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Happy Year of the Pig, everyone. It's a beautiful day in NYC, which is incredible considering last week.
 
Not much news today. Chris has a story on Alex Navab, the former head of KKR's Americas private equity business, who has launched his own fund. Last year, KKR announced its leadership succession, tapping Joe Bae and Scott Nuttall to become co-presidents and co-COOs. They left out Navab, who then launched Navab Holdings with a commitment from Goldman Sachs.
 
Personally, I applaud people who rise from the ashes of disappointment and move on. Navab doesn't seem like he's resting on his laurels. Who else has done this? See Chris's story to find out how much Navab is seeking.
 
Fintech: The circle of life is hitting the payments sector. There aren't many small cap payments companies left in the U.S. for private equity to buy, I'm hearing. This comes after Repay was sold to Thunder Bridge, a blank check company. (The sale valued Repay at $653 million.)
 
"There are lots of payments companies that make $3 million, $4 million, $5 million or $10 million EBITDA but you need to roll those up to be sold," a source said. 

Last year, I was hearing that large U.S. buyout shops were having to hunt for payments deals in Europe. Just wondering if this trend is continuing. Which companies are still available? Email your thoughts to me at lbeltran@buyoutsinsider.com
 
Deals: L Catterton has invested in Femme – Laboratório da Mulher. Financial terms weren’t announced. Femme, of São Paulo, offers women diagnostic gynecology, ultrasound, fetal medicine, breast imaging, genetics, pathology lab and blood tests. See our brief here.
 
Wynnchurch Capital has acquired Boss Industries LLC, which provides power take-off and engine driven rotary screw air technology that is used in compressors and vapor recovery systems. Check out our brief here.
 
Vivendi is mulling a partial sale of Universal Music Group, which could value the label at $25 billion, Bloomberg is reporting. Vivendi has held informal talks with PE, the story said. See our brief here.
 
News from Buyouts Insider/VCJ: Oregon Investment Council approved a private equity pacing target of $2.5 billion to $3.5 billion for 2019 and plans to use co-investment to reduce fees in its PE portfolio, Dietrich Knauth is reporting.
 
Compass Group Equity Partners, the St. Louis private equity firm, is seeking at least six add-ons in 2019, Milana Vinn says.
 
Active LPs: As Teacher Retirement System of Texas gears up for its 13th annual emerging-manager conference, it is expanding its own program to smooth the transition for young managers into its core private equity portfolio. Read Preeti Singh's story here.
 
That’s it for me. Email any tips, comments or complaints to lbeltran@buyoutsinsider.com

Get Plugged In:  It’s time to start thinking about our 31st Annual PartnerConnect East, March 25-27 at the Hyatt Regency in Boston. This is the big one folks. Close to 500 decisionmakers across Private Equity, Venture Capital and Real Estate...200+ LPs…100+ dealmakers…400-odd private meetings between GPs & LPs…tons of A-list speakers. The ultimate networking event for senior professionals in the industry. Make your plans now to attend. Click here for more info.

Who's the best:
 Buyouts is now accepting nominations for its 19th annual Deal of the Year awards, honoring exceptional buyouts that were fully or mostly realized in 2018. The deadline for submissions is Friday Feb. 22, 2019, but there’s no time like the present to apply. We’re also adding a new category this year, secondaries of the year, to recognize the top transaction relating to the sale of LP stakes, GP-led liquidity process, secondary-led spinout or some combination of all three.
 
Don’t miss this opportunity to be recognized by the editors of Buyouts for your outstanding work in 2018. Send Chris your submissions at cwitkowsky@buyoutsinsider.comRead more here
 
Winners will be selected in six categories:
 
·         Deal of the year
·         Large market deal of the year
·         Middle market deal of the year
·         Small market deal of the year
·         Turnaround of the year
·         Secondaries of the year
·         International deal of the year

 
Today's  Take  

PE HUB First Read

First Read begins the day with news that Charlotte Russe files for bankruptcy and will close nearly 100 stores, Google parent Alphabet posts strong revenue growth, and T-Mobile pledges a three-year price clampdown if its merger is approved.
Read more...  

