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Term Sheet — Thursday, April 2

April 2, 2015, 1:50 PM UTC

Random Ramblings

Comcast this week announced that vice chairman and CFO Michael Angelakis would be stepping down, in order to launch a “strategic company that will focus on investing in and operating growth-oriented companies, both domestically and internationally.”

Not terribly surprising, given that: (1) Prior to joining Comcast in 2008, Angelakis was a managing director with Providence Equity Partners, and (2) Everyone and their cable company wants a chance to invest in hot private tech companies right now.

Comcast will pump $4 billion into the new platform over the next 10 years, while other (still-unnamed) senior members of the group’s management team will chip in $100 million (including at least $40m from Angelakis himself).

It also is worth noting that this effort is not expected to have an impact on Comcast Ventures, according to a Comcast spokesperson. The two groups are expected to work independent of one another, with the new group focusing on later-stage opportunities while Comcast Ventures continues to concentrate on earlier-stage businesses. Perhaps kind of like what we’re seeing happen right now with Google Ventures and Google Capital.

More Q1 data: Only 31 companies went public on U.S. exchanges in Q1 2015, raising a paltry $5.15 billion, according to Thomson Reuters. That's the smallest quarterly raise amount since Q3 2012, and the lowest first quarter since Q1 2010.

 New fund alert: Index Ventures has raised €650 million for its third growth equity fund, according to a regulatory filing. This appears to be significantly more than the €500 million it raised for its second growth equity fund in late 2011, but concurrent currency conversions actually put both vehicles at around $700 million.

 Lost exchange: NASDAQ and NYSE lost basically the same amount of quarter-over-quarter IPO business, with NASDAQ hosting 41% fewer offerings in Q1 2015 than in Q1 2014, while NYSE experienced a 40% drop. More data (and lots of attempted spin) can be found here.

Prize Time: I am pleased to be co-hosting the 2015 TUGG Wine and Tequila Party, which takes place at Boston’s Landmark Center on the evening of April 16. Hoping you can join myself and more than 1,500 entrepreneurs, VCs and philanthropists as we raise hundreds of thousands of dollars to support New England non-profits.

Tickets cost $100 each, but we’re going to give away 20 to Term Sheet readers. This is a 'first come/first get' sort of thing. Just go to the event page, and use the code FORTUNEWP2015 when signing up. Look forward to seeing you there.

Another reminder: We're about to begin sending Term Sheet via a new system with the goal of improving delivery times. Please take a quick moment to add to your email address book (particularly if you're a Gmail user).


 Hudl, a Lincoln, Neb.-based sports video analytics platform, has raised $72.5 million in new VC funding. Accel Partners and Nelnet co-led the round, and were joined by Jeff Raikes (ex-president of Microsoft Business and CEO of the Bill & Melinda Gates Foundation).


 Via, an Israeli on-demand transit company, has raised $27 million in Series B funding. Pitango Venture Capital led the round, and was joined by Hearst Ventures, Ervington Investments and return backer 83North.

 Tapingo, a mobile shopping platform with contextually-aware native apps, has raised $22 million in Series C funding. Qualcomm Ventures led the round, and was joined by DCM Ventures, Kinzon Capital and return backers Carmel Ventures and Khosla Ventures.

 Honor, an online platform for connecting in-home caregivers with seniors and their families, has raised $20 million in first-round funding. Andreessen Horowitz led the round, with Marc Andreessen joining the company’s board of directors. Other backers include Kapor Capital, Ron Johnson, Max Levchin, Max Ventilla, Sen. Bob Kerrey, Jeremy Stoppelman, Andrew Conrad and Jessica Alba. Read more.

 Cava Grill, a Washington, D.C.-based Mediterranean fast-casual restaurant chain, has raised $16 million in Series C funding led by return backer SWaN & Legend Venture Partners.

 Fyusion, a San Francisco-based developer of “surround-view digital technology,” has raised $13 million in Series B funding co-led by New Enterprise Associates and The University of Tokyo Edge Capital.

