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Random Ramblings Some notes before I head on down to *** First up is a correction from yesterday’s Wire: Tengion Inc., a *** Political pollsters believe that this fall’s election could see Democrats take at least one house of Congress, but the National Venture Capital Association is still betting big on Republicans. The group’s political action committee – VenturePAC – so far has contributed nearly twice as much to GOP candidates and PACs as to Democratic candidates and PACs, according to information culled from the Federal Elections Commission database. For context, this is just about the exact same ratio VenturePAC used during the 2003-2004 election cycle. Here’s a breakdown:
Mark Heesen, president of the NVCA, says that while Democrats may take the House, he doesn’t see them taking the Senate. He also defended contributions to left/right bookends Ted Kennedy and Rick Santorum, saying that both have been sympathetic to NVCA causes (even though Mark once said that VenturePAC doesn’t like to support folks on either political extreme). What will continue to amaze me about VenturePAC is that its constituents are much more evenly divided than are its contributions. Our Presidential Poll of Wire readers in 2004, for example, came out near 50/50 for Bush and Kerry (largely attributed to heavy VC concentrations in San Fran, *** What follows is an email conversation between me and a VC whose company just filed for an IPO:
*** In first discussing American Capital Strategies’ new VC effort, I mentioned that the firm was planning a pair of senior hires on the West Coast. The first of these will be announced Monday. It is Virginia Turezyn, who is returning to *** Finally, a trio of articles that are worth a look: A Los Angeles Times piece about possible pay-to-play at CalPERS, The New York Post on yet another VC-backed portfolio company lawsuit and, if you have access, Bloomberg is reporting that the recent TDC AS buyers “will earn a $6.3 billion dividend less than three months after completing Europe's biggest-ever leveraged buyout.” Those buyers are Blackstone Group, KKR, Apax, Providence Equity Partners and Permira. A reader just emailed to suggest that next year’s Buyouts Magazine awards should include a new category: Frothiest Deal of the Year.
The Carlyle Group and Riverstone have raised $4.5 billion for a pair of energy-focused private equity funds: Carlyle/Riverstone Global Energy & Power III ($3.8 billion) and the Carlyle/Riverstone Renewable Energy Infrastructure Fund I ($685 million). Both funds held final closes in the first quarter. www.carlyle.com Visicu Inc., a Baltimore, Md.-based provider of network monitoring solutions for critical care patients, priced six million common shares at $16 per share (above revised $13-$15 range), for an IPO take of approximately $96 million. It will trade on the Nasdaq under ticker symbol EICU, while Morgan Stanley served as lead underwriter. Visicu has raised around $22.4 million in total VC funding from firms like Cardinal Partners, Pacific Venture Group, Partech International and Sterling Partners. www.visicu.com
YouTube Inc., a San Mateo, Calif.-based provider of an online video sharing platform, has raised $8 million in Series B funding from return backer Sequoia Capital. It had raised $3.5 million in Series A funding last November. www.youtube.com
Nangate Inc., a Mountain View, Calif.-based provider of electronic design automation software, has raised $10 million in Series A funding. Participants included Vaekstfonden, IVS and SEED Capital. www.nangate.com N-Gene Research Laboratories Inc., a New York-based drug company focused on treating insulin-resistance syndrome, has raised $3 million in Series B-1 funding Corvinus Venture Capital. www.n-gene.us Sciona Inc., a Boulder, Colo.-based personalized genetics company, has raised $6.5 million in fourth-round funding. Return backers include DSM Venturing, Prelude Trust, Burrill and Co., BioVentures Inc., BASF Venture Capital, and Semola Ltd. www.sciona.com Cardiocore Lab Inc., a Bethesda, Md.-based provider of centralized cardiac safety monitoring and analysis, has raised $8 million in Series A funding. Caxton Health Holddings and Aperture Venture Partners co-led the deal, and were joined by the Maryland Department of Business and Economic Development. www.cardiocorelab.com
Bain Capital and Japan-based Advantage Partners have agreed to jointly acquire MEI Conlux, a provider of payment acceptance systems used in vending, gaming, transport and retail applications. The seller was Mars Inc., while no financial terms were disclosed. MEI Conlux generates roughly equal revenue from both the Millennium Biotechnologies Group Inc. (OTC: MBTG) has agreed to sell its nutraceutical business to Aisling Capital in exchange for shares of common stock of the new company. The newly-formed company would be initially capitalized by the issuance to Aisling of $15 million in convertible preferred stock. www.resurgex.com www.aislingcapital.com Chongqing Polycomp International Corp., a China-based glass fiber maker, has raised $65 million from The Carlyle Group in exchange for a 41% position, according to SinoCast.
