Random Ramblings
Some items as I recover from my devastating Powerball loss...
• Looking forward back: It's not today's largest deal, but certainly the most nostalgic for those of us who spent our Saturday mornings watching the Smurfs and (yes, I'll admit it) the Snorks: Brynwood Partners has acquired Sunny Delight Beverages ―the maker of drink brands Sunny D, Fruit2O and Veryfine ― from an affiliate of J.W. Childs, which purchased the brands around 12 years ago from Proctor & Gamble. Three notes, after speaking with someone familiar with the transaction:
1. Despite my lead (and recent trends toward healthier beverages), this still seems to be a pretty vibrant business. Around $425 million in 2015 sales in North America (Childs sold off the European biz a few years back), the vast majority of which is for Sunny D. It also has a small contract manufacturing component.
2. The sale price isn't being disclosed, but word is that it's around $195 million.
3. A big question is if Brynwood plans to merger Sunny Delight with existing portfolio company Harvest Hill, whose brands include Juicy Juice and Little Hugs (maker of those plastic juice barrels with tinfoil tops). The press release only talks about how Brynwood will explore "synergies" between the two companies, which have combined revenue of more than $825 million. But it's hard to imagine that there won't be some sort of combination, at least in terms of manufacturing and distribution.
• Uber hails rich rides: Merrill Lynch and Morgan Stanley are offering their high-net-worth clients a chance to invest in Uber, Fortune has learned. This is part of an ongoing $2.1 billion fundraise that was disclosed late last year, led by T. Rowe Price and Tiger Global (which also happens to be an investor in Lyft).
CNBC was first to report the Merrill Lynch and Morgan Stanley involvement. It says that minimum investments are $1 million.
The securities being offered are Series G preferred stock, which a Delaware filing reports are valued at $48.77 per share. That would give the company around a $62 billion pre-money valuation (23% higher than the Series F).
This is not the first time that Uber has tapped Wall Street for capital. It late 2014 the company hired Goldman Sachs to sell its high-net-worth clients on a $1.6 billion fundraise.
The big difference between then and now ― beyond valuation ― is that the Goldman offering was convertible debt rather than preferred stock. Moreover, the debt notes contained a provision whereby Uber would have to effectively provide holders with additional securities if it didn’t go public (or get sold to a strategic) by a certain time.
A source familiar with the situation says that deadline is actually six years after the securities were sold, although I had previously heard it was a earlier (which wouldn't much matter to the company if it continues to sell new preferred shares at higher prices). No comment on any of this from Uber, natch.
• Speaking of on-demand ride companies: I keep shaking my head when news outlets take any of these company's ride numbers at face value. It's not a knock on Uber or Didi Kuaidi or Lyft or anyone else. Just that there is no third-party auditing of these numbers, nor even standard definitions of "ride."
• Boston bounty: Welcome to town, Mr. Immelt. If you're looking for a nice condo, I'm pretty sure Michael Dell might be able to help. And despite all the new fancy restaurants in the old empty lot district, The Barking Crab remains tops...
• What you know? Just a quick reminder that if you want to feed me some info without your fingerprints attached, please use our anonymous tip form.
THE BIG DEAL
• Anaplan, a Redwood City, Calif.-based provider of modeling and planning solutions for finance and operations, has raised $90 million in Series E funding at a post-money valuation in excess of $1 billion.
Premji Invest led the round, and was joined by Baillie Gifford, Founders Circle Capital, Harmony Partners and unidentified return backers. The company previously raised around $150 million from DFJ Growth, Brookside Capital, Coatue Management, Sands Capital Management, Workday, Granite Ventures, Meritech Capital Partners, Salesforce and Shasta Ventures. Read more.
VENTURE CAPITAL DEALS
• App Annie, a San Francisco-based provider of data on mobile apps, has raised $63 million in new venture capital and debt financing. Greenspring Associates led the equity tranche, and was joined by return backers e.Ventures, Greycroft Partners, Institutional Venture Partners, and Sequoia Capital.Silicon Valley Bank provided the debt financing. In related news, the company named NetSuite CEO Zach Nelson to its board of directors. Read more.