 Drivy, a French peer-to-peer car rental startup, has raised €8 million in new VC funding. Bpifrance and Via-ID were joined by return backers Index Ventures and Alven Capital. Read more.

 Quartet Health Inc., a New York-based behavioral health technology startup, has raised $7 million in new VC funding. Oak HC/FT led the round, and was joined by Shulman Ventures, Fidelity Biosciences and Polaris Partners.

 ZappRx, a Cambridge, Mass.-based startup that automates prescription management for patients, physicians and pharmacists, has raised $5.6 million in Series A funding. SR One led the round, and was joined by Atlas Venture.

 Ittavi, a Santa Clara, Calif.-based maker of a platform to automate child support payments and enable parents to share related expenses, has raised $1.5 million in new funding led by T5 Capital Partners.

 Signal, a London-based market intelligence and information discovery platform, has raised $1.8 million in new VC funding led by Frontline Ventures.


 Blackthorne Partners has led a buyout of Design Specialties Inc., a Milwaukee-based manufacturer of fireplace doors, screens and other heath accessories. No financial terms were disclosed.

 The Canada Pension Plan Investment Board and Hermes Investment Management have agreed to acquire 30% of Associated British Ports, operator of 21 UK ports, for £1.6 billion. The deal includes an option for the two groups to acquire an addition 3.3% position. Read more.

 CapitalWorks has acquired a majority stake in Bancsource Inc., a Republic, Mo.-based provider of maintenance services and sales of cash cycle equipment like ATMs and smart safes. No financial terms were disclosed.

 Centerbridge Partners has agreed to acquire Italian lender Banca Farmafactoring from Apax Partners. No financial terms were disclosed.

 Confie Seguros, a personal insurance company focused on Hispanic consumers, has acquired three East Coast insurance brokerages: Your Insurance Spot (Kissimmee, FL), Wise Insurance Agency (Columbia, SC) and Bronkie Agency (Williamsville, NY). No financial terms were disclosed. Confie Seguros is a portfolio company of ABRY

 CVC Capital Partners and Providence Equity Partners are prepping a takeover bid for Cirque du Soleil, according to The Globe and Mail. TPG Capital also is expected to submit an offer by today’s deadline.

 HGGC has completed its previously-announced acquisition of the majority of the assets of MRops, a Warrington, Penn.-based provider of market research operations services to management consulting firms and market research agencies. No financial terms were disclosed. HGGC has merged MRops with existing portfolio company Survey Sampling

 KKR and Fleur de Lis Energy have acquired certain CO2 enhanced oil recovery properties from Anadarko Petroleum Corp. (NYSE: APC). No financial terms were disclosed.

 Leonard Green & Partners is in advanced talks to acquire a minority equity stake in Springfield, Mo.-based retailer Bass Pro Shops, according to the WSJ. Bass Pro Shops had hired Moelis & Co. last fall to find financial partners, and is reported to be seeking an enterprise valuation of between $4 billion and $5 billion. Read more.

 MarketShare, a Los Angeles-based provider of marketing analytics, has acquired Datasong, a provider of retail marketing analytics and consumer targeting solutions. No financial terms were disclosed. MarketShare backers include Elevation Partners and FTV Capital.

 Marlin Equity Partners has acquired Arcplan Holding Gmbh, a German provider of business intelligence and corporate performance management software. No financial terms were disclosed.

 San Francisco Equity Partners has acquired a majority stake in Japonesque, a San Ramon, Calif.–based beauty products company. No financial terms were disclosed.

 Searchlight Capital has acquired a control stake in TouchTunes, a New York-based in-venue interactive entertainment network. Sellers include 3i Group. No financial terms were disclosed.

 Summit Partners has acquired a majority equity stake in DentalPro, a network of dental clinics in Italy. No financial terms were disclosed.


