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Term Sheet — Wednesday, August 26

Abdicated responsibility

I was stuck for most of yesterday on non-Term Sheet business, so no column this morning. Your regularly-scheduled random ramblings will return tomorrow. In the meantime, lots of deal news (most of which likely is for transactions that were signed before the recent market tumult).


• Schlumberger Ltd. (NYSE: SLB) has agreed to acquire Houston-based oilfield services equipment maker Cameron International Corp. (NYSE: CAM) for around $14.8 billion in cash and stock. The $66.36 per share deal ($14.44 of which is in cash) represents a 56.3% premium over Tuesday’s closing price for Cameron stock. Read more.


• ReShape Medical, a San Clemente, Calif.-based developer of non-surgical weight loss devices, has raised $38 million in Series D funding. HealthCor Partners Management led the round, and was joined by Endeavour Vision and return backers SV Life Sciences, New Leaf Venture Partners, U.S. Venture Partners and Venture Investors.

• Intercom, a San Francisco-based customer communication platform, has raised $35 million in Series C funding. ICONIQ Capital led the round, and was joined by return backers The Social+Capital Partnership and Bessemer Venture Partners.

• Modumetal, a Seattle-based developer of nanolaminated metals and materials, has raised $33.5 million in new VC and debt funding. Founders Fund led the round, and was joined on the equity tranche by Sunshine Tech Ltd., Catamount Ventures, Second Avenue Partners, Goldenseeds, Alliance of Angels members and Steve Singh. Hercules Technology Growth Capital provided the debt financing. Read more.

• Spoonflower, a Durham, N.C.-based on-demand digital printer of custom fabric, wallpaper and gift wrap, has raised $25 million in VC funding. North Bridge Growth Equity led the round, and was joined by Bull City Venture Partners.

• Velostrata, a San Jose, Calif.-based hybrid cloud startup, has raised $14 million in Series A funding co-led by Norwest Venture Partners and Greylock IL Partners.

• Onapsis Inc., a Boston-based provider of solutions to audit and mitigate cybersecurity threats that target business-critical applications, has secured $13.8 million of a Series B round that is expected to total $18.7 million, according to a regulatory filing. Existing backers include .406 Ventures and Endeavor Catalyst.

• Fluxx, a San Francisco-based provider of grants management technology solutions, has raised $10.2 million in Series A funding. Felicis Ventures led the round, and was joined by The Kresge Foundation.

• Benson Hill Biosystems, a Durham, N.C.-based developer of a platform that helps developers and breeders identify strategies to increase genetic gain in crop plants, has raised $7.3 million in Series A funding. Middleland Capital led the round, and was joined by Mercury Fund, Prelude Ventures, Prolog Ventures, Alexandria Venture Investments, Cultivation Capital, TechAccel and return backers Missouri Technology Corporation and Biogenerator also participated in the round.

• Able, an Austin, Texas-based collaborative lender, has raised $6 million in Series A funding. Blumberg Capital and RPM Ventures co-led the round, and were joined by Peterson Partners and Expansion Ventures AngelList Syndicate.

• Apto, a Denver-based provider of cloud-based CRM and deal management software for the commercial real estate industry, has raised $8 million in Series B funding led by Adams Street Partners.

• Resolution Games, a virtual reality mobile gaming startup co-founded by Candy Crush developer Tommy Palm, has raised $6 million in Series A funding. Google Ventures led the round, and was joined by Creandum, Initial Capital, Bonnier Growth Media and Partech Ventures. Read more.

• Simility, a San Francisco-based provider of fraud prevention solutions that leverage machine learning, has raised $3.45 million in seed funding led by Accel Partners.

• Mocacare, a Palo Alto, Calif.-based developer of connected heart monitors, has raised $2 million in new VC funding led by JDM Mobile Internet Solutions Co.


• Abraaj Group, Fajr Capital and Gulf Capital each have made bids to acquire Saudi supermarket chain Al Raya for Foodstuff Co., according to Reuters. The deal could be worth upwards of $300 million. Sellers would include Levant Capital and The Rohatyn Group. Read more.

• Encana Corp. (NYSE: ECA) has agreed to sell its Haynesville natural gas assets in northern Louisiana for $850 million in cash to a new joint venture formed by GeoSouthern Energy and GSO Capital Partners.

• Johnson & Johnson (NYSE: JNJ) has agreed to sell its Splenda sweetener business to Carmel, Ind.-based Heartland Food Products Group for an undisclosed amount. Heartland is being sponsored on the deal by Centerbridge Partners, which will become a Heartland shareholder. Read more.

• Wirecard AG, a listed German payments company, has joined the bidding process for British payment processing company Worldpay, which already received takeover offers from The Blackstone Group and Hellman & Friedman, according to Bloomberg. A deal could be worth around $9.42 billion, although Worldpay — currently owned by Advent International and Bain Capital — also is pursuing a parallel IPO process. Read more.


• Acelity Holdings Inc., a San Antonio, Texas-based developer of wound care and regenerative medicine solutions, has filed for a $100 million IPO. It plans to trade on the NYSE, with J.P. Morgan listed as left lead underwriter. The company reports a $22 million net loss on $905 million in revenue for the first six months of 2015, and is owned by Apax Partners.