Onmiture Inc., an Orem, Utah-based on-demand Web analytics company, has filed to raise $120 million via an IPO of common stock. It plans to trade on the Nasdaq under ticker symbol OMTR. Morgan Stanley and Credit Suisse are serving as lead underwriters. Omniture has raised around $54 million in VC funding since its inception, including a $40 million series C round last year at a post-money valuation of approximately $184 million. Backers include Hummer Winblad Venture Partners and BA Venture Partners. www.omniture.com Goodman Global Inc., a Houston, Texas-based heating, ventilation and air conditioning company, priced around 23.53 million common shares at $18 per share (high end of $16-$18 range), for an IPO take of approximately $423.53 million. It plans to trade on the NYSE under ticker symbol GGL, while J.P. Morgan, Merrill Lynch and Goldman Sachs served as lead underwriters. Approximately 2.6 million of the shares were sold by controlling shareholder Apollo Management. Castle Brands Inc., a New York-based provider of branded spirits, priced 3.5 million common shares at $9 per share (middle of $8-$9 range), for an IPO take of approximately $36 million. It will trade on the AMEX under ticker symbol ROX, while Oppenheimer & Co. served as lead underwriter. Significant shareholders included Mellon HBV, CNDFF Inv*stments and Mass Mutual. www.castlebrandsinc.com Magix AG, a Simulation, Analysis and Forecasting AG (SAF), a Switzerland-based provider of statistical software for the automated replenishment of goods, has raised around €48 million via a public flotation on the Frankfurt Stock Exchange. Replidyne Inc., a Louisville, Colo.-based drug company focused on anti-infectives, has filed to raise $100 million via an IPO of common stock. It plans to trade on the Nasdaq under ticker symbol RDYN, with Merrill Lynch and Morgan Stanley serving as lead underwriters. Replidyne has raised around $123 million in total VC funding since its 2000 inception, from firms like Morgenthaler, HealthCare Ventures, Perseus-Soros, Sequel Venture Partners, TPG Ventures and Duquesne Capital Management. www.replidyne.com All3Media, a UK-based television production company, has retained UBS AG to advise on a possible flotation on the London Stock Exchange. All3Media is backed by Bridgepoint Capital. www.all3media.com Constellation Software Inc. of QuatRx Pharmaceuticals Co., an Ann Arbor, Mich.-based drug company, has set its proposed IPO terms to six million common shares being offered at between $11 and $13 per share. It plans to trade on the Nasdaq under ticker symbol QTRX, with Banc of America Securities and Cowen & Co. serving as lead underwriters. QuatRx has raised around $70 million in total VC funding since its 2000 inception, from firms like Frazier Healthcare Ventures, InterrWest Partners, TL Ventures, MPM Capital and Thomas Weisel Venture Partners and Twilight Ventures. www.quatrx.com
Microsoft Corp.’s (Nasdaq: MSFT) Game Studios division has acquired Lionhead Studios, a UK-based developer of such video games as Fable. No financial terms were disclosed. Lionhead had raised VC funding from firms like IDG Ventures Europe, Add Partners and Ingenious Ventures. www.microsoft.com www.lionhead.com McAfee Inc. (NYSE: MFE) has acquired SiteAdvisor Inc., a Boston-based provider of a safety rating system for Web surfing and purchases. No financial terms were disclosed. SiteAdvisor raised $4 million in Series A funding earlier this year, co-led by Bessemer Venture Partners and General Catalyst Partners. www.mcafee.com www.siteadvisor.com Avensys Inc., a wholly-owned subsidiary of Manaris Corp. (OTC BB: MANS), has agreed to acquire the assets of ITF Optical Technologies Inc., a Québec-based designer and manufacturer of advanced photonic solutions based on proprietary all-fiber technology. No financial terms were disclosed. ITF has raised over US$80 million in VC funding from firms like Celtic House Venture Partners, Essex Investment Management, Ontario Teachers Pension Plan, Tyco Capital and BayTech Venture Capital. www.avensys.com www.itfoptical.com ABN Amro Capital has agreed to sell Röntgen Technische Dienst Holding BV to Applus Servicios Tecnologicos SL for an undisclosed amount. RTD is a provider of non-destructive testing and inspection services to the oil, gas and petrochemical industries. It was acquired by ABN Amro via a buyout from Lloyds Register in 2002. www.rtd-group.com Medio Systems Inc., a Seattle-based mobile search company, has acquired WebRelevance Inc., a Seattle–based provider of contextual advertising solutions. No financial terms were disclosed. Medio Systems has raised over $11 million in VC funding from firms like Frazier Technology Ventures, Trilogy Equity Partners, Mohr, Davidow Ventures and Dot Edu Ventures. www.mediosystems.com www.webrelevance.com
Greenhill & Co. (NYSE: GHL) has held an $80 million first close for its inaugural venture capital fund, which will focus on early-stage companies in the greater New York Tri-State region. It will be managed by SAVP managing directors Steve Brotman (former CEO of AdOne Classified Network) and Brian Hirsch (former principal with Sterling Venture Partners). www.greenhill-co.com www.savp.com Brockway Moran & Partners has closed its third private equity fund with $700 million in capital commitments. The Boca Raton, Fla.-based firm had been targeting $600 million, and used Credit Suisse as a placement agent. New limited partners include Commonfund Capital, Mesirow Financial, HLM Venture Partners of
DLJ Merchant Banking Partners has hired a team to focus on media-related private equity deals in the Reinaldo Diaz has joined Celtic Pharmaceutical Holdings LP as a managing director and partner responsible for Geoffrey Richards has joined Giuliani Capital Advisors as a New York-based managing director focused on restructuring. He previously was a partner with Kirkland & Ellis LLP. www.giulianicapitaladvisors.com Graham Matthews, a former general partner with VenGrowth, has launched a new firm called Upper Jonathan Bloomer has agreed to join Cerberus Capital as an advisor, according to multiple press reports. He is the former CEO of Prudential PLC.
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