Skip to Content

Term Sheet — Tuesday, June 23

Abdicated responsibility

This morning’s column didn’t quite come together in time, in large part because return calls I was hoping for last night came in an unexpected flurry this morning. And it’s an important issue, so I didn’t want to give it short mental (or editorial) shrift. But there is tons of deal news, and we’ll return to regularly-scheduled ramblings tomorrow…

THE BIG DEAL

• KKR has agreed to sell Capital Safety, a Red Wing, Minn.–based provider of fall protection equipment, to 3M (NYSE: MMM). The deal values Capital Safety at $2.5 billion, including the assumption of around $700 million in debt.

KKR had paid around $1.12 billion to acquire Capital Safety in late 2011 from a consortium of other private equity firms. www.capitalsafety.com

VENTURE CAPITAL DEALS

• Uber is raising a new convertible note investment led by China’s Hillhouse Capital Group, according to the WSJ. Hillhouse also happens to be a shareholder in Didi Kuaidi, which is Uber’s largest competitor in China. Read more.

• Dollar Shave Club, a subscription razor delivery service, has raised $75 million in Series D funding at a reported valuation of $615 million. Backers include Technology Crossover Ventures, Dragoneer Investments, Comcast Ventures and Forerunner Ventures. The company previously raised more than $72 million from TCV, Pritzker Group Venture Capital, Venrock, Kleiner Perkins Caufield & Byers, Andreessen Horowitz and Shasta Ventures. www.dollarshaveclub.com

• Casper, a New York-based mattress startup, announced that it has raised $55 million in Series B funding. Institutional Venture Partners led the round, and was joined by Leonardo DiCaprio, Tobey Maguire, Adam Levine, Scooter Braun, Pritzker Group Venture Capital and return backers NEA, Lerer Hippeau Ventures, Norwest Venture Partners, Vaizra Investments, SV Angel, Slow Ventures and Queensbridge Ventures. Fortune first reported on the round last month. Read more.

• Snowflake, a San Mateo, Calif.-based provider of data warehousing services, has raised $45 million in Series C funding. Altimeter Group led the round, and was joined by return backers Redpoint Ventures, Sutter Hill Ventures and Wing Ventures. Read more.

• Enigma, a New York-based data discovery and analytics company for organizational decision-making, has raised $28.2 million in Series B funding. New Enterprise Associates led the round, and was joined by Two Sigma Ventures, New York City Investment Fund and return backers American Express Ventures, Comcast Ventures and The New York Times Company. www.enigma.io

• Jelli, a San Mateo, Calif.-based tech platform for the audio advertising market, has raised $21 million in Series B funding. Backers include Relay Ventures, Intel Capital, First Round Capital, iHeartMedia and Universal Music Group. www.jelli.com

• Currency Cloud, a UK-based provider of cross-border money transfer services, has raised $18 million in Series C funding. Sapphire Ventures led the round, and was joined by Rakuten and return backers Anthemis, Atlas Venture, Notion Capital and XAnge Private Equity. www.currencycloud.com

• Ankasa Regenerative Therapeutics Inc., a La Jolla, Calif.-based startup focused on pharma preparations for reactivation of stem cells, has raised $17 million in Series A funding. Avalon Ventures led the round, and was joined by Heraeus Medical and Correlation Ventures.

• Envoy, a San Francisco-based provider of iPad sign-in software for office visitors, has raised $15 million in Series A funding from Andreessen Horowitz. www.envoy.co

• Olapic, a New York-based startup that helps brands leverage user-generated images, has raised $15 million in Series B funding. Felix Capital led the round, and was joined by Unilever Ventures, Fung Capital, Longworth Venture Partners and Michael Lazerow. www.olapic.com

• Yotpo, an Israeli provider of an original content marketing platform for businesses, has raised $15 million in new VC funding. No investor information was disclosed. Read more.

• Coravin Inc., a Burlington, Mass.-based maker of a device that allows wine-drinkers to access and pour bottles without pulling the cork, has raised $13.6 million in Series C-1 funding. Windham Venture Partners led the round, and was joined by return backer Quadrille Capital. www.coravin.com

• Soundtrack Your Brand, a service that lets retailers manage in-store Spotify streams, has raised $10.9 million in Series B funding. Telia Sonera led the round, and was joined by Creandum, Northzone Ventures, Play Networks, Wellington Partners and Spotify. Read more.