PE HUB Second Opinion

In Second Opinion. Slack has confidentially filed to go public, Tesla is buying battery tech maker Maxwell Technologies for $218 million and one-time bond guru Bill Gross is retiring from Janus Henderson.
Read more...  

Private Equity Jobs of the Week: Park Hill, Great Point and Partners Group are hiring

This week's jobs include a principal at Park Hill, a vice president at Partners Group and associates at Great Point and Trive Capital.
Read more...  

PE HUB Wire Highlights, 2.4.19

Hellman-led group to buy Ultimate Software for $11B; TSG Consumer Fund VIII raises $4B; Lightyear puts Advisor Group on the block
Read more...  

Ex-KKR exec Navab could target up to $4 bln for debut

Alex Navab, a former high-ranking leader at Kohlberg Kravis Roberts, may have lofty ambitions for his debut fund. Navab, who left KKR in 2017 after a leadership succession left him out, could target up to $4 billion for his debut, sources told Buyouts. He’d be one of several big-name executives to leave their firms and […]
Read more...  

NYS Common closed 2018 strong, pledged total $6.3 bln to PE

New York State Common Retirement Fund committed more than $1.1 billion to private equity funds in December, bringing its total 2018 commitment to the asset class up to $6.3 billion. The $207 billion pension fund committed: $400 million to Brookfield Asset Management’s Brookfield Capital V fund, which has a target size of $8.5 to $9 […]
Read more...  

Off the beaten path, St. Louis-based Compass Group seeks six add-ons in 2019

Compass Group Equity Partners, the St. Louis private equity firm, is seeking at least six add-ons in 2019, Vice President Russell Williams told Buyouts. Last week, the firm acquired Protech Global Solutions, an electronics manufacturing services and third-party logistics solutions provider. The acquisition marks the fourth add-on to its flagship Compass Electronics Group platform since summer 2017. Protech […]
Read more...  

Oregon plans cost-saving co-investments, ~$3 bln in PE commitments

Oregon Investment Council approved a private equity pacing target of $2.5 billion to $3.5 billion for 2019 and plans to use co-investment to reduce fees in its PE portfolio. Oregon’s 22.1 percent PE allocation is already over its 17.5 percent target, but the pension plans to maintain the same pacing target as last year, with […]
Read more...  

No bones about it, exoskeleton ventures are transforming industry — and people

You able to leap tall buildings in a single bound? Not yet. But lifting a 250-pound crate in a warehouse? No problem. Innovations in robotic exoskeleton technology are enabling everyday people to perform superhuman feats of strength and could soon transform the way many of us work, play and live our lives. Already, exoskeletons are […]
Read more...  

Rosecliff Ventures is seeking $150 mln for its fourth fund

Rosecliff Ventures, a New York City-based venture firm, is seeking to raise $150 million for its fourth fund according to a regulatory filing. A first sale was not reported. Launched in 2016, the firm was initially focused on early-stage seed deals. Since then, Rosecliff has expanded to provide ongoing support for each of its portfolio […]
Read more...  

Venture capital emerging manager roundup: Owl, Viola, PICO and more

Emerging managers continue a strong 2019 with more than $3.9 billion in fundraising the past few weeks. Venture firms were responsible for more than $682 million of that, two of which raised more than $100 million. Owl Ventures led all active fundraisers. The firm focuses on education technology companies and raised more than $315 million […]
Read more...  

Texas Teachers works to smooth path for emerging managers into core portfolio

As Teacher Retirement System of Texas gears up for its 13th annual emerging-manager conference, it is expanding its own program to smooth the transition for young managers into its core private equity portfolio. The system, a pioneer in EM programs, will inject $1 billion into what it calls its Emerging Manager Select program. Texas Teachers […]
Read more...  

