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    PE Week Wire -- Tuesday, January 24

Internship Drive Info

We have 35 firms participating in our 3rd Annual Internship Drive. Some are looking for one intern, some are looking for multiple interns. Some of the positions are paid, some are not. Each position is only open to first-year MBA candidates looking for summer employment. Apologies to everyone else. For those who qualify:

  1. Scan the list of available opportunities below. If one interests you, please send a resume and cover letter to the appropriate email address. The poster is not required to respond or acknowledge receipt. If interested, the poster will contact you.
  2. In order to help prospective employers wade through the flood of applicants, please include the following in the email subject header: "Your Name - Name of your favorite movie."  
  3. Do not copy me on your emails. My inbox is full enough. Also, it is possible that these Yahoo and Hotmail accounts will fill up quickly. If your email bounces back, just wait a few hours, and hopefully the firm will clear out space.

Job: VC firm focused on nanotech, advanced materials
Location: New York

Job: HR tech company, M&A group
Location: Florida

Job: Middle-market LBO
Location: Waltham, MA

Job: Middle-market LBO
Location: New York

Job: Early-stage VC, tech focus
Location: Boston & Albany

Job: PE intermediary focused on education
Location: Boston

Job: LBO -- generalist
Location: Saddle Brook, N.J.

Job: VC firm
Location: Los Angeles

Job: Secondary investing at F-o-F
Location: London

Job: Boutique M&A
Location: New York

Job: PE firm focused on clean tech
Location: Washington, DC

Job: M&A I-bank – creating deal database focused on SPACs
Location: New York

Job: Fund-of-funds
Location: New York or Palo Alto

Job: I-bank
Location: Boston

Job: Seed and early-stage VC
Location: Chicago or Kansas City

Job: Middle-market M&A
Location: Houston, Texas

Job: Seed-stage VC
Location: Chicago

Job: Lower middle-market LBO, healthcare focus
Location: New York

Job: VC/PE focused on direct marketing cos.
Location: Philadelphia

Job: LBO/Buy-side acquisition search services
Location: New York

Job: PE-backed natural gas company, M&A unit
Location: Houston

Job: Research & info provider for PE/VC firms
Location: London

Job: PE and M&A I-bank with software focus
Location: San Francisco

Job: Early-stage VC w/ social and healthcare focus
Location: Boston

Job: Early-stage VC w/ clean energy focus
Location: Boston

Job: Private Equity
Location: Los Angeles

Job: Secondaries
Location: New York

Job: Corporate VC/M&A for semiconductor company
Location: San Jose, CA

Job: PE industry services firm, market research position
Location: New York

Job: Early-stage VC, tech & life sciences
Location: New York

Job: Junior capital provider for lower middle-market cos.
Location: Hanover, MD (between Baltimore/Wash DC)

Job: Progressive investment policy advocacy group
Location: Pittsburgh/Harrisburg, PA

Job: M&A
Location: Cherry Hill, N.J.

Job: VC/PE
Location: Baltimore & Northbrook, IL

If any additional firms want to participate, please let me know ASAP...

    Top Three

Venture capitalists invested approximately $21.68 billion into U.S.-based companies in 2005, according to MoneyTree Survey data released today by PricewaterhouseCoopers, Thomson Financial and the National Venture Capital Association. This represents a very slight bump over the $21.64 billion raised in 2004, with average deal size rising from $7.29 million to $7.37 million. The year’s largest deal was the $311 million round for Integro Ltd., while Vonage placed second. Nearly 36% of all VC disbursements were into Northern California-based companies, while New England-based companies (11.94%) and Southern California-based companies (11.54%) followed.

Wisair Ltd., an Israel-based provider of UWB and USB chipset solutions, has raised $20 million in Series C funding. Apax Partners led the deal, and was joined by fellow return backers Bynet, Intel Capital and Vertex Management. New shareholder Tomen Electronics also participated. Wisair has now raised nearly $45 million in total VC funding since its 2001 inception.

Ian Charles has joined the secondary team of Landmark Partners as a vice president. He previously was co-founder of Cogent Partners.

European VC & PE Journal's Annual Awards Reception

Register now for the European VC & PE Journal's annual awards
reception on Tuesday, Jan. 31 at the Trafalgar Hotel in London,
a free networking opportunity that brings together the top
players in Europe's VC & PE communities.

