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Deals of the day: Giant cement merger ahead?

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Dan Primack
Dan Primack
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April 4, 2014, 2:30 PM ET
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Venture Capital Deals

Sungevity Inc., an Oakland, Calif.-based online sales company for residential solar service, has raised $70 million in new equity funding. Jetstream Ventures led the round, and was joined by such investors as E.ON, GE Ventures. The company previously raised more than $180 million in VC and project financing, from GE Ventures, Brightpath Capital Partners, Oaklandimpact, Greener Capital and Firelake Capital.  www.sungevity.com

Holaira Inc., a Plymouth, Minn.-based developer of medical devices to treat obstructive lung diseases, has raised $42 million in Series D funding. Vertex Venture Holdings led the round, and was joined by Windham Venture Partners, two undisclosed strategic investors and return backers Advanced Technology Ventures, Morgenthaler Ventures, Split Rock Partners, and Versant Ventures.www.holaira.com

Wealthfront
, a Palo Alto, Calif.-based automated investment management platform for individuals, has raised $35 million in new VC funding. Index Ventures and Ribbit Capital led the round, and were joined by The Social+Capital Partnership, Greylock Partners and DAG Ventures. www.wealthfront.com

Nujira Ltd.
, a UK-based developer of envelope tracking technology for 4G smartphones and tablets, has raised $20 million in new VC funding. Backers include madeus Capital Partners, Climate Change Capital, Environmental Technologies Fund, SAM Private Equity, NES Partners, Investec and GAM.www.nujira.com

RefleXion Medical
, a Burlingame, Calif.-based developer of a biologically-guided radiation therapy system for cancer treatment, has raised $11.6 million in Series A funding. Sofinnova Partners led the round, and was joined by Pfizer Venture Investments and Venrock. www.reflexionmedical.com

Newlight Technologies
, an Irvine, Calif.-based developer of technologies that convert air and greenhouse gas into thermoplastics, has raised $9.2 million in Series C funding from undisclosed investors. www.newlight.com

Bloglovin
, a New York-based platform that pulls users’ favorite blogs into a single feed, has raised $7 million in Series A funding. Northzone Ventures led the round, and was joined by seed backers Betaworks, Lerer Ventures, White Star Capital and Bassett Investment Group. www.bloglovin.com

GameChanger Media
, a New York-based provider of a mobile and web platform for amateur sports teams and their fan communities, has raised $6.8 million in Series B funding. Trilogy Equity Partners led the round, and was joined by return backers Tenfore Holdings and Costanoa Venture Capital.www.gamechanger.io

Ceros, an SaaS platform for brands and marketers with offices in London and New York, has raised $6.4 million in new VC funding from Sigma Prime, Starvest Partners, and Greycroft Partners. Read more at Fortune.

Personal Genome Diagnostics Inc., a Baltimore-based developer of diagnostics for evaluating tumors during cancer treatment, has raised $2.8 million in VC funding from undisclosed investors.www.personalgenome.com

3Gear Systems, a San Francisco-based developer of gesture recognition technology, has raised $1.9 million in seed funding. K9 Ventures led the round, and was joined by Intel Capital, CrunchFund and the Ovo Fund. www.threegearsystems.com

Private Equity Deals

Ares Management has acquired a control stake in musical instrument retailer Guitar Center, as part of a debt-for-equity swap that leaves former owner Bain Capital with a minority interest.www.guitarcenter.com

BaltCap, an Estonia-based private equity firm, has acquired a 75% stake in Ecoservice, a Lithuanian waste management services provider, at a €14.9 million enterprise value. Seller City Service AB will retain the other 25% position. www.baltcap.com

The Blackstone Group and The Carlyle Group each are considering offers for listed Singapore-based cargo container company Goodpack Ltd., according to Reuters. Goodpack previously had been in merger talks with Australia’s Brambles, and currently has a market cap of around US$975 million.www.goodpack.com

The Carlyle Group
 and PAI Partners have entered into exclusive negotiations to acquire a 70% stake in the sensors unit of France’s Schneider Electric (Paris: SCHN), at around a $900 million enterprise value. www.schneider-electric.com

Morgan Stanley Private Equity Asia
 is leading a $75 million take-private of Sino Gas International Holdings Inc., an OTC-listed Chinese developer of natural gas distribution systems. Co-investors include Zhongyu Gas Holdings and company CEO and chairman Yuchuan Liu. www.sino-gas.com

Peak Rock Capital
 has acquired Hunter’s Specialties Inc., a Cedar Rapids, Iowa-based maker of hunting accessories, from Centerfield Capital Partners and Greyrock Capital. No financial terms were disclosed. www.hunterspec.com

