| | | | | | | Did anyone notice that it's Wednesday already? It's 8 am and already it's 80 degrees in NYC. Today the Financial Times is reporting that Bill Conway, co-CEO of Carlyle Group, flew to London in the Brexit aftermath to check on the firm's investments there. The story doesn't say how Conway reacted but deals were still being done across the region, the FT said. Brexit's effects have been muted. PE funds have been raised (Cinven) while other firms including Apax, CVC and Permira are out hunting for new pools, the FT said. U.K.-focused fund managers are bracing for a much more uncertain climate for making investments in the country, the story said, while execs are warning that fundraising in the U.K. could deteriorate. EQT Partners is halting plans to invest in the U.K., the FT said, while large leveraged buyouts in Europe have slowed markedly. Read the FT story here. Employment: Are you looking for a job? Well, Baird Capital Partners, San Francisco Employees' Retirement System and Silicon Valley Bank are looking for people. Read the story here. News from Buyouts/VCJ: SunGard's $11.4 billion sale to 7 PE firms in 2005 is viewed as a signature deal of the buyout boom of the mid-2000s. Mired in debt, SunGard was never profitable and the sponsors held onto the investment for much longer than is typical. The company's sale to Fidelity National Information Services Inc last year for $9.1 billion produced some relief for the sponsors that eked out a profit (a 1.65x return). Months later FIS put SunGard's public sector and education business up for sale. FIS is seeking bids of $1 billion for the unit, Reuters News has reported. The deal is hitting some bumps, I'm hearing. Strategics have dropped out of the SunGard PS&E auction while bids have come in low. Read my story here. David Toll has a story on Trivest Partners expanding its franchise with its first growth equity fund. Check it out here. Steve Gelsi also has a story on CVC closing its distressed fund on $723 million. Read the story here. Any comments, thoughts or complaints please send them to me at lbeltran@buyoutsinsider.com. -Luisa | | Today's Take | | | PE HUB First Read First Read starts the morning with news that Deutsche Bank is predicting a 60 percent chance of a U.S. recession within the next year, soul icon Smokey Robinson to receive a top honor and why you should always wait until September to buy the next iPhone. PE HUB Second Opinion In Second Opinion, the FBI advises that no charges should be levelled against Hillary Clinton for her emails, Theranos faces congressional inquiry over faulty blood tests and Blackberry says it will stop making its classic smartphone model. Private Equity Jobs of the Week: Baird, Carlyle, Sanofi are hiring Opportunities this week include senior roles with Carlyle Group, Baird Capital Partners, the San Francisco Employees' Retirement System and Sanofi's strategic venture arm. Twinkies maker Hostess to go public under new owner: Reuters Hostess Brands LLC, the maker of Twinkies and Ding Dongs, said an affiliate of private equity firm Gores Group will buy the company in a $725 million deal and take it public. Apax to sell Trader Corp to Thoma Bravo for about $1.22 bln Thoma Bravo has agreed to acquire Trader Corp, a Canadian provider of advertising for car dealers, from Apax Partners. The price of the transaction is about C$1.575 billion (about $1.22 billion). Private Eye: Trivest expands franchise with first growth equity fund Trivest Partners, the Coral Gables, Florida-based firm known for acquiring founder and family-owned companies, closed its first growth equity fund at $225 million, trouncing its $100 million target. Troy Templeton, managing partner, said that over the years the firm has run into a number of founders who aren't quite ready to sell but nevertheless would be... Bids for PE-backed SunGard PS&E come in low: sources SunGard Data System Inc's sale of its public sector and education (PS&E) business has hit a bump, three banking and private equity sources familiar with the transaction said. Bids for the SunGard unit came in low, the sources said. Strategics also dropped out leaving private equity firms to compete for the SunGard PS&E unit, the... CVC closes debut distressed fund on $723 mln amid private debt surge CVC closed its first flagship distressed credit pool, CVC Credit Partners Global Special Situations Fund, with $723 million in commitments, beating its $667 million target. It's one of 28 debt funds that reached a final close in the second quarter alone, according to Preqin. The funds drew in a combined $16 billion in commitments, more than double... Fund performance: Venture returns hurt by valuation pullbacks Union Square Ventures leads the UTIMCO portfolio by a wide margin, thanks to its bets in Etsy, Twitter and Zynga, among others Data spotlight: DalCor leads top Q2 Canadian VC deals Building on the robust activity of the preceding quarter, the top 10 Canadian deals raised about $347 million in Q2 | | 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 | | | MPB raises $2.7 mln MPB said July 6 that it raised 2.1 million pounds ($2.7 million) in a Series A funding led by Mobeus Equity Partners. MBP is a U.K.