• Looker, a Santa Cruz, Calif.-based provider of business intelligence software, has raised $48 million in Series C funding. Kleiner Perkins Caufield & Byers led the round, and was joined by return backers Redpoint Ventures, Meritech Capital Partners and Sapphire Ventures. Read more.
• Mitú, a Los Angeles-based multi-channel digital media company dedicated to content for young Latinos, has raised $27 million in Series C funding. AwesomenessTV, WPP Digital and Verizon were joined by return backers like Upfront Ventures. www.mitunetwork.com
• Babylon Health, a UK-based mobile healthcare consultation app, has raised $25 million in Series A funding. AB Kinnevik led the round, and was joined by return backers like Hoxton Ventures. Individual investors include Demis Hassabis and Mustafa Suleyman, the founders of AI company Deepmind (acquired by Google). Read more.
• MiMedia, consumer-targeted cloud solution for managing personal media, has raised $15 million in new VC funding from Micromax Informatics (India) and a group of family offices. Read more.
• PolicyGenius, a Brooklyn, N.Y.-based direct-to-consumer insurance startup, has raised $15 million in Series B funding led by Revolution Ventures. www.policygenius.com
• CarWow, a London-based new car purchasing platform, has raised £12.5 million in Series B funding. Accel led the round, and was joined by return backers investors Balderton Capital, Samos Investments and Episode 1 Ventures. www.carwow.co.uk
• MindTouch, a San Diego-based provider of cloud-based answers to consumer product questions, has raised $12 million in new VC funding. PeakSpan Capital led the round, and was joined by SK Ventures and SAP. www.mindtouch.com
• Call9, a Palo Alto, Calif.-based telemedicine startup, has raised $10 million in Series A funding led by Index Ventures. Read more.
• Boomerang Commerce, a Santa Clara, Calif.-based retail price optimization startup, has raised $12 million in Series B funding. Shasta Ventures led the round, and was joined by return backers Madrona Venture Group and Trinity Ventures. www.boomerangcommerce.com
• Everlaw Inc., a Berkeley, Calif.-based legal technology startup, has raised $8.1 million in Series A funding led by Andreessen Horowitz. www.everlaw.com
• Prevalent Inc., a Warren, N.J.-based provider of risk management and cyber threat intelligence solutions, has raised $8 million in Series B funding. Spring Mountain Capital led the round, and was joined by return backer Fulcrum Equity Partners. www.fulcrumep.com
• Wellspring, a Chicago-based provider of tech scouting, corporate venturing and tech transfer software, has raised $6 million in Series B funding. Plymouth Ventures led the round, and was joined by return backer MK Capital. www.wellspring.com
• Care24, an Indian home healthcare startup, has raised $4 million in Series A funding from SAIF Partners. Read more.
• Rhythm Superfoods, an Austin, Texas-based provider of organic and non-GMO plant-based superfood snacks, has raised $3 million in Series C funding from 301 Inc., the new corporate VC unit of General Mills (NYSE: GIS). www.rhythmsuperfoods.com
• Moltin, a Mountain View, Calif.-based provider of an “API-based framework that allows developers to quickly deploy customizable e-commerce solutions,” has raised $2 million in seed funding co-led by Frontline Ventures and Gil Dibner’s AngelList Syndicate. www.moltin.com
PRIVATE EQUITY DEALS
• The Audax Group has acquired Lifemark Health and Viewpoint Medical Assessments, the Toronto-based physiotherapy, rehabilitation and medical assessments divisions of Centric Health Corp. (TSX: CHH). The deal is valued at upwards of C$250 million in cash, including C$245 million at closing and C$5 million in contingent payments.
