Random Ramblings
Some quick notes for those of you stuck in the car on your way to grandma's house:
• Bain big: Paul Edgerley is stepping down as a managing director with Bain Capital, after a 27-year run, as Fortune first reported yesterday afternoon.
The Boston-based private equity firm informed investors of his decision on Monday night via email, with Edgerley expected to transition into a part-time advisor and mentor role.
Edgerley joined Bain Capital in 1988, and was named a managing director two years later. He has primarily focused on the industrial and energy sectors, with a particular interest in Asia, and currently sits on the boards of such companies as Sensata Technologies, MYOB Holdings (Australia), HeroMotoCorp. (India), TI Automotive and Apex Tool Group. He will retain the MYOB, TI Automotive and Apex Tool seats going forward.
• Let's try that again: Yesterday I wrote about how the FTC continues to oppose the Staples-Office Depot merger on antitrust grounds related to large corporate accounts, despite Staples offering to divest $1.25 billion of such contracts. In short, I chided the FTC for being unreasonable. Upon reflection, however, I may have given the FTC too much grief and Staples too little. Here's my more measured consideration.
• Coming attractions: Early next year, the U.S. Department of Defense will submit a legislative proposal for allowing regulators to block proposed M&A activity on national security grounds (as opposed to just antitrust grounds), per a Reuters interview with DoD Undersecretary Frank Kendall. This would be particularly aimed at defense contractors and other companies that serve the national security market, and seems to have been partially prompted by the Lockheed-Sikorsky merger.
• New fund(s) alert: Greenspring Associates filed a trio of regulatory documents yesterday, including ones for its seventh flagship fund-of-funds ($225m target), its second secondaries fund ($100m target) and its first-ever fund-of-funds focused on the micro-cap/seed fund market ($50m target).
• Update: Turing Pharma still isn't returning my calls, but did announce yesterday that it will lay off a whole bunch of folks and begin searching for a permanent CEO. In doing so, it also changed the way in which it described interim boss Ron Tilles. Now he's someone who "has invested in numerous startups in the pharmaceutical, medical device and enterprise software industries over the past 20 years."
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THE BIG DEAL
• Nutanix, a San Jose, Calif.-based provider of datacenter infrastructure solutions, has filed for a $200 million IPO. It plans to trade on the Nasdaq under ticker symbol NTNX, with Goldman Sachs, Morgan Stanley and J.P. Morgan serving as lead underwriters.
The company reports a $126 million net loss on $241 million in revenue for the year ending June 30, 2016. That compares to an $84 million net loss on $127 million in revenue for the year-earlier period.
Nutanix has raised over $300 million in VC funding and most recently was valued at around $2 billion. Shareholders include Lightspeed Venture Partners (23% pre-IPO stake), Khosla Ventures (10.9%), Fidelity (6.1%), Blumberg Capital (5.7%), Riverwood Capital Partners (5.1%), Morgan Stanley Expansion Capital, Greenspring Associates, SAP Ventures and Battery Ventures. Read more.
VENTURE CAPITAL DEALS
• Effector Therapeutics, a San Diego-based developer of translation regulators for the treatment of cancer, has raised $40 million in Series B funding. Altitude Life Science Ventures led the round, and was joined by AbbVie Biotech Ventures, BioMed Ventures and return bakers Abingworth, Novartis Venture Fund, SR One, The Column Group, US Venture Partners, Astellas Ventures, Osage University Partners and Mission Bay Capital. www.effector.com
• InnFocus Inc., a Miami, Fla.-based developer of a glaucoma drainage system, has raised $33.9 million in Series C funding. No investor information was disclosed. www.innofocusinc.com
• PsiKick, a Santa Clara, Calif.-based developer of self-powering IoT systems, has raised $16.5 million in Series B funding. Osage University Partners led the round, and was joined by return backers New Enterprise Associates and the University of Michigan Investment in New Technologies Fund. www.psikick.com
• The Happy Home Co., a San Jose, Calif.-based home maintenance startup, has raised $3.5 million in seed funding. Backers include Lowercase Capita,l, SV Angel, Slow Ventures, Box Group and Freestyle Capital. Read more.
• Cohero Health, a New York-based developer of connected health technologies for respiratory patients, has raised $2 million in seed funding. Backers include Zaffre Investments, Blue Cross Blue Shield of Massachusetts, Three Leaf Ventures, Bioadvance and Swanhill Capital. www.coherohealth.com
• BlueLine Grid, a New York-based operator of a mobile collaboration network for law enforcement, first responders and security teams, has raised an undisclosed amount of funding from Motorola Solutions. Existing shareholders include In-Q-Tel. www.bluelinegrid.com
• HomeTouch, a UK-based marketplace for finding homecare providers for elderly family members, has secured an undisclosed amount of VC funding from Passion Capital. Read more.
PRIVATE EQUITY DEALS
• Ardian has agreed to acquire 28.36% in combined equity stakes in Luxembourg utility company Enovos International SA from German utilities E.ON and RWE for a reported $623 million. Read more.
