In memoriam
In February, we reported that Steve Murray had left CCMP Capital, the New York-based private equity firm where he had served as co-founder and CEO. At the time, CCMP said that his departure was "health-related," but declined to provide any additional comment.
Last Thursday, Murray died in his own home at the age of 52.
What follows is something I’ve been struggling with, but which I’ve obviously decided to report. Namely because there is as much professional as personal in this situation, and that’s my job (some may disagree, and that’s understandable).
Multiple sources now say that CCMP was tipped off in mid-December that Murray might have a substance abuse problem. It was not something that any of his partners had previously suspected, but a subsequent investigation led the firm, in January, to place Murray on a 60-day medical leave of absence. In written correspondence with limited partners, CCMP used the same "health-related" terminology that it would use in February after determining that the separation with Murray needed to be made permanent.
It appears that CCMP was more forthcoming in response to verbal queries from certain LPs -- including members of its LP advisory committee -- but never in writing (likely for legal reasons).
For CCMP, this situation is about more than personal tragedy and professional embarrassment. Murray's departure triggered a keyman provision on a $3.6 billion fund that closed just last September.
CCMP actually had multiple keyman clauses on the fund: Sole provisions for both Murray and then-chairman (now CEO) Greg Brenneman, and also for a certain majority of its investment committee. A rolling reinstatement process is now underway. I would imagine that it will pass (i.e., the firm will get to keep investing) -- particularly given that the fund is already around 40% committed, and LPs committed to the broader team within the past year -- but not all the votes are in yet.
CCMP declined to comment for this story.
• There is no good way to transition into other items. But we have other items. So here goes:
• Game Time: There are just a few hours left if you want to participate in our annual March Madness Extravaganza. More than 500 of you have already signed up, but it seems some folks had issues accessing the system yesterday, so I've unlocked it (i.e., no password). Just go to ESPN's Tournament Challenge page, log in (or create account) and search for the group called Fortune Term Sheet. Then make your picks.
• Courtroom drama: The latest from yesterday's happenings in the Pao vs. Kleiner Perkins trial can be found here.
• Publishing note: I'm our for the next couple of days, which means that Erin Griffith (@eringriffith) will be filling in on Term Sheet. Please direct all news, compliments and complaints her way (erin.griffith@fortune.com). Talk to you again on Monday...
THE BIG DEAL
• Uxin, a Chinese online used car auction company, has raised $170 million in new equity funding from Baidu, KKR and Coatue Management. Read more.
VENTURE CAPITAL DEALS
• InsideSales.com, a Provo, Utah-based provider of cloud-based sales acceleration technology, has raised $60 million in new VC funding. Existing shareholder Salesforce Ventures led the round, and was joined by Microsoft. InsideSales previously raised around $140 million from Kleiner Perkins Caufield & Byers, Acadia Woods, EPIC Ventures, Salesforce, Zetta Venture Partners, Polaris Partners, Hummer Winblad and U.S. Venture Partners. www.insidesales.com
• Collective Health, a Simsbury, Conn.-based platform that helps small to midsize employers self-insure, has raised $38 million in Series B funding at a $107 million valuation, Fortune has learned. Backers include New Enterprise Associates and Founders Fund. Read more.
• Darktrace, a UK-based provider of enterprise immune system technology solutions, has raised $18 million in new VC funding at an $80 million valuation. Backers include Invoke Capital, Talis Capital and Hoxton Ventures. www.darktrace.com
• Clearpath Robotics, a Kitchener, Ore.-based developer of intelligent service robots for “the world's dullest, dirtiest and deadliest jobs,” has raised $11.2 million in new VC funding. RRE Ventures led the round, and was joined by iNovia Capital. www.clearpathrobotics.com
• Twin Prime, a Redwood City, Calif.-based provider of mobile data delivery optimization solutions, has raised $9.5 million in Series A funding. DFJ and True Ventures co-led the round, and were joined by Milliways Ventures and Moment Ventures. www.twinprime.com
• Ginkgo Bioworks, a Boston-based organism engineering foundry, has raised $9 million in Series A funding. Backers include Felicis Ventures, OS Fund, Data Collective, iGlobe Partners and Vast Ventures. www.ginkobioworks.com
• Reevoo, a UK-based provider of enterprise level content marketing solutions, has raised £6.5 million in new VC funding. MMC Ventures led the round, and was joined by Talis Capital, Eden Ventures and Banexi Ventures. www.reevoo.com
• Drivestream Inc., a Sterling, Va.-based management and IT consulting firm, has raised $5 million in equity funding from the corporate VC arm of Wipro Limited (NYSE:WIT). The two companies also have entered into a strategic partnership “to build an integrated Cloud Solutions stack for customers.” Read more.
