Term Sheet — Monday, December 14

Dec 14, 2015

Random Ramblings

A bunch of notes to kick off your Monday:

•  Aftermarket performance: Over half of the 79 VC-backed companies that went public on U.S. exchanges in 2015 were trading below their IPO price as of market close last Thursday.

At the same time, however, the winners often were stronger than the losers were weak — with the average share price rising 5.27% from IPO. If you were to add up all of the offering prices and all of the Thursday closing prices, the gain becomes a more modest 1.93%.

For context, the S&P 500 was down 1.44% for the year through market close yesterday, while the NASDAQ composite was up 5.99%. And none of this accounts for Friday's broader stock slump, in which the Dow shed 1.78% and the Nasdaq was off 2.23%.

You can find a full chart of all the 2015 VC-backed IPOs and their aftermarket performance by going here.

•  Personnel scoop: Jon Karlen is out as a general partner with Accomplice, the Cambridge, Mass.-based early-stage tech VC firm that previously was part of Atlas Venture. He had joined Accomplice in early 2014 after having spent more than eight years with Flybridge Capital Partners. Word is that it just wasn't a great fit, and that Karlen and Accomplice will begin transitioning board seats next year. He has not yet settled on his next move.

No comment from Accomplice or Karlen, natch. In other Accomplice news, the firm has quietly hired a CFO: Travis MacInnes, who previously was VP of finance with Berkshire Partners.

•  Nothing shocking: EMC Corp. announced that its "go-shop" period has expired without receiving any superior offers to the $67 billion bid from Dell Inc. The merger remains on track to close between May and October of next year.

•  New firm alert: Longship has launched as a new private equity firm focused on mid-sized growth companies in Norway. Its managing partner is Kai Jordahl, a former senior partner and head of buyouts with CapMan. He is joined by a pair of former CapMan vets -- Hans Tindlund and Espen Stenumgård -- plus Bernt Østhus, who previously was with Pareto Staur Energy.

• Not a Hail Mary: Former NFL quarterback Joe Montana is raising $25 million for a new venture capital fund, per a regulatory filing. Montana has been a fixture in Silicon Valley tech circles for years, dating back to his role in co-founding ill-fated fund-of-funds manager HRJ Capital (he left before the fate became ill).

• 57k and counting: Every time I add another thousand Twitter followers, I like to ask you to join the others so we can chat/debate/joke throughout the day. Follow me @danprimack.

THE BIG DEAL

•  Newell Rubbermaid (NYSE: NWL) has agreed to acquire Jarden (NYSE: JAH) for $13.22 billion in cash and stock. The deal effectively valued Jarden at $60 per share, which represents a 14% premium over Friday’s closing price. Read more.

VENTURE CAPITAL DEALS

•  RiverMend Health, an Atlanta-based provider of behavioral health services to those suffering from alcohol and drug dependency, has raised $60 million in new equity funding from Norwest Venture Partners. www.rivermendhealth.com

•  LookingGlass Cyber Solutions, an Arlington, Va.-based provider of, has raised $50 million in Series C funding led by NewSpring Capital. The company also has paid $35 million to acquire Cyveillance, a Fairfax, Va.-based provider of open-source threat intelligence solutions. www.lgscout.com

•  X4 Pharmaceuticals, a Cambridge, Mass.-based developer of therapeutics designed to improve immune cell trafficking and increase the ability for T-Cells to track and destroy cancer cells, has raised $37.4 million in Series A funding led by Cormorant Asset Management. www.x4pharma.com

•  Yello Mobile, a South Korea-based mobile app development company, has raised $47.2 million in convertible debt funding at a $4 billion valuation, according to TechCrunch. Existing investor Formation 8 led the round, which may be just the first tranche of a deal that could total around $90 million. Read more.

