Silversmith Capital Partners, a new growth equity firm launched by alumni of Bain Capital Ventures and Spectrum Equity, has closed its first fund with $460 million in capital commitments (including $10 million from the founding partners), Term Sheet has learned.
The Boston-based firm was launched earlier this year when Todd MacLean and Jeff Crisan stepped down as managing directors with Bain Capital Ventures, and Jim Quagliaroli left the same position with Spectrum Equity. The co-founding quartet was filled out by chief operating partner Lori Whelan, a former Bain & Company consultant who has spent the past several years in the quick-serve restaurant business.
Silversmith will invest in growing, profitable businesses in the technology and healthcare spaces. All of the team members — including up to a dozen new investment staff that has yet to be hired — will be based in Boston, but the portfolio is viewed as geographically agnostic.
“The one place you probably won’t see us too active is Silicon Valley,” MacLean explains. “While there are a lot of firms that have executed on momentum investing in unprofitable companies and that’s been renamed growth, we want to get back to the basics of what a lot of firms did in the 1990’s.”
Silversmith was targeting $350 million for the fund, with a $450 million hard cap (not inclusive of the founder commitment). Monument Group served as placement agent. All three investing partners will have identical fund economics.
• Making the trains run on time: Not sure how I missed this, but… Brian Shortsleeve recently stepped down as a managing director with VC firm General Catalyst, in order to become chief administrator of the Massachusetts Bay Transportation Authority (a.k.a. “The T”). He had been with General Catalyst since 2008, before which he was at H.I.G. Capital. Probably not a coincidence that General Catalyst also was the temporary home of first-year Massachusetts Gov. Charlie Baker.
• Time to buy? KKR chief economist Henry McVey is out with a new report this morning, which includes news that he’s increasing the firm’s target global equity allocation by 2% (from 20-22%). He describes it as a “leaning in” rather than “all in” shift, focusing on specific sectors rather than macro indexes. Read more here.
• Coming attractions: Tickets for our next Liquidity Event (in San Francisco!) will go on sale one week from today.
THE BIG DEAL
• Uber has raised $1.2 billion in new funding for its China business, which is now valued at $8 billion. Baidu led the round. A recent Fox Business report said that Uber was telling prospective investors that the China business could be spun off via a public listing before Uber itself goes public. Read more.
VENTURE CAPITAL DEALS
• BlaBlaCar, a Paris-based carpooling platform, has raised $160 million in fourth-round funding at a post-money valuation of $1.2 billion, according to TechCrunch. Insight Venture Partners led the round, and was joined by return backers Accel Partners, Index Ventures, Lead Edge Capital and Isai. The company previously raised $110 million. Read more.
• Smile Telecoms, a Mauritius-based broadband network in Nigeria, Tanzania and Uganda, has raised $50 million in new equity funding from an investment arm of the South African Government Employees Pension Fund. It also has secured $315 million in new debt funding led by the African Export-Import Bank. The new funding is designed to help Smile Telecoms expand into Congo. Read more.
• Selecta Biosciences Inc., a Watertown, Mass.-based developer of targeted antigen-specific immune therapies, has raised $38 million in Series E funding. Existing shareholder OrbiMed Advisors led the round, and was joined by new investors Sanofi-Genzyme BioVentures, Ridgeback Capital Management, Osage University Partners, AJU IB Investment and Sphera Global Health Care Fund. In addition to OrbiMed, other returning backers include Polaris Venture Partners, Flagship Ventures, NanoDimension, Rusnano, I2BF, Eminent Venture Capital and Leukon Investments. www.selectabio.com
• Laboratoris Sanifit, a Spanish developer of a drug for the treatment of cardiovascular diseases linked to calcification in patients with end-stage renal disease, raised €36.6 million in Series C funding. Ysios Capital led the round, and was joined by Forbion Capital Partners, Lundbeckfond Ventures, Gilde Healthcare, Edmond de Rothschild Investment Partners, “la Caixa” and Baxter Healthcare. www.sanifit.com
• CommonBond, a New York-based marketplace lending platform for student loans, has raised $35 million in Series B funding. August Capital led the round, and was joined by Nyca Partners. www.commonbond.co
• SetPoint Medical, a Valencia, Calif.-based, has raised $15 million in new Series C funding. The round total is now $43 million. Existing backers include Covidien Ventures, Action Potential Venture Capital, Boston Scientific, Morgenthaler and Foundation Medical Partners. www.setpointmedical.com
• EaseCentral, a San Francisco-based online platform for insurance benefits brokers, has raised $2.1 million in seed funding. Freestyle Capital led the round, and was joined by Upside Partnership, Metamorphic Ventures, Deep Fork Capital and Transmedia Capital. www.easecentral.com
PRIVATE EQUITY DEALS
• Apollo Global Management has expressed interest in acquiring the Slovenian unit of Russian bank Sberbank, according to a Slovenian media report. Expobank also is said to be circling. Read more.
