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Q1 Wrap-Up Lots of news from all corners of the PE world, so just a few quarterly tallies to kick-start your week (I know how data turns you on)… *** Thomson Venture Economics and the National Venture Capital Association have published very disappointing – albeit not surprising – IPO figures for VC-backed companies. Just ten such companies managed to price on A quick note about the following chart: TVE/NVCA only include VC-backed IPOs for companies that both price on
*** Buyouts Magazine today reports that 225 control-based deals for Buyouts also released Q1 fund-raising figures: $32.8 billion raised for LBO firms, which includes $8 billion for Bain but not a final close for Blackstone (seems they’re going to finish up this week). It also reports $1.96 billion in Q1 fund-raising for mezzanine efforts and $533 million for funds-of-funds. March Madness Contest
General Motors Corp. (NYSE: GM) has agreed to sell a 51% stake in General Motors Acceptance Corp. (GMAC) to an investor group led by Cerberus Capital Management. The deal is valued at approximately $14 billion over three years (including distributions from GMAC), with $10 billion of that to come at closing. Other participants in the Cerberus group include Aozora Bank and Citigroup. www.gmac.com Claria Inc., a Redwood City, Calif.-based behavioral marketing company, has raised $40 million in new VC funding from Softbank ArcLight Capital Partners, a Boston-based private equity firm focused on the energy market, has closed its third fund with more than $2 billion in capital commitments. www.arclight.com
Intel Capital and Eons Inc., a Charlestown, Mass.-based media company focused on the age 50-plus market, has raised $10 million in Series A funding from General Catalyst Partners and Sequoia Capital. Jeff Taylor, founder of Monster.com, is Eons’ founder and CEO. www.eons.com Teneros Inc., a Mountain View, Calif.-based provider of continuity solutions for applications, has raised $20 million in new VC funding. Goldman Sachs led the deal, and was joined by return backers New Enterprise Associates, Sevin Rosen Funds and STAR Ventures. Teneros has raised $44.5 million in total VC funding since its 2003 inception. www.teneros.com WebCollage Inc., a New York-based provider of online merchandising networks to manufacturers, has raised $5.07 million in Series D-1 funding, according to a regulatory filing. Backers include Sierra Ventures, Cedar Ventures, Gilde Investment Management and GSI Commerce Inc. www.webcollage.com AccountNow Inc., a San Ramon, Calif.-based provider of instant payment accounts as an alternative to checking accounts, has secured $5 million of a $12 million Series B round, according to a regulatory filing. Backers include Invesco, FW Ventures, Venture Strategy Partners and Greyhawk Venture Fund. www.accountnow.net Tenebril Inc., a Boston-based provider of anti-spyware software, has raised $3.03 million in Series B funding, according to a regulatory filing. Return backer Sierra Ventures participated. www.tenebril.com Akorri Networks Inc., a Littleton, Mass.-based company that helps IT departments manage information and control infrastructure costs, has raised around $15.2 million in Series B funding, according to a regulatory filing. Return backers include Matrix Partners and North Bridge Venture Partners. www.akorri.com 21 Grams, a Sweden-based provider of postal management solutions has raised SEK 20 million ($2.56 million) in VC funding from InnovationsKapital. www.21grams.com YesVideo Inc., a Santa Clara, Calif.-based provider of video digitalization services, has secured $4.05 million of a $5 million Series D round. Backers include Roxio, Eastman Kodak and KLM Capital. www.yesvideo.com Docusign Inc., a Seattle-based provider of online document delivery and signature solutions, has raised $10 million in Series B funding, according to a regulatory filing. Sigma Partners joined return backers Frazier Technology Ventures and Ignition Venture Partners. www.docusign.com Clearwell Systems Inc., a Santa Clara, Calif.-based provider of corporate email intelligence solutions, has raised $12 million in Series B funding led by Sequoia Capital, according to a regulatory filing. Clearwell announced the deal earlier this year, but without giving an amount. www.clearwellsystems.com
Galazar Networks Inc., an
Intelligroup Inc., an Edison, N.J.-based provider of strategic IT outsourcing services has raised $10 million in private equity funding from return backers Softbank Asia Infrastructure Fund and Venture Tech Assets Pvt. Ltd. SAIF now has a 36% stake in Intelligroup, while Venture Tech has a 26% stake. www.intelligroup.com
TA Associates has led a $200 million buyout of Global 360 Inc., a Dallas, Texas–based software and services company focused on business process management and optimization solutions. Other equity participants included Technology Crossover Ventures and JMI Equity. www.ta.com www.global360.com Circle Peak Capital has agreed to acquire luxury optical retailers Davante LLC, Morgenthal Frederics Opticians Inc. and Optical Fashion Center Inc. The three companies will be consolidated into a new platform called Luxury Optical Holdings Co. No financial terms were disclosed. www.circlepeakcapital.com SPG Partners has acquired a 51% interest in FiberVisions LLC from Hercules Inc. (NYSE: HPC), in exchange for $109 million. SPG has an option to purchase an additional 14% interest in FiberVisions for $7.4 million, while the deal also includes certain performance milestone payments. FiberVisions is a producer of specialty fibers for non-woven fabrics and textile fibers used in consumer and industrial products.
