 |
 |
Bono Helps Elevate New Fund It has been 15 months and 14 days since news broke that Elevation Partners had added U2 frontman Bono (a.k.a. Paul Hewson) as a managing director/general partner. It also has been 15 months and 14 days since I wrote the following:
I bring this up today because Elevation Partners recently closed its inaugural fund with $1.8 billion in limited partner commitments (above its $1.5b target). Kevin Albert, the former Merrill Lynch fund placement czar who joined Elevation earlier this year, says that the final close occurred in August, following a series of rolling closes that included approximately $900 million raised in 2004 and $900 million raised in 2005. He also says that the media/entertainment/consumer-focused firm likely will announce its first deal iwithin the next few months. Albert also briefly discussed Bono’s role in the fund-raising process, which he described as a “double-edged sword.” On the one hand, there were many people drawn to the fund because of Bono’s celebrity, but there were others – particularly public pension fund managers – nervous about being perceived as celebrity worshippers. After all, the press would have a field day with: “Bono to invest state’s money” or, even worse “Rock star to collect management fees from public pensioners.” You know, perception becoming reality and all that nastiness. Rather than slinking away from the challenge, however, Bono became a fund-raising force in his own right, participating in around 80 meetings with potential investors. Many of the meetings were one-on-one, in which his combination of industry knowledge and charm helped secure fund commitments. Therefore, my sarcasm stands corrected. Bono has yet to help Elevation close a deal, but he has helped it close a fund… and that’s more than I ever expected of him.
DynCorp International Inc., an Irving, Texas-based provider of aviation maintenance, personal security and law enforcement training solutions, has filed to raise $450 million via an IPO of common stock. It plans to trade on the NYSE under ticker symbol DCP, with CSFB and Goldman Sachs serving as lead under writers. Veritas Capital acquired DynCorp earlier this year in an $850 million buyout from Computer Services Corp. (NYSE: CSC). www.dyncorp.com Novoste Corp. (Nasdaq: NOVT) has terminated its reverse merger agreement with ONI Medical Systems Inc., a Wilmington, Mass.-based MRI systems maker. The move came after Novoste shareholders failed to approve the issuance of Novoste common shares that would have been necessary to complete the merger. ONI, therefore, will remain private. It has raised around $15 million from such firms as Galen Associates and Sage Hill Partners. www.novoste.com www.onicorp.com Edwards & Angell LLP and Palmer & Dodge LLP have agreed to merge, creating a law firm with 520 attorneys, nine offices and over 20 practices. The merger is expected to take effect on, or around, November 1, with the resulting firm named Edwards Angell Palmer & Dodge LLP. www.edwardsangell.com www.palmerdodge.com
InTouch Technologies Inc., a Santa Barbara, Calif.-based provider of remote presence technology for healthcare providers, has raised $12.1 million in Series C funding. Galen Partners led the deal, and was joined by Acacia Venture Partners and Inv*stCare Partners (managed by Beringea). www.intouchhealth.com Identity Engines Inc., a Mountain View, Calif.-based provider of enterprise network security solutions, has raised $8.7 million in Series A funding from Horizon Ventures and Lightspeed Venture Partners. www.idengines.com
eBots Inc., a San Jose, Calif.-based provider of “lean manufacturing” applications, has raised $4 million in Series A funding, according to a regulatory filing. Backers include Labrador Ventures, Draper Richards and Draper Associates. www.ebotsinc.com
Pharmacy TV Network Inc. of
Emmis Communications Corp. (Nasdaq: EMMS) has agreed to sell four broadcast television stations to Blackstone Group and SJL Broadcast Group for $259 million. The stations are: KOIN-TV, a CBS affiliate in Trimaran Capital Partners has agreed to acquire El Pollo Loco, an Irvine, Calif.–based quick-service restaurant chain, from American Securities Capital Partners. No financial terms were disclosed for the deal, which is expected to close next quarter. American Securities Capital Partners originally bought el Pollo Loco from Advantica Restaurant Group in December 1999. www.trimarancapital.com www.elpolloloco.com CVC Capital reportedly has entered the bidding for Coral Eurobet Ltd., the UK-based bookmaker controlled by Charterhouse Capital Partners. Charterhouse already has been in talks with Gala Casinos, which is owned by Candover, Cinven and Permira. www.coral.co.uk Parexa Corp. (f.k.a. Monan Inc.), a Santa Clara, Calif.-based provider of optical connectivity products, has raised over $5.35 million in Series A funding led by Crescendo Ventures, according to a regulatory filing. www.parexa.com
