Skip to Content

Term Sheet — Monday, July 13

Random Ramblings

Greetings from Aspen, where I’m in town for Fortune Brainstorm Tech. We formally kick off the program at 2:25pm local time this afternoon (4:25 ET, 1:25 PT), with all of our mainstage sessions being live-streamed at

Today’s interviews include YouTube CEO Susan Wojcicki, KKR’s Henry Kravis, BestBuy CEO Hubert Joly, Flextronics CEO Mike McNamara, Pinterest CEO Ben Silbermann, U.S. CTO Megan Smith, CyPhy Works CEO Helen Grenier, Instacart CEO Apoorva Mehta, Jet CEO Marc Lore, Revel Systems CEO Lisa Falzone and brothers Ari and Rahm Emanuel.

We will not be live-streaming this evening’s music nightcap with Scooter Braun (Justin Bieber’s manager) and Scott Borchetta (head of Taylor Swift’s label), but will have video clips up in the morning.

• Her next Silicon Valley fundraiser should be interesting: Hillary Clinton today is expected to make a major speech that lays out her economic blueprint for America. According to Politico‘s Mike Grunwald, some of her rhetorical fire will be aimed at sharing/contractor economy companies like Airbnb and Uber.

Clinton reportedly will argue that the new relationships such companies form between labor and management are unhealthy for middle-class wage growth, and have been enabled by economic policies that she would change. Will be interesting to hear the specifics, and how Clinton’s tech backers — including an Uber investor who is hosting a fundraiser for her next month in his home – react…

• Deal on? Now that Greece seems to have a deal with its creditors, there should be a restart for the $2.4 billion financing package to support Apollo Global Management’s planned purchase of glass bottle business Verallia from French conglomerate Saint-Gobain. The financing previously was put on hold in the wake of Greece’s referendum vote since.

• Ellen out: As you probably saw, former venture capitalist Ellen Pao stepped down as interim CEO of social news site Reddit, following a user revolt that was originally sparked by the firing of a popular employee (even though Pao’s exact role in the firing remains unclear).

Also worth noting that this wasn’t originally intended to be a late Friday news dump. My understanding is that the move was originally supposed to be announced later this week, but was pushed up after word of Pao’s departure began to leak. Still no word on if Pao will pursue an appeal of the verdict in her failed gender discrimination case against Kleiner Perkins.

• Drop a dime: Just a reminder that you always can send me an anonymous message by using our tip function. Just go here.


• Olympus Partners has agreed to sell Waddington Group, a Covington, Ky.-based maker of disposable cups and cutlery, to Jarden Corp. (NYSE: JAH) for $1.35 billion.


• CrowdStrike, a Laguna Niguel, Calif.-based cybersecurity company, has raised $100 million in Series C funding. Google Capital led the round, and was joined by Rackspace and return backers Accel Partners and Warburg Pincus. Read more.

• Delphix, a Menlo Park, Calif.-based provider of data-as-a-service solutions, has raised $75 million in new VC funding. Fidelity led the round, and was joined by Credit Suisse NEXT Investors, The Kraft Group and return backers Greylock, Lightspeed Venture Partners and Icon Ventures.

• RedOwl, a Baltimore-based cybersecurity startup, has raised $17 million in Series B funding. Allegis Capital led the round, and was joined by The Blackstone Group and Marc Benioff.

• Signifyd, a San Jose, Calif.-based provider of fraud protection for e-commerce businesses, has raised $7 million in Series A funding. Allegis Capital led the round, and was joined by Resolute Ventures, IA Ventures, QED Investors, Lucas Ventures and Tekton Ventures.

• Ameyo, an India-based maker of customer support and sale center software, has raised $5 million in Series A funding from Forum Synergies. Read more.

• Aptimmune Biologics, a Champaigne, Ill.-based mucosal vaccine company, has raised $2.75 million in VC funding from Arsenal Capital Management, Fox Ventures and individual angels.

• Berry Kitchen, an Indonesia-based meal delivery service, has raised $1.25 million in Series A funding. Sovereign Capital led the round, and was joined by East Ventures.


• Advent International has agreed to acquire a 30% stake in LifeMiles BV, a standalone loyalty rewards subsidiary of Avianca Holdings (NYSE: AVH). The deal is valued at $343.7 million.

• Aimbridge Hospitality, a Carrolton, Texas-based independent hotel investment and management firm, has raised an undisclosed amount of equity funding from General Atlantic.

• Apax Partners has agreed to acquire Dutch online retailer RFS Holland Holding from IK Investment Partners. No financial terms were disclosed, although earlier press reports suggested that the deal would be valued at around €450 million.