Oregon plans cost-saving co-investments, ~$3 bln in PE commitments

Oregon Investment Council approved a private equity pacing target of $2.5 billion to $3.5 billion for 2019 and plans to use co-investment to reduce fees in its PE portfolio. Oregon’s 22.1 percent PE allocation is already over its 17.5 percent target, but the pension plans to maintain the same pacing target as last year, with […]
Read more...  
 
PartnerConnect East 2019
Celebrating 31 Years of Excellence
March 25-27, 2019
Hyatt Regency, Boston

The Premier Networking Event for LPs & GPs in the Private Equity, Venture
Capital and Private Real Estate Sector


Register Now

 
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VC Deals 

 
 

MycoTechnology raises $30 mln

MycoTechnology has raised a $30 million financing round led by ADM Capital Europe. Also participating were S2G Ventures Fund II LP, Middleland MT Holdings LLC, TML-Invest Sàrl, Tysons Ventures, Bunge Ventures Ltd, Continental Grain Co, Eighteen94 Capital LLC (Kellogg's), and DNS-Hiitake LLC. MycoTechnology, of Denver, is a food processing technology company.
Read more...  

Healthware rakes in funding

Healthware, an Italy-based next-generation consulting firm, has secured 10 million euros in funding. FII Tech Growth was the lead investor.
Read more...  

Energize Ventures leads Series A round for Aurora Solar

San Francisco-based Aurora Solar, a software platform for distributed solar, has raised $20 million in Series A funding. Energize Ventures led the round with participation from S28 Capital and Pear.
Read more...  

Scheider Electric Ventures invests in eIQ Mobility

Silicon Valley-based eIQ Mobility Inc, which is focused on simplifying and accelerating the electrification of commercial and public fleets, has raised an undisclosed amount of seed funding. The investor was Schneider Electric Ventures.
Read more...  

Catalytic scores $30 mln Series B

Chicago-based Catalytic, a SaaS intelligent automation platform, has raised $30 million in Series B financing. Intel Capital led the round with participation from Redline Capital, New Enterprise Associates, Boldstart and Hyde Park Angels.
Read more...  

SoftBank’s Vision Fund in talks to invest $1.5 billion in Chinese used car platform, say sources: Reuters

The SoftBank-led Vision Fund is in talks to invest up to $1.5 billion in Chinese used car trading platform Guazi.com, sources told Reuters.
Read more...  

Open banking app Bud picks up $20 mln Series A

UK-based Bud, an open banking app, has raised $20 million in Series A funding, according to a blog post. The investors included HSBC, Goldman Sachs, Banco Sabadell, ANZ, Investec and 9Yards Capital.
Read more...  

CoreTigo fetches $10 mln Series A

Israel-based CoreTigo, a provider of critical wireless connectivity solutions, has raised $10 million in Series A funding. Qualcomm Ventures LLC and Sierra Ventures led the round with participation from Magma Venture Partners, Cardumen Capital and Meron Capital.
Read more...  

Extend Fertility snags $15 mln Series A

New York City-based Extend Fertility, a fertility services company, has secured $15 million in Series A funding. The investor was Regal Healthcare Capital Partners. In addition to the funding, Extend Fertility has appointed Anne Hogarty as CEO. Recently, Hogarty was chief business officer at Prelude Fertility and president of MyEggBank.
Read more...  

Sustainable Bioproducts inks $33 mln Series A

Sustainable Bioproducts, a biotechnology company focused on growing edible protein, has raised $33 million in Series A financing. The lead investor was 1955 Capital.
Read more...  

Siete Family Foods lands $90 mln

Austin-based Siete Family Foods, a Mexican-American food brand, has secured $90 million in funding. Stripes Group was the lead investor. Aspect Consumer Partners was the adviser on the deal.
Read more...  

LEO Pharma backs Gore Range Capital

LEO Pharma, a Danish medical dermatology company, has made an investment in Gore Range Capital, a healthcare-focused venture firm. No financial terms were disclosed.
Read more...  
Mark Your Calendars!
PartnerConnect Event's 2019 Calendar is here!