-based marketplace for photographers and videographers to trade equipment. KKR leads $65 mln round for Darktrace Darktrace said July 6 that it raised $65 million in funding led by KKR. Existing investor Summit Partners, and new investors TenEleven Ventures and SoftBank-affiliated SB ISAT Fund, also invested. Darktrace, of Cambridge, United Kingdom, provides enterprise cyber threat defense software. Veriflow raises $8.2 mln from Menlo, NEA Veriflow said it raised $8.2 million of Series A funding in a deal led by Menlo Ventures and joined by current investor New Enterprise Associates, according to a press release. Proscia fetches $1 mln seed Baltimore-based Proscia, a data solutions provider for digital pathology, has closed $1 million in seed financing. Emerald Development Managers led the round with participation from Robin Hood Ventures, TCP Venture Capital and A-Level Capital. AI publishing startup Echobox pulls in $3.4 mln London-based Echobox, an artificial intelligence service for online publishing, has raised $3.4 million in funding. The investors were Mangrove Capital Partners and LocalGlobe. CStone Pharmaceuticals racks up $150 mln Chinese biopharmaceutical company CStone Pharmaceuticals Co Ltd has raised $150 million in funding. The investors were Oriza Seed Venture Capital, Boyu Capital and WuXi Healthcare Ventures. Zahroof Valves nets Series C funds Houston, Texas-based Zahroof Valves Inc, a provider of reciprocating gas compressor valves, has raised an undisclosed amount of Series C funding. Saudi Aramco Energy Ventures, the corporate venturing arm of Saudi Aramco, led the round with participation from return backer NGP Energy Technology Partners. Aprecia to snap up to $30 mln from Hercules Hercules Capital has agreed to provide up to $30 million in debt funding to Aprecia Pharmaceuticals Company, a maker of fast melt pharmaceutical products. Armentum Partners provided financial advice to Aprecia on this transaction. HourlyNerd reels in $22 mln Series C Boston-based HourlyNerd, a tech platform for business expertise, has raised $22 million in Series C funding. General Catalyst Partners led the round with participation from Highland Capital Partners, GE Ventures, Mark Cuban, Greylock Partners and Bob Doris of Accanto Partners. Adents takes in 12 mln euros France-based Adents, a provider of product unit identification and traceability software, has secured 12 million euros in funding. The investors were return backers NAXICAP Partners, Omnes Capital and CapHorn Invest. Dutch sleep apnea device maker NightBalance snags Series B funds NightBalance BV, a Dutch sleep apnea device maker, has closed 12.5 million euros in Series B financing. Inkef Capital and Gilde Healthcare Partners led the round with participation from return backers Thuja Capital, Health Innovation Fund and Van Herk Ventures. In addition to the funding, Dirk Kersten of Inkef and Pieter van der Meer from Gilde have been added to NightBalance's supervisory board. German digital insurance broker Finanzchef24 grabs funding German digital insurance broker Finanzchef24 has raised 4 million euros in funding. The investors included Grenke Bank, Target Partners, HW Capital and Mercura Capital. German superconductors provider Theva scores 6.4 mln euros Germany-based superconductors provider Theva has secured 6.4 million euros in financing. The investors were eCapital, the Bavarian Growth Fund, Target Partners and the Bayerische Beteiligungsgesellschaft. | Complimentary Webinar: Improving Your Deal Sourcing Operations During this webinar you'll learn the following:
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| | | | | U.S. middle market lending poised to strengthen in second half: Reuters Lending to U.S. mid-sized companies is poised to increase in the second half of 2016 as lenders report a growing pipeline of M&A deals and expectations for a push ahead of the U.S. election, market participants told Thomson Reuters LPC. Graycliff Partners invests in 901D LLC Graycliff Partners said July 6 that it acquired a majority stake of 901D LLC. Financial terms weren't announced. Tallman, New York-based 901D provides engineering, design, assembly and integration services for highly-engineered, ruggedized consoles and protective enclosure systems. Thompson Street recaps Global Software