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Term Sheet — Tuesday, May 26

May 26, 2015, 1:56 PM UTC

Abdicated Responsibility

Greetings from the home office, where this morning's planned column didn't quite come together in time. Apologies. We'll return to our regularly-scheduled ramblings tomorrow...

And now, onto the news blurbs.


 Charter Communications Inc. (Nasdaq: CHTR) announced that it has agreed to acquire Time Warner Cable (NYSE: TWC) for $78.7 billion (including debt). The agreement also includes a $2 billion termination fee that would be triggered if the merger is blocked by regulators -- a feature that was missing from Time Warner Cable's prior agreement to be acquired by Comcast. Read more.


 FruitDay, an online seller of fresh produce in China, has raised $70 million in Series C funding. (Nasdaq: JD) led the round, and was joined by return backers Susquehanna International Group and ClearVue Partners.

 Rubrik, a Palo Alto, Calif.-based converged data management platform, has raised $41 million in Series B funding. Greylock led the round, and was joined by return backer Lightspeed Venture Partners. Read more.

 TravelersBox, maker of a foreign exchange “ATM” that lets users wire money directly to electronic accounts like Paypal, has raised $4.5 million in new VC funding. Backers include Global Blue, Pitango Venture Capital and iAngels. Read more.

 Enervee, a Santa Monica, Calif.-based developer of a personal energy efficiency scoring platform, has raised $3.7 million in first round funding led by Obvious Ventures. Read more., a Nigeria-based hotel booking site, has raised $1.2 million in new VC funding from EchoVC Pan-Africa Fund and Omidyar Network. Read more.

 Bitbar Technologies, a Helsinki-based provider of a cloud-based mobile development and testing service (Testdroid), has raised an undisclosed amount of new VC funding. Inventure led the round, and was joined by return backers Qualcomm Ventures, DFJ Esprit, Creathor and Avera.


 Bain Capital has completed its previously-announced $2.4 billion acquisition of Blue Coat Systems, a Sunnyvale, Calif.-based provider of enterprise security and WAN optimization solutions, from Thoma Bravo and Teachers' Private

 Baring Private Equity Asia has agreed to acquire Vistra Group Ltd., a Luxembourg–based trust and custodial services provider, from IK Investment Partners. No financial terms were disclosed, although prior reports suggested around an €800 million asking price. Losing bidders included The Carlyle Group and CVC Capital Partners. Read more.

 Hot Topic Inc., a specialty retailer owned by Sycamore Partners, has agreed to acquire Geeknet Inc. (Nasdaq: GKNT), the parent company of online retailers ThinkGeek and ThinkGeek Solutions, for approximately $122 million, or $17.50 per share (121.5% premium over Friday’s closing price).

 Jack’s Family Restaurants, a Homewood, Ala.-based chain of quick-service burger restaurants, has secured an undisclosed amount of equity funding from Onex Partners.

 Investcorp has among the bidders for Fourth Ltd., a London-based provider of cost-control software to restaurants and hotels, according to Dow Jones. The company is currently owned by ECI Partners, which is seeking bids north of £200 million.

 Istituto Centrale Banche Popolari, an Italian provider of banking services, has picked a consortium of CVC Capital Partners and Permira as its preferred acquisition partner, according to Reuters. The deal could be valued at around $2 billion. Read more.

 JLL Partners has agreed to acquire Point Blank Enterprises, a Pompano Beach, Fla.–based maker of bullet-proof vests for the police and military, from Sun Capital Partners, according to an FTC filing. No financial terms were disclosed.

 KKR and Gulf Bay Group have formed a joint venture to purchase one of the two remaining developable land parcels in Pelican Bay for $80 million in cash.

 Permira has acquired Vacalians Group, a France-based campsite and mobile-home company. No financial terms were disclosed. Sellers include 21 Centrale Partners.

 Univision Communications has acquired The Root, an online news andculture destination for African-Americans.” No financial terms were disclosed. Univision was taken private in early 2007 for $12.3 billion by Madison Dearborn Partners, Providence Equity Partners, TPG Capital and Thomas H. Lee Partners.

 Veritas Capital has agreed to acquire StandardAero, a Canadian provider of aircraft maintenance, repair and overhaul services, from Dubai Aerospace Enterprise. No financial terms were disclosed.

