Term Sheet — Thursday, April 7


Random Ramblings

Some notes to kick off your Thursday, before I grab E from pre-school and we head down to North Carolina:

Ch-ch-ch-ch-Changes: Bain Capital is reorganizing its senior management and rebranding a number of its business units, according to an LP memo obtained by Fortune.

The Boston-based investment firm has named longtime partners Josh Bekenstein and Steve Pagliuca as co-chairman, while John Connaughton and Jonathan Lavine will become co-managing partners.

Bekenstein and Pagliuca will maintain their roles as partners and active investors within Bain Capital’s private equity business, while also focusing on broader strategic issues for the overall firm. Connaughton and Lavine will be “setting the strategic direction of the partnership and managing the firm day-to-day.”

All of this is a bit of a change for Bain Capital, which traditionally has employed a flat structure in senior management. The goal appears to be fostering greater collaboration across Bain’s various business units, which include private equity, venture capital, credit, and hedge funds. The changes do not reflect any back-end economic changes in terms of firm ownership.

In related news, all of the firm’s business units plan to rebrand with the “Bain Capital” name. That doesn’t mean much for the core private equity or Bain Capital Ventures groups, but will result in credit unit Sankaty Advisors being renamed Bain Capital Credit and hedge fund business Brookside Capital being renamed Bain Capital Public Equity.

Re-elevated: NextLevel Equity Partners, the tech-focused private equity firm founded last year by a trio of Elevation Partners refugees, has raised $100 million for its debut fund, per Bloomberg.

Waiting game: There have still not been any private equity firms cited in the Panama Papers, although that might be just a function of time. It is worth noting that several other offshore "organizers" (i.e. Mossack Fonseca rivals) are backed by private equity firms, albeit none based in Panama (nor any who have had their files leaked).

Big on board: Endless Mobile, a San Francisco-based maker of a computer (complete with OS) for the developing world, has raised $23.25 million in new VC funding, per an SEC doc. This is the startup led by Matt Dalio and, per the filing, dad Ray (founder and co-CEO of Bridgewater Associate) is on the board of directors.

Publishing note: Erin Griffith will be in charge of Term Sheet tomorrow, as I'll be in Chapel Hill to help judge the VCIC International Finals. So be sure to send any news and views to Erin.Griffith@fortune.com, or hit her up via Twitter @eringriffith. I look forward to seeing some of you down south and, for everyone else, have a great weekend...


Pfizer (NYSE: PFE) this morning called off its proposed $160 billion purchase of Allergan (NYSE: AGN), following the announcement of new U.S. Treasury rules designed to curb tax inversions. As part of the mutual termination, Pfizer will pay Allergan $150 million as reimbursement for deal-related expenses. Read more.


 Intercom, a San Francisco-based customer communication platform, has raised $50 million in new VC funding. Index Ventures led the round, and was joined by return backers Iconiq Capital, Bessemer Venture Partners and Social Capital. Read more.

 CrownPeak, a Los Angeles-based provider of experience management and optimization SaaS solutions, has raised $50 million in equity funding from K1. The investment comes as part of a merger with London-based ActiveStandards. CrownPeak previously raised VC funding from firms like Sigma Partners and SunAmerica Ventures. www.crownpeak.com

 X.ai, a New York-based developer of a virtual personal assistant, has raised $23 million in new VC funding. Two Sigma Ventures led the round, and was joined by DCM, Work-Bench Ventures and return backers IA Ventures, Firstmark Capital, Softbank Capital, Lerer Hippeau Ventures, Crunchfund and Pritzker Group Venture Capital. Read more.

 Electric Imp, a Los Altos, Calif.-based IoT connectivity platform, has raised $21 million in Series C funding. Rampart Capital led the round, and was joined by return backer Redpoint Ventures. www.electricimp.com

 Clutter, an on-demand self-storage startup, has raised $20 million in Series B funding led by return backer Sequoia Capital. www.clutter.io

 Airmap, a Santa Monica, Calif.-based provider of airspace information and services for drones, has raised $15 million in Series A funding led by General Catalyst Partners. www.airmap.com

 Luma, a maker of multiple access point home WiFi routers, has raised $12.5 million in Series A funding. New investors include Accel, Amazon and former AT&T CEO Dave Dorman. Read more.

 CloudOne, a Fishers, Ind.-based provider of SaaS virtual private cloud solutions, has raised $9 million in Series E funding. Plymouth Ventures led the round, and was joined by Hercules Technology Growth Capital and return backers Bootstrap Venture Fund, Chatham Ventures, Elevate Ventures and Ryan Diem. www.oncloudone.com

 RiskRecon, a Boston-based provider of security assessments for third-party cloud vendors, has raised $3 million in seed funding led by General Catalyst. Read more.