• MBK Partners has agreed to acquire the South Korean business of Tesco PLC (LSE: TSCO) for $6.1 billion. The buying consortium also includes Temasek, and beat out rival bids such as Affinity Partners working with KKR and Carlyle Group working with GIC. Read more.
• Paine & Partners has terminated a July agreement to sell Icicle Holdings Inc. in a two-part transaction. No explanation was provided. The deal would have resulted in Convergence Holdings Inc. acquiring Icicle’s land-based wild seafood processing and farmed salmon activities, and Dominion Catchers LLC acquiring the company’s harvesting and processing vessels and the associated fishing rights. www.icicleseafoods.com
• At Home Group Inc., a Plano, Texas-based home décor retailer, has filed for a $100 million IPO. It plans to trade on the NYSE under ticker symbol HOME, with BofA Merrill Lynch and Goldman Sachs serving as lead underwriters. The company reports a $436,000 net loss on $478 million in revenue for the fiscal year ending January 31, 2015, compared to a $22 million net loss on $403 million in revenue for the year-earlier period. The company is controlled by AEA Investors, which purchased a 60% equity stake in 2011 for approximately $720 million. www.athome.com
• Cerecor Inc., a Baltimore-based developer of drugs to treat neurological and psychiatric disorders, has set its IPO terms to 4.23 million shares being offered at between $6 and $7 per share. It would have an initial market cap of around $57.6 million, were it to price in the middle of its range. Cerecor plans to trade on the Nasdaq under ticker symbol CERC, with The Maxim Group serving as underwriter. Shareholders in the pre-IPO company include New Enterprise Associates (12.9% pre-IPO stake), Apple Tree Partners (12.9%) and MPM Capital (12.9%).www.cerecor.com
• McGraw-Hill Education Inc., a New York-based provider of learning solutions for both the K-12 and higher ed markets, has filed for a $100 million IPO. It plans to trade under ticker symbol MHED. No banks are listed. The company reports a $256 million net loss on $670 million in revenue for the first six months of 2015, compared to a $134 million net loss on $679 million in revenue for the year-earlier period. Apollo Global Management is majority shareholder. www.mheducation.com
• Penumbra Inc., an Alameda, Calif.-based maker of medical devices for those who have experienced strokes and other neurovascular diseases, has set its IPO terms to 3.8 million shares being offered at between $25 and $28 per share. It would have an initial market cap of around $791 million, were it to price in the middle of its range. The company plans to trade on the NYSE under ticker symbol PEN, with J.P. Morgan and BofA Merrill Lynch serving as co-lead underwriters. Penumbra reports a $169,000 net loss on $81 million in revenue for the first six months of 2015, compared to $1.6 million in net income on $58 million in revenue for the year-earlier period. Fidelity holds an 11.6% pre-IPO stake. www.penumbra.com
• Regenexbio Inc., a Rockville, Md.-based gene therapy company, has set its IPO terms to 5.56 million shares being offered at between $17 and $19 per share. It would have an initial market cap of around $443 million, were it to price in the middle of its range. The company plans to trade on the Nasdaq under ticker symbol RGNX, with Morgan Stanley, BofA Merrill Lynch and Piper Jaffray serving as co-lead underwriters. Regenexbio has raised over $100 million in VC funding, including a $70.5 million in Series D round earlier this year. Shareholders include Venrock (9.5% pre-IPO stake), Brookside Capital (9.2%), Deerfield Management (6.1%), Fidelity (5.7%), GlaxoSmithKline (5.7%), Vivo Capital, Janus Capital Management, Jennison Associates, Perceptive Advisors, QVT Financial, Tourbillon Global Ventures, Sectoral Asset Management, Cormorant Asset Management, Foresite Capital Management and RTW Investments. www.regenxbio.com
• BlackBerry Ltd. (Nasdaq: BBRY) has agreed to acquire Good Technology, a Sunnyvale, Calif.-based provider of enterprise mobility solutions, for $425 million in cash. Good Technology had raised more than $150 million in VC funding from firms like Oak Investment Partners (22.5% stake), Draper Fisher Jurvetson (11.7%), LazardTechnology Partners (7.6%), Meritech Capital Partners (6.3%), Saints Rustic Canyon (6.2%) and Riverwood Capital Partners (4.7%). Good Technology last year filed for an IPO. www.blackberry.com
• Cinven has agreed to sell UK-based pharma company Amdipharm Mercury Ltd. to Canada-based Concordia Healthcare Corp. (Nasdaq: CXRX) for approximately US$3.5 billion in cash and stock (including possible earn-outs). www.amcolimited.com
• Dover Corp. (NYSE: DOV) has agreed to acquire the dispenser and system businesses of Tokheim Group SAS, a French provider of fuel retailing solutions, for €425 million. Tokheim shareholders include Motion Equity Partners and Bpifrance Participacions. Read more.