• Argosy Investment Partners, Plexus Capital and Salem Investment Partners have acquired Parker School Uniforms LLC, a Houston-based provider of school uniforms to private and charter schools across the U.S. Sunbelt region, from Blue Sage Capital. No financial terms were disclosed.

• Bunker Hill Capital has acquired ASPEQ Heating Group LLC, a St. Louis-based manufacturer of electric heating and thermal management technologies. No financial terms were disclosed, except that Abacus Finance Group made an equity co-investment and arranged $47 million in related senior secured credit facilities.

• Francisco Partners has completed its previously-announced $438 million take-private acquisition of ClickSoftware Technologies Ltd., an Israel-based provider of automated mobile workforce management and optimization solutions for the service industry.

• HGGC has sponsored an equity recapitalization of Selligent SA, a Belgium-based B2C marketing automation software maker. No financial terms were disclosed.

• Partners Group has agreed to acquire a 25% stake in TOUS, a Spain-based jewelry and accessories brand, for an undisclosed amount.

• Triumph Energy Partners LLC, a new exploration and production company focused on assets with historically-productive reservoirs, has been formed via a $100 million equity commitment from Kayne Anderson Energy Funds. Triumph’s founding team previously led Plymouth Exploration LLC.


• Houlihan Lokey Inc., a Los Angeles-based boutique investment bank, has filed for a $100 million IPO. It plans to trade on the NYSE under ticker symbol HLI, with BofA Merrill Lynch and Goldman Sachs serving as lead underwriters. The company reports $80 million of net income on nearly $681 million in revenue for 2014, compared to $61 million in net income on $592 million in revenue for 2013. Shareholders include ORIX USA.

• Neos Therapeutics Inc., a Grand Prairie, Texas-based drugmaker whose initial products focus on ADHD, has set its IPO terms to 4 million shares being offered at between $14 and $16 per share. It would have an initial market cap of around $205 million, were it to price in the middle of its range. The company will trade on the Nasdaq under ticker symbol NEOS, with UBS, BMO Capital Markets and RBC Capital Markets serving as lead underwriters. Shareholders include Burrill & Co. (13.15% pre-IPO stake), Presidio Partners (12.97%) and Essex Capital (10.21%).


• Black Hills Corp. (NYSE: BKH) has agreed to acquire SourceGas Holdings LLC, a Lakewood, Colo.-based provider of natural gas transmission and distribution services, from Alinda Capital Partners and GE Energy Financial Services. The deal is valued at $1.89 billion.

• Edwards Lifesciences Corp. (NYSE: EW) has agreed to acquire CardiAQ Valve Technologies Inc., an Irvine, Calif.-based maker of a transcatheter mitral valve replacement system. The deal is valued at up to $400 million, including $350 million cash at closing. Sellers include Advent Venture Partners, OrbiMed Advisors and Versant Ventures.

• Groupe Acticall SAS has agreed to acquire Sitel Worldwide Corp., a Nashville, Tenn.-based provider of customer care outsourcing services, from Onex Corp. and OMERS Private Equity for approximately $830 million (including assumed debt).

• Invitation Homes has agreed to sell around 1,300 residential homes in the Atlanta area, saying that they don’t fit the company’s strategy. Invitation Homes is a Blackstone Group portfolio company that, after spending more than $9 billion, is now the largest U.S. owner of single-family homes. Read more.

• Lockheed Martin (NYSE: LMT) is the “leading candidate” to buy helicopter company Sikorsky from United Technology Corp. (NYSE: UTX), according to Reuters. The deal could be valued north of $8 billion. Read more.

• Rakuten (Tokyo: 4755) has acquired, a London-based provider of virtual fitting rooms. No financial terms were disclosed. had raised over $14 million from firms like Conor Venture Partners, Entrepreneurs Fund and SmartCap.


• MPLX LP (NYSE: MPLX) has agreed to acquire MarkWest Energy Partners LP (NYSE: MWE) for approximately $15.8 billion in cash and stock. Read more.

• Piper Jaffray Cos. (NYSE: PJC) has agreed to acquire River Branch Holdings LLC, a Chicago-based investment banking boutique focused on the financial institutions sector. No financial terms were disclosed.

• Platform Specialty Products (NYSE: PAH) has agreed to acquire British specialty chemicals company Alent (LSE: ALNT) for $2.1 billion. The 503 pence per share deal represents a 49% premium over Alent’s closing share price last Friday. Read more.


• Providence Equity Partners has raised $315 million for its first “strategic growth fund,” which will target investments in lower middle market technology-enabled service companies.


• David Chang has joined Harvard Business School as an entrepreneur-in-residence. He previously led PayPal’s Boston office.

Share today’s Term Sheet: