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Battery Partner Charges Into China Will Curme has been a general partner with Battery Ventures for more than 20 years, investing in such companies as Chordiant Software, Fingerhut, dLife, Aurum Software, HNC Software, PixelWorks and OutlookSoft Corp. He began to get the But Curme’s itch didn’t go away, so he began laying the groundwork for a China-focused fund that will operate independently of “I’ve been investing personally in Curme plans to retain his general partner title and his All of this, of course, leaves us with an important question: Is Curme right about the pending saturation of early-stage tech VCs in Maybe this is all a bit of Baidu.com envy, and it ultimately may prove justified. But any time that the cattle begin to run, someone should turn around and make sure that there’s not just doing so because of peer pressure.
Portola Pharmaceuticals Inc., a South San Francisco-based drug company focused on cardiovascular therapies, has raised $46 million in Series B funding. Advanced Technology Ventures led the deal, and was joined by return backers Abingworth Management, Frazier Healthcare Ventures, MPM Capital, Prospect Ventures and Sutter Hill Ventures. www.portola.com Power Paper Ltd., an Israel-based provider of micro-power source technology, has raised $30 million in Series E funding. Apax Partners led the deal with a $16 million commitment, and was joined by Infinity Venture Capital, Clal Industries and return backer Banc of America Capital Partners. The company has raised around $67 million in total VC funding since its 1997 inception. www.powerpaper.com
Navio Systems Inc., a Cupertino, Calif.-based provider of rights-based commerce solutions, has raised $25.4 million in Series B funding. WK Technology Fund of ShareFare Corp., a Los Altos, Calif.-based, has raised $7 million in Series B funding, according to a regulatory filing. Backers include DCM-Doll Capital Management and Shasta Ventures participated on the deal. Also listed is an entity called Glenbrook II Holdings, which is represented by Jesse Rogers of Golden Gate Capital. www.sharefare.com YouTube LLC, a Menlo Park, Calif.-based provider of online video sharing services, has raised $3.5 million in venture capital funding from Sequoia Capital. www.youtube.com Inetcam Inc., a San Diego–based developer of multimedia applications for wireless devices, has raised $12.5 million in new funding from VC firm Equal Elements. The company has raised over $24 million in total VC funding since its 1999 inception, and VentureWire reports that the latest infusion is a recapitalization. www.inetcam.com Open Business Club GmbH, a
Double Fusion Ltd., a San Francisco-based provider of in-game advertising solutions, has raised $10 million in Series B funding co-led by Accel Partners and JVP. In other Double Fusion news, the company has moved its headquarters from Mistletoe Technologies Inc., a Cupertino, Calif.-based semiconductor company, has raised $14.6 million in Series C funding, according to a regulatory filing. Worldview Technology Partners was joined on the deal by return backers Sevin Rosen Funds and Incubic Venture Capital. www.mistletoetech.com TraceSecurity Inc., a Baton Rouge, La.-based provider of on-demand security compliance management software, has raised $3 million in Series B funding. Individual backers include Dennis Cline (a principal with DCM Inv*stment and CEO of netForensics Inc.), Sandra Bergeron and Tommy Frazer (former chairman of Fifth Generation Systems). www.tracesecurity.com
Apax Partners has agreed to acquire a majority ownership stake in Triad Laboratory Alliance (a.k.a. Spectrum Laboratory Network), a Greensboro, N.C.–based regional provider of clinical lab and disease screening services. Moses Cone Health Systems, one of the health systems that co-founded Spectrum in 1998, will retain a significant ownership position. No financial terms were disclosed for the deal, which is expected to close in the first quarter of 2006. www.apax.com www.spectrumlab.org Fairfield Energy Ltd., a newly-formed UK-based oil exploration and production company, has secured $200 million in provisional commitments from management and a private equity syndicate led by Warburg Pincus. Other syndicate members include SGAM/4D Global Energy Development Capital Fund and KERN Energy Partners. In related news, Credit Orienwise Group Ltd., a China-based provider of loan guarantees to small and mid-sized businesses, has received $25 million in private equity funding from Citigroup Venture Capital International. This is Credit Orienwise’s second equity infusion this year, after earlier raising $10 million from the Asian Development Bank. KRG Capital Partners has completed its sale of The Tensar Corp. to an affiliate of Arcapita Inc. for approximately $385 million. Tensar is an Atlanta-based provider of technology-driven real estate site development. KRG had completed a $187 million recap of Tensar earlier this year, in which it recouped its initial inv*stment. www.tensarcorporation.com Nautic Partners has sold its stake in Skyline Chili to Prudential Capital Partners and company management. No financial terms were disclosed, although Nautic reports that the sale represents a 3.1x return on invested capital (25% IRR). Skyline Chili is a Cincinnati-based regional chain of 135 franchised and company-owned restaurants that specialize in Cincinnati-style chili. It also sells