Random Ramblings

A few notes as we head into Super Bowl Weekend (a.k.a. "go cry in your cheesesteak" weekend):

* The jet that crashed Wednesday at Teterboro Airport had been chartered by private equity firm Kelso & Co., but all five Kelso employees on board are miraculously ok (save for some very frayed nerves). The firm isn't releasing passenger names, but says that none required hospitalization. For those who don't know, the plane apparently aborted takeoff at the last minute (although it's unclear if that was a voluntary or involuntary decision), skidded off the runway, barreled through a metal fence and then across a six-lane highway, before finally forcing its way into a warehouse. A co-pilot broke his leg, and several people on the ground were injured (including one man in critical condition). The National Transportation Safety Board is investigating.

* PE Week's Connie Loizos is reporting that the Epinions lawsuit may have had unintended consequences for plaintiff Naval Ravikant. Seems Naval just lost his partnership position at Dot Edu Ventures, which was perhaps trying to shield itself from uncomfortable questions during its current fund-raising drive. Money quote from Dot Edu managing partner Asha Jadej: "We were at a point where we felt there were multiple factors, including the suit, which helped us all decide that this might be a good time to part ways."

* SOTU: I changed my mind. nothing much more to say. Except this: If Bush gets partially privatized social security accounts through the Senate, it will be his greatest political achievement to date (even more than selling a ridiculous war). The Democrats seem unusually united, although they have done a terrible job articulating the reasons for their opposition (paging sleepy Harry Reid and frozen-faced Nancy Pelosi).

* Speaking of politics, I got the following email this week: "Now what are you going to do, since your Party is about to be run by a madman?" My first reaction was that this was in reference to my upcoming Super Bowl party, and I took offense. Then I figured out he was referring to Howard Dean. My answer: Perfect man for the job (true heir to Clinton-Centrist philosophy, despite his misapplied far-left label), and would have made a better candidate than Kerry had Dems not foolishly closed ranks. Yes, I truly believe that.

* And a final piece of feedback that somehow fell through the cracks. David Gould, the first person kicked off The Apprentice -- and a senior associate with NY-based Merlin BioMed Private Equity -- wrote in to explain his participation, and his bewilderment at why Ivana participated in the second season: "The only rationale for joining a reality show involves being in a transitional period. I had just finished my MBA at Stern (following four years in private equity at Dresdner), was applying for jobs in mid-2003, and thought 'why not?' I joined Merlin BioMed in the fall of 2003 (post-filming, prior to airing), but couldn't imagine taking a leave of absence from anything remotely interesting for television's sake. Then again, I can't imagine why anyone would apply for The Apprentice after having had the benefit seeing a season....I believe most of the contestants are simply exhibitionists in one way or another."

* Lets go Pats.

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Top Three

FairPoint Communications Inc., a Charlotte, N.C.-based provider of telecom services, priced 25 million common shares at $18.50 per share (lower end of $18-$20 range), for a total IPO take of approximately $462.5 million. Major shareholders include Thomas H. Lee Partners and Kelso Equity Partners. www.fairpoint.com

Kayne Anderson Capital Advisors has closed its third energy-focused private equity fund with $550 million in capital commitments. www.kayneenergy.com

Click Commerce Inc. (Nasdaq: CKCM) has acquired substantially all the operating assets of ChannelWave Inc.'s channel management and service automation solutions businesses. The deal was valued at approximately $5.3 million, including $1 million in cash. ChannelWave has raised over $60 million in venture funding from firms like ABS Capital Partners, Mobius Venture Capital, Lazard Technology Partners and Ironside Ventures. www.clickcommerce.com www.channelwave.com

VC Deals

InnerWireless Inc., a Richardson, Texas-based developer of a unified wireless distribution platform, has raised $11 million in Series C funding. Johnson Controls Inc. (NYSE: JCI) participated on the deal, alongside return backers Sevin Rosen Funds, Rho Ventures, Massey Burch Capital Corp., Technology Associates Management Co. and Genesis Campus. www.innerwireless.com

Corvil, a Dublin, Ireland-based provider of IP traffic control and management solutions, has raised 15 million euros in Series C funding from return backers Apax Partners, Cisco Systems and ACT Venture Capital. The company has raised 30 million euros in total venture funding since its April 2000 inception. www.corvil.com

Buyout Deals

Saunders Karp & Megrue has acquired Comark Inc., a Canadian mall-based apparel retailer with 303 stores. No financial terms were disclosed. Company management, including President Dick Schulte, will remain in place. www.skmequity.com www.bootlegger.com

Arlington Capital Partners has acquired four FM radio stations in Long Island: WEHM (92.7, progressive rock), WBEA (101.7, hip-hop), WBAZ (102.5, light adult contemporary) and WHBE (96.7, Bloomberg Radio). The quartet will be managed by recently-formed Long Island Radio LLC, which will operate as a wholly-owned subsidiary of Arlington portfolio company Cherry Creek Radio. www.arlingtoncap.com www.cherrycreekradio.com

Bally Total Fitness Holding Corp. (NYSE: BFT) has retained The Blackstone Group to assist in the company's turnaround strategy. A press report last month suggested that Bally was considering a 40% sale of the company for $125 million to a consortium of Tennenbaum Capital Partners, Apollo Management and Texas Pacific Group.