PartnerConnect East- March 25-27th, Boston
DealConnect Family Office & Independent Sponsor Spring- May 21-22nd, NYC
PartnerConnect Midwest- June 24-26th, Chicago
Emerging Manager Connect East- July 23rd, NYC
PartnerConnect West- September 23-25th, San Francisco
 DealConnect Family Office & Independent Sponsor Fall- October 29-30th, NYC
PartnerConnect Texas- December 9-11th, Dallas
PE Deals sponsored by  
 
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Wynnchurch buys Boss Industries

Wynnchurch Capital LLC said Feb. 5 that it acquired Boss Industries LLC. Financial terms weren’t announced. Boss, of La Porte, Indiana, provides power take-off and engine driven rotary screw air technology that is used in compressors and vapor recovery systems.
Read more...  

L Catterton invests in Femme

The Latin America fund of L Catterton has invested in Femme – Laboratório da Mulher. Financial terms weren’t announced. Femme, of São Paulo, offers women diagnostic gynecology, ultrasound, fetal medicine, breast imaging, genetics, pathology lab and blood tests.
Read more...  

Activa Capital invests in Explore

Activa Capital said Feb. 5 that it has taken a majority position in Explore. Financial terms weren’t announced. Explore, of Paris, develops B2B business intelligence solutions for the real estate, construction and business services sectors.
Read more...  

Monroe Capital backs Warren Equity’s Magneto & Diesel buy

Monroe Capital LLC said Feb. 5 that it provided financing to support Warren Equity Partners’s buy of Magneto & Diesel Injector Service Inc. Financial terms weren’t announced. Magneto & Diesel is a distributor of aftermarket parts and components for maintaining and repairing diesel-powered engines within Texas, Oklahoma, and Louisiana.
Read more...  

Advent International names Taylor as managing partner

Advent International has appointed Bryan Taylor as a managing partner to lead its technology investment team. Prior to joining Advent, Taylor was co-head of TPG Capital's technology group.
Read more...  

Vector Capital completes Aspect Software buyout

Vector Capital has closed its previously announced acquisition of Aspect Software Inc, a provider of customer engagement, workforce optimization and self-service solutions. No financial terms were disclosed; however, as previously reported by PE HUB, Vector agreed to invest more than $100 million in Aspect’s business. Jefferies LLC and DCS Advisory served as financial advisers to Aspect on the deal.
Read more...  

Silver Lake completes GE Digital acquisition from ServiceMax

Silver Lake has closed its previously announced acquisition of GE Digital from ServiceMax. No financial terms were disclosed. JP Morgan served as financial adviser to GE Digital on the transaction with Hogan Lovells providing legal counsel. And, Morgan Stanley was financial adviser to Silver Lake while Skadden, Arps, Slate, Meagher & Flom LLP provided legal advice.
Read more...  

GTCR acquires Ultimus Fund Solutions and The Gemini Companies

GTCR has acquired Ultimus Fund Solutions and The Gemini Companies, which both provide middle and back-office solutions that help fund managers and investors. No financial terms were disclosed. Broadhaven Capital Partners served as financial adviser to GTCR on the deal while Raymond James & Associates did likewise for Gemini. And, Latham & Watkins advised GTCR on the acquisitions.
Read more...  

South Africa’s Clover Industries shares soar on $359 million buyout offer: Reuters

Shares of Clover Industries Ltd (CLRJ.J) jumped over 20 percent on Monday after it announced a 4.8 billion rand ($358.99 million) buyout offer from a consortium of companies, including Brimstone Investment Corporation Ltd (BRTJ.J) and the executive management of Clover, Reuters reported.
Read more...  

Insiginia Capital to acquire minority stake in marketing tech company MediaAlpha

Insignia Capital Group has agreed to acquire a "significant" minority stake in MediaAlpha, a marketing technology company. The transaction puts MediaAlpha at a valuation of about $350 million. As a result of the transaction, White Mountains Insurance Group Ltd will retain an equity stake in MediaAlpha. Petsky Prunier Securities LLC provided financial advice to MediaAlpha on the deal.
Read more...  