• Advanced Inhalation Therapies Ltd., an Israeli developer of a nitric oxide formulation and delivery system to treat various respiratory infections, has filed to raise around $36 million in an IPO. The pre-revenue company plans to trade on the Nasdaq under ticker symbol AITP, with Aegis Capital Corp. serving as sole underwriter. Mor Research Application Ltd., a wholly owned subsidiary of Clalit Health Services, holds a 15% pre-IPO stake in Advanced Inhalation Therapies.

• Goodman Networks Inc., a Plano, Texas-based provider of network infrastructure and professional services to the wireless telecom market, has withdrawn registration for a $100 million IPO. No explanation was provided. The company originally filed for the IPO in April 2014, with BofA Merrill Lynch and Jefferies serving as lead underwriters. It reported a $43 million net loss on around $931 million in 2013 revenue, compared to a $5 million loss on $609 million in 2012 revenue. Listed shareholders included Alcatel-Lucent USA (5.2% stake).


• Audax Private Equity and Moelis Capital Partners have sold Quest Specialty Chemicals Inc., a Charleston, S.C.-based maker of  specialty chemicals and coatings for the non-residential construction industry, to Building Materials Corporation of America for an undisclosed amount.

• BD Life Sciences, a unit of Becton, Dickinson & Co. (NYSE: BDX), has acquired Cellular Research Inc., a Palo Alto, Calif.-based developer of tools for massively parallel single cell genetic analysis. No financial terms were disclosed. Sellers include Decheng Capital.

• BlackRock (NYSE: BLK) has agreed to acquire FutureAdvisor, a San Francisco-based provider of digital wealth management solutions, for an undisclosed amount. FutureAdvisor had raised around $24 million in VC funding from Canvas Venture Fund, Devonshire Investors and Sequoia Capital.

• Cardinal Health Inc. (NYSE: CAH) has agreed to acquire a majority stake in NaviHealth, a Nashville, Tenn.-based post-acute care benefit manager. No financial terms were disclosed. NaviHealth’s principal shareholder, Welsh, Carson, Anderson & Stowe, will retain an ownership position post-acquisition. Other NaviHealth investors have included BlueShield Venture Partners, Universal American and Select Medical Corporation.

• EDF Renewable Energy has acquired OwnEnergy Inc., a New York-based developer of mid-sized wind projects in the U.S. OwnEnergy had raised over $28 million in VC funding from firms like Clearpoint Ventures, NJR Clean Energy Ventures, EnerTech Capital and Contour Venture Partners.

• Medtronic (NYSE: MDT) has agreed to acquire Twelve Inc., a Redwood City, Calif.-based developer of a transcatheter mitral valve replacement device. The deal is valued at upwards of $458 million (including earn-0uts). Twelve was spun out of medical device incubator The Foundry, and had raised VC funding from firms like Domain Associates, Morgenthaler Ventures and Versant Ventures.


• Assurant Inc. (NYSE: AIZ) is in talks to sell its employee benefits business to Sun Life Financial (TSX: SNF) for upwards of $900 million, according to Bloomberg. Assurant had announced in April that it had retained Barclays to find a buyer for the unit, which it considers non-core. Read more.

• Cardinal Health Inc. (NYSE: CAH) has acquired Healthcare Solutions Inc., an Atlanta-based provider of medical supply management solutions for home health and hospice organizations. No financial terms were disclosed.

• Mitsubishi Electric (Tokyo: 6503) has agreed to acquire nearly a 75% stake in DeLclima SpA (BIT: DLC), an Italian HVAC equipment maker, from De’Longhi Industrial SA. It then will launch a tender offer for the remaining shares, with the entire purchase price expected to be around €664 million in cash.

• Nippon Life Insurance Co. is in talks to acquire rival Japanese insurer Mitsui Life Insurance Co., according to Reuters. The deal could be worth around $3.3 billion. Read more.

• Triunfo Participacoes e Investimentos SA, a listed Brazilian infrastructure firm, has agreed to sell its control stake in three different energy businesses — Rio Verde Energia, Rio Canoas Energia and Triunfo Negocios de Energia — to China Three Gorges Corp. for around $538 million.


No firm or fund news this morning…



• Joshua Baumgarten is stepping down as a senior managing director with The Blackstone Group, in order to join Angelo Gordon as a senior managing director and head of credit.

• Bessemer Venture Partners has promoted Eric Ahlgren to vice president. He joined the firm in 2013 from Summit Partners to focus on data infrastructure, cloud computing and consumer services.

• Carl Chaney has joined JTS Capital Group as vice chairman focused on new loan acquisition sourcing and portfolio management. He previously was president and CEO of Hancock Holding Co. (Nasdaq: HBHC).

• Mojgan Khalili, former head of communications for Khosla Ventures, has launched a new PR consultancy called Cherry Communications.

• Robin Lamb and Michael Zappala have joined mid-market private equity firm Tengram Capital Partners as a vice president and associate, respectively. Lamb previously was a principal with Bain & Co., while Zappala was an associate with CCMP Capital.

• Kirsten Leute has joined Osage University Partners as senior VP of university relations. She previously was associate director in Stanford University’s Office of Technology Licensing.

• Drew Vollero, current SVP of corporate strategy and investor relations for Mattel (Nasdaq: MAT), has agreed to join Snapchat as head of finance. Read more.

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