| | | | | | | Happy Friday! Political contributions: CVC Capital Partners got a wrist slap by the New Jersey Division of Investment for an inadvertent political contribution to a state official by one of its high-ranking executives last year. This is a no-no under SIC rules that prohibit investment officials from firms working with the state pension from making contributions to state officials (there are exceptions to the rules). The executive rescinded the contribution shortly after it was made. SIC determined the contribution was inadvertent and it would be in the best interest of beneficiaries to grant CVC an exemption to the policy and continue the relationship. NJ committed 100 million euros to CVC Fund VI in 2013. New Jersey's internal political contributions policy is fairly aggressive. Good for them. State officials watched what happened next door in New York when political influence spread into the investment process, leading to prosecution, arrest, scandal, and some hilarity involving a movie called 'Chooch'. Read more here. Deal of the Year: Just a quick thank you to all the firms that participated in our Deal of the Year contest. Selection was not easy as every one of the submissions could have been winners. Our Deal of the Year was an investment by Arbor Investments in Gold Standard Baking Inc., which started out as a family –owned bakery in Chicago. Under its private equity owners, the company expanded nationally with big baking contracts with Walmart and Burger King Corp. Arbor sold Gold Standard Baking last year for 9.4x its money. Check out the story here. I wrote up our Turnaround Deal of the Year award story, which was Sun Capital's investment in Point Blank Enterprises Inc., which makes body armor for law enforcement and military personnel. Under Sun's ownership, Point Blank introduced a new product – a lightweight, strong body armor modeled after special forces armor. Check out the full story here. --Chris Interested in joining our team? Buyouts Insider is hiring! We have an opening for a research assistant in our New York City office. | | | | Today's Take | | | | Warburg seeks buyer for ACAMS: sources Warburg Pincus has put a portfolio company, Association of Certified Anti-Money Laundering Specialists, up for sale, three sources familiar with the situation said. Raymond James is advising on the auction, the sources said. Warburg just received first-round bids for ACAMS, one of the sources said. Warburg is seeking bids in the "mid-double-digit multiples," or $250 million to $300... Read more... Gen Cap back with Fund VII after six years Lower-middle-market specialist Gen Cap America is marketing its first fund in six years, according to an SEC filing and Rhode Island State Investment Commission documents. Gen Cap, a 28-year-old firm based in Nashville, set a $225 million target and $250 million hard cap for Southvest Fund VII, according to a fund presentation released by Rhode... Read more... NJ admonishes CVC for political-contribution violation CVC Capital Partners and New Jersey's state pension will continue their relationship, despite a hiccup around a political-contribution violation. A managing partner at the firm, Christopher Stadler, who runs CVC's private-equity activities in North America, inadvertently violated New Jersey State Investment Council's rules on campaign contributions last year. Stadler, whose name is misspelled in state... Read more... Data Spotlight: M&A surpasses $1.2 bln in February NEA, DFJ each achieve two exits in the month Read more... People Page: Wikipedia edit results in a lawsuit Ariadne Capital recently got some online attention. Just not the kind it was looking for. The London-based early-stage investor is suing PR agency Lansons Communications after what it calls a "botched attempt to improve a Wikipedia entry in a campaign that did its reputation more harm than good." The trouble started in 2014 when Ariadne's founder... Read more... | The Summit for Middle Market Debt Finance
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| | | | VC Deals | | | | Hewlett Packard leads $73.5 mln Series C funding in Mesosphere Hewlett Packard Enterprise led a $73.5 million Series C funding in Mesosphere, which provides a datacenter operating system. Other investors in the funding round include Microsoft, which joined as a strategic investor. Previous Mesosphere investors Andreessen Horowitz, Khosla Ventures, and Fuel Capital, as well as new investors A Capital and Triangle Peak Partners, participated in the funding. Mesosphere has raised almost $126 million to date. Read more... Renren invests $4 mln in OneRent Renren, Inc. provided $4 million of Series A funding in OneRent, a residential rental and property management service. OneRent launched in January and has expanded its portfolio with more than $500 million of properties under management. Read more... Kreditech raises $11.2 mln Kreditech said Thursday it raised 10 million euros (US$11.2 million) in funding from International Finance Corporation (IFC), part of World Bank Group, bringing its total Series C round to 92.7 million euros ($103.6 million). Hamburg-based Kreditech in September raised 82.5 million euros as part of the Series C led by J.C. Flowers & Co. and including Peter Thiel, Amadeus Capital Partners, as well as existing shareholders Vrde Partners, Blumberg Capital and HPE Growth Capital. Kreditech is a consumer finance technology company. Read more... Soasta raises $30 mln Soasta said Thursday that it raised $30 million in debt funding led by Tennenbaum Capital. Also participating were existing investors Canaan Venture Partners, Pelion Venture Partners and Formative Ventures. Mountain View, California-based Soasta provides performance analytics. Read more... Civalue raises $2.4 mln Civalue said March 24 it closed a $2.4 million seed round from Nielsen Innovate, Mac Fund, a Korean – Israeli fund, Deutsche Telekom and other investors. Civalue, of Yokneam, Israel, provides customer insight and personalization software for grocery, health and beauty retailers. Read more... Domo raises $131 mln Domo said Tuesday is raised another $131 million to its Series D round at a sustained valuation of $2 billion. Existing investors from Domo's last funding announcement plus Credit Suisse and other new investors also joined the round. American Fork, Utah-based Domo provides a so-called "business cloud" or an open, self-service platform for businesses. Read more... | 2 Weeks Left To Join Your Peers at PartnerConnect East!
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| | | | | | Back to top | | Black Diamond agrees to buy steelmaking facilities from ArcelorMittal Black Diamond Capital Management agreed to acquire steelmaking operations from ArcelorMittal in Louisiana, Tennessee and Texas. The deal is expected to close in April. Read more... | Registration is Now Open for PartnerConnect MidWest!
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Back to top | | 1315 Capital raises $179.5 mln toward target Healthcare growth investor 1315 Capital has raised $179.5 million toward a $225 million target, according to a regulatory filing. Read more... Brooklyn Bridge nearing $15 mln target Brooklyn Bridge Ventures has raised more than $11.7 million toward a targeted $15 million second fund, according to a regulatory filing. Read more... True Ventures files to raise $295 mln True Ventures, an investor in BrightRoll, Fitbit, MakerBot and others, filed to raise $295 million for its fifth fund, according to a regulatory filing. Read more... | | Human Resources | | |
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Back to top | | PE HUB First Read To close out your week, First Read delivers news Starboard runs slate of directors to replace entire Yahoo board, Blackstone's mutual fund loses half its assets and Microsoft blames snarky Millennials for turning its PR chatbot into a Hitler-loving racist. Read more... PE HUB Second Opinion In Second Opinion, vacuum maker Dyson is reportedly working on an electronic car, Tivo is in merger talks with Rovi and Garry Shandling has passed away. Read more... |
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