• Relay2, a Milpitas, Calif.-based provider of cloud controller-based enterprise-class Wi-Fi networking and SaaS services, has raised $10 million in Series D funding from undisclosed investors. www.relay2.com

• AtScale Inc., a business intelligence on Hadoop startup, has raised $7 million in Series A funding. UMC Capital led the round, and was joined by AME Cloud Ventures and seed backers Storm Ventures and XSeed Capital. www.atscale.com

• Dropoff Inc., a provider of on-demand, same-day delivery logistics for businesses, has raised $7 million in Series A funding. Greycroft Partners led the round, and was joined by Correlation Ventures, Texas Atlantic Capital and Wild Basin Investments. www.dropoff.com

• Heal, a Santa Monica, Calif.-based provider of on-demand primary healthcare services, has raised $5 million in seed funding. Backers include Slow Ventures, March Capital and Pritzker Capital. www.getheal.com

• Appuri, a Seattle-based customer data platform, has raised $2 million in seed funding. Divergent Ventures led the round, and was joined by Baseline Ventures and Vulcan Capital. www.appuri.com

• Goodservice, an India-based provider of smartphone personal assistants, has raised $1.6 million in seed funding from Sequoia Capital. Read more.

PRIVATE EQUITY DEALS

• Albireo Energy LLC, a portfolio company of Huron Capital Partners, has acquired GxP Automation LLC, a Chelmsford, Mass.-based provider of building automation solutions predominately to the life sciences industry. No financial terms were disclosed. www.albireoenergy.com

• Alliant Insurance Services, a Newport Beach, Calif.-based specialty insurance brokerage firm, has secured a “significant” equity investment from Stone Point Capital. Existing backer KKR will remain a shareholder. www.alliant.com

• Castanea Partners has acquired a minority equity interest in Proenza Schouler, a New York-based luxury fashion brand. No financial terms were disclosed. www.proenzaschouler.com

• DPG Investments has acquired a control stake in SkiBo Holdings, a Kennesaw, Ga.-based subprime auto lending company. No financial terms were disclosed. www.dpginvestments.com

• Inventus Solutions Inc., a Dallas–based provider of legal process outsourcing services, has acquired Kooby LLP, a UK-based provider of project management solutions for complex eDiscovery matters. No financial terms were disclosed. Inventus is a portfolio company Clearlake Capital Group. www.inventus.com

• KKR has agreed to acquire C.H.I. Overhead Doors, an Arthur, Ill.–based manufacturer of residential and commercial garage doors, from FFL Partners for an undisclosed amount. www.chiohd.com

• Lone Star Funds has agreed to acquire Home Properties Inc. (NYSE: HME), a Rochester, N.Y.-based apartment landlord, for approximately $7.6 billion, or $75.23 per share (9.2% premium to closing price on April 24, following which there were media reports of a possible deal). www.homeproperties.com

• Ovagen Fertility, an Irvine, Calif.-based platform of assistive reproductive technology laboratories in four states, has raised an undisclosed amount of private equity funding from MTS Health Investors. www.ovagenfertility.com

• Telular Corp., a Chicago–based provider of remote monitoring and tracking services, has agreed to acquire Reltima (Woburn, Mass.) and GPS North America (Langhorne, Penn.), two commercial telematics companies in the local fleet management market. No financial terms were disclosed. Telular is a portfolio company of Avista Capital Partners. www.telular.com

• Velocity Aerospace Group Inc., a Frisco, Texas–based provider of aviation MRO services, has acquired EMC Aerospace Inc., a North Miami Beach, Fla.-based aerospace repair station. No financial terms were disclosed. Velocity Aerospace is a portfolio company of Prospect Partners. www.velocityaerospace.com

IPOs

• Benitec Biopharma, an Australian developer of a therapeutic technology platform that combines gene silencing and gene therapy, has filed for a $70 million IPO. It plans to trade on the Nasdaq under ticker symbol BNTC, with BMO Capital Markets serving as lead underwriter. The company currently trades on the ASX under ticker symbol BLT. www.benitec.com