For more info go to

or Contact Della Sullivan at
+44(0)20 7369 7311 or

    VC Deals

Tagged Inc., a San Francisco-based developer of “teen-focused businesses,” has raised $7 million in Series B funding, according to a regulatory filing. Backers include Mayfield Fund, while outside directors include Reid Hoffman and Peter Thiel.

Spinal Modulation Inc., a Menlo Park, Calif.-based medical device startup, has raised $7 million in Series A funding, according to a regulatory filing. Backers include Kleiner Perkins Caufiled & Byers, DFJ ePlanet Ventures and DeNovo Ventures.

Rapt Inc., a San Francisco-based developer of price optimization and profitability management software, has raised around $11.23 million in Series D funding, according to a regulatory filing. Return backers include Summit Partners, Accel Partners and Levensohn Venture Partners.

Healthline, a San Francisco-based operator of an online search engine for consumer healthcare, has raised $14 million in first-round funding. Vantagepoint Venture Partners led the deal, and was joined by Reed Elsevier Ventures, Mitsui & Co. and JHK Investments.

Proacta Inc., a San Diego-based drug company focused on oncology, has raised $12 million in Series A funding. GBS Ventures of Australia led the deal, and was joined by Alta Partners, Endeavour i-Cap, Genentech, Roche and No8 Ventures.

Provade Inc., a San Mateo, Calif.–based provider of on-demand managed procurement services, has raised $4 million in first-round funding. Altos Ventures led the deal.

Splunk Inc., a San Francisco-based developer of speech search software for IT data, has raised $10 million in second-round funding. JK&B Capital was joined on the deal by return backers August Capital and Sevin Rosen Funds.

Webpay AG, a Zurich, Switzerland-based provider of e-payment solutions for online and mobile digital content providers, has received $23 million in venture funding from 3i Group.

Apprion Inc., a Moffett Field, Calif.–based provider of industrial wireless network performance management and improvement, has raised $7.5 million in Series A funding co-led by Advanced Technology Ventures and Allegis Capital.

Snakeyes Inc., a Washington, D.C.-based provider of software that automatically creates patches to secure network vulnerabilities, has raised $100,000 in Series A funding from Novak Biddle Venture Partners, according to a regulatory filing.

Metconnex Inc., an Ottawa, Canada–based provider of optical wavelength switch modules, has raised Cdn$8.1 million in new VC funding. Return backers include Skypoint Capital, Vesbridge Partners, Innovacom and BDC Venture Capital.

RPO Inc., an Australia-based provider of polymer optical materials and waveguides, has raised US$9.7 million in Series B funding. GE Equity, BASF Venture Capital and JAFCO Asia were joined on the deal by return backers Neo Technology Ventures, Jolimont Ventures, Allen & Buckeridge Emerging Technologies Fund and the Canberra Business Development Fund.

Ash Access Technology Inc., a Lafayette, Ind.-based developer of antimicrobial and vascular access technologies, has raised $6 million in Series B funding. Participants included Bear Stearns, Frantz Medical Venture Fund, 8 Plus Ventures and various individuals. Periculum Advisors served as placement agent.

DBV Technologies, a French drug company focused on allergy therapies and diagnostic tests, has raised 12.3 million euros in new VC funding. Sofinnova Partners and Apax Partners co-led the deal, with respective contributions of seven million euros and five million euros. Return backers included Cap Décisif and Creagro (350,000 euros each).

    Buyout Deals

Loews Cineplex Entertainment Corp. has sold its 50% stake in South Korean movie theater operator Megabox Cineplex Inc. to Standard Chartered Private Equity Ltd. and Mediaplex Inc., a South Korean movie distributor. The deal was valued at $80 million. Lowes and Mediaplex founded Megabox in 1999 as a 50-50 joint venture.

La Quinta Properties Inc. (NYSE: LQI) shareholders have agreed to an $11.25 per share buyout by The Blackstone Group. The entire deal is valued at $3.4 billion, with leverage being provided by Bank of America, Bear Stearns and Merrill Lynch.

Frontenac Co. has acquired The National System Inc., a St. Louis–based marketing services firm. The deal is reported to be valued at around $40 million.

Sowood Capital Management is opposing Apax Partners’ proposed $1.6 billion acquisition of Tommy Hilfiger, on the grounds that the deal undervalues the business. Sowood owns approximately 6.3% of Hilfiger’s outstanding shares.

