Some notes to kick off your Friday:
• As easy as A... B Capital, a cross-border venture capital firm led by Eduardo Saverin (co-founder of Facebook) and Raj Ganguly (ex-Bain Capital), said in a regulatory filing that it has secured nearly $144 million in capital commitments for its debut fund.
We've obtained an email sent to limited partners, which says that this first close represents 60% of the fund's target, which suggests a total fundraising goal of $240 million. Moreover, it identifies the first close's limited partners as: The Boston Consulting Group (whose BCG Digital Ventures unit also is providing operational help), Monitor Capital, Saverin's family office and individual partners at Bain Capital.
The fund so far has made two investments ― in Ninja Van and Evidation Health ― and has added former Comcast Ventures investor Gavin Teo as its third partner.
No mention in the letter about the recent Jumio debacle, however...
• That's So Maven: There's a lot of M&A buzz this morning over a WSJ report that bids for Yahoo's core business are expected to come in at between $2 billion and $3 billion, with formal second-round offers due the first week of June. As had previously been reported, suitors include Verizon, TPG Capital, Dan Gilbert (with a possible financing assist from Warren Buffett) and a private equity pairing of Bain Capital with Vista Equity Partners (alongside former interim Yahoo CEO Ross Levinsohn).
But here is an odd passage from the story:
As recently as April, people close to the process said Yahoo’s core business would likely go for between $4 billion and $8 billion. Some offers could still be above the $2 billion-to-$3 billion range, other people said, and it is generally in the interest of bidders to play down their enthusiasm in an auction.
It is certainly true that prospective buyers try to drive down price talk, and good on WSJ for calling out the possible snooker. But, oddly, the story contains no similar disclaimer about the original $4 billion to $8 billion price talk, which almost certainly was coming from the sell-side.
• Getting bigger slower: The global private equity industry’s assets under management is expected to reach $4.6 trillion by 2020, according to a new forecast from the Deloitte Center for Financial Services. That sounds huge, but actually represents slowed growth. Since the end of 2005, private equity AUM has climbed at a 14% compounded annual rate That $4.6 trillion by 202 figure would represent 5.2% growth.
• Waddya know? Just a reminder that you always can send me info anonymously by using our double super secret tip button. Just go here. I'm also on Confide (just lookup firstname.lastname@example.org).
• Have a great weekend!
THE BIG DEAL
• Kateeva, a Menlo Park, Calif.-based maker of production equipment for OLED displays, has raised $88 million in Series E funding. The deal included a number of new investors from China: BOE, Cybernaut Venture, GP Capital Shanghai, Redview Capital and TCL Capital. Return backers included Samsung Venture Investment Corp., Sigma Partners, Spark Capital, Madrone Capital Partners, DBL Partners, New Science Ventures and VEECO Instruments Inc. www.kateeva.com
VENTURE CAPITAL DEALS
• Krossover, a New York-based sports video analytics company, has raised $20 million in Series B funding. RSE Ventures led the round, and was joined by Lyrical Partners and Admiral Capital Group. Read more.
• Kite Hill, a Hayward, Calif.-based developer of plant-based alternatives to dairy products like cream cheese and yogurts, has raised $18 million in new funding co-led by CAVU Venture Partners and General Mills’ 301 Inc. www.kite-hill.com
• Tally Technologies, a San Francisco-based mobile app for managing credit, has raised $15 million in Series A funding. Shasta Ventures led the round, and was joined by seed backers Cowboy Ventures and AITV. Read more.
• Bloomfire, an Austin, Texas-based platform for sharing information among employees, has raised $12.8 million in Series B funding from Austin Ventures. www.bloomfirecom
• Staq, a New York-based automated reporting and integrations platform for the digital advertising market, has raised $5 million in new VC funding. Pereg Ventures led the round, and was joined by Core Capital, Genecast, Kinetic Ventures and Revel Partners. www.staq.com
• Empire Genomics, a Buffalo, N.Y.-based molecular diagnostics company, has raised $1.75 million in new VC funding from return backers BroadOak Capital Partners and Rand Capital Corp. www.empiregenomics.com
• Terramera, a Vancouver-based provider of plant-based alternatives to conventional chemical pesticides and fertilizers, has raised an undisclosed amount of VC funding from Seed 2 Growth Ventures, ACA Investments (unit of Sumitomo Corp.), Bold Capital Partners, Renewal Funds and Maumee Ventures. www.terramera.com
• Virtual Health, a New York-based population health management platform, has raised an undisclosed amount of growth equity funding led by Edison Partners. www.virtualhealth.com
PRIVATE EQUITY DEALS
• Actis has made an investment in Mundiapolis University, a private university in Morocco. No financial terms were disclosed. www.act.is
• AE Industrial Partners has acquired AC&A LLC, a Lake Forest, Calif.-based manufacturer of composite and metallic parts and tooling. No financial terms were disclosed. www.aeroequity.com
• APCT Holdings, a Santa Clara, Calif.-based printed circuit board maker owned by Saugatuck Capital, has acquired Charlotte, N.C.-based Tech Circuits Inc. and its sister company Source Technologies Inc. No financial terms were disclosed, except that debt financing was provided by existing APCT lenders Amalgamated Bank and Greyrock Capital. www.apctinc.com
• Cinven is considering a takeover bid for Restaurant Group PLC (LSE: RTN), the UK-based owner of the Frankie & Benny’s chain, according to Sky News. Restaurant Group shares rose more than 30% on the report, giving the company a market cap of around $1.04 billion. TA Associates also reportedly is circling the chain. Read more.