• Planet Fitness, a Newington, N.H.-based health club chain, has filed for a $100 million IPO. It plans to trade on the NYSE under ticker symbol PLNT, with J.P. Morgan listed as left lead underwriter. The company reports $37.3 million in net income on $279.8 million in revenue for 2014, compared to $25.8 million of net income on $211 million in revenue for 2013. Shareholders include TSG Consumer Partners. www.planetfitness.com

• Glaukos Corp., a Laguna Hills, Calif.-based developer of implants to treat glaucoma, has increased its proposed IPO terms to 6 million shares being offered at between $16 and $17 per share. It previously planned to offer 5.36 million shares at between $13 and $15 per share. The company plans to trade on the NYSE under ticker symbol GKOS, with J.P. Morgan, BofA Merrill Lynch and Goldman Sachs serving as lead underwriters. It reports a $14 million net loss on $45.5 million in revenue for 2014, compared to a similar net loss on $21 million in revenue for 2013. Shareholders include Montreux Equity Partners (13.5% pre-IPO stake), Versant Ventures (12.9%), Domain Associates (12.5%), Meritech Capital Partners (12.5%), OrbiMed Advisors (12%), Frazier Healthcare (10.7%) and InterWest Partners (10.7%). www.glaukos.com

• PSAV, a Long Beach, Calif.–based event technology and audiovisual company, is prepping an IPO that could raise around $300 million at a $2 billion valuation, according to Bloomberg. Goldman Sachs and Olympus Partners acquired PSAV two years ago from Kelso & Co. Read more.

EXITS

• ABRY Partners has agreed to sell an 86.7% stake in E-shelter, a Germany-based operator of data center services, to an affiliate of Nippon Telegraph & Telephone Corp. (NYSE: NTT). No financial terms were disclosed. www.e-shelter.de

• Mediclinic, a South African operator of private hospitals, has agreed to acquire a 29.9% stake in UK hospital operator Spire Healthcare (LSE: SPI) for £432 million. Sellers include Cinven. Read more.

OTHER DEALS

• Alibaba Group (NYSE: BABA) has agreed to sell U.S. ecommerce subsidiary 11 Main to New York-based social shopping marketplace OpenSky in a stock-swap deal that gives Alibaba a 37.6% stake in OpenSky. Read more.

• Sumitomo Mitsui Financial Group has expressed interest in acquiring General Electric’s (NYSE: GE) U.S. railway leasing business, according to the WSJ. A deal could be worth around $4 billion. Read more.

• Verizon Communications (NYSE: VZ) has completed its previously-announced $4.4 billion, or $50 per share, acquisition of AOL Inc. Read more.

FIRMS & FUNDS

• Alibaba Group (NYSE: BABA) and its Ant Financial affiliate have committed to invest $966 million into a 50/50 joint venture (called Koubei) that will invest in China’s local services market. Read more.

• Bell Partners, a Greensboro, N.C.–based apartment investment and management firm, has closed its fourth fund with $425 million in capital commitments. www.bellpartners.com

• CrossCut Ventures, a Los Angeles-based early-stage VC firm, has closed its third fund with $75 million in capital commitments. The firm also announced that venture partner Clinton Foy to managing director. Read more.

• Hamilton Lane has closed its third co-investment fund with $1.5 billion in capital commitments. www.hamiltonlane.com

• Whitecap Venture Partners, a Canadian VC firm, has closed its third fund with C$100 million in capital commitments. Limited partners include Kensington Venture Fund and Bank of Montreal. www.whitecapvp.com

MOVING IN, UP, ON & OUT

• Briggs Morrison has joined MPM Capital as a managing director, while continuing to serve as . CEO of MPM portfolio company Syndax Pharmaceuticals. www.mpmcapital.com

• David Posner is leaving First Reserve, which he joined in 2012 as a managing director focused on international fundraising and investor relations, according to peHUB. No word yet on his future plans. Read more.

• Christopher Viehbacher has joined Waypoint Capital, the investment office of the Bertarelli family, a managing partner of a new $2 billion fund focused on healthcare opportunities. Previously he was CEO of Sanofi and chairman of Genzyme. www.waypointcapital.net

• Linsalata Capital Partners has promoted Gregory Taber to senior managing director. He has been with the Cleveland-based private equity firm since 2000, and currently serves as chairman of portfolio company Eatem Foods. www.linsalatacapital.com

Share today’s Term Sheet:
http://fortune.com/newsletter/termsheet