Private equity firm Castle Harlan has decided to wind down operations after 28 years in business, Fortune has learned.
The New York-based shop will continue to manage out its fourth and fifth funds, the latter of which was an $800 million vehicle raised in 2007. It had been trying to raise a successor fund under the brand name CHI Private Equity, but that effort has been shelved and any capital commitments will be rescinded.
Firm president Howard Morgan is in the process of leaving the firm, as are managing directors Tariq Osman and Heather Faust. Both Osman and Faust will continue to serve on a pair of existing Castle Harlan portfolio company boards.
Castle Harlan acknowledged the wind-down decision in a brief statement, but declined to comment further or make CEO John Castle available for comment.
According to a report from the Oregon State Treasury, Castle Harlan’s fourth fund had an IRR of 14.9% and a total value multiple of 1.44x through March 31, 2015. The figures for Fund V were an IRR of 28.8% and a 1.84x multiple.
• Here are some quotes and other items from the first day of Fortune Brainstorm Tech:
Henry Kravis, when asked about Donald Trump naming him as a possible Treasury Secretary: “That was scary.” He also said that while the firm will continue to make growth equity investments in tech companies via its balance sheet, it does not have current plans to raise a dedicated growth equity fund. He also gave some advice to unicorn companies thinking about going public (check video clip here).
Helen Grenier, current CEO of consumer drone startup CyPhy Works, and co-founder of Roomba maker iRobot: “I had trouble raising money for Roomba… Vacuuming, they asked, who does that anymore? I guess VCs don’t do their own vacuuming.”
Megan Smith, an ex-Googler who currently is CTO for the United States: “I’m working on most diverse team I’ve ever worked on in my life.” Smith also claims to have never seen a floppy disk since going to work at the White House.
Jet founder Marc Lore says his company will open to the public next Monday, but insists that funding a company to compete directly with Amazon isn’t based on bad blood over how Amazon used anti-competitive practices to hobble (and then acquire) Lore’s last company, Quidsi (a.k.a. Diapers.com).
Rahm Emanuel: “Anyone who gives you a prognostication about 2016 presidential election is full of it.”
One more: Late last night, we held a discussion about the music industry with Scooter Braun (Justin Bieber’s manager) and Scott Borchetta (head of Taylor Swift’s label). During our discussion of streaming, Borchetta and Braun both said that they and others had been in private talks with Apple about their plans to launch Beats Music with a three-month free trial that would not pay artists or labels for streams.
What neither knew, however, was about Taylor Swift’s plan to write a blog post pulling her latest album from the service. Borchetta says that he got a text message from Swift that simply read: “Don’t be mad” with a link to her post. The rest, of course, is music history.
• Coming attractions: We’ve got a lot of great stuff on the mainstage today, including our kick-off keynote interview with Reid Hoffman and Aneel Bhusri. Pretty good timing given that Workday this morning announced a corporate venture arm. That begins at 9:15am local time, and the livestream will be at Fortune.com. Other notable interviews today include Ev Williams (9:45am), FitBit CEO James Park (11:10am), Apple HR boss Denise Young Smith (11:35am), Pixar president Ed Catmull (3pm), Silver Lake’s Egon Durban (3:35pm) and John Doerr (4pm). Plus a demo at 3:30 by Intarcia CEO Kurt Graves, and our Unicorn Idol competition at 4:30.
THE BIG DEAL
• Shuanghui International Holdings (HK 288) has offered to acquire Micron Technology (Nasdaq: MU) for approximately $23 billion. According to the WSJ, the offer is $21 per share, which represents a 19.3% premium over yesterday’s closing price. If successful, this would be the largest-ever takeover of a U.S. company by a Chinese company. Read more.
VENTURE CAPITAL DEALS
• FanDuel, a New York-based real-money fantasy sports site, has raised $275 million in new VC funding at a valuation north of $1 billion. Existing investor KKR led the deal, and was joined by Google Ventures, Time Warner Investments and return backers Shamrock Capital, NBC Sports Ventures, Comcast Ventures, Bullpen Capital, Pentech Ventures and Piton Capital. www.fanduel.com
• Fenergo, a Dublin, Ireland-based provider of client lifecycle management software for the capital markets, has raised $75 million in funding from Insight Venture Partners. www.fenergo.com
• InVision, a New York-based design collaboration platform, has raised $45 million in Series C funding. Accel Partners led the round, and was joined by return backers FirstMark Capital and Tiger Global Management. www.invisionapp.com
• Arivale, a Seattle-based provider of actionable recommendations for personal health, has raised $36 million in Series B funding. ARCH Venture Partners and Polaris Partners co-led the round, and were joined by return backer Maveron. www.arivale.com
• Fastacash, a Singapore-based social global payment platform, has raised $15 million in Series B funding. Rising Dragon Singapore led the round, and was joined by Life.SREDA and UVM 2 Venture Investments. www.fastacash.com
• Pager, a New York-based app that enables at-home doctor and nurse visits, has raised $14 million in new VC funding at around a $75 million valuation. Backers include Sound Ventures and New Enterprise Associates. Read more.