Hermes Private Equity has acquired
PTC Therapeutics Inc., a Achillion Pharmaceuticals Inc., a New Haven, Conn.-based drug company focused on infectious diseases, has filed to raise $75 million via an IPO of common stock. It plans to trade on the Nasdaq under ticker symbol ACHN, with Cowen & Co. and CIBC World Markets serving as lead underwriters. The company has raised around $100 million in total VC funding since its 1998 inception, from firms like Atlas Venture, SV Life Sciences, Advent International, Bear Stearns Health Innoventures, SGC Partners, Gilead Sciences and Connecticut Innoventions. www.achillion.com CPI International Inc., a Palo Alto, Calif.-based provider of microwave and radio frequency products, has set its proposed IPO terms to around 7.1 million common shares being offered at between $16 and $18 per share. It plans to trade on the Nasdaq under ticker symbol CPII, with UBS and Bear Stearns serving as lead underwriters. The Cypress Group is CPI’s controlling shareholder. www.cpiinternational.com
Vocollect Inc., a Pittsburgh-based provider of voice-directed work solutions, has agreed to acquire Adherence Technologies Corp., a Dulles, Va.–based provider of voice-activated documentation and communication systems for nursing homes. No financial terms were disclosed. Vocollect has raised over $13 million in VC funding from firms like Aspen Ventures, SRK Management and Spring Capital Partners. www.vocollect.com www.adherence.com Ikano Communications Inc., a Salt Lake City-based provider of private-label Internet services, has acquired DSLExtreme, a Los Angeles-based provider of high-speed and traditional Internet services. No financial terms were disclosed. Ikano has raised approximately $50 million in VC funding, most of which has come from Insight Venture Partners. www.ikano.com www.dslextreme.com Champion Enterprises Inc. (NYSE: CHB) has acquired Highland Manufacturing Company LLC for $23 million from Norwest Equity Partners. Highland Manufacturing is a Worthington, Minn.–based regional maker of both manufactured and modular homes. www.highlandmanufacturing.com Coremetrics Inc., a San Mateo, Calif.-based provider of hosted Web analytics and marketing solutions, has acquired the SurfAid Analytics business of IBM for an undisclosed amount. Coremetrics has raised over $110 million in VC funding since its 1999 inception, from firms like Accel Partners, Highland Capital Partners, FT Ventures, Garage Technology Ventures, SelbyVenture Partners and Vanguard Ventures. www.coremetrics.com Dynisco LLC, a Franklin, Mass.-based provider of instrumentation and sensing technologies to industrial applications, has sold its extrusion and polymer processing division to Xaloy Inc., a Pulaski, Va.-based provider of machinery components and melt-processing systems for the plastics industry. No financial terms were disclosed. Dynisco is a portfolio company of Audax Group, and was represented on the sale by Goldsmith Agio Helms. Xaloy is a portfolio company of Baird Capital Partners. www.dynisco.com www.xaloy.com Sun Microsystems Inc. (Nasdaq: SUNW) has completed its acquisition of Aduva Inc., a Sunnyvale, Calif.-based provider of patch management software for Linux and Solaris platforms. No financial terms were disclosed. Aduva had raised VC funding from such firms as Evergreen, CAP Ventures, IBM, Intel Capital, BMC Software and Elwin Capital Partners. www.sun.com www.aduva.com MSD Performance Inc., an El Paso, Texas-based provider of performance-oriented automotive aftermarket parts, has acquired Edge Products, an Ogden, Utah-based manufacturer of diesel performance modules and controllers. No financial terms were disclosed. MSD Performance is a portfolio company of ValueAct Capital.
The Carlyle Group is looking to raise $1.5 billion for its second Brentwood Associates is looking to raise up to $500 million for its next private equity fund, according to a regulatory filing. www.brentwood.com The Festus and Helen Stacy Foundation is alleging that TH Lee Putnam Ventures and Merrill Lynch Alternative Investments inflated TH Lee Putnam portfolio values in reports to limited partners, according to VentureWire. The foundation filed its complaint with the NASD, which is expected to hold an arbitration hearing next month. Gadsby Hannah LLP has agreed to merge with McCarter English LLP. The combined law firm would have 430 attorneys with offices, in
Sandy Miller has joined Institutional Venture Partners as a general partner. He previously was a senior partner with 3i Group, and led by deals such companies as Vonage, Placeware, SkyStream Networks and US Internetworking. www.ivp.com
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