Thompson Street Capital Partners has recapitalized Global Software Inc. Financial terms weren't announced. Madison Capital Fund LLC and Carlyle GMS Finance Inc provided financing. Raleigh, North Carolina-based Global Software provides Microsoft Excel-based automation and reporting software solutions. RoundTable acquires Symmetry RoundTable Healthcare Partners has acquired Nashville-based Symmetry Surgical Inc, a provider of reusable, reposable and single-use surgical instrumentation and specialty devices. No financial terms were disclosed. In addition to the acquisition, Thomas P. Kapfer, a senior operating partner at RoundTable, has been named chairman of Symmetry's board. Gryphon buys CORA Gryphon Investors has acquired CORA Health Services Inc, an operator of outpatient physical therapy services. No financial terms were disclosed. Cain Brothers served as financial advisor to Gryphon while Raymond James did likewise for CORA. LiET to rake in up to $20 mln Hong Kong-based battery maker Lithium Energy Technology is raising up to $20 million in funding. The investor is an unnamed private equity firm. GTCR completes Optimal Blue acquisition GTCR has closed its previously announced buy of Plano, Texas-based Optimal Blue Holdings, a mortgage technology provider. Although the exact terms of the deal were not disclosed, GTCR has committed to invest up to $350 million in equity in Optimal Blue. Stephens Inc advised GTCR on the deal while FT Partners advised Optimal Blue. Apax to sell Epicor to KKR KKR has agreed to acquire software provider Epicor from Apax Partners. No financial terms were disclosed for the transaction that's expected to be completed by the end of August. Morgan Stanley and RBC Capital Markets provided financial advice to KKR on the deal while BofA Merrill Lynch and UBS Investment Bank did likewise for Epicor. YFM backs Sipsynergy UK-based Sipsynergy, a cloud collaboration solutions provider for small to medium-sized businesses, has raised 2.75 pounds in funding. The investor was YFM Equity Partners. Apax to sell Trader Corp to Thoma Bravo for about $1.22 bln Thoma Bravo has agreed to acquire Trader Corp, a Canadian provider of advertising for car dealers, from Apax Partners. The price of the transaction is about C$1.575 billion (about $1.22 billion). | 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. Register Today! July 19, 2016 | Harvard Club | NYC |
| | IPOs | | | | | In up-to-$10 billion IPO, China's PSBC eyes ticket to online financial services boom: Reuters As part of plans for an up-to-$10 billion initial public offering, Postal Savings Bank of China (PSBC) aims to transform itself from a brick-and-mortar lender into a digital player, helped by its investors Ant Financial and Tencent Holdings, Reuters News reported. VC-backed IPO activity remains weak in Q2 with 12 U.S. deals The number of venture-backed IPOs in the United States doubled in the second quarter, but activity remained at a low level with biotech offerings outpacing tech by a wide margin, according to a report from Thomson Reuters and the National Venture Capital Association. Twinkies maker Hostess to go public under new owner: Reuters Hostess Brands LLC, the maker of Twinkies and Ding Dongs, said an affiliate of private equity firm Gores Group will buy the company in a $725 million deal and take it public. | | | | | | | H.I.G. Capital to exit Zmarta Group Bauer Media Group said July 6 that it agreed to buy Zmarta Group from H.I.G. Capital. Financial terms weren't announced. Stockholm-based Zmarta is a fintech marketplace in Northern Europe, offering personal loans, insurance, credit cards and a recently launched Personal Finance Management app. William Blair International Ltd advised H.I.G./Zmarta. Keais Records merges with Second Image National Keais Records Service LLC, a portfolio company of The CapStreet Group, said July 6 it has closed its merger with Second Image National Inc. Financial terms weren't announced. Second Image provides document retrieval, storage and organization services to the insurance and legal industries. SourceMedia sells Traders Magazine Markets Media said July 5 that it acquired Traders Magazine from SourceMedia. Financial terms weren't announced. Traders Magazine serves professionals in the North American institutional markets. PE-backed CPP WI Holding Company to buy Compass from HRG for $145 mln HRG Group Inc has agreed to sell its oil and gas subsidiary Compass Production Partners to CPP WI Holding Company LLC for $145 million in cash. The deal is expected to be completed in August 2016. CPP WI Holding Company is backed by Mountain Capital Management. PE-backed Convenience Valet buys Medex Convenience Valet, a portfolio company of Weinberg Capital Group, has acquired