brooklands Capital Strategies, a division of... | | 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 | | | Stardog bags $2.3 mln Stardog, an enterprise data unification platform, has secured $2.3 million in seed funding. Core Capital and Boulder Ventures led the round. In conjunction with the funding, Evan MacQueen of Core Capital and Jonathan Perl of Boulder Ventures have been added to Stardog's board of directors. Customer feedback platform ReviewTrackers fetches $4 mln Customer feedback platform ReviewTrackers has raised $4 million in funding. American Family Ventures led the round. Peter Thiel, Greycroft and Valar back Deposit Solutions European fintech company Deposit Solutions GmbH has raised 15 million euros (about $16.5 million) in funding. The investors included PayPal co-founder Peter Thiel, Greycroft Partners and Valar Ventures. Trim snaps up $2.2 mln seed Eniac Ventures led a $2.2 million seed funding round for Trim, a personal finance chatbot. Other investors that participated in the round were Version One Ventures, Core Innovation Capital and Sound Ventures. Brandcast picks up $13.9 mln Series A Brandcast, a website platform provider for top brands, has raised $13.9 million in Series A funding. Shasta Ventures led the round with participation from Marc Benioff and Correlation Ventures. Sprinklr racks up $105 mln New York City-based Sprinklr, an enterprise social tech company, has secured $105 million in funding, putting it an $1.8 billion valuation. Temasek led the round with participation from other investors that included Wellington Management Company LLP and EDBI, the corporate investment arm of the Singapore Economic Development Board. Peak Ventures leads $2 mln seed round for ZipBooks Accounting software startup ZipBooks has raised $2 million in seed funding. Peak Ventures led the round with participation from other backers that included Pelion Venture Partners and Liquid 2 Ventures. In addition to the funding, ZipBooks has hired Jaren Nichols as chief revenue officer. Synthorx nabs $10 mln Series B La Jolla, California-based Synthorx Inc, which uses synthetic biology to discover and develop new protein therapeutics, has closed $10 million in Series B financing. RA Capital Management led the round with participation from return backers Avalon Ventures and Correlation Ventures. Also, Dr. Andrew Levin, managing director at RA Capital, has been added to Synthorx's board of directors. Akili grabs $11.9 mln Series B Akili Interactive Labs Inc, which is developing treatments and diagnostics for cognitive disorders, has raised an addition $11.9 million in its recent Series B financing, bringing the total tally to $42.4 million. The investors included M Ventures and Amgen Ventures. Pantheon scores $29 mln Series C San Francisco-based Pantheon, a website management platform, has secured $29 million in Series C funding. The investors were Foundry Group, Industry Ventures, OpenView Investment Partners and Scale Venture Partners. In addition to the funding, the company has named Chris Moody, vice president of data strategy at Twitter, to its board and Niall Hayes as vice president of engineering. | | 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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| | | | | Marlin buys Revenew Inc Marlin Equity Partners said July 20 that it has acquired Revenew Inc. Financial terms weren't announced. Revenew provides through-channel and distributed marketing solutions. Revenew will be combined with the marketing applications business of Teradata Corp that Marlin recently acquired. First Reserve draws bids for 101 MW Italian solar plants, say sources: Reuters Private equity firm First Reserve has put up for sale a number of solar plants in Italy with a combined capacity of 101 megawatts drawing bids each worth around 100 million euros ($110 mln), sources told Reuters. BC Partners in exclusive talks for majority stake in Keter Plastic, says source: Reuters European private equity house BC Partners [BCPRT.UL] is in exclusive talks to buy a majority stake in Israeli furniture maker Keter Plastic in a deal that could value Keter at nearly $1.6 billion, a source told Reuters. Sentinel acquires Revenew Sentinel Capital Partners has acquired Houston-based Revenew International, a provider of cost recovery and cost containment services. No financial terms were disclosed. Goldman Sachs leads Series B round for CargoX CargoX, a provider of trucking services for corporations, has raised $10 million in Series B funding. Goldman Sachs led the round with participation from other investors that included Valor Capital Group, Agility Logistics and Lumia Capital. In addition to the funding, Hillel Moerman, co-head of Goldman Sachs Private Capital, has joined CargoX's board. Insignia Capital acquires two food companies Insignia Capital Group has acquired California-based food companies Snak Club and New Century Snacks. No financial terms were disclosed. GHO Capital acquires Caprion from Chicago Growth Partners GHO Capital has recapitalized and acquired Caprion Biosciences. The seller was Chicago Growth Partners. No financial terms were disclosed. Based in Montreal, Caprion is a provider of specialized immunology and proteomics analytical lab services to pharmaceutical and biotech companies. | | ExecConnect: Where Great Networking equals Saving Time & Money!