branded grocery products. www.nauticpartners.com www.skylinechili.com ANZ Capital has sold ACL Pty Ltd. to IBT Ltd. for Au55.7 million, including an immediate patment of Au$40.7 million and Au$15 million of deferred payments. ACL Pty is an Australia-based provider of English-language trailing. www.acl.edu.au Converting Inc., a Clintonville, Wisconsin-based designer and manufacturer of disposable tabletop products, has completed a management buyout from the Bob and Rae Rose family. No financial terms were disclosed for the deal, which included equity sponsorship by Mason Wells and Prudential Capital Partners, senior financing from M&I Marshall & Ilsley Bank and Bank of Scotland and mezzanine funding from Prudential Capital Partners. www.convertinginc.com Bain Capital has completed its acquisition of FCI, the connector subsidiary of Areva. The deal valued FCI at approximately 1.067 billion euros. www.fciconnect.com GIMV of Lindsay Goldberg & Bessemer has agreed to acquire Cap Rock Energy Corp. (AMEX: RKE), a midland, Texas-based provider of electricity distribution services in Oaktree Capital Management has agreed to acquire the gelato division of Italy-based Roncadin SpA for approximately 152.5 million euros. www.roncadin.it www.oaktreecapital.com Tricor Pacific Capital has acquired Beresford Box Company Inc., a manufacturer of folding cartons for the food, consumer products,beverage and healthcare industries. No pricing terms were disclosed for the leveraged buyout, which was done in partnership with company management. Toronto Dominion Bank and Bank of Montreal provided senior financing. www.beresford-box.com www.tricorpacific.com The Timberland Co. (NYSE: TBL) has agreed to acquire SmartWool Corp. from RAF Industries Inc. and the Stripes Group LLC. The deal is valued at approximately $82 million, and will be funded through Timberland’s existing cash balances and short-term borrowings. SmartWool is a Steamboat Springs, Colo.-based maker of socks, apparel and accessories. www.timberland.com www.smartwool.com
Romacorp Inc., owner and franchisor of Tony Roma’s Restaurants, has agreed to a restructuring agreement with a majority of its bondholders. The deal would take place under Chapter 11, and would wipe out the equity stake of Sentinel Capital Partners, which acquired a controlling interest as part of a $109 million recap in 1998.
Clayton Holdings Inc., a Shelton, Conn.-based provider of mortgage-related loan analysis services, has filed to raise $230 million via an IPO of common stock. It plans to trade on the Nasdaq under ticker symbol Clay, with Piper Jaffray and William Blair & Co. serving as lead underwriters. TA Associates has held a majority ownership position in Clayton Holdings since May 2004. www.clayton.com
Educational Services of America Inc., a Nashville, Tenn.–based provider of day-school services to children with special needs, has acquired Ombudsman Educational Services Inc. from its founder Lori Sweeney. No financial terms were disclosed. Ombudsman was founded in 1975 to provide an alternative approach to high school and middle school students who have difficulty being successful in a traditional school setting. ESA raised $35 million in private equity funding from Trimaran Capital Partners in October 2004. www.esa-education.com Ruesch International Inc., a Washington, D.C.–based provider of international payment services, has acquired Trancentrix Inc., an Omaha, Neb.-based domestic and international payment services company. No financial terms were disclosed. Ruesch is principally owned by Welsh, Carson, Anderson & Stowe, while Trancentrix had raised venture capital funding from DFJ affiliate Draper Atlantic. www.ruesch.com Service Ratings LLC has acquired ValueStar, a publisher of print and online directors of consumer ratings for local service businesses. Service Ratings raised $1.1 million in Series A funding earlier this year. www.valuestar.com
Energy Investors Funds has closed its sixth institutional vehicle – United States Power Fund II -- with $750 million in capital commitments. Limited partners include CalPERS, Howard Hughes Medical Institute, John Hancock Life Insurance Co., Kauffman Foundation, MIT, Pacific Life, UnionBanCal Equities and the Aetos Capital has closed Aetos Capital Asia II, a $2.2 billion fund formed to acquire real estate and related assets primarily in Christian & Timbers, a New York-based executive search firm, has opened offices in both
Kjerstin Barley has joined GE Commercial Finance-Technology Lending as a San Francisco-based senior vice 3i Group has named Marco Fumagali as managing director of 3i Alexander Faust has joined middle-market I-bank Barrington Associates as a vice Kathryn Brown has joined Paul, Wilson Sonsini Goodrich & Rosati has named 12 new partners, effective February 2006. They are: Ralph Barry (employee benefits and compensation), Mark Baudler (corporate), Michael Berta (litigation), Todd Cleary (corporate, with an M&A focus), Adam Dinow (corporate, including emerging growth companies, VC firms and I-banks), Caz Hashemi (litigation), Julie Holloway (litigation), Matthew Reed (litigation), Julia Reigel (corporate, focused on tech companies and their investors), Allison Spinner (corporate, focused on transactional and corporate governance issues for companies, VC firms, private equity firms and I-banks) and Nicole Stafford (litigation). www.wilsonsonsini.com
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