Tenex Capital Management has acquired Carex Health Brands, a Sioux Falls, S.D.–based provider of branded home medical equipment sold directly to consumers, from Ancor Capital Partnersand Merit Capital Partners. No financial terms were disclosed. Tenex will merge Carex with existing portfolio company Roscoe Medical. www.carex.com

Xtend Healthcare LLC, a Hendersonville, Tenn.–based provider of revenue cycle outsourcing solutions to the hospital market, has raised an undisclosed amount of private equity funding fromWestView Capital Partners. www.xtendhealthcare.net

Yellow Point Equity Partners has acquired Bravo Oilfield Safety Services, a provider of safety solutions to the Canadian oil and gas market. No financial terms were disclosed. www.yellowpoint.ca

IPOs

Corium International Inc., a Menlo Park, Calif.-based developer of pharma products that leverage transdermal and transmucosal delivery systems, raised $52 million in its IPO. The company priced 6.5 million shares at $8 per share, compared to plans to offer 5.5 million shares at between $10 and $12 per share. Its initial markets cap is around $141 million. Corium plans to trade on the Nasdaq under ticker symbol CORI, with Jefferies and Leerink Partners serving as lead underwriters. It reports a $2 million net loss on $10 million in revenue for Q4 2013. Shareholders include Essex Woodlands Health Ventures (55.92% pre-IPO stake) and Barr Laboratories (9.97%). www.coriumgroup.com

GrubHub, a Chicago-based online food ordering company, raised $193 million in its IPO. The company priced 7.4 million shares at $26 per share (above upwardly-revised $23-$25 range), for an initial market cap of approximately $2.04 billion. It will trade on the NYSE under ticker symbol GRUB, while Citigroup was listed as left lead underwriter. GrubHub reports $6.7 million in net income on $137 million in revenue for 2013. Shareholders include Spectrum Equity (12% pre-IPO stake), Warburg Pincus (9.1%), Thomas H. Lee Partners (8.9%), GS Capital Partners (8.9%), Benchmark (8.3%) and Origin Ventures (6.2%). www.grubhub.com

Five9 Inc., a San Ramon, Calif.-based provider of cloud contact center software, raised $70 million in its IPO. The company priced 10 million shares at $7 per share (below $9-$11 range), for an initial market cap of approximately $322 million. It will trade on the NYSE under ticker symbol FIVN, while J.P. Morgan, Barclays and BofA Merrill Lynch served as lead underwriters. Five9 reports a $31 million net loss on $84 million in revenue for 2013, compared to a $19 million net loss on $64 million in revenue for 2012. Shareholders include Hummer Winblad Venture Partners (23.2% pre-IPO stake), Adams Street Partners (19.8%), Partech International (17.4%), Mosaic Venture Partners (17.4%) and SAP Ventures. www.five9.com

Moelis & Co.
, a New York-based boutique investment bank, has set its IPO terms to 7.3 million shares being offered at between $26 and $29 per share. It would have an initial market cap of approximately $1.4 billion, were it to price in the middle of its range. The company plans to trade on the New York Stock Exchange under ticker symbol MC (Moelis advised NYSE on its $10.7 billion sale to IntercontinentalExchange Group). Goldman Sachs and Morgan Stanley are listed as lead underwriters, while Moelis itself is also on the book. Moelis & Co. was founded in 2007 by Ken Moelis, the former president of UBS Investment Bank and head of corporate finance at Donaldson, Lufkin & Jenrette.

OPower, an Arlington, Va.-based provider of energy efficiency and smart grid software, raised $116 million in its IPO. The company priced 6.1 million shares at $19 per share (high end of $17-$19 range), for an initial market cap of approximately $902 million. It will trade on the NYSE under ticker symbol OPWR, while Morgan Stanley and Goldman Sachs served as lead underwriters. OPower reports a $14 million net loss on nearly $89 million in revenue for 2013, compared to a $12 million net loss on $52 million in revenue for 2012. The company has raised over $65 million in VC funding from firms like New Enterprise Associates (21.8% pre-IPO stake), MHS Capital (8.3%), Accel Partners (5.4%) and Kleiner Perkins Caufield & Byers (5.4%). www.opower.com

PBF Logistics LP, an oil and gas logistics assets spinoff of PBF Energy (NYSE: PBF), has filed for a $100 million IPO. It plans to trade on the NYSE under ticker symbol PBFX, with Barclays and UBS serving as lead underwriters. www.pbfenergy.com/logistics