Melrose Park, Illinois-based Medex Merchandising, a provider of branded health and beauty care products. No financial terms were disclosed. Blackstone to sell Wexford's life science and medical real estate assets for $1.5 bln Ventas has agreed to acquire most of Wexford Science & Technology's life science and medical real estate assets for $1.5 billion in cash. The seller is Blackstone. The deal is expected to be completed in the fourth quarter of this year. J.P. Morgan Securities is serving as financial adviser to Ventas while Wells Fargo is acting as financial advisor to Blackstone. Wexford is a real estate company focused on partnering with universities, academic medical centers and research companies. Ardian-backed Trigo to buy Bllinger Ardian-backed Trigo Group has agreed to acquire Bllinger, a German provider of automotive quality assurance services. No financial terms were disclosed. VC-backed IPO activity remains weak in Q2 with 12 U.S. deals The number of venture-backed IPOs in the United States doubled in the second quarter, but activity remained at a low level with biotech offerings outpacing tech by a wide margin, according to a report from Thomson Reuters and the National Venture Capital Association. PE-backed Valet Waste buys Simple Turns Valet Waste LLC, which is backed by Ares Management LP and Harvest Partners LP, has acquired Denver, Colorado-based Simple Turns, a provider of carpet cleaning, painting, porter services, apartment cleaning and turn services for the multifamily housing sector. No financial terms were disclosed. Great Point Partners exits NuVasive NuVasive has acquired Biotronic NeuroNetwork from Great Point Partners for $98 million. Based in Ann Arbor, Michigan, Biotronic NeuroNetwork is a provider of intraoperative neurophysiological monitoring. PE-backed Royal acquires Bacon Adhesives Royal Adhesives & Sealants LLC, which is backed by American Securities LLC, has acquired Irvine, California-based Bacon Adhesives, a maker of adhesives for aerospace and defense applications. | | Firms & Funds | | | | | H.I.G. Bayside Loan Opportunity Fund IV closes at $1.1 bln H.I.G. Bayside Capital, the distressed debt and special situation affiliate of H.I.G. Capital, has closed H.I.G. Bayside Loan Opportunity Fund IV with $1.1 billion in capital commitments. H.I.G. Bayside Loan IV exceeded its $1 billion target and will invest in small-cap special situation credit opportunities in the United States. NextGen Growth Partners nabs funds for inaugural lower mid-market fund NextGen Growth Partners has raised an undisclosed amount of funding in the first close of its debut pool. The newly formed Chicago-based private equity firm focuses on lower mid-market companies. Joy Capital raises $200 mln venture fund Joy Capital has raised a $200 million first venture fund, according to a filing with the SEC. Monsanto, Microsoft to invest in agricultural technology in Brazil: Reuters U.S. biotech company Monsanto Co and Microsoft Corp announced on Monday a partnership to invest in agricultural technology startups in Brazil. Via Venture Partners collects about $150 mln for third fund Nordic private equity firm Via Venture Partners has raised about $150 million for its third fund. The investors are PFA and ATP. The fund will focus on Nordic companies in the tech and services sectors. | | Human Resources | | | | | Altus Capital makes Goldstein a partner Altus Capital Partners Inc said July 6 that it promoted Heidi Goldstein to partner. Blackstone to tap Bolland to head European portfolio operations Blackstone has recruited Marc Bolland as head of European portfolio operations of its private equity businesses. Bolland's past senior leadership roles include serving as chief executive of Marks and Spencer plc; chief executive of Morrisons plc; and chief operating officer at Heineken plc. His appointment begins September 19, 2016. DSW hires Smith as corporate finance director UK advisory and equity finance firm Dow Schofield Watts has named David Smith as a corporate finance director. Previously, Smith was an investment director at the North West Fund for digital and creative. | | Odds & Ends + Hot Links | | | | | PE HUB First Read First Read starts the morning with news that Deutsche Bank is predicting a 60 percent chance of a U.S. recession within the next year, soul icon Smokey Robinson to receive a top honor and why you should always wait until September to buy the next iPhone. PE HUB Second Opinion In Second Opinion, the FBI advises that no charges should be levelled against Hillary Clinton for her emails, Theranos faces congressional inquiry over faulty blood tests and Blackberry says it will stop making its classic smartphone model. |
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