www.centrichealth.ca
• Belcan LLC, a Cincinnati-based provider of engineering consultancy services and technical staffing solutions, has acquired Tandel Systems Inc., an Oldsmar, Fla.-based provider of technical services and support to customers in the aerospace and defense sectors. No financial terms were disclosed. Belcan is a portfolio company of AE Industrial Partners. www.belcancorporation.com
• Brynwood Partners has agreed to acquire Sunny Delight Beverages, a Cincinnati-based maker of juices and orange drinks, from J.W. Childs Associates. No financial terms were disclosed. www.brynwoodpartners.com
• Mediaocean, an Atlanta-based software platform provider for the advertising market, has acquired BCC AdSystems, an Australia-based provider of media process management software. No financial terms were disclosed. Mediaocean is a portfolio company of Vista Equity Partners. www.mediaocean.com
• TA Associates has acquired a minority equity position in W.A.G. Payment Solutions AS, a Czech-based provider of payment solutions for freight and passenger carriers across Europe and Turkey. No financial terms were disclosed. www.eurowag.com
• TA Associates has agreed to invest $187 million into StorageCraft Technology Corp., a Draper, Utah-based provider of backup and recovery software. www.storagecraft.com
• US Farathane Corp., an Auburn Hills, Mich.-based portfolio company of The Gores Group, has acquired Tepso Plastics Mex, a Mexico-based maker of engineered plastic injection molded components and assemblies for the automotive sector. No financial terms were disclosed. www.usfarathane.com
• Wafra Partners has acquired The Wellness Network, a New York-based provider of in-hospital health TV networks. No financial terms were disclosed. www.thewellnessnetwork.net
IPOs
• Senseonics, a Germantown, Md.-based provider of glucose monitoring devices, has filed for a $51.57 million IPO. The company’s stock is currently traded on the OTCQB under ticker symbol SENH, and it plans to relist on the NYSE MKT under symbol SENS. Leerink Partners and Canaccord Genuity are serving as lead underwriters. Senseonics reports a $24 million net loss on $38 million in revenue for the first nine months of 2015, and is backed by such firms as New Enterprise Associates (33% stake), Delphi Ventures (13.4%), HealthCare Ventures (7.4%), Roche Finance (10.5%) and Energy Capital (9.9%). www.senseonics.com
EXITS
• Camber Corp., a Huntsville, Ala.-based portfolio company of New Mountain Capital, has a pair of cyber defense simulation and personnel proficiency businesses, to Metova, a Franklin, Tenn.-based mobile app development company. No financial terms were disclosed.
www.camber.com
• The Halifax Group has agreed to sell its stakes in NPC, a Kansas City-based maker of probiotic microbial feed additives for commercial livestock, to The Chr. Hansen Group. The deal values NPC at around $185 million. www.bovamine.com
OTHER DEALS
• Brookfield Asset Management is leading the acquisition of a 57.6% stake in Isagen, the third-largest electricity provider in Colombia, from the Colombian government for around $2 billion. Read more.
• Insightpool, an Atlanta-based predictive word-of-mouth marketing company, has raised $3 million in debt financing led by Silicon Valley Bank. www.insightpool.com
• Pfizer Inc. (NYSE: PFE) is in preliminary discussions to sell the infusion pump business of subsidiary Hospira Inc., according to Bloomberg. The deal could be valued at around $2 billion. Pfizer closed its $15 billion purchase of Hospira last September. Read more.
• Sagent Pharmaceuticals Inc. (Nasdaq: SGNT), a Schaumburg, Ill.-based injectable drugmaker valued at around $482 million, has hired Perella Weinberg Partners to explore strategic alternatives that could include a sale of the company, according to Reuters. Read more.
• Statoil (Oslo: STL) has acquired an 11.9% stake in Swedish oil company Lundin Petroleum for around $539 million. Read more.
• WebMD (Nasdaq: WBMD), a New York-based health information portal with a market cap just south of $2 billion, is exploring a sale of all of part of the company, according to the FT. Read more.
FIRMS & FUNDS
• No firm or fund news this morning.
Moving In, On & Up
• Christopher Cooke has joined Hycroft LLP, an investment bank focused exclusively on the alternative investments market, as a London-based managing director charged with leading international expansion. He previously was a managing director with HSBC Bank. www.hycroftadvisors.com
• Michael Eck has joined strategic advisory firm M Klein & Co. as a senior advisor. He previously was global head of retail and consumer investment banking at Morgan Stanley.
• James Hunt has joined Kayne Anderson Capital Advisors as CEO of the firm’s middle market credit unit. He previously was chairman, CEO and chief investment officer of both THL Credit Inc. and THL Credit Advisors LLC. www.kaynecapital.com
• Eliot Marchant has joined Clarion Partners as senior counsel. He previously was a private funds attorney with Paul, Weiss, Rifkind, Wharton & Garrison LLP. www.clarionpartners.com
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