Caribou Coffee Company Inc., a Brooklyn Center, Minn.-based operator of 322 gourmet coffeehouses, priced 5.36 million common shares at $14 per share (middle of $13-$15 range), for an IPO take of approximately $75.04 million. It plans to trade on the Nasdaq under ticker symbol CBOU, while Merrill Lynch & Co. and Thomas Weisel Partners served as lead underwriters. Caribou Coffee continues to be controlled by Arcapita. www.caribou-coffee.com Genomic Health Inc., a Redwood City, Calif.-based provider of genomic-based oncology diagnostics, priced around 5.02 million common shares at $12 per share (low end of $12-$14 range), for an IPO take of approximately $60.2 million. It plans to trade on the Nasdaq under ticker symbol GHDX, while JPMorgan and Lehman Brothers served as lead underwriters. The company had raised approximately $100 million in total VC funding from groups like Kleiner Perkins Caufield & Byers, Versant Ventures, TPG Ventures, Baker Tisch Inv*stments, Integral Capital Partners, Invesco Private Capital, Incyte Corp., J.P. Morgan Fleming, Pfizer and CHL Medical Partners. www.genomichealth.com Taleo Corp., a San Francisco-based provider of Web-based applications for corporate recruiting, priced 6.7 million common shares at $14 per share (low end of $14-416 range), for a total IPO take of approximately $93.8 million. It plans to trade on the Nasdaq under ticker symbol TLEO, with Citigroup serving as lead underwriter. Taleo had raised nearly $37 million in venture capital funding since its 1999 inception, from firms like Bain Capital Ventures, General Catalyst Partners and Telesystem Ltd. Other significant shareholders (due to acquisitions) include Infinity Capital, EdgeStone Capital, RRE Ventures, Venrock Associates, Wachovia Capital Inv*stments. www.taleo.com A-Max Technology Ltd., a Hong Kong-based provider of portable digital audio players, has set its proposed IPO terms to 6.5 million American depository shares being offered at between $14.50 and $16.50 per ADS. It plans to trade on the Nasdaq under ticker symbol AMAX, with Merrill Lynch and UBS serving as lead underwriters. A-Max raised $60 million in Series A funding in June from General Atlantic. www.amaxhk.com Legrand SA, a France-based maker of low-voltage electrical fittings and accessories, plans to float on the public markets in 2006. It currently is controlled by Kohlberg Kravis Roberts & Co. and Wendel Inv*stissement, which led a 3.7 billion euros buyout in late 2002. Other shareholders include West LB, HSBC and Goldman Sachs Capital Partners. www.legrand.fr Phoqus Group Ltd., a UK-based developer of oral drug delivery solutions, plans a Gbp10 million to Gbp12 million public flotation on TransCore Holdings Inc., a Hummelstown, Pa.-based provider of transportation technology services, has withdrawn registration for its proposed $600 million IPO. The move was expected, following TransCore’s acquisition late last year by Roper Industries Inc. (NYSE: ROP). It previously had been controlled by a private equity group led by KRG Capital Partners. www.transcore.com
Cordis Corp., a subsidiary of Johnson & Johnson (NYSE: JNJ), has acquired LuMend Inc., a Redwood City, Calif.-based developer of chronic total occlusion devices to treat peripheral vascular disease. No financial terms were disclosed. LuMend has raised over $46 million in total VC funding, including a late 2002 infusion at a post-money valuation of approximately $50 million. Shareholders include ABS Ventures, Morgenthaler Ventures and De Novo Ventures. www.cordis.com www.lumend.com
Simple Star Inc., a San Francisco-based provider of consumer imaging products and services, has agreed to acquire OurPictures Inc., a Palo Alto, Calif.–based provider of photo print and share solutions. No financial terms were disclosed. Simple Star is backed by Venrock Associates. www.simplestar.com www.ourpictures.com BEA Systems Inc. (Nasdaq:
Elevation Partners has closed its inaugural fund with $1.8 billion in limited partners commitments. www.elevationpartners.com
Lisa Peterson has joined Akin Gump Strauss Hauer & Feld LLP as a partner in its inv*stment funds and private equity practice. She will divide her time between GE Commercial Finance Corporate Lending has named Dustin Weinberger as vice president of origination for the Central Region. He most recently served as vice president of strategic marketing for GE Corporate Lending. www.gelending.com
|
Sept. 29, 2005 
Interested in placing
your ad above?
Learn How