•  AltheaDx Inc., a San Diego-based personalized medicine company, has raised $30 million in Series C funding. WuXi Healthcare Ventures led the round, and was joined by Ally Bridge Group and ALMA Life Sciences. www.altheadx.com

•  Vidyo Inc., a Hackensack, N.J.-based provider of video collaboration solutions, has raised $15 million in new VC funding. Kaiser Permanente Ventures led the round with a $10 million investment, and was joined by return backers like Menlo Ventures, Rho Ventures, Sevin Rosen Funds and QuestMark Partners. Vidyo has now raised a total of $163 million. www.vidyo.com

•  Cloudyn, a San Francisco-based provider of cloud monitoring and optimization solutions, has raised $11 million in Series C funding. Carmel Ventures led the round, and was joined by return backers Titanium Investments and RDSeed. Read more at Fortune.

•  Mazlo, a Seattle-based provider of personalized 1:1 coaching to help people “reach their full potential for personal and professional development,” has raised $10 million in VC funding led by Polaris Partners. www.mazlo.me

•  Tagore Technology Inc., an Arlington Heights, Ill.-based provider of high-power RF and power management products for the wireless market, has secured around $6.7 million of a $10 million funding round, according to a regulatory filing. Board members include Lip-Bu Tan, chairman of Walden International and CEO of Cadence Design. www.tagoretech.com

•  Pixvana, a Seattle-based virtual reality startup, has raised $6 million in VC funding. Madrona Venture Group led the round, and was joined by Vulcan Capital. www.pixvana.com

•  Doctena, a Brussels-based online medical booking platform, has raised €4.5 million in new VC funding. No investors were identified. Read more.

PRIVATE EQUITY DEALS

•  Apollo Global Management is in pole position to acquire PAE, an Arlington, Va.-based U.S. government services provider, for nearly $900 million (including debt), according to Reuters. PAI currently is owned by Lindsay Goldberg & Co., which has received rival takeover interest from American Securities and Platinum Equity. Read more.

•  Bridgepoint and PAI Partners are among the bidders for Element Materials Technology, a Dutch lab testing company currently owned by 3i Group, according to Reuters. Rothschild is managing the process, which could garner more than $500 million. Read more.

•  CapVest Partners has agreed to acquire IBA Molecular, a France-based provider of radiopharmaceutical products and supporting services used in molecular imaging, from SK Capital. No financial terms were disclosed. www.iba-molecular.com

•  The Carlyle Group has agreed to acquire a control stake in Dutch lingerie brand Hunkemöller from PAI Partners for an undisclosed amount. Private Equity International reports that the deal would represent a 2.3x return for PAI, which paid €265 million for Hunkemöller back in 2011. www.hunkemoller.nl

•  Cinven has acquired Kurt Geiger, a British shoe retailer, from Sycamore Partners for £245 million. Read more.

•  Falconhead Capital has acquired a control stake in Multi-Flow Industries LLC, a Huntingdon Valley, Penn.-based provider of fountain beverage solutions in the U.S. Sellers include CMS Small-Cap Private Equity Fund. www.multiflow.net

•  IK Investment Partners has acquired CID Lines, a Belgium-based maker of industrial cleaning agents and disinfectants, from Gilde Buy Out Partners. No financial terms were disclosed. www.cidlines.com

•  KKR has completed its previously-announced acquisition of a majority stake in Selecta Group, a Swiss provider of vending and coffee machines, from Allianz Capital Partners. No financial terms were disclosed. KKR and Selecta have an existing financial relationship, with KKR's credit arm having provided Selecta with €220 million in long-term debt financing last year. www.selecta.com

•  Swander Pace Capital has acquired Captek Softgel International, a Cerritos, Calif.-based manufacturer and distributor of softgels for vitamin, mineral and supplement brands, from Prairie Capital and Skyline Global Partners. No financial terms were disclosed. www.capteksoftgel.com

•  Symphony Technology Group has acquired Simmons, a New York-based cross-channel consumer research company, from Experian PLC (LSE: EXPN). No financial terms were disclosed. Symphony also announced that portfolio company Connexity (f.k.a. Shopzilla) has acquired Hitwise, a London-based provider of online clickstream data collection and consumer behavioral analytics, from Experian.
www.symphonytg.com