Quotient Ltd., a UK-based provider of transfusion diagnostics solutions, has set its IPO terms to 5 million shares being offered at between $14 and $16 per share. It would have an initial market cap of around $216 million, were it to price in the middle of its range. Quotient plans to trade on the Nasdaq under ticker symbol QTNT, with UBS, Baird and Cowen & Co. serving as lead underwriters. The company reports a $4.5 million net loss on around $14 million in 2013 revenue. Galen Partners holds a 51.3% pre-IPO stake in the company.www.quotientbd.com

Tarena International Inc., a provider of professional education services in China, raised $138 million in its IPO. The company priced 15.3 million American depository shares at $9 per share (middle of $8-$10 range), for an initial market cap of approximately $456 million. It will trade on the Nasdaq under ticker symbol TEDU, while Goldman Sachs (Asia) and Credit Suisse served as lead underwriters. The company reports $14 million in net income on $93 million in revenue for 2013, compared to $9.5 million in net income on $57 million of revenue for 2012. Shareholders include Goldman Sachs (29%), IDG Ventures (23.6%), Jafco Asia Ventures (15%) and Connion Capital (6.9%). www.tarena.com.cn

TriVascular Technologies Inc.
, a Santa Rosa, Calif.-based developer of minimally-invasive technologies to treat abdominal aortic aneurysms, has set its IPO terms to 6.5 million shares being offered at between $13 and $15 per share. It would have an initial market cap of around $271 million, were it to price in the middle of its range. The company plans to trade on the Nasdaq under ticker symbol TRIV, with J.P. Morgan and Credit Suisse serving as lead underwriters. TriVascular reports a $50 million net loss on $19.5 million in revenue for 2013, compared to a $43 million net loss on $5 million in revenue for 2012. Shareholders include New Enterprise Associates (26.5% pre-IPO stake), Delphi Ventures (21.3%), MPM Capital (14.1%) and Kearny Venture Partners (6%).www.trivascular.com

TrueCar, a Santa Monica, Calif.-based publisher of real-time new and used vehicle transaction data, has filed for a $125 million IPO. It plans to trade on the Nasdaq under ticker symbol TRUE, with Goldman Sachs and J.P. Morgan serving as lead underwriters. The company reports a $25 million net loss on $134 million in 2013 revenue, compared to a $74 million net loss on $80 million in 2012 revenue. The company has raised over $350 million in private equity and debt funding. Shareholders include USAA (26.21% pre-IPO stake), Capricorn Investment Group (16.02%), Upfront Ventures (15.23%), Anthem Ventures (9.31%), Vulcan Capital (9.08%), Passport Capital, McCombs Family Partners, Keating Capital, DealerTrack, International Investment House and Allen & Co.www.truecar.com

IMS Health, a Danbury, Conn.-based provider of healthcare IT solutions, raised $1.3 billion in its IPO. The company priced 65 million shares at $20 per share (within $18-$20 range), for an initial market cap of around $6.9 billion. It will trade on the NYSE under ticker symbol IMS, while Goldman Sachs, J.P. Morgan and Morgan Stanley served as lead underwriters. It reports $82 million in net income on $2.54 billion of revenue for 2013, compared to a $42 million net loss on $2.44 billion in revenue for 2012. IMS was acquired for around $5.2 billion in early 2010 by TPG Capital (62.1% pre-IPO stake), The Canada Pension Plan Investment Board (26.1%) and Leonard Green & Partners (10.7%).www.imshealth.com

M&A

Holcim Ltd. (Swiss: HOLN) and Lafarge SA (Paris: LG), the world’s two largest cement makers, are in merger talks, according to Bloomberg. The two companies have a combined market cap in excess of $50 billion. 

Boeing (NYSE: BA) is considering an offer to buy Mercury Systems (Nasdaq: MRCY), a Chelmsford, Mass.-based maker of data processing systems, software and services to the aerospace and defense markets,, according to Reuters. Mercury’s current market cap is around $440 million. www.mrcy.com

Liberty Media (Nasdaq: LMCA) said that it will cut its stake in bookseller Barnes & Noble (NYSE: BKS) from 17% to just under 2%, in a move that sent the bookseller’s stock down more than 13.5%. Liberty Media had acquired the position in 2011. www.barnesandnoble.com

Jack Ma, founder and executive chairman of Alibaba Group Holding, has agreed to invest nearly $532 million for a control stake in Hundsun Technologies Inc., a listed Chinese maker of financial software. www.hundsun.com

B&G Foods Inc. (NYSE: BGS) has agreed to acquire Specialty Brands of America Inc., a Parsippany, N.J.-based maker of shelf-stable foods under such brands as Bear Creek Country Kitchens, from  American Capital Ltd. The deal is valued at approximately $155 million in cash. Evercore managed the process. www.bgfoods.com

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