Roark takes majority stake in health club chain Fitness Connection

Roark Capital has acquired a majority stake in Fitness Connection, a health club chain, from LNK Partners. No financial terms were disclosed. Paul, Weiss, Rifkind, Wharton & Garrison LLP advised Roark while Jefferies LLC, Piper Jaffray & Co. and Kirkland & Ellis LLP advised Fitness Connection.
Read more...  

Stellex buys Paragon Metals

Stellex Capital Management has acquired Hillsdale, Michigan-based Paragon Metals, a maker of precision machined components and assemblies. No financial terms were disclosed.
Read more...  

First Infrastructure Capital to buy WhiteWater

First Infrastructure Capital Advisors LLC has agreed to acquire Austin, Texas-based WhiteWater, a midstream company. No financial terms were disclosed. The deal is expected to close in the first quarter of 2019. Whitewater is backed by Denham Capital Management and Ridgemont Equity Partners.
Read more...  

KKR exploring ‘full or partial’ sale of Hitachi Kokusai: Financial Times

Private equity firm KKR & Co Inc (KKR.N) is exploring the “full or partial” sale of its Hitachi Kokusai chip equipment unit and has attracted the interest of two Chinese buyers, the Financial Times reported on Sunday, citing people familiar with the situation.
Read more...  
PROMOTE YOUR BRAND! GENERATE AWARENESS!  SELL YOUR PRODUCTS & SERVICES! 
 
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For more information about advertising, print & digital content contribution opportunities please click here       
 
IPOs
 
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VC-backed TCR2 sets IPO pricing terms

Cambridge, Massachusetts-based TCR2 Therapeutics Inc, an immuno-oncology company, has priced its IPO of 5 million shares between $14 and $16 per share. The company plans on trading the stock on the NASDAQ under the ticker symbol "TCRR." Jefferies, SVB Leerink and BMO Capital Markets are the lead underwriters. TCR2's backers include Dimensions Capital, Curative Ventures, Redmile Group, ArrowMark Partners, Hillhouse Capital Group, MiraeAsset Financial Group, Lucion Group, Sirona Capital, Alexandria Venture Investments, MPM Capital, F2 Ventures and Cathay Fortune Capital Investment.
Read more...  
M&A Deals  
 
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Resonetic buys Caribou Technologies

Resonetic, which is owned by Regatta Medical, said Feb. 5 that it acquired Caribou Technologies. Financial terms weren’t announced. Caribou, of Blaine, Minnesota, supplies centerless grinding, forming, coiling, machining and laser processing for the medical device industry. Regatta is a GTCR portfolio company.
Read more...  

CEI Vision Partners closes buy of Virginia Eye Consultants

CEI Vision Partners, a portfolio company of Revelstoke Capital Partners LLC, said Feb. 5 that it closed its buy of Virginia Eye Consultants. Financial terms weren’t announced. Virginia Eye Consultants is an ophthalmology group comprised of 17 providers that service the Norfolk, Virginia Beach and Chesapeake markets through four clinic locations and an ambulatory surgery center.
Read more...  

PE-backed Saco Foods acquires California Sun Dry Foods

Saco Foods LLC, a portfolio company of Benford Capital Partners LLC, has acquired California Sun Dry Foods Inc, a provider of sun-dried tomato products. No financial terms were disclosed.
Read more...  

PE-backed Entregado Group buys PowerTown

Entregado Group, a portfolio company of AEA Investors, has acquired Florida-based PowerTown Line Construction, a provider of outsourced services to power and utility companies. No financial terms were disclosed. Carl Marks Securities LLC was the financial adviser to PowerTown on the deal.
Read more...  

Great Hill exits B2B data provider ZoomInfo

Great Hill Partners has sold Waltham, Massachusetts-based ZoomInfo, a B2B data provider, to DiscoverOrg. No financial terms were disclosed. Harris Williams advised Great Hill on the deal.
Read more...  

PE-backed Lynx acquires Fort Lauderdale FBO assets

Lynx FBO Network, a portfolio company of The Sterling Group, has acquired the FBO assets of World Jet Inc at Fort Lauderdale Executive Airport in Fort Lauderdale, Florida. No financial terms were disclosed. Honigman Miller Schwartz & Cohn LLP was legal adviser to Lynx on the transaction.
Read more...  

