| | | | | | Deal: I've been hearing for several weeks that CardConnect, which is majority owned by FTV Capital, had a buyer. This morning, FinTech Acquisition Corp, a blank check company, revealed it was buying CardConnect. Not much time to research this but it looks like FinTech Acquisition is backed by hedge funds. Well, golly.
It looks like a good deal for FTV, which invested $50 million in CardConnect back in 2010. That's when the company was known as Financial Transaction Services LLC. The sale to FinTech Acquisition Corp is valued at $350 million. Read the story here.
Auction: I'm hearing that Enhanced Equity Funds is close to selling urgent care provider NextCare Holdings Inc. NextCare had been up for sale last year but the deal was pulled. Now, there's a buyer. Read my story here. Employment: Are you looking for a job? HarbourVest Partners, Partners Group and AlpInvest are looking to hire. Read the story here. Pioneers: Buyouts magazine is out with our list of 10 trailblazing women in private equity. Who do you think made the cut? Read it here.
Nice timing: Preqin came out with its women in private equity statistics. It seems that the percentage of women in senior positions fell this year to 7.3 percent from 7.5 percent in 2015. Women, across all strategies and most geographies, currently constitute an average of 12.6 percent of senior employees, Preqin said. It would've been nice to have this data last week.
If you have a comment, a tip, or something nice to say email me here at lbeltran@buyoutsinsider.com. If you have a complaint, email Chris at cwitkowsky@buyoutsinsider.com. | | | | Today's Take | | | | PE HUB First Read In today's First Read, Bloomberg won't run for president, SoftBank will split its businesses, and Lyft ridership has increased 500 percent in New York since May. Read more... PE HUB Second Opinion In Monday's Second Opinion, TPG is said to write down its J. Crew stake by 84 percent as revival hopes dim, the average Wall Street bonus fell 9 percent last year, and Maria Sharapova says she failed a drug test at the Australian Open. Read more... Harris: Apollo moves into buy-now mode Apollo Global Management co-founder Leon Black famously claimed his firm was "selling everything that's not nailed down" in 2013. Three years and one economic slowdown later, the $170 billion asset management firm now considers itself a buyer. ] Read more... Eaton Vance Institutional Senior Loan Fund nears $8 bln Eaton Vance increased the dollar contributions to its Eaton Vance Institutional Senior Loan Fund by $2.4 billion in one year, bringing the total to $7.8 billion for the platform for public pension funds, endowments and other big LPs, according to filings. Read more... Fund performance: DCM, Darwin, Column show gains in California portfolio Venture funds from DCM, Darwin Ventures and the Column Group showed handsome gains through early last year in the University of California portfolio. Read more... 5 Qs with Dror Glass, founding managing partner, Israel Secondary Fund With Israel Secondary Fund on the fundraising trail, Dror Glass says secondary funds continue to show preferred returns Read more... | Meet The Man Who President Bill Clinton Described As
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| | | | VC Deals | | | | Capella Bioscience raises $15.5 mln Capella Bioscience Ltd said Tuesday it closed an 11 million pound ($15.5 million) Series A financing round. Investors include Advent Life Sciences, Medicxi Ventures, and Osage University Partners. London-based Capella is developing monoclonal antibody medicines. Read more... BGF invests in Paintbox Automotive The Business Growth Fund has invested in Paintbox Automotive. Financial terms weren't announced. Paintbox, of the U.K., provides painted exterior assemblies to the luxury automotive marques. Living Partners advised Paintbox. Read more... Catalyst CEL Fund leads $25 mln investment round in XJet XJet Ltd, a metal 3D printing company based in Israel, raised $25 million in funding. Catalyst CEL Fund led the round with an investment of $10 million. Other investors in the round included Autodesk Inc as well as existing shareholders. As part of the investment, Yair Shamir, managing partner of Catalyst CEL, will become chairman of the XJet board. Catalyst CEL is a dedicated Israel-China fund, jointly managed by Israel's Catalyst Private Equity and China Everbright Ltd. Read more... AreaMetrics attracts $2 mln seed AreaMetrics, a Seattle-based consumer analytics platform for brick and mortar retailers, raised $2 million in a seed funding round led by Startup Capital Ventures and Quest Venture Partners. Other early stage investors, including Seraph Group, Social Starts and previous angel investors, also participated. Read more... Statoil, Forum Equity lead $8 mln Series B for United Wind United Wind, a Brooklyn-based provider of distributed wind energy solutions, closed an $8 million Series B financing round led by Statoil Energy Ventures and Forum Equity Partners. A representative