• Invest AD and Abu Dhabi National Energy Co. have hired HSBC to find a buyer for a 40% stake in Massar Solutions, a UAE-based fleet management company, according to Reuters. Read more.
• Microsoft (Nasdaq: MSFT) confirmed that it has acquired Israeli cybersecurity startup Adallom Ltd. No financial terms were disclosed, but prior media reports suggested a $320 million price-tag. www.adallom.com
• RelayRides, a San Francisco-based car-sharing services focused mostly on longer-term rentals, has acquired mobile app maker SocialStudio for an undisclosed amount. RelayRides has raised around $48 million in VC funding from August Capital, Google Ventures, Shasta Ventures, Canaan Partners, Trinity Ventures and Webb Investment Network. SocialStudio was backed by Trinity Ventures and Google Ventures. www.relayrides.com
• BlackRock Real Estate has acquired a portfolio of eight garden centers in the UK for £112.5 million from LaSalle Investment Management. Read more.
• Barclays PLC (LSE: BARC) has sold a £1.6 billion portfolio of “second charge” UK loans to a group of investors led by Goldman Sachs (NYSE: GS). Read more.
• Emera Inc. (TSX: EMA), a Canadian energy company, has agreed to acquire Tampa, Fla.-based TECO Energy Inc. (NYSE: TE) for US$6.44 billion in cash. The $27.55 per share deal represents a 48% premium to TECO stock on July 15, the last trading day prior to reports that the company had launched a strategic review. www.tecoenergy.com
• Hikma Pharmaceuticals PLC (LSE: HIK) has agreed to acquire a 98.09% stake in EIMC United Pharmaceuticals, an Egypt-based pharma manufacturing company focused on oncology products. No financial terms were disclosed. Read more.
• Mahindra and Mahindra, a listed Indian vehicle maker, is in advanced talks to acquire a majority stake in Italian car designer Pininfarina (BIT: PINF), according to Reuters. Read more.
• Media General Inc. (NYSE: MEG) has agreed to acquire media company Meredith Corp. (NYSE: MDP) for around $2.34 billion, or $51.53 per share. Read more.
• Mitsui Sumitomo (Tokyo: 8725) has agreed to acquire British insurer Amlin PLC (LSE: AML) for £3.47 billion. Read more.
• Monte dei Paschi di Siena (BIT: BMPS), an Italian lender, is seeking to sell around €1.8 billion of non-performing corporate loans, according to Bloomberg. Read more.
• Punch Taverns (LSE: PUB) has agreed to sell its 50% stake in Matthew Clark, a British beverage wholesaler, to Conviviality Brands for £100.7 million. Matthew Clark had been a 50/50 joint venture of Punch Taverns and Hertford Cellars Ltd. Read more.
• RSA Insurance Group (LSE: RSA) has agreed to sell its Latin American operations to Colombia’s GroupoSura for approximately $617 million in cash. Read more.
• Woodside Petroleum Ltd. (ASX: WPL), Australia’s largest independent oil and gas company, has offered to buy local rival Oil Search Ltd. (ASX: OSH) for US$8.06 billion. Read more.
FIRMS & FUNDS
• 500 Startups is raising $30 million for a Japan-focused seed fund, according to a regulatory filing www.500.co
MOVING IN, UP, ON & OUT
• John Davison, former global head of strategic investments at Royal Bank of Scotland, has been named CEO of Pillarstone, a “pan-European platform recently launched by KKR Credit to support banks in managing their exposures to non-core and under-performing assets.” www.kkr.com
• Barbara Lundberg has joined Alvarez & Marsal as a managing director. She is the former CEO of TFKable. www.alvarezandmarsal.com
• Robert Swan, former CFO of eBay Inc., has joined private equity firm General Atlantic as an operating partner. www.generalatlantic.com
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