PE-backed Kofax to buy Top Image Systems

Kofax, which is backed by Thoma Bravo, has agreed to acquire Tel Aviv-based Top Image Systems Ltd, a provider of on premise- and cloud-based applications that optimize content-driven business processes. No financial terms were disclosed. The deal is expected to close by the end of June 2019.
Read more...  
Real Estate
 
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Firms & Funds
 
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Hidden Harbor Capital Fund I raises more than $265 mln

Hidden Harbor Capital Partners said Feb. 5 that its debut fund closed on more than $265 million. Investors include endowments, foundations, pensions, family offices and funds of funds. Hidden Harbor, of Boca Raton, Florida, makes control in lower middle market companies. Probitas Partners acted as placement agent for Fund I, while Kirkland & Ellis was fund counsel.
Read more...  

Fairview Capital to raise fifth venture-capital fund

Fairview Capital Partners has set out to raise a fifth venture-capital fund, according to a filing with the SEC.
Read more...  

Hinge Capital gathers $26.2 mln for new $80 mln-targeted fund

Hinge Capital, a California-based venture firm, has raised $26.2 million for its new fund, according to an SEC filing. The target is $80 million.
Read more...  

Sango Capital collects over $81 mln for third fund

Sango Capital, a South Africa-based investment firm, has raised over $81 million for its third fund, according to an SEC filing. The target is $200 million.
Read more...  
Human Resources
 
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Thomas Whiteaker joins IBM Ventures from Propel

Thomas Whiteaker has joined IBM Ventures as a partner, according to a post on LinkedIn.
Read more...  

Duff & Phelps recruits Wright as MD for transaction advisory services practice

Adviser Duff & Phelps has named Sam Wright as managing director in its transaction advisory services practice based in New York. Previously, Wright was the co-leader of CBIZ MHM's transaction advisory services practice.
Read more...  

OpenView promotes one to partner and hires another as CFO

OpenView has promoted John McCullough to partner and hired Kate Ramirez as its new chief financial officer. McCullough joined the venture firm in 2015 as vice president of corporate development while previously Ramirez was the fund controller at Guidepost Growth Equity.
Read more...  

AllianceBernstein taps Serrate as global tax director

AllianceBernstein LP has named Lindsey Serrate as a global tax director. Previously, Serrate worked at True Partners Consulting.
Read more...  

Partners Capital opens Paris office

Partners Capital has opened an office in Paris. Edmondo Barletta will head the new office. Previously, Barletta was based at the firm's London office and was the client CIO for many of Partners Capital's private investors.
Read more...  
Credit
 
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Ardian backs Carlyle’s buyout of SER

Ardian provided financing to back Carlyle's acquisition of SER Group, a German enterprise content management solutions software company.No financial terms were disclosed.
Read more...  

Eldridge takes majority ownership stake in Maranon

Eldridge Industries has acquired a majority ownership stake in Chicago-based Maranon Capital LP after increasing its investment in the latter company. No financial terms were disclosed. Maranon is an investment firm focused on private credit investments in middle-market companies.
Read more...  
Odds & Ends + Hot Links 
 
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PE HUB First Read

First Read begins the day with news that Charlotte Russe files for bankruptcy and will close nearly 100 stores, Google parent Alphabet posts strong revenue growth, and T-Mobile pledges a three-year price clampdown if its merger is approved.
Read more...  

PE HUB Second Opinion

In Second Opinion. Slack has confidentially filed to go public, Tesla is buying battery tech maker Maxwell Technologies for $218 million and one-time bond guru Bill Gross is retiring from Janus Henderson.
Read more...  

PE HUB Wire Highlights, 2.4.19

Hellman-led group to buy Ultimate Software for $11B; TSG Consumer Fund VIII raises $4B; Lightyear puts Advisor Group on the block
Read more...  
 
   
 
 
 
 
 
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