•  Z Capital Group has acquired the Waldhaus Flims Mountain Resort & Spa in Switzerland for an undisclosed amount. www.zcap.net

IPOs

•  Yirendai Ltd., a Chinese online lending platform (i.e., the LendingClub of China), has set its IPO terms to 7.5 million shares being offered at between $9 and $11 per share. It plans to trade on the NYSE under ticker symbol YRD, with Morgan Stanley, Credit Suisse and China Renaissance serving as lead underwriters. The company reports $30.78 million of net income on $138 million in net revenue for the first nine months of 2015, compared to an $11 million net loss on $13 million in net revenue for the year-earlier period. www.yirendai.com

EXITS

•  Advent International has agreed to sell Aerodom, an airport concessionaire in the Dominican Republic, to Vinci Airports, a unit of Vinci SA (Paris: DG). No financial terms were disclosed for the deal, which is expected to close in Q1 2016. www.adventinternational.com

•  The Carlyle Group and Hellman & Friedman are exploring exit options for Pharmaceutical Product Development LLC, a Wilmington, N.C.-based contract research organization, according to Reuters. The company could be worth between $7 billion and $8 billion, with a sale process expected to begin early next year and an IPO fallback if acceptable bids do not materialize. Read more.

•  GTCR has agreed to sell Crealta Holdings LLC, a Glendale, Wis.-based drug maker whose lead product treats chronic refractory gout, to Horizon Pharma PLC (Nasdaq: HZNP) for $510 million in cash. Read more.

•  PAI Partners has entered into exclusive discussions to sell Global Closure Systems, a French maker of plastic closures and dispensing systems, to RPC Group PLC (LSE: RPC). www.gcs.com

•  TSG Consumer Partners has hired UBS to find a buyer for Paige Denim, a Culver City, Calif.-based jeans-maker that could be valued north of $400 million, according to Reuters. Read more.

OTHER DEALS

•  Alibaba Group (NYSE: BABA) confirmed that it has agreed to acquire the South China Morning Post, a Hong Kong-based newspaper, for approximately $262 million. Read more at Fortune.

•  The British government may nationalize the nuclear submarine business of Rolls Royce Holdings LLC (LSE: RR), which is under pressure from falling earnings and activist investor ValueAct, according to the FT. An alternate option could be merging some or all of Rolls Royce with BAE Systems (LSE: BA). Read more.

•  Sun Pharmaceutical Industries Ltd., an India-listed drug maker, has agreed to sell its U.S. manufacturing unit -- based in Bryan, Ohio -- to Nostrum Laboratories Inc., a Kansas City-based subsidiary of Mylan (Nasdaq: MYL). No financial terms were disclosed. www.nostrumlabs.com

•  TCN Inc., a St. George, Utah-based provider of cloud-based call center technology, has agreed to merge with Mays Landing, N.J.-based rival Global Connect. No financial terms were disclosed. TCN backers include InnoVentures Capital Partners. www.gc1.com

FIRMS & FUNDS

•  Foundation Capital has closed its eighth early-stage VC fund with $325 million in capital commitments. www.foundationcapital.com

MOVING IN, UP, ON & OUT

•  Matthew Ahearn has joined Knightsbridge Advisers as a Boston-based managing principal. He previously spent six years as a managing director of private equity with Merrill Lynch. www.knightsbridgeusa.com

•  AnaCap Financial Partners, a private equity firm focused on the financial services sector, has promoted COO Michael Edwards and IR/comms chief Amber Hilkene to partners. www.anacapfp.com

•  David Barse was fired as CEO of Third Avenue Management, shortly after the firm barred redemptions from its high-yield bond fund. Read more.

•  Justin Perreault joined Pamplona Capital Management as a Boston-based partner. He previously was a general partner with Commonwealth Capital Ventures. www.pamplonafunds.com

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