• Grakon LLC, a Seattle-based lighting and electronics products company owned by Industrial Growth Partners, has acquired Ontario-based Hamsar Diversco Inc. for an undisclosed amount. www.grakon.com
• Mediaocean, an advertising software company owned by Vista Equity Partners, has acquired ColSpace, a New York-based provider of collaborative media-planning software in the cloud. No financial terms were disclosed. www.mediaocean.com
• Pfingsten Partners has acquired Oliver Printing Co., a Twinsburg, Ohio-based manufacturer of marketing collateral, packaging and POP displays. No financial terms were disclosed.
• Phoenix Brands, the bankrupt owner of household products brands like Fab and Ajax, has reached a debtor-in-possession financing agreement with Madison Capital Funding, agent for its secured lenders, to continue operations. The company, which had been owned by private equity firm Lincolnshire Management, also announced agreements to sell its U.S. laundry assets to A.P. Deauville, its Arctic Power and ABC brands to private equity-backed Lavo Inc. and its Rit Dye unit to Silver Swan Capital. www.phoenixbrandsllc.com
• Polaris Private Equity has acquired Akademikliniken, a Sweden-based provider of cosmetic and reconstructive surgeries, from Valedo Partners. No financial terms were disclosed. www.ak.se
• US Foods, an Illinois-based foodservice giant owned by Claytron Dubilier & Rice, has added acquired Freshway Foods, a fresh produce processor, packager and distributor. No financial terms were disclosed. US Foods is in registration for an IPO.
• No IPO news this morning.
• Acadia Healthcare Co. (Nasdaq: ACHC) has acquired Nevada-based Polaris Hospital Holdings and its wholly-owned subsidiary, TrustPoint Hospital in Murfreesboro, Tenn., from HCP & Co. No financial terms were disclosed. www.hcpcompany.com
• Brentwood Associates has hired Lazard to help find a buyer for Sundance Holdings Group LLC, a Salt Lake City-based artisan mail-order catalog company founded by actor Robert Redford, according to Reuters. The company could be worth upwards of $300 million. Read more.
• The Jordan Co. has hired Goldman Sachs and Credit Suisse to find a buyer for Sensus USA, a Raleigh, N.C.-based provider of smart meters, according to Reuters. The deal could be valued at upwards of $1.7 billion. Read more.
• FMC Technologies Inc. (NYSE: FTI) has agreed to a $13 billion merger with Technip (Paris: TEC), after which each oil services company’s shareholders would hold around nearly 50% in the combined business. Read more.
• Zhejiang Geely Holding Group, which owns London Taxi Co., has raised $400 million via a green bond offering, in order to electrify its fleet. Read more.
FIRMS & FUNDS
• The Carlyle Group is raising its sixth Asia-focused growth equity fund, according to a regulatory filing. www.carlyle.com
• Dan and Paul Bragiel, partners with I/O Ventures, are raising $10 million for a new VC fund called Bragiel Brothers I, according to a regulatory filing.
MOVING IN, ON & UP
• Bill Frezza, a former general partner with VC firm Adams Capital Management, has joined boutique merchant bank J. Locke & Co. as a partner. www.jlockeco.com
• Jungle Ventures, a Singapore-based VC firm, has named three new operating partners: Gabriel Lundberg (ex-Spotify), Michael Smith (ex-HOOQ) and Tiang Lim Foo (ex-Evernote). Read more.
• Bao Yi, the head of Morgan Stanley Huaxin Securities Co., a joint venture between Morgan Stanley and China International Capital Corp., is stepping down to form his own investment firm, according to the WSJ. Read more.
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