 Gelesis, a Boston-based developer of therapies for weight loss and glycemic control in overweight and obese patients, has filed for a $60 million IPO. It plans to trade on the Nasdaq under ticker symbol GLSS, with Piper Jaffray, Stifel and Guggenheim Securities serving as lead underwriters. Shareholders include PureTech Ventures (28.59% pre-IPO stake), Invesco (12.4%) and Hercules Technology Ventures (6.91%).

 Kornit Digital Ltd., an Israeli provider of digital printing solutions for the global printed textile industry, raised $71 million in its IPO. The company priced 7.1 million shares at $10 per share (below $13-$15 offering range), for an initial market cap of approximately $287 million. It will trade on the Nasdaq under ticker symbol KRNT, while Barclays and Citigroup served as lead underwriters. The company reports around $3 million in 2014 net income on $66 million in revenue. Fortissimo Capital held a 69.6% pre-IPO ownership position.


 MegaPath, a Costa Mesa, Calif.-based portfolio company of Platinum Equity, has completed the previously-announced $152 million sale of its managed services business to GTT Communications (NYSE: GTT). (NYSE: CRM) has acquired Toopher, an Austin, Texas-based enterprise multifactor authentication platform. No financial terms were disclosed. Toopher had raised around $3 million in VC funding from firms like Corsa Ventures, Alsop Louie Partners and Texas Venture Labs. Read more.

 Waterland Private Equity Investments has completed its previously-announced €3.8 billion sale of Belgium-based OTC drug company Omega Pharma NV to Perrigo Co. (NYSE: PRGO). Read more.

 Wincove Capital has sold Connect-Air International Inc., an Auburn, Wash.-based distributor of low-voltage wire and cable used in critical building applications like HVAC, to a subsidiary of Genuine Parts Co. (NYSE: GPC). No financial terms were disclosed. (Nasdaq: WIX) has acquired, an Israeli social marketing tools company, for an undisclosed amount. had raised VC funding from Blumberg Capital, SingTel Innov8 and Titanium Investments. Read more.


 Bankrate Inc. (NYSE: RATE) has acquired, a free credit report and monitoring site, from Quicken Loans. No financial terms were disclosed.

 The Blackstone Group is in talks to buy two malls in Portugal from Commerzbank AG, according to Bloomberg. The two malls -- Almada Forum and Forum Montijo – each could be valued at upwards of €100 million. Read more.

 Citigroup (NYSE: C) is prepping a sale of Burlington, Vt.-based reinsurer Prime Reinsurance Co., according to Bloomberg. Read more.

 Jitasa, a Boise, Idaho-based provider of accounting services for nonprofits, has acquired Dynamic Shared Services, a Towson, Md.-based provider of accounting, payroll and membership database management solutions. No financial terms were disclosed.

 Sequential Brands Group (Nasdaq: SQBG) has agreed to acquire a majority stake in the Jessica Simpson Collection Brand. No financial terms were disclosed. Both Tengram Capital Partners and The Carlyle Group hold around 16% stakes in Sequential Brands.


 Lux Capital has closed its fourth fund with $350 million in capital commitments. The Menlo Park, Calif.-based firm focuses on seed and early-stage opportunities in science and tech spaces.

 Redpoint Ventures is targeting $400 million for its sixth early-stage fund, according to VentureWire. The firm currently is managing a $400 million fund that closed in 2013.


 The Carlyle Group has named Peter Claire as co-deputy chief investment officer for corporate private equity, alongside Kewsong Lee. Clare will maintain his role as co-head of Carlyle’s U.S. buyouts group.

 Jean-Philippe Coiteux has joined Desjardins Venture Capital as a Montreal-based director of investments. He previously was VP of finance at Alasko Foods Inc.

 Richard Maroun has joined Frazier Healthcare as an operating executive on the firm’s growth buyouts team. He most recently was a senior VP and general counsel of Aptalis Pharma, where he worked on the company’s $2.9 billion acquisition by Forest Labs.

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