    PE-Backed IPOs

Morton’s Restaurant Group Inc., a Chicago-based operator of upscale steakhouses, has set its proposed IPO terms to nine million common shares being offered at between $14 and $16 per share. It plans to trade on the NYSE under ticker symbol MRT, with Wachovia Securities serving as lead underwriter. Morton’s is controlled by Castle Harlan and its affiliates.

Infonxx Inc., a Bethlehem, Pa.-based telephone directory services provider, reportedly is considering a second-half IPO that would value the company at around $1.1 billion. Goldman Sachs is among the banks it is consulting. Technology Crossover Ventures is an Infonxx shareholder.

Focus Media Holding Ltd. (Nasdaq: FMCN), a China-based outdoor advertising company, is planning to raise nearly $330 million via a secondary offering of American depository shares. Selling shareholders include Goldman Sachs, Draper Fisher Jurvetson ePlanet, 3i Group and Victory Venture Capital.

    PE-Related M&A

CDC Corp. (Nasdaq: CDC) has agreed to acquire JRG Software Inc., a San Mateo, Calif.-based provider of software for the consumer goods market. No financial terms were disclosed for the deal, which is expected to close later this month. JRG has raised around $11 million in VC funding since its 2001 inception, from firms like Bay Partners and U.S. Venture Partners.

Knight Capital Group Inc. (Nasdaq: NITE) has agreed to acquire Hotspot FX Inc., a Watchung, N.J.–based provider of spot foreign exchange trade execution for institutions and deals via an electronic platform. The deal is valued at approximately $77.5 million in cash, and is expected to close within the next 90 says. Hotspot FX has raised VC funding from currency trader Joe Lewis and ETF Group.

ATS Medical Inc. (Nasdaq: ATSI) has agreed to acquire 3F Therapeutics Inc., an Irvine, Calif.-based medical device company focused on minimally-invasive beating-heart tissue valve replacement. The all-stock deal includes an initial issuance of nine million ATS common shares, and the possibility of another 10 million shares based on 3F hitting certain milestones. ATS stock opened trading today at $2.99 per share. 3F Therapeutics has raised around $34 million in VC funding since its 1998 inception, from firms like Domain Associates, Boston Scientific and 3i Group.

Healthcare Solutions Inc. (a.k.a. Accuro), a Dallas-based provider of financial and operational solutions for healthcare providers, has acquired CodeCorrect LLC, a Yakima, Wash.–based provider of web-based coding tools to help hospitals and physicians streamline the reimbursement process and optimize revenue. The selling party was an affiliate of United Communications Group, but no financial terms were disclosed. Accuro is controlled by Welsh, Carson, Anderson & Stowe.

AMVESCAP PLC has agreed to acquire PowerShares Capital Management LLC, a Wheaton, Ill.-based provider of exchange-traded funds (ETFs). The deal is valued at $60 million in cash, plus more than $170 million in possible earn-outs. PowerShares raised VC funding from FT Ventures in early 2005.

    Firm & Fund News

HitecVision Private Equity, a Norway–based firm focused on the energy sector, has held a $283 million first close on its fourth fund. Limited partners include Argentum Fondsinvesteringer, Nordea, Vital, Gjensidige, Storebrand and KLP Forsikring. Pareto Private Equity served as placement agent.

Golub Capital has held a $300 million first close for its offshore fund.

    Human Resources

Jochen Winter has joined the Frankfurt office of law firm Willkie Farr & Gallagher LLP. He most recently was a partner with Linklaters, and will continue to focus on the private equity and corporate M&A markets.

Todd Plotner has joined Chapman and Cutler LLP as a partner focused on asset-backed securitizations. He previously was with the Chicago office of Sidley Austin.

Jeff Williams has joined Hunt Ventures as a Dallas-based managing director focused on the early-stage IT space. He most recently served as a general partner with Chisholm Private Capital Partners.

Alain Madelin, former French finance minister, has joined secondary placement agent Triago-X as a senior advisor, according to The Financial Times.

Stout Risius Ross Advisors has made the following hires: David West, managing director of I-banking, previously founded and ran Pioneer Capital Advisors; Terrel Bressler, managing director of I-banking, previously was managing director and head of Cleary Gull’s Chicago office; and Timothy Emmitt, director of restructuring & performance improvement, previously was COO of Noble International LLC. www.srr.comAndreas Lazar has joined

Sirius Satellite Radio Inc. (Nasdaq: SIRI) as senior vice president of business development. He previously was a vice president with Allen & Co.

Private Equity Week

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January 24, 2006

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