IPOs, a Vienna, Va.-based provider of smartphone app-controlled home security systems, has filed for a $75 million IPO. It plans to trade on the Nasdaq under ticker symbol ALRM, with Goldman Sachs, Credit Suisse and BofA Merrill Lynch serving as lead underwriters. The company reports $13.5 million of net income on around $167 million in revenue for 2014. Shareholders include Technology Crossover Ventures (42.9% pre-IPO stake) and ABS Capital Partners (41.6%). Read more.

 ConforMIS Inc., a Burlington, Mass.-based developer of medical devices for osteoarthritis treatment and joint damage, has filed for a $172.5 million IPO. It plans to trade on the Nasdaq under ticker symbol CFMS, with J.P. Morgan and Deutsche Bank Securities serving as lead underwriters. The company reports a $46 million net loss on $48 million in revenue for 2014. It has raised nearly $220 million in VC funding, from firms like Abu Dhabi Investment Authority, Aeris Capital, AGC Equity Partners and Axel Johnson Inc.

 Gener8 Maritime Inc., a Marshall Islands-based operator of 46 oil tankers, has filed for a $100 million IPO. It plans to trade on the NYSE under ticker symbol GNRT, with Citigroup and UBS serving as lead underwriters. Shareholders include Oaktree Capital Management, BlueMountain Capital Management, Avenue Capital Group and Aurora Resurgence Capital Partners.


 EMC Corp. (NYSE: EMC) has agreed to acquire Virtustream, a San Francisco-based provider of enterprise cloud solutions, for $1.2 billion in cash. Virtustream has raised around $100 million in VC funding from QuestMark Capital, Intel Capital, Columbia Capital, Noro-Moseley Partners, SAP and TDF. Read more.

 Twitter (Nasdaq: TWTR)has held talks about acquiring Flipboard for around $1 billion in stock, although talks are now "stalled," according to Re/Code. Flipboard has raised around $160 million in VC funding from firms like Kleiner Perkins, Index Ventures, Insight Venture Partners, Rizvi Traverse, GGV Capital and Goldman Sachs. Read more.


 BYD Co. (HK: 1211), a Chinese maker of electric vehicles, is planning to raise around $1.6 billion via a private share placement, according to Bloomberg. Current shareholders include Berkshire Hathaway. Read more.

eHi Car Services Ltd. (NYSE: EHIC), a Chinese  has secured $150 million in new equity funding from Tiger Global Management and SRS Investment Management. Around $16 million of the shares are being sold by existing backers. Read more.

Lone Star has increased its stake in listed Polish real estate developer GTC from 32.5% to 55.2% via a tender offer. Read more.

 Snapdeal, an Indian ecommerce company, has acquired, an India-based MartMobi startup that helps vendors create and maintain mobile sites and apps. No financial terms were disclosed. Snapdeal has raised over $1 billion in equity funding from firms like Bessemer Venture Partners, Nexus Venture Partners, Intel Capital, Saama Capital, eBay and SoftBank. Read more.


 Stafford Capital Partners has closed its seventh timber private equity fund with $484 million in capital commitments.


 Farhana Ahmed has stepped down as a principal with the Canada Pension Plan Investment Board, in order to join Oklahoma City-based Warwick Energy as chief financial officer.

 Tevi Hirschhorn has joined Israel-based Jumpspeed Ventures as a designer-in-residence.

 Craig Kahler has joined Safanad as a New York-based director of private equity. He previously was with BlueMountain Capital as a portfolio manager of private capital.

 Lee Ann Palladino is stepping down as chief investment officer of Connecticut’s $29.6 billion public pension system, after more than a decade on the job. Read more.

 Tom Stokes has joined Evercore has a senior managing director in the firm’s technology investment banking group. He previously was a managing director of investment banking with Goldman Sachs.

 Pete Tedesco has joined Health Enterprise Partners as a vice president. He previously was a vice president with Olympus Partners.

 Shanna Tellerman has stepped down as an investment partner with Google Ventures, in order to launch a stealth startup that combines her “passion for design, 3D and commerce.” She had joined Google Ventures in 2013, before which she was a product manager with Autodesk.

 Neil Tuch is stepping down after 10 years as a San Francisco-based managing director with H.I.G. Capital, according to peHUB. No word yet on his future plans. Read more.

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