| peHUB Wire -- Monday, March 15 |
SF Shindig, March Madness & More…
I’m pleased to announce that peHUB will return to San Francisco on April 14, for our first Bay Area Shindig in more than a year. It will take place at Mighty, which doubles at a music hall on the weekend (and which also should afford us more space than that overcrowded affair at Pete’s).
Tickets and more info at: http://sfshindig.eventbrite.com
Per usual, cocktails and conversation with the area's venture capitalists, private equity pros, entrepreneurs, bankers and assorted hangers-on. Plus, the Taco Truck will be sitting outside, to satisfy your hunger.
Tickets are just $10, with proceeds to be donated to a charity chosen by event attendees. Be sure to nominate one upon sign-up.
BIG thanks to our sponsors: Capital Dynamics, Rothstein Kass, Flag Capital Management, SecondMarket and True Ventures.
*** March Madness: It's that special time of year, when corporate America turns a blind eye toward in-house gambling. That’s right dear readers, it’s time for our annual March Madness Extravaganza.
The contest is open to all peHUB readers, with the top finisher to receive three prizes: (1) Premium Membership to peHUB, which includes one year of complimentary access to our editorial archive; (2) A complementary one-year online subscription to Buyouts or Venture Capital Journal; and (3) The opportunity to write a lead column for peHUB Wire, which could mean anything from an essay to a company advertisement to a plea for work.
- You will need a Yahoo account, which you can get here if you don’t already have one. Once you’ve done so, sign in and then go to: http://tournament.fantasysports.yahoo.com/men
- Select “Join a Group” (you may have to hit it twice)
- You will need the Group ID and Password to join the group. The group ID is: 98726. The password to is: invest
Just follow the instructions and pick your bracket. You also can choose to qualify for some big cash prizes Yahoo is offering.
Finally, I ask that each participant let me know your group name, real name and place of business. This is so I can identify leaders and winners. Please email me at danpehub@yahoo.com (special email address only for this purpose), with the team name in the subject heading and your real name/job in the email body. Good luck...
*** Last Friday, I had the opportunity to help judge the regional VCIC at MIT. For the uninitiated, VCIC is an international competition, in which teams of business school students imitate venture capital firms. This includes due diligence with real entrepreneurs, the drafting of term sheets, deal negotiations and Q&A with the judges (which can be a bit harsh).
Congrats to the winners from Tuck School of Business, which just edged out Wharton. The Tuck team will head to Chapel Hill for the finals next month.
One quick takeaway is that I was surprised by the excessive risk-aversion displayed by some of the teams. Micro-managed deal tranching, too much attention to baseless revenue projections and the insistence on majority stakes for tiny investments (the advent of seed buyout firms?). Maybe it was a byproduct of the overall economic maelstrom, or perhaps it was a regional thing.
Quick reminder to those who I’ll help judge in Chapel Hill: Risk is part of venture capital. If you want assurances, invest in T-bills.
peHUB Returns To Boston
More than 370 of you have purchased tickets to our Boston Shindig, taking place on March 31. Get yours today, by going to:
http://bostonshindig.eventbrite.com
Big thanks to our sponsors: .406 Ventures, Atlas Venture, Capital Dynamics, SecondMarket and Velocity Financial Group.
New @peHUB
* First Read, including National Green Shoots Day, the Greek tragedy of Wind Hellas, what real economists are learning from virtual economies, MBA grads head (far) east, NYC taxies overcharged by more than $8 million last year and Michael Lewis discusses The Big Short.
* Second Opinion, including Meg Whitman's private equity conflicts, "yes men" financial advisors, KKR's value and 30 Rock parodies the Comcast-NBCU merger.
* Paul Koenig: Amazon Shrugs in Colorado
* WiMAX companies have raised lots of venture capital, but the future isn't too bright
* PE-backed Debt Watch: Upgrades & Downgrades
* peHUB Rewind: Last week's highlights
Be a part of esteemed, wide-read industry research.
Rothstein Kass invites you to participate in our third-annual survey of
private equity industry leadership.
Survey respondents receive:
- A copy of the white paper report that will include survey results
- A copy of "Beyond Performance: How Hedge Funds Can Strengthen and Build Their Affluent Client Base,” a definitive guide to cultivating relationships among high-net-worth communities
Complete the questionnaire.
For more information about Rothstein Kass or to download our other survey reports, visit rkco.com. | | |
Apax Partners has agreed to sell retailer Tommy Hilfiger to Phillips-Van Heusen Corp. (NYSE: PVH) for 2.2 billion, plus the assumption of €100 million in liabilities. The deal includes around €1.92 billion in cash and €276 million in PVH common stock. Read more…
ONCAP Management Partners, the mid-market private equity unit of Onex Corp., has agreed to acquire Sport Supply Group Inc. (Nasdaq: RBI), a maker and distributor of sporting goods and branded team uniforms to the institutional and team sports market. The deal is valued at approximately $169 million, or $13.55 per share in cash. Read more…
Rhythm Pharmaceuticals, a Boston-based developer of peptide therapeutics for metabolic diseases, has held a $21 million first close on its Series A funding. MPM Capital and New Enterprise Associates co-led the financing, which will be used to developer products licensed from Ipsen (Euronext: IPN). Read more…
17th Annual Atlantic Conferences Symposium
on Mezzanine & Middle Market Finance
April 20 – 21, Roosevelt Hotel, NYC
Debt Financing in the Middle Market
Closing Deals After the Freeze: The Money is Back!
Where the money is • How it’s being structured today
53 High-Level Speakers! www.AtlanticConferences.com
Summit Meeting for:
Private Equity: Obtain solid intelligence – who’s providing capital; what structures; what’s doable, what’s not.