• Alchimer SA, a French provider of metallization technologies, has raised $13.5 million in new VC funding from backers like Air Liquide Venture Capital, Idinvest Partners, CEA Investissement, Auriga Partners and Panasonic. www.aveni.com
• Sysdig, a San Francisco-based container visibility company, has raised $10.7 million in Series A funding co-led by Accel Partners and Bain Capital Ventures. www.sysdig.com
• MySmartPlace, an India-based price comparison and search site, has raised $10 million in new VC funding. Accel Partners led the round, and was joined by Helion Venture Partners. Read more.
• Paktor, a Singapore-based matchmaking app for Southeast Asia, has raised $7.4 million in Series B funding. Majuven, and Convergence Ventures were joined by return backer Vertex Venture Holdings. www.gopaktor.com
• Rescale, a cloud computing platform for simulation in large enterprises, has raised $6.4 million in VC funding from backers like Data Collective, Jeff Bezos, Paul Graham, Peter Thiel, Sam Altman and Richard Branson. www.rescale.com
• Victor, a London-based on-demand private jet charter technology platform, has raised $5 million in new VC funding. No investors were identified. The company also said that it has acquired YoungJets, a Santa Barbara, Calif.-based provider of private jet charter services. Read more.
• ClassWallet, a Miami-based platform for school funds disbursement and tracking, has raised $1.9 million in seed funding. Backers include NewSchools Venture Seed Fund and Kaplan Ventures. www.classwallet.com
PRIVATE EQUITY DEALS
• AE Industrial Partners has acquired Belcan Corp., a Cincinnati-based provider of engineering services and technical staffing. No financial terms were disclosed. www.belcancorporation.com
• BC Partners has acquired a majority stake in Côte Restaurants Ltd., a British “modern bistro” restaurant chain. No financial terms were disclosed. Sellers included CBPE Capital. www.cote-restaurants.co.uk
• Linsalata Capital Partners has acquired RWA Holding Company Inc. (d.b.a. Randy’s Worldwide Automotive), an Everett, Wash.-based designer and distributor of aftermarket auto parts serving the off-road, racing, performance and repair/replacement segments. Babson Capital Management supported the deal with subordinated debt and equity. No financial terms were disclosed. www.linsalatacapital.com
• Lyceum Capital has agreed to acquire Briefing Media, a London-based business media company, from Kester Capital. No financial terms were disclosed. www.briefingmedia.com
• ONCAP has acquired Chatters Canada, an Alberta-based retailer of professional hair care products and hair salon operator. No financial terms were disclosed. www.oncap.com
• Pritzker Group Private Capital has acquired LBP Manufacturing Inc., a Cicero, Ill.-based provider of sustainable food and beverage packaging. No financial terms were disclosed. www.lbpmfg.com
• SAFEBuilt, an acquisition platform sponsored by The Riverside Co., has acquired Municipal Building Inspection Solutions, a Bedford Heights, Ohio-based provider of inspection and plan review services for municipalities. No financial terms were disclosed. www.safebuilt.com
• Spanos Barber Jesse & Co. and Generations Management have acquired Central Lake Armor Express, a Central Lake, Mich.-based maker of hard and soft body armor, helmets and other accessories for law enforcement, military, correctional and other tactical personnel. No financial terms were disclosed. www.armorexpress.com
• Succession Capital has acquired Intermountain Total Facility Services LLC (dba American Maintenance and Turf-it Landscaping), a provider of facility maintenance services to commercial and residential clients in Utah, Wyoming and Idaho. No financial terms were disclosed. www.succession-capital.com
• Swander Pace Capital has completed its sale of Applegate Farms LLC, a Bridgewater, N.J.-based producer of organic hot dogs, bacon and sausages, to Hormel Foods Corp. (NYSE: HRL). The deal was valued at approximately $775 million. www.applegatefarms.com
• Waterland Private Equity has acquired a majority stake in Napoleon Games, a Belgian online gaming and sports betting company. No financial terms were disclosed. www.napoleongames.be
• No IPO news this morning.
• Linsalata Capital Partners has agreed to sell Spartan Foods of America (d.b.a. Mama Mary’s), a Spartanburg, S.C.-based maker of shelf-stable pizza crust and sauce, to B&G Foods Inc. (NYSE: BGS). The deal is valued at approximately $50 million in cash. www.mamamarys.com
• Bohai Leasing (SZSE: 000415) has agreed to acquire a 20% stake in U.S. aircraft leasing company Avolon Holdings Ltd. (NYSE: AVOL) for $429 million. Read more.
FIRMS & FUNDS
• Workday (NYSE: WDAY) is launching a corporate venture capital group. Read more.
MOVING IN, UP, ON & OUT
• William Burns has joined The Blackstone Group as a senior advisor, with a focus on geopolitical issues. Ambassador Burns is currently president of the Carnegie Endowment for International Peace, and previously served as U.S. Deputy Secretary of State. www.blackstone.com
• Rodney Ferguson, co-founder of Panorama Capital, has joined the board of Hercules Technology Growth Capital Inc. (NYSE: HTGC). www.htgc.com
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