from both Forum Equity and Statoil will be appointed to United Wind's board. The deal is the first for Statoil Energy Ventures, the investment arm of Statoil ASA, since announcing a $200 million fund to finance renewable energy companies and projects. Read more... Tiqets lands $4 mln Series A led by Capital Mills Amsterdam-based Tiqets raised $4 million in a Series A financing round led by Dutch venture firm Capital Mills, the company said on its website. Tiqets offers travelers mobile tickets to attractions, museums and entertainment. Read more... Food incubator Sonoma Brands makes first investment in Dang Foods Sonoma Brands, a food and beverage products incubator and venture fund, invested in Dang Foods, a maker of coconut and onion chip snacks. This is the first investment for both firms. Financial terms were not disclosed. Read more... Cricket protein bar maker Exo raises $4 mln New York-based Exo, which is developing alternative protein sources based on insects, announced it has raised $4 million in a Series A funding round led by AccelFoods. Others participating in the round include new and previous investors, such as Collaborative Fund and individuals Tim Ferriss, Start Garden, rapper Nas and endurance athlete Amelia Boone. The company has now raised $5.6 million in total funding. Exo, which makes a protein bar using crickets, was one of four food startups in AccelFoods' inaugural accelerator program in 2014. Read more... AlphaSense gets $33 mln for financial search engine Financial search engine AlphaSense raised $33 million in growth capital from Tribeca Venture Partners, Triangle Peak Partners, and Quantum Strategic Partners, a private investment vehicle managed by Soros Fund Management LLC. Individual investors including Tom Glocer, former chief executive of Thomson Reuters, also participated. Read more... Sinclair Digital, Horizon Media invest in Burst Burst, a mobile video technology platform, received equity investments from Sinclair Digital Ventures, the investment arm of Sinclair Broadcast Group Inc, and Horizon Media, a privately held media services agency. Terms of the investment round were not disclosed. Read more... Octopus Ventures leads $22.4 mln Series B for Property Partner London-based Property Partner, a property crowdfunding platform, raised 15.9 million pounds ($22.4 million) in Series B funding, bringing the total amount invested in the company to 22.5 million pounds ($31.7 million). Octopus Ventures led the round with participation from Index Ventures and Dawn Capital. Read more... | | | | | | | | Back to top | | PCI Pharma Services explores $1 billion sale: Reuters PCI Pharma Services, a U.S. provider of outsourced packaging and clinical trial supply services to the pharmaceutical industry, is exploring a sale that could value it at around $1 billion, including debt, Reuters News reported. Read more... FTV Capital to exit CardConnect FinTech Acquisition Corp. has agreed to buy CardConnect, which is majority owned by FTV Capital. FinTech Acquisition, a blank check company, is paying approximately $180 million in cash and $170 million in FNTC common stock. King of Prussia, Pennsylvania-based CardConnect is a payment processing and technology solutions provider. Piper Jaffray & Co. acted as M&A Advisor to FNTC; Cantor Fitzgerald & Co. acted as Capital Markets Advisor to FNTC; while Ledgewood was FNTC's attorney. Financial Technology Partners advised CardConnect while Kirkland & Ellis LLP acted as legal counsel. Read more... OpenGate closes buy of Bois & Matriaux OpenGate Capital said Tuesday it completed its buy of Bois & Matriaux. Wolseley plc is the seller. Financial terms weren't announced but OpenGate said it is investing 25 million euros ($27.5 million) into the B&M business. Paris-based Bois is a business-to-business distributor of building materials in France. Read more... H.I.G. Realty buys Northridge at Westfields H.I.G. Realty Partners, an affiliate of H.I.G. Capital, has acquired Northridge at Westfields in Chantilly, Virginia. Northridge is an office portfolio comprised of three buildings aggregating approximately 100,000 square feet, plus a 12 acre land parcel that can accommodate approximately 100,000 square feet of additional office space. Read more... Sageview leads $20 mln investment in Crimson Hexagon Crimson Hexagon, a Boston-based provider of social data analysis, raised $20 million in growth equity financing in a round led by Sageview Capital. Prior to the investment, the company had raised $17.5 million in funding. Read more... Pamlico Capital to sell Clear Link Tech to Sykes Sykes Enterprises Inc, a Tampa, Florida-based call center operator, agreed to acquire Pamlico Capital-owned Clear Link Technologies LLC, a provider of customer acquisition solutions for home services providers based in Salt Lake City, Utah. Financial terms of the deal were not disclosed. Pamlico, a Charlotte, North Carolina-based firm, acquired Clear Link in 2011. Read more... | How can you get involved at Buyouts East?