EQT Partners has agreed to acquire Sanitec Corp. from BC Partners for an undisclosed amount. Sanitec is a Finland-based manufacturer of bathroom ceramics and related products. www.sanitec.com

PE-Backed IPOs

Threshold Pharmaceuticals Inc., a Redwood City, Calif.-based biotech company focused on small molecule therapeutics, priced 5.3 million common shares at $7 per share, for an IPO take of $37.1 million. The company originally filed to price at between $14-$16 per share, before reducing the proposed range to a still-unreachable $8-$10 per share. The company had raised around $50 million in VC funding since its 2001 inception, from firms like Morgenthaler Ventures, Pequot Capital Management, ProQuest Investments, Sofinnova Ventures, Three Arch Partners and Sutter Hill Ventures. www.thresholdpharm.com

American Reprographics Co., a Glendale, Calif.-based provider of B2B document management services to the architectural, engineering and construction industries, priced 13.35 million common shares at $13 per share (below $14-$16 range), for an IPO take of approximately $173.55 million. Private equity firm Code Hennessy & Simmons owned a 47.7% pre-IPO stake in American Reprographics, due to its participation in a February 2000 recapitalization. www.e-arc.com

Icagen Inc., Durham, N.C.-based drug company focused on orally-administered small molecule drugs, priced 5 million common shares at $8 per share, for an IPO take of approximately $40 million. The company had filed to price at between $10 and $12 per share, but later amended the proposal to $8 per share. Significant shareholders include Alta Partners, Venrock Associates, Abbot Laboratories, JPMorgan Partners, HBM BioVentures, Medical Science Partners, QFinance and China Development Industrial Bank. www.icagen.com

Targacept Inc., a Winston Salem, N.C.-based drug company focused on the central nervous system, has set its proposed IPO terms to 6.25 million shares being offered at between $11 and $13 per share. The company has raised over $120 million in total VC funding since its 1997 inception, from firms like Nomura Phase4 Ventures, New Enterprise Associates, EuclidSR Partners, Nomura, Oxford Bioscience Partners, R.J. Reynolds Tobacco Holdings, Burrill & Co. and Advent International. www.targacept.com

Intercell AG, an Austrian developer of vaccines to protect against infectious diseases, plans to float on the Vienna Stock Exchange later this month, according to Reuters. The company is hoping to raise between 60 and 80 million euros, and has signed Goldman Sachs as its book-runner. Company shareholders include AlpInvest, Apax Partners, MPM Capital, Techno-Venture Management and Nomura. www.intercell.com

Allsec Technologies Ltd., an India-based business process outsourcing (BPO) company, is planning to float its common stock on an Indian exchange. It has received venture funding from the Kotak Mahindra Venture Capital Fund and Eurindia Ltd. www.allsectech.com

PE-Backed M&A

GetActive Software Inc., a Berkeley, Calif. provider of enterprise relationship management products, has acquired the Internet Solutions Group of Issue Dynamics Inc. for an undisclosed amount. GetActive Software has received venture capital funding from El Dorado Ventures, Pacific Partners and Band of Angels. www.getactive.com

ProQuest Business Solutions, a subsidiary of ProQuest Co. (NYSE: PQE), has agreed to acquire Syncata Corp., an El Segundo, Calif.-based business consulting and systems integration firm for automotive and automotive finance companies. No financial terms were disclosed. Syncata is backed by JPMorgan Partners and ABS Capital Partners. www.syncata.com

Firm & Fund News

Ft. Washington Investment Advisors and Peppertree Partners have signed a 15-year joint agreement to administer The Ohio Capital Fund, a proposed $100 million fund-of-funds that would invest in funds that promise to invest at least half their capital with Ohio-based companies. The contract was awarded by the Ohio Venture Capital Authority. www.fortwashington.com www.peppertreefund.com

Fifth Street Capital has held a $68 million first close on its second mezzanine fund, which is being marketed with a maximum cap of $200 million. www.fifthstreetcap.com

Schroder Ventures US, a New York-based private equity firm focused on the middle-market business services sector, has changed its name to SV Investment Partners. The move was made to reflect independence from Schroders PLC. www.svip.com

Human Resources

Chip Kaye, co-president of Warburg Pincus, has joined the board of Jarden Corp. (NYSE: JAH). Warburg Pincus last year bought $300 million worth of Jarden common stock, as part of a $350 million PIPE deal that also included Catterton Partners. www.jarden.com

John Cochran, Matt Rho and Kathleen Jordan Stowe all have been promoted from associate to vice president of SV Investment Partners. www.svip.com

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Corrections: Peter Claudy, a general partner with M/C Venture Partners, had his name misspelled. Also, the following company name was misspelled: Mobilitec Inc.

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