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FinanceTerm Sheet

Term Sheet — Thursday, June 30

By
Dan Primack
Dan Primack
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By
Dan Primack
Dan Primack
Down Arrow Button Icon
June 30, 2016, 9:50 AM ET
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Abdicated Responsibility

No column this morning, as I spent most of yesterday in cars and meetings. But at least there was plenty of deal news to blurb. Your regularly-scheduled ramblings will return tomorrow, which you can read as you sit in holiday weekend traffic...

THE BIG DEAL

• Google Capital has invested $46.35 million into Care.com (NYSE: CRCM), a Waltham, Mass.-based child and senior care marketplace, making it the company’s single largest outside shareholder.

Some of the proceeds were used to Care.com to repurchase 3.7 million shares of common stock from VC firm Matrix Partners at $8.25 per share, which was a 5% discount to the company’s 30-day volume-weighted average price (and well below the current Care.com price, which jumped 18% on the Google investment news). This is Google Capital’s first-ever investment in a listed company. Read more.

VENTURE CAPITAL DEALS

• Morphic Therapeutic, a Waltham, Mass.-based developer of oral integrin drugs, has raised $51.5 million in Series A funding. SR One and Pfizer Venture Investments co-led the round, and were joined by Omega Funds, AbbVie Ventures and return bacers Polaris Partners, T.A. Springer, Schrödinger Inc. and ShangPharma Investment Group. www.morphictx.com

• US HealthVest, a New York-based developer and operator of behavioral health facilities, has raised $50 million in Series B funding. Oak HC/FT led the round, and was joined by return backers Polaris Partners, F-Prime Capital Partners and Dr. Richard Kresch. www.ushealthvest.com

• SmartRecruiters, a San Francisco-based enterprise talent acquisition platform, has raised $30 million in Series C funding. Insight Venture Partners led the round, and was joined by return backers like Mayfield. www.smartrecruiters.com

• All Def Digital Inc., a Culver City, Calif.-based urban youth programming brand, has raised $10 million in Series B funding. Third Wave Digital Partners led the round, and was joined by WPP Ventures, Andreessen Horowitz and return backers Nu Horizons, Greycroft Partners, eVentures and Advancit Capital. www.wpp.com

• Jornaya (f.k.a. LeadiD), a Philadelphia-based “consumer journey insights platform,” has raised $10 million in Series B funding led by Edison Partners. www.jornaya.com

• OpsGenie, a Falls Church, Va.-based provider of IT alerting and on-call management solutions, has raised $10 million in Series A funding from Battery Ventures. www.opsgenie.com

• ForUsAll, a San Francisco-based provider of 401(k) solutions for small businesses, has raised $9.5 million in Series A funding led by Foundation Capital. www.forusall.com

• Vidac Pharma, a Jerusalem-based developer of therapeutics for the treatment of cancer and oncodermatology diseases, has raised $9 million in Series A funding led by Israel Biotech Fund. www.vidacpharma.com

• Tempo Automation, a San Francisco-based provider of electronics manufacturing services, has raised $8 million in Series A funding. Lux Capital led the round, and was joined by SoftTech VC, AME Cloud Ventures and return backer Bolt. tempoautomation.com

• Dv01, a New York-based analytics platform for the lending markets, has raised $7.5 million in seed funding from Quantum Strategic Partners Ltd., Leucadia National Corp. and Pivot Investment Partners. www.dv01.com

• Festicket, a London-based music festival ticket platform, has raised $6.3 million in Series B funding. Lepe Partners led the round, and was joined by return backers Wellington Partners, PROfoundders and Playfair Capital. Read more.

• NeuroVision Imaging LLC, a Sacramento-based developer of retinal imaging technology, has raised $5 million in Series B funding led by Wildcat Capital Management. www.neurovision.com

• Mappedin, a Canada-based indoor mapping platform, has raised C$3.5 million in new VC funding led by Green Century Investments. www.mappedin.com

• ProducePay, an asset collateralization platform for small farmers, has raised $2.5 million in seed funding. Backers include Menlo Ventures, Arena Ventures, CoVenture, Red Bear Angels and Social Leverage. Read more.

• BandwidthX, a Carlsbad, Calif.-based provider of a real-time WiFi marketplace, has raised an undisclosed amount of VC funding from Orange Digital Ventures. www.bandwidthx.com

PRIVATE EQUITY DEALS

• Apollo Global Management has agreed to acquire Diamond Resorts International Inc. (NYSE: DRII), a Las Vegas-based operator of timeshare properties. The deal is valued at around $2.2 billion, or $30.25 per share (58% premium to closing price for Diamond Resorts stock on Feb. 24, when the company said publicly that it was exploring strategic options). Read more.

