| | | | | | | This morning: PE HUB has emerged relatively unscathed from maintenance earlier this week. Happy St. Patrick's day! What is everyone doing? Funds: Buyouts Sam Sutton is reporting that L Catterton is holding a first close on its new flagship fund this month. L Catterton set a $2.5 billion target for Fund VIII. L Catterton just closed its third North American growth equity fund at $615 million last month. Read the story here. Chris has a story on Tom Fuller leaving Angelo, Gordon & Co.'s distressed-securities business. Fuller's departure led to a key-man event in some funds, the story said. Check it out here. Orcas: SeaWorld is planning to end its killer whale breeding program immediately, the Orlando Sentinel is reporting. SeaWorld is also putting a stop to theatrical shows and introducing "new, inspiring, natural orca encounters," the story said. The Orlando Sentinel noted that SeaWorld has never really recovered from the "Blackfish" documentary. The Blackstone Group, lest we forget, acquired SeaWorld in 2009 and still holds about 22.2 percent of the company as of Dec. 31, according to regulatory filings. Caesars: Investors in Caesars Entertainment were "scrambling" to grasp the cost from a court-ordered investigation that said the casino company could face $5 billion in potential damages, Reuters News is reporting. An examiner's report on Tuesday found that Caesars, and its PE owners Apollo Global and TPG, could be on the hook for their efforts to keep the struggling casino empire afloat. Caesars' operating unit CEOC filed for bankruptcy last year. Read the story here. I'll be back on Monday. If you have a comment, a tip, or something nice to say email me at lbeltran@buyoutsinsider.com. If you have a complaint, email Chris at at cwitkowsky@buyoutsinsider.com. -- Luisa |  | | Today's Take | | | | PE HUB First Read
In First Read, Bill Ackman's Pershing Square is down 26.4 percent from toxic Valeant, Apple signs deal with Google Cloud Platform, reducing its reliance on AWS, and Vista Equity sets a $10 billion upper limit for its sixth flagship fund, reports the WSJ. Ex-SEC lawyer at Kirkland & Ellis sees regulatory pressure on GPs Aaron Schlaphoff, who recently joined Kirkland & Ellis as a partner after working at the Securities and Exchange Commission, in an interview with Buyouts flagged compliance issues for GPs around zombie funds, accelerated monitoring fees and other potential sticking points. Prior to joining the Chicago-based firm's private-funds group in its New York office on March 7, Schlaphoff had been... GSO, Guggenheim, MidOcean bid for Aspect Software equity Golden Gate Capital would lose its equity in Aspect Software if a restructuring plan is approved by creditors and a bankruptcy judge. GSO Capital Partners, Guggenheim Partners and MidOcean Credit would emerge with the equity in Aspect Software, a call-center-technology company, as part of its $380 million bankruptcy reorganization, according to court documents. For Golden Gate, the deal would mark... Angelo Gordon boosts distressed-debt team after chief leaves Tom Fuller, former senior managing director and chief of Angelo, Gordon & Co.'s distressed-securities business, left the firm at year-end, a spokeswoman confirmed. The reason Fuller left and his next step are as yet unclear. Gavin Baiera, managing director and global head of corporate credit, took over as head of the distressed-securities business at Angelo Gordon,... L Catterton set to hold first close on $2.5 bln flagship fund L Catterton will hold a first close on its new flagship fund this month, according to a Portfolio Advisors memo. The firm scheduled a final close for no later than the end of the second quarter. L Catterton set a $2.5 billion target for Fund VIII. The general partner will commit the lesser of $100 million... | | | | | | VC Deals | | | Handshake firms up $14 mln round led by Sozo New York-based Handshake, a provider of a B2B commerce platform for manufacturers and distributors, announced it has raised $14 million in a Series B round led by Sozo Ventures. Also participating in the round are the company's existing investors, including Emergence Capital, SoftTech VC, BOLDstart Ventures, MHS Capital, Point Nine and Primary Venture Partners. The company, founded in 2010, has now raised $23.5 million in total financing. Gecko Biomedical raises $25.5 mln Gecko Biomedical said Thursday it closed a €22.5 million ($25.5 million) financing round led by Sofinnova Partners. Also participating were Bpifrance and existing series A investors Omnes Capital, CM-CIC Innovation and CapDecisif Management. Paris-based Gecko Biomedical is a medical device company developing polymers to support tissue healing. CrowdStreet raises $3.5 mln CrowdStreet has raised $3.5 million in Series A funding led by Rally Ventures. Green Visor Capital, Seven Peaks Ventures and Portland Seed Fund also participated. Portland-based CrowdStreet is a real estate investor acquisition and management platform. DiACardio raises $1.95 mln in post-seed funding Israeli-based DiACardio raised $1.95 million in a post-seed financing round led by China's Shengjing