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| | IPOs | | | | | VC-backed Audentes debuts IPO San Francisco-based Audentes Therapeutics, a developer of gene therapy products for patients with serious, life-threatening rare diseases, has raised $75 million for its IPO after pricing its 5 million shares at $15 per share. The stock began trading July 20, 2016 on the NASDAQ under the ticker symbol "BOLD." BofA Merrill Lynch, Cowen and Company and Piper Jaffray are serving as the lead underwriters. Audentes' backers included Deerfield Management, Sofinnova Ventures, Venrock, OrbiMed, 5AM Ventures and Versant Ventures. | | | | | | | Vanke seals deal with Blackstone, chips in $583 million: Reuters Developer China Vanke Co Ltd (2202.HK) said on Thursday it and its partners have sealed a $1.9 billion deal with Blackstone Group LP (BX.N) and third parties, with itself putting in 3.89 billion yuan ($583.02 million) to buy their property firms, Reuters News reported. Pediatric Therapy buys AlphaVista Services Pediatric Therapy Services, a portfolio company of Shore Capital Partners, has recapitalized AlphaVista Services. Financial terms weren't announced. AlphaVista provides speech language pathology, occupational therapy, special education, school psychology and related services to a variety of public school districts and private learning centers. CHILDS Advisory Partners provided buy-side acquisition services to PTS and Shore Capital. McDermott Will & Emery LLP and Winston & Strawn LLP provided legal advice. Mainsail-backed 3PL Central buys Traker Systems 3PL Central, a portfolio company of Mainsail Partners, has acquired Traker Systems, a provider of cloud-based inventory control software. No financial terms were disclosed. Thoma Bravo-backed Delteck buys Union Square Deltek, which is backed by Thoma Bravo, has acquired Union Square, a UK-based provider of project information and collaboration software. No financial terms were disclosed. Spectrum to sell MedHOK to Hearst Spectrum Equity is selling MedHOK to Hearst Business Media. No financial terms were disclosed. Based in Tampa, Florida, MedHOK is a provider of software-as-a-service solutions for health plans. PE-backed Vantage Specialty Chemicals to acquire Mallet Jordan Company-backed Vantage Specialty Chemicals Inc has agreed to buy Mallet and Company Inc, a portfolio company of ICV Partners. No financial terms were disclosed. Based in Pennsylvania, Mallet is a provider of baking release agents in North America. William Blair & Company LLC provided financial advice to Mallet on the transaction. PE-backed DiversiTech buys Alltemp Jordan Company-backed DiversiTech Corp has acquired Alltemp Products Co. Ltd, a Canadian HVAC parts provider. No financial terms were disclosed. PE-backed Colibri invests in STC The Colibri Group, which is backed by Quad-C Management, has made an undisclosed investment in Securities Training Corp. Berkery Noyes served as financial adviser to STC on the transaction. Based in New York City, STC is a provider of financial examination training. PE-backed H-D buys Numeric H-D Advanced Manufacturing Company, which is backed by The Riverside Company, Hicks Equity Partners and Weinberg Capital Group, has acquired Numeric Machine Company. No financial terms were disclosed. Edmonton, Alberta-based Numeric provides machining services for the oil and gas and mining industries. MenschDanke Group buys VC-backed Versus.com MenschDanke Group has acquired Berlin-based product comparison platform Versus.com. No financial terms were disclosed. Versus.com's backers included Earlybird Venture Capital, Dave McClure of 500 Startups and High-Tech Grnderfonds. | | Firms & Funds | | | | | Velocis collects over $270 mln for second fund Private equity real estate manager Velocis has raised over $270 million for its second fund. Velocis Fund II is focused on traditional office, medical office, data center and retail assets in certain U.S. growth markets. The pool's limited partners include high-net-worth individuals, large family offices and institutional investors in the U.S., Mexico and Japan. | | Human Resources | | | | | PIMCO hires Man Group CEO Manny Roman as its new chief: Reuters Pacific Investment Management Co (PIMCO) has poached Emmanuel 'Manny' Roman from Man Group (EMG.L), the world's biggest listed hedge fund, as it tries to reverse a slump in fortunes since co-founder Bill Gross left in 2014, Reuters reported. | | Odds & Ends + Hot Links | | | | | PE HUB First Read First Read begins the day with news that Turkey has imposed a three-month state of emergency following last week's failed military coup, former Attorney General Eric Holder gets a job with Airbnb and Senator Ted Cruz was booed last night after he withheld his endorsement of Donald Trump at the RNC. PE HUB Second Opinion Second Opinion ends the day with news that "Pokmon Go" could boost Apple sales by $3 billion, Snapchat CEO Evan Spiegel and model Miranda Kerr announce their engagement on Instagram and the U.S. is seeking to seize $1 billion in assets tied to Malaysian fund 1MDB. These assets include the rights to the movie "The Wolf of Wall Street." Evercore to transfer ownership of Mexican PE business to newly formed Glisco Evercore is planning on transferring ownership and control of its Mexican private equity business to a newly formed company Glisco Partners Inc. Launched by the principals of Evercore Mexico Capital Partners, Glisco will manage all existing EMCP funds, which currently manages $266 million in investments. Corporate venture activity slows down in second quarter, says new report Although corporate venture firms invested over $1.2 billion in nearly 200 deals in the second quarter of 2016, there was still a slowdown in overall VC activity for this period. This is one of several findings made by a just released report by PricewaterhouseCoopers and the National Venture Capital Association based on Thomson Reuters data. Milost Group forms partnership with PHI Group PHI Group, which is focused on both conventional energy and renewables, has teamed up with Alabama-based private equity firm Milost Global, to form a special purpose entity. The partnership buyout vehicle will focus on acquiring publicly traded companies that generate between $100 million and $5 billion in annual revenues. The geographic targets are North America, South Africa, New Zealand, Australia, Germany, Singapore and the UK. |
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