 Veriflow, an Oakland-based network breach and outage prevention, has raised $2.9 million in private and public funding from NEA, the National Science Foundation and the U.S. Department of Defense. www.veriflow.net

 See Jane Run, a New York-based maker of women’s sports gear, has raised around $1.5 million in VC funding, according to a regulatory filing. Board members include Nicholas Chirls, a partner with Notation Capital. www.seejanerun.com


 Argus Media, a UK-based oil-price reporting agency, is in talks to sell an equity stake to private equity at an enterprise value of $1.3 billion, according to Reuters. Read more.

 Blue Point Capital Partners has acquired Tierra Sol Ceramic Tile Ltd., a Canadian distributor of ceramic and porcelain tile and other products like natural flooring stones. No financial terms were disclosed. Tierra will be merged into existing Blue Point portfolio company Shnier-GESCO. www.tierrasol.ca

 Bridge Growth Partners has acquired a majority equity stake in Solace Systems, an Ottawa-based provider of infrastructure messaging technology. No financial terms were disclosed. www.solacesystems.com

 Edgile, an Austin, Texas-based security and risk consulting services firm, has raised an undisclosed amount of private equity funding from ABRY Partners. www.edgile.com

 EMC Corp. is in talks to sell Documentum, a Pleasanton, Calif.-based provider of enterprise content management solutions, as a divestiture that would help finance the company’s planned takeover by PE-backed Dell Inc., according to Bloomberg. EMC and Dell also are seeking to sell software units Sonicwall and Quest. Read more.

 Samara Capital Partners Fund has acquired Indian drug company Cosme Farma Laboratories from South Africa’s Adcock Ingram (JSE: AIP) for around $22 million. Read more.

 Strattam Capital has agreed to acquire a majority stake in Blacksmith Applications Inc., a Lawrence, Mass.-based trade spend management SaaS platform for the consumer packaged goods market. No financial terms were disclosed. www.blacksmithapps.com

 Vector Laboratories Inc., a Burlingame, Calif.-based developer of labeling and detection reagents, has raised an undisclosed amount of private equity funding from GTCR. www.vectorlabs.com

 Waveland Investments has acquired Always For Me, a Hauppauge, N.Y.-based online retailer of plus-sized women’s swimwear, active wear and lingerie. No financial terms were disclosed. www.alwaysforme.com


No IPO news this morning.


 Amazon (Nasdaq: AMZN) reportedly has acquired Orbeus, a Chicago-based tool that software developers can use to add facial or object recognition to their own products. No financial terms were disclosed. Orbeus had been seeded by firms like Protzker Group Venture Capital, TechStars Chicago, ZPark Ventures and Momentum. Read more.

 PARPRO (Taiwan: 4916) and Anderson Industrial Corp. (TSEC:1528) have acquired Cal Quality Electronics, a Santa Ana, Calif.-based provider of electronics manufacturing services, from Churchill Equity for approximately $23.5 million. www.calquality.com

 Twist Bioscience, a San Francisco-based startup focused on synthetic DNA, has acquired Genome Compiler Corp., an Israeli developer of software for genetic engineers, molecular and synthetic biologists. No financial terms were disclosed. Twist has raised in VC funding from Illumina, Fidelity, Foresite Capital Management, Tao Invest, ARCH Venture Partners Paladin Capital Group and Yuri Milner. Genome Compiler had been backed by groups like LionBird and Foundry Group. www.twistbioscience.com

 Wafra Partners has sold Century Fire Protection, a Duluth, Ga.-based maker and seller of fire protection systems, to FirstService Corp. (TSX: FSV) for an undisclosed amount.


Barclays has agreed to sell its Singapore and Hong Kong wealth management business to the Bank of Singapore for around $320 million. Read more.

Halliburton (NYSE: HAL) said it will fight a U.S. Department of Justice lawsuit that seeks to block the company's acquisition of smaller rival Baker Hughes (NYSE: BHI). Read more.

 Smartling, a New York-based provider of cloud-based enterprise translation software, has acquired Jargon, a maker of tools that enable localization of mobile apps for international markets. No financial terms were disclosed. Smartling has raised over $60 million in VC funding from firms like ICONIQ Capital, First Round Capital, Harmony Partners, IDG Ventures, Tenaya Capital, U.S. Venture Partners and Venrock. Jargon was a TechStars alumni. Read more.


JLL Partners, a New York-based private equity firm, has closed its seventh fund with $1 billion in capital commitments. Limited partners include Colorado PERA, Cal Regents, State of Montana, Travelers Cos. and certain funds advised by Neuberger Berman. www.jllpartners.com


 David Blittner has joined Ropes & Gray as a New York-based partner in the law firm’s private equity practice. He previously was with Weil Gotshal & Manges. www.ropesgray.com

 Scott Miller has joined Willkie Farr & Gallagher LLP as a Houston-based partner in the law firm’s private equity and M&A practice. He previously was with Bracewell. www.willkie.com

 Manish Valecha has joined Angel Oak Capital Advisors, an Atlanta-based provider of “opportunistic” fixed income investment solutions, has head of institutional alternatives. He previously was head of research at Gapstow Capital Partners. www.angeloakcapital.com

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