• Berkshire Partners has acquired Parts Town, an Addison, Ill.-based parts distributor in the foodservice equipment market, from Summit Partners (which will retain a minority equity stake). No financial terms were disclosed. www.partstown.com

• Blackboard, an education technology company backed by Providence Equity Partners, has agreed to acquire Higher One Holdings Inc. (NYSE: ONE), a -based provider of online payment software for tuition and fees. The all-cash deal is valued at around $260 million, or $5.15 per share. www.blackboard.com

• Bruin Sports Capital has acquired Deltatre, an Italy-based sports media services company. No financial terms were disclosed. www.deltatre.com

• Clayton Dubilier & Rice and WM Holding have made a binding takeover offer for French furniture retailer BUT Group. No financial terms were disclosed. Read more.

• Freeman Spogli & Co. has acquired City Barbeque, a Dublin, Ohio-based fast-casual barbeque restaurant chain with 26 locations. No financial terms were disclosed. www.citybbq.com

• TA Associates has acquired a majority stake in Kiwoko, a Madrid-based pet care retailer, from Prince Capital and Corpfin Capital. No financial terms were disclosed. www.kiwoko.com

IPOs

• Solasto Corp., a Japanese provider of medical administration services, has been re-listed in Tokyo via a deal that will see owner Carlyle Group sell up to 40% of the company’s share (retaining 10%). Carlyle took Solasto private in 2012 for around $1.5 billion. Read more. www.solasto.co.jp

EXITS

• Ardian has agreed to sell Laboratoires Anios, a France-based provider of disinfection solutions for the healthcare sector, to Ecolab (NYSE: ECL). No financial terms were disclosed, except that Laboratoires Anios generated around EUR 220 million in 2015 revenue. www.anios.com

• inVentiv Group Holdings, a Burlington, Mass.-based provider of outsourced clinical and commercial services to the life sciences market, is seeking a buyer, according to Bloomberg. This means the company, backed by Thomas H. Lee Partners, is running a parallel process to the IPO it filed for in April. Last month, InVentiv Group rival PCI Pharma Services was acquired by Partners Group for more than $1 billion. Read more.

• Jimmy John’s Franchise LLC, a Champaign, Ill.-based sandwich chain, is seeking to sell a “major equity stake to private investors” at a valuation in excess of $2.3 billion (including debt), according to Reuters. The deal would include a 30% equity stake currently held by private equity firm Weston Presidio. The remaining 70% position is held by chain founder Jimmy John Liataud. Read more.

• PAI Partners and Goldman Sachs are seeking a buyer for Xella, a German buildings materials company, according to Reuters. Morgan Stanley and Goldman Sachs are managing the process, which is expected to value the company at more than EUR 1.8 billion. An IPO also is possible, although the private equity sponsored failed in a 2015 float attempt for Xella. Read more.

• Silverfleet Capital has agreed to sell Cimbria, a Danish manufacturer of equipment and processing lines for seed and grain, to AGCO Corp. (NYSE: AGCO) for approximately EUR 310 million. www.silverfleetcapital.com

OTHER DEALS

• Lionsgate (NYSE: LGF) reportedly is nearing an agreement to acquire Starz (Nasdaq: STRZ) for more than $2.8 billion. Read more.

• Move Loot, a San Francisco-based furniture retail marketplace, has shut down operations and sold its customer list to on-demand home services startup Handy for an undisclosed amount. Move Loot had raised over $20 million in VC funding from firms like Y Combinator, Google Ventures, Index Ventures, Great Oaks Venture Capital, Sherpa Ventures and Metamorphic Ventures. Handy has raised around $115 million from such investors as Fidelity, TPG Growth, Revolution Growth, Tusk Ventures, Highland Capital and General Catalyst. Read more.

• WellDyneRx Inc., a Lakeland, Fla.-based pharmacy benefits manager, has hired J.P. Morgan Chase to run a limited auction process, according to the WSJ. The deal could be valued at around $1 billion. Read more.

FIRMS & FUNDS

• Ardian has closed its fourth small-cap buyout fund with EUR 1 billion in capital commitmnets. www.ardian.com

• CVC Capital Partners has raised EUR 2.5 billion for a new global special situations fund, which includes a EUR 650 million allocation to buy bad loans from European banks, as part of a broader . Read more.

• Impact Engine of Chicago has raised $10 million for a seed fund that focuses on for-profit startups that “tie their financial performance to social and environmental impact.” Read more.

• Kleiner Perkins Caufield & Byers filed documents with the SEC related to its two new funds, which could raise upwards of $1 billion (for new digital growth fund) and $400 million (for its 17th early-stage fund). The Silicon Valley venture firm has not yet held final closes ―although it has both funds fully-subscribed ― according to a source familiar with the situation.

• Updata Partners, a Washington, D.C.-based VC and private equity firm, has closed its fifth fund with just over $280 million in capital commitments, according to a regulatory filing. www.updatapartners.com

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