• Joyable, a San Francisco-based online solution for overcoming social anxiety, has raised $2.1 million in seed funding from Thrive Capital and Harrison Metal. www.joyable.com
• Initiafy, a job training platform specifically designed for contractors and short-term workers, has raised $1.5 million in seed funding from Delta Partners Group, ACT Venture Capital and private investor Leslie Buckley. The company has offices in Dublin and New York. www.Initiafy.com
• Petcube, a San Francisco-based mobile app for monitoring pets, has raised $1.1 million in seed funding. AVentures Capital and Almaz Capital co-led the round, and were joined by SOSVentures and individual angels. www.petcube.com
• CafeX Communications, a New York-based provider of real-time engagement solutions for mobile and web platforms, has raised an undisclosed amount of funding from Intel Capital. www.cafex.com
PRIVATE EQUITY DEALS
• Access Intelligence LLC, a Rockville, Md.-based portfolio company of Veronis Suhler Stevenson, has acquired Exchange Monitor Publications & Forums, a Washington, D.C.–based B2B newsletter and conferences company for the defense and energy markets. No financial terms were disclosed. www.exchangemonitor.com
• Bertram Capital has acquired majority stakes in both Sandbox Studio and OneKreate, as part of a new acquisition platform focused on businesses that create and manage digital content for ecommerce applications. Sandbox (NYC & SF) provides product photography services to fashion apparel, accessories and domestics customers. OneKreate is a Hollywood, Fla.-based provider of product photography and creative content services to the fashion, retail and home goods markets. No financial terms were disclosed for either deal. www.bcap.com
• Crestview Partners has acquired JR Technology Group LLC, a Holland, Mich.-based provider of automated manufacturing system solutions, from Huizenga Automation Group. No financial terms were disclosed. www.crestview.com
• Denham Capital and London-based power management company Thesis Energy have partnered on a new platform to “acquire and actively manage large-scale gas, coal and biomass-fired power generation and cogeneration assets across Western Europe.” The platform’s chairman, Christopher Picotte, was a managing director with ArcLight Capital Partners between 2001 and 2013. www.thesis-energy.com
• Freeport-McMoRan Inc. (NYSE: FCX) has hired Goldman Sachs and Barclays to find private equity firms to finance some of its mining projects, according to Reuters. Read more.
• Kriser’s Natural Pet, a Chicago-based pet retailer, has raised an undisclosed amount of new growth equity funding. River Hollow Partners led the round, and was joined by Quadrant Capital Advisors and return backer Alliance Consumer Growth. www.krisers.com
• Univita Health, a Miramar, Fla.-based provider of post-acute and home healthcare solutions, has secured a $40 million credit facility from owner Genstar Capital and an unidentified private lender. www.univitahealth.com
IPOs
• Wayne Farms Inc., an Oakwood, Ga.-based producer and processor of broiler chickens, has filed for a $100 million IPO. It plans to trade under ticker symbol WNFM, with Citigroup and BMO Capital Markets serving as lead underwriters. Wayne Farms is being spun out of Continental Grain Company. www.waynefarms.com
EXITS
• The Carlyle Group is planning to sell up to 35 million shares of Axalta Coatings Group (NYSE: AXTA) in a secondary public offering. At Monday’s closing share price of $29.25, the deal would be worth more than $1 billion. Axalta went public last November at $19.50 per share. Following this offering, Carlyle’s ownership position would fall from 74.12% to under 59%. www.carlyle.com
• Riello Investment Partners has agreed to sell C*Blade, an Italian maker of turbine blades, to Sifco Industries Inc. (NYSE: SIF). No financial terms were disclosed. www.cblade.it
OTHER DEALS
• Actavis PLC (NYSE: ACT) has completed its $70.5 billion acquisition of Botox maker Allergan. Read more.
• Microsemi Corp. (Nasdaq: MSCC) has agreed to acquire Vitesse Semiconductor Corp. (Nasdaq: VTSS) for $389 million, or $5.28 per share (35.73% premium over yesterday’s closing price). www.microsemi.com
FIRMS & FUNDS
• No fund news this morning.
MOVING IN, UP, ON & OUT
• George Fisher, former CEO of Eastman Kodak, has stepped down as a senior advisor with KKR, as first reported by peHUB. Fisher had advised KKR for 11 years. Read more.
• Kelly Gottschalk has been named executive director of the $3.5 billion Dallas Police and Fire Pension System. She previously was deputy city manager of Tucson, Arizona. www.dpfp.org
• Kate Kramer has stepped down as VP and CFO of SIFCO Industries Inc. (NYSE: SIF), in order to “return to the private equity industry.” No word yet on her specific plans. Kramer previously spent time with Greenstar Capital. www.sifco.com
• Michael McFerran has joined Ares Management as CFO, treasurer and executive vice president. He previously was a managing director with KKR and CFO of its credit business. He also served as COO and CFO of KKR Financial Holdings. www.ares.com
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