• H.I.G. Capital has acquired two outdoor advertising companies in Spain: Impursa and Sistemas e Imagen Publicitaria. No financial terms were disclosed for either deal. www.higcapital.com
• Gleason Research Associates, a Huntsville, Ala.-based provider of engineering and other professional services in the areas of weapons systems and logistics support, has raised an undisclosed amount of equity funding from Enlightenment Capital. www.grainc.net
• KKR has committed an undisclosed amount of equity funding to a new, Dubai-based global oil and gas platform that will be led by Deepak Munganahalli, former senior VP of innovation at Transocean (NYSE: RIG). www.kkr.com
• Medalist Corp., a San Diego-based portfolio company of Centre Partners, has acquired Pride Manufacturing Corp., a Brentwood, Tenn.-based maker of golf cleat systems, golf tees and related products. No financial terms were disclosed. www.medalist-corp.com
• Nelson Global Products Inc., a Stoughton, Wis.-based maker of tubular and exhaust products for commercial vehicles, has acquired the assets of GT Exhaust (Nebraska) and Silex Innovations (Canada) from Industrial Acoustics Company. No financial terms were disclosed. Nelson Global Products is a portfolio company of Wind Point Partners, while IAC is backed by AEA Investors. www.nelsonglobalproducts.com
• ProAmpac, a Cincinnati-based portfolio company of Wellspring Capital Management, has acquired Coating Excellence International, a Wrightstown, Wis.-based flexible packaging and technical products company, from Mason Wells. No financial terms were disclosed. www.proampac.com
• Schryver Medical Sales and Marketing LLC, a Denver-based portfolio company of Revelstoke Capital Partners, has acquired two companies: Community Portable X-Ray Inc., a Plano, Texas-based provider of mobile x‐ray and other imaging services; and MetroStat, a Garland, Texas-based provider of clinical laboratory services and mobile imaging services. No financial terms were disclosed for either purchase. www.schryvermedical.com
• Standard Chartered Private Equity reportedly was named the preferred bidder for the machine tools business of South Korea-based industrial machinery maker Doosan Infracore Co Ltd. The firm’s offer is worth around $1.16 billion. Read more.
• Susquehanna Growth Equity has acquired a majority equity interest in HMP Communications Holdings, a Fairfield, Conn.-based provider of healthcare content and continuing medical education events, from Alta Communications and Antares Capital. No financial terms were disclosed. SGE was an existing HMP investor. www.sgep.com
• Varsity Healthcare Partners has sponsored a recapitalization of Colonial Family Practice, a provider of primary care and ancillary patient diagnostic services in South Carolina. No financial terms were disclosed. www.varsityhealthcarepartners.com
• Vertice Pharma LLC, a branded and generics pharma acquisition platform recently formed via a $300 million equity commitment from Warburg Pincus, has completed its previously-announced acquisition of VistaPharm, a Birmingham, Ala.-based generics manufacturer of liquid and unit dosage pain medications. No financial terms were disclosed. www.vistapharm.com
IPOs
• Cancer Prevention Pharmaceuticals Inc., a Tucson, Ariz.-based developer of therapeutics for the treatment and prevention of certain pre-cancerous conditions, has filed for a $28.75 million IPO. It plans to trade on the NYSE MK, with Aegis Capital serving as sole underwriter. www.cancerpreventionpharmaceuticals.com
EXITS
• Ciright One LLC has agreed to acquire Stratos Inc., an Ann Arbor, Mich.-based developer of a Bluetooth-connected digital payment card. No financial terms were disclosed for the deal, which reportedly came after Stratos failed to secure enough new venture funding. Late last year, Stratos said that it had raised $5.8 million from Toba Capital Partners, Western Technology Investment, Resonant Venture Partners and Hyde Park Venture Partners. Read more.
• Oracle (Nasdaq: ORCL) has acquired StackEngine, an Austin, Texas-based provider of Docker application deployment and management solutions. No financial terms were disclosed. StackEngine recently raised $1 million in seed funding from Silverton Partners and LiveOak Venture Partners. Read more at Fortune.
OTHER DEALS
• National Bank of Greece has agreed to sell a majority stake in Turkish lender Finansbank to Qatar National Bank for €2.75 billion. Read more.
FIRMS & FUNDS
• No firm or fund news this morning.
Moving In, On & Up
• The Carlyle Group announced that Jacques Chappuis will transition from head of the firm’s Investment Solutions business -- which includes AlpInvest -- into a senior advisor role. He will be succeeded by Lauren Dillard, currently COO and CFO of the Investment Solutions group. www.carlyle.com
• Chip Malloy has agreed to join apparel retailer Under Armour (NYSE: UA) as chief financial officer, effective Jan. 19, 2016. He most recently served as a senior advisor for Roark Capital Partners and, before that, was CFO for PetSmart. www.underarmour.com
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