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| | IPOs | | | | Back to top | | No items | | | | |
Back to top | | American Express shares rise after report of potential sale: Reuters American Express Co shares rose more than 1 percent on Monday after Fox Business News reported that the credit-card company might be acquired by Wells Fargo & Co or another financial firm, Reuters News reported. Read more... PE-backed Distribution International buys 3i Supply Distribution International Inc, a distributor and fabricator in the mechanical insulation market, acquired insulation provider 3i Supply Co. Financial terms of the deal were not disclosed. Houston-based Distribution International is a portfolio company Advent International. Read more... TPG's Immucor acquires Sirona Genomics TPG Capital-owned Immucor Inc, a transfusion and transplantation diagnostics company, acquired Mountain View, California-based Sirona Genomics, which was spun out of Stanford University's Genome Technology Center. Immucor had obtained the exclusive option to acquire Sirona under an October 2014 collaboration agreement. Financial terms of the deal were not disclosed. TPG acquired Immucor for close to $2 billion in 2011. Read more... | | Firms & Funds | | |
Back to top | | Aberdeen to raise $200 mln venture fund Aberdeen Asset Management is raising a $200 million venture fund of funds, according to a filing with the SEC. Read more... | | Human Resources | | |
Back to top | | Waud Capital partners with former IBM exec to invest in software Waud Capital Partners partnered with George Ahn, a software industry executive, to pursue investments in the vertically-focused application software industry. Ahn most recently served as the head of IBM's smart infrastructure software organization. Ahn was chief executive of software company Tririga for six years prior to its acquisition by IBM in 2011. Read more... Zeus Capital targets natural resources sector with new hire Zeus Capital made its first step into the oil and gas and mining sectors with the appointment of Rob Collins as a corporate finance director and head of natural resources. Collins joins the firm from GMP Securities Europe, where he was head of oil and gas investment banking, according to his LinkedIn profile. He has also worked as head of oil and gas banking at Evolution Group and as head of natural resources at Canaccord Genuity. Read more... Jobs of the Week: HarbourVest, Carlyle, Partners Group, and Credit Suisse are hiring In Jobs of the Week, HarbourVest and Carlyle's AlpInvest are seeking associates, Partners Group is looking for an investment analyst, and Credit Suisse is hiring for its new private equity business. Read more... Pritzker Group names first network relationship manager Pritzker Group hired Kristi Dula as its first network relationship manager. Based in Chicago, Dula will be responsible for facilitating relationships for Pritzker's family of companies, connecting them with the firm's network of experts, strategic partners and potential customers. Read more... | | Odds & Ends + Hot Links | | |
Back to top | | PE HUB First Read In today's First Read, Bloomberg won't run for president, SoftBank will split its businesses, and Lyft ridership has increased 500 percent in New York since May. Read more... PE HUB Second Opinion In Monday's Second Opinion, TPG is said to write down its J. Crew stake by 84 percent as revival hopes dim, the average Wall Street bonus fell 9 percent last year, and Maria Sharapova says she failed a drug test at the Australian Open. Read more... |
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