Group. Other investors in the round include CE Ventures and AltaIR as well as existing backers Agate-Mac Fund and Capital Point Ltd. DiACardio offers software that automates the process of evaluating ultrasounds of the heart, also known as echocardiograms. Trusted raises $2.1mln seed round Trusted has disclosed that it raised $2.1 million in a seed round originally disclosed in September and apparently added to more recently. Qualcomm leads $2.5 mln funding round for Brazilian shipping company Manda Manda, which offers a platform to simplify the shipping process for individuals and small businesses in Brazil, raised $2.5 million from Qualcomm Ventures, the venture investment arm of Qualcomm Inc. Existing investors Monashees+ and Valor Capital Group also participated in the round. The investment brings Manda's total funding to $5 million. FloQast raises $6.5 mln in Series A funding Los Angeles-based FloQast, a provider of month-end closing software for accountants, raised $6.5 million in a Series A funding round co-led by Polaris Partners and Toba Capital. Amplify.LA, Wavemaker Partners, and Danmar Capital also participated in the round. In conjunction with the funding, Gary Swart, a partner at Polaris, joined the FloQast board. Credly attracts $2.5 mln in seed funding New York-based Credly, a platform for digital credentials, closed a $2.5 million seed financing round led by University Ventures and New Markets Venture Partners. Other participants in the round include Lumina Foundation, an Indiana-based non-profit, City & Guilds Groups, a UK-based skills development agency and Lion Brothers Company, a branding company. Striim raises additional $10 mln in Series B funding from Atlantic Bridge Striim Inc, a real-time data integration platform based in Palo Alto, California, raised an additional $10 million in Series B funding from Atlantic Bridge Capital, bringing the company's total Series B funding to $30 million. Previously announced investors in the round include Intel Capital, Summit Partners and Panorama Venture Partners. In conjunction with the investment, Kevin Dillon, general partner at Atlantic Bridge, will join Striim's board as an observer. Ring raises $61.2 mln Series C from Kleiner Perkins, Richard Branson Home security company Ring, which makes smart video doorbells, raised $61.2 million in a Series C funding round led by Kleiner Perkins Caufield & Byers with participation from existing investor Sir Richard Branson. | Meet The Man Who President Bill Clinton Described As
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| | | | | Caesars investors weigh impact of harsh examiner report: Reuters Investors in Caesars Entertainment Corp (CZR.O) were scrambling on Wednesday to grasp the cost from a court-ordered investigation that said the casino company could face $5 billion in potential damages from the bankruptcy of its operating unit, Reuters News reported. Clearlake Capital invests in Globe Energy Clearlake Capital Group LP has invested in Globe Energy Services LLC through a recapitalization. Financial terms weren't announced. Syder, Texas-based Globe Energy provides oilfield services with more than 50 operating locations throughout Texas, New Mexico and Oklahoma. Graycliff Partners invests in Williams Sound Graycliff Partners has provided subordinated debt and equity financing to Williams Sound. Financial terms weren't announced. Eden Prairie, Minnesota-based Williams Sound designs, makes and markets wireless communication systems to improve the hearing and communication of individuals in groups or gatherings. Abraaj Group establishes Themis as energy development arm The Abraaj Group established Themis Energy as a dedicated project development arm to invest in energy infrastructure. Themis, acquired by Abraaj to form the arm, currently has energy infrastructure projects under development in excess of 1,300 MW. Marc Mandaba, founder of Themis, will join Abraaj as a managing director and head of the new venture. Tas Anvaripour will join Abraaj as a partner, following her previous role as chairperson of Themis. Nautic Partners invests in ExactCare Pharmacy Nautic Partners has invested in ExactCare Pharmacy. Financial terms weren't announced. In conjunction with the deal, Doug Present, former CEO of MHA, has been named chairman of board, and Jim Smith, former CEO of QoL meds, also has joined the board. Buyouts Insider reported March 9 that Nautic was investing in ExactCare; the deal was valued at $150 million, the story said. Cleveland-based ExactCare is a pharmacy that targets patients that need multiple medications. AP6-backed Gyros to merge with Ampersand Capital's Protein Tech Gyros AB, a Swedish developer of immunoassays agreed to merge with Tuscon, Arizona-based Protein Technologies Inc, a provider peptide synthesis tools, to form Gyros Protein Technologies AB. Swedish state-controlled pension fund AP6 and Ampersand Capital Partners, which own a majority of Gyros and Protein Tech, respectively, will become the major shareholders in the new company. Huron Capital's dental platform Spring & Sprout buys Dan German Orthodontics Michigan-based Spring & Sprout Dental Holdings Inc, Huron Capital Partners LLC's platform for acquiring dental practices, acquired Ohio-based Dan German Orthodontics. Terms of the transaction were not disclosed. Ardian to sell 46.7 pct stake in KOS to CIR, F2i for $323 mln Ardian agreed to sell 46.7 percent of KOS, an Italian healthcare group, to Compagnie Industriali Riunite SpA (CIR), an Italian industrial group, and F2i, an Italian infrastructure fund, for 292 million euros ($323.04 million). PWP Growth Equity leads $32 mln funding round for MOD Pizza MOD Pizza, a fast casual pizza chain, raised approximately $32 million in an equity funding round led by existing investor PWP Growth Equity, the growth equity fund of Perella Weinberg Partners. PWP led a $45 million round for the company in March 2015. To date, MOD has raised about $106 million. Based in Seattle, MOD operates stores in 16 states. | How can you get involved at Buyouts East? ACG Boston
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| | IPOs | | | | | | No items | | | | | | | Air Products in talks to sell unit to Evonik: Reuters Industrial gas producer Air Products and Chemicals Inc (APD.N) is in advanced talks to sell its performance materials operations to Germany's Evonik Industries AG (EVKn.DE), a source familiar with the matter told Reuters. Hilb Group buys Raley, Watts & O'Neill The Hilb Group, a portfolio company of ABRY Partners, has acquired Raley, Watts & O'Neill. Financial terms weren't announced. California, Maryland-based Raley, Watts & O'Neill provides general insurance products and services. Eurazeo to buy two Swiss hospitality schools from KKR-backed Laureate Education for $384.28 mln Eurazeo, a European investment company, agreed to acquire Glion Institute of Higher Education and Les Roches International School of Hotel Management, both Swiss hospitality schools, from Laureate Education Inc for a total transaction value of 380 million Swiss francs ($384.28 million). Based in Baltimore, Laureate Education is a college network backed by an investor group that includes KKR. | | Firms & Funds | | | | | Pejman Mar Ventures files to raise new $75 mln fund Pejman Nozad and Mar Hershenson, co-founders of Pejman Mar Ventures, have filed to raise a new fund. Pear Ventures II LP is targeting $75 million in capital commitments and has not reported a first close, according to an SEC document. Founded in 2013, Pejman Mar is an early-stage venture capital firm based in Palo Alto, California. The firm has backed companies including Branch Metrics, Guardant Health and Door Dash. New York-based Contour raises $81 mln for two funds New York-based Contour Venture Partners, an investor in Datadog, OnDeck and Ticketfly, announced it has raised $81 million combined for two new funds. This includes $56 million for its third early-stage fund, which beat its $50 million target, and $25 million for its first opportunity fund. | | Human Resources | | | | | Converse joins Sutton Hill Rebecca Converse has joined Sutton Hill as a Managing Director. Converse was previously Director of Investor Relations, Marketing and Communications at Wind Point Partners. Kispert joins Black Diamond Ventures John Kispert has joined Black Diamond Ventures as a managing partner. Prior to joining BDV, Kispert was CEO of Spansion. JMC Capital hires Burckmyer as principal JMC Capital Partners hired Charlie Burckmyer as a principal. Burckmyer co-founded Knob Hill Partners, a Boston-based private investment firm. Most recently, he established a private equity investment platform as director of Nixon Peabody's Capital Connector | | Odds & Ends + Hot Links | | | | | Ex-Paulson partner snags Bain Capital co-founder's backing for new hedge fund: Reuters Former Paulson & Co partner Dan Kamensky has secured backing from a Bain Capital co-founder and others for his new hedge fund, and plans to hire a former top marketer at King Street Capital Management to sell it, Reuters News is reporting. Jerusalem Venture Partners to operate new Israeli tech incubator A group led by Jerusalem Venture Partners was chosen by Israel's National Innovation Authority to operate a Jerusalem-based technological incubator as part of a state-run incubator program. The group includes Motorola Solutions, Reliance Industries and Yissum, Hebrew University of Jerusalem's research development company. PE HUB Second Opinion In Second Opinion, Obama chooses centrist Merrick Garland for Supreme Court, LivingSocial lays off over 50 percent of its staff, and tequila producer Jose Cuervo considers IPO. U.S. PE & VC funds posted negative returns in third quarter: Cambridge U.S. private equity and venture capital funds posted negative returns in the third quarter of 2015, but both bested public market equity returns, according to benchmarks published by Cambridge Associates LLC. For the quarter ending September 30, 2015, the Cambridge private equity index posted a negative return of 1.4 percent, while the venture capital index showed a negative return of 0.4 percent. For comparison, the Nasdaq Composite lost 7.4 percent in the third quarter. |
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