Junior Capital: Who’s providing senior debt? What do they want from partners? Senior Lenders: Who’s providing junior capital to complete your deals?
Click for more details | | |
Sonos Inc., a Santa Barbara, Calif.-based provider of multi-room, digital music systems, has raised $25 million in Series C funding from Index Ventures. Mike Volpi of Index will take a seat on the Sonos board of directors. The company previously raised more than $20 million from BV Capital and individual angels.www.sonos.com
Hunch Inc., a consumer-facing online decision engine, has raised $12 million in Series B funding. Khosla Ventures led the round, and was joined by return backers Bessemer Venture Partners and General Catalyst. Khosla partner Gideon Yu, former CFO of Facebook, will join the Hunch board of directors. www.hunch.com
Antisense Pharma, a German developer of cancer therapeutics, has raised €13 million in new VC funding. Return backers included MIG Fonds and the Global Asset Fund. Read more…
GyPSii, a Dutch developer of location-based social networking applications, has raised $11 million in VC funding led by UK-based Schroders. Read more…
OfferIQ, a New York-based developer of a mobile customer reward redemption solution for retailers, has raised an undisclosed amount of new VC funding. Metamorphic Ventures led the round, and was joined by ff Asset Management, Transactis CEO Joseph Proto and other individual angels. Read more…
Snaptu (f.k.a. Moblica), an Israeli mobile application developer, has raised an undisclosed amount of Series A funding from Sequoia Capital. Read more…
SurgicEye GmbH, a German developer of intra-operative imaging and instrument navigation for the removal of breast cancer and melanoma, has raised an undisclosed amount of Series A funding from FVW Investments and Clusterfonds Innovation. SurgicEye is a spin-outfrom Technische Universität München. www.surgiceye.com
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ACG InterGrowth 2010, the annual gathering of middle-market M&A and corporate dealmakers hosted by the Association for Corporate Growth will take place
May 4-6, 2010 at the Fontainebleau Hotel in Miami Beach, FL.
InterGrowth brings together 1,800+ attendees, from 300+ private equity groups and 160+ intermediary firms and is one of the largest gatherings of its kind in the world. Former Secretary of the Treasury, Henry Paulson headlines
the list of keynote speakers.
Register today here
| | |
Citadel Capital has invested approximately $183 million into three Nile River ports, and is eyeing additional Egyptian and Sudanese river port investments. Read more…
French Connection (LSE: FCCN) has agreed to sell its Nicole Farhi brand to OpenGate Capital for up to £5 million. Read more…
KKR and Warner Music Group (NYSE: WMG) reportedly are in talks to launch a break-up bid for EMI Group, a debt-laden portfolio company of Terra Firma Capital Partners. Read more...
Stonegate Mortgage Corp., a Fishers, Ind.-based mortgage lender, has raised an undisclosed amount of private equity funding from Indianapolis-based Second Curve Partners. Read more…
Meru Networks Inc., a Sunnyvale, Calif.-based developer of wireless infrastructure solutions, has set its IPO terms to 4.39 million common shares being offered at between $13 and $15 per share. It would have a market cap of approximately $223 million, were it to price at the high end of its range. Meru Networks has raised over $160 million in VC funding since 2002, from Clearstone Venture Partners (20.9% pre-IPO position), Vision Capital (19.1%), NeoCarta Ventures (18.4%), BlueStream Ventures (16.3%), The D. E. Shaw Group (15.6%), Tenaya Capital (10%), Evercore Partners and Monitor Ventures. Read more…
SS&C Technologies Inc., a Windsor, Conn.-based financial management software company backed by The Carlyle Group, has set its IPO terms to 10.73 million shares being offered at between $13 and $15 per share. This is a reduction in the company’s plans, as it originally filed last December to raise $300 million. It had previously filed for, and withdrawn, a $200 million offering. SS&C plans to trade on the Nasdaq under ticker symbol SSNC, with J.P. Morgan serving as lead underwriter. www.ssctech.com
CPI Card Group, a Littleton, Colo.-based manufacturer of financial payment cards, has acquired certain assets of Roseville, Minn.-basedPremier Card Solutions. No financial terms were disclosed. CPI is a portfolio company of Tricor Pacific Capital, while PCS is a portfolio company of Valor Equity Partners. Read more…
Denham Capital has agreed to sell the assets of Excel Telecommunications to Matrix Telecom Inc., a portfolio company of Platinum Equity. No financial terms were disclosed. Excel is an Irving, Texas-based provider of integrated voice and data communications products and services to residential, commercial and carrier customers. Read more…
IMIX, a Swedish provider of digital radiography systems for hospitals and specialist clinics, has raised an undisclosed amount of private equity funding from Sunstone Capital. IMIX also has agreed to merge with ARCOMA AB, an OEM supplier of medical and radiology systems and sub-systems. Read more…
Shiseido Co. Ltd. ( Tokyo: 4911) has acquired San Francisco-based cosmetics company Bare Escentuals Inc. (Nasdaq: BARE), via an $18.20 per share tender offer. Sellers included Berkshire Partners, which held around a 16% stake. Read more…
Neuberger Berman reportedly is planning a London listing for its first dedicated distressed debt fund, which would be targeting a raise of more than $150 million. Read more…
Richard Marsh and Jonathan Freuchet-Sibilia have joined Encore Ventures, the secondaries unit of European VC firm DFJ Esprit, as a partner and investment manager, respectively. Marsh previously was an investment manager with Oxford Capital Partners, and will take over responsibility for assets acquired late last year from 3i Group. Freuchet-Sibilia previously was an associate with Jefferies International. Read more…
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