Random (Philly) Ramblings
Last week we reported that, if elected, Donald Trump plans to nominate fundraising chief, and former Goldman Sachs banker, Steve Mnuchin for Treasury Secretary.
Hillary Clinton does not seem to have been quite so definitive, even behind closed doors, but multiple sources tell me that it is highly unlikely she will choose anyone with a Wall Street pedigree. This apparently would even include campaign CFO and prior CFTC chair Gary Gensler, a current Wall Street antagonist whose resume does include a long-ago stint at Goldman Sachs.
Moreover, she is intrigued by the possibility of naming the first-ever woman to the post.
So who does that give us? The smart money is on Lael Brainard, a current Federal Reserve governor who served as Treasury undersecretary from 2010-2013. She also was Bill Clinton’s deputy national economic adviser and spent time teaching applied economics at MIT.
Not a slam dunk, but the current front-runner.
• Billionaire v. Billionaire: The DNC’s counter last night to Peter Thiel was Michael Bloomberg, even though more Americans know Bloomberg as New York’s former mayor than as a successful technology entrepreneur. Like several other Day 3 speakers, he sought to undermine Donald Trump’s business reputation:
“Most of us who have created a business know that we’re only as good as the way our employees, clients and partners view us,” Bloomberg said. “Most of us don’t pretend we’re smart enough to make every big decision by ourselves. And most of us who have our names on the door know that we are only as good as our word, but not Donald Trump.”
You can watch his full remarks by going here.
• Coller churn: Seems I missed this one, but Sebastien Burdel recently become the latest senior departure from secondaries firm Coller Capital. The longtime London-based partner follows investment partner Luca Salvato, fundraising partner Ashley Johansen and CEO Tim Jones out the door. More importantly, all of this has happened after Coller closed its seventh fund at $7.15 billion in January.
• Advance warning: Tomorrow will be my last Term Sheet for a little while, as I’ll be taking a couple of weeks off. But you’ll be in good hands with Erin Griffith, who can be emailed at email@example.com and followed on Twitter @eringriffith.
THE BIG DEAL
• Oracle (NYSE: ORCL) has agreed to acquire enterprise cloud software company NetSuite (NYSE: N) in which Oracle co-founder and executive chairman already holds nearly a 40% stake. The deal is valued at approximately $9.3 billion in cash, or $109 per share. That’s a premium of nearly 16% to yesterday’s closing price, which itself had spiked around 9% on rumors of some sort of transaction. Read more.
VENTURE CAPITAL DEALS
• Vena Solutions, a Toronto-based provider of cloud-based corporate performance management software, has raised around C$30 million in growth equity funding from Centana Growth Partners. www.venasolutions.com
• Good Eggs, a San Francisco-based online organic grocery, has raised $15 million in new VC funding led by Index Ventures. Read more.
• Peek, a San Francisco-based startup that lets people book tours and activities, has raised $10 million in new VC funding from individual investors. Backers include Trulia founder Pete Flint, TPG co-CEO David Bonderman, former Kleiner Perkins partner Ray Lane and Gigi Pritzker. Existing investors include Eric Schmidt and Jack Dorsey. The company also announced a partnership with Yelp. Read more.
• Phosphorus, a New York-based computational genomics company, has raised $10 million in Series A funding led by FirstMark Capital. Read more.
• Scout RFP, a San Francisco-based provider of cloud-based scouting solutions, has raised $9 million in Series A funding led by NEA. www.scoutrfp.com
• RedWave Energy, a Chicago-based “energy harvesting” startup, has raised $5.5 million in new VC funding. Energy Foundry led the round, and was joined by Northwater Capital, Prime Coalition and a Kuwaiti sovereign wealth fund. www.redwaveenergy.com
• Poq, a London-based app commerce startup, has raised $4 million in Series A funding. Beringea led the round, and was joined by seed backers Seedcamp and Venrex. www.poqcommerce.com
PRIVATE EQUITY DEALS
• Advent International and CVC Capital Partners each have offered to acquire InVentive Group Holdings, a Burlington, Mass.-based pharma research firm currently owned by Thomas H. Lee Partners, according to Reuters. The deal reportedly could be valued at around $4 billion (including debt). Read more.
• CVC Capital Partners is among the bidders for Allegro, a Polish auction site currently owned by South Africa’s Naspers, according to Reuters. The deal could be valued at between €2 and €3 billion, and also has received takeovers offers from Alibaba (NYSE: BABA) and eBay (Nasdaq: EBAY). Read more.
• Infinite RF Holdings Inc., an Irvine, Calif.-based portfolio company of Genstar Capital, has acquired L-Com Global Connectivity, a North Andover, Mass.-based supplier of wired and wireless connectivity products, from Odyssey Investment Partners. No financial terms were disclosed. www.infiniterf.com
• MSouth Equity Partners has acquired Southern Air & Heat, a Boca Raton, Fla.-based provider of HVAC installation services to homebuilders, from Pulte Capital Partners. No financial terms were disclosed. www.msouthequity.com
• Mid Europa Partners has hired J.P. Morgan to find a buyer for Polish convenience store chain Zabka, which could be valued at around €1 billion, according to Reuters. Read more.
• Partners Group has agreed to invest over $200 million for a minority stake in a Taiwanese solar power development platform being managed by Sinogreenergy. Cathay Financial also is acquiring a minority stake. www.partnersgroup.com
• Kinsale Capital Group, a Richmond, Va.-based specialty insurer focused on the excess and surplus lines market, raised $106 million in its IPO. The company priced 6.6 million shares at $16 per share (high end of $14-$16 range). It will trade on the Nasdaq under ticker symbol KNSL, while J.P. Morgan and William Blair served as lead underwriters. Kinsale reports $5.3 million of net income on around $33 million in revenue for Q1 2016. Shareholders include Moelis Capital Partners. www.kinsaleinsurance.com
• KKR has agreed to sell Glad Pharma, an Indian maker of injectibles, to Fosun Pharmaceutical Group Co. for around $1.4 billion. Read more.
• SoundCloud, a Germany-based music streaming site, is considering strategic options that could include a sale of the business, according to Bloomberg. Soundcloud recently raised $70 million from the investment arm of Twitter. Other shareholders include Doughty Hanson, Eniac Ventures, GGV Capital, Kleiner Perkins, IVP and Union Square Ventures. Read more.
• Informa (LSE: INF) has acquired Light Reading, a New York-based media business focused on the telecom industry. No financial terms were disclosed. www.informa.com
• Laboratory Corp of America (NYSE: LH) has agreed to acquire Sequenom Inc. (Nasdaq: SQNM), a San Diego-based maker of non-invasive prenatal health, for around $371 million (including assumed debt). Read more.
• Taikang Life Insurance, a Chinese insurance company, has acquired a 13.5% stake in auction house Sotheby’s (NYSE: BID). Read more.
FIRMS & FUNDS
• Peak Ventures, a Provo, Utah-based VC firm, is raising its second fund, according to a regulatory filing. www.peakventures.vc
MOVING IN, ON & UP
• The Carlyle Group has named Alan Holt, a managing director and co-head of U.S. buyouts, has been named to a new position as chairman of U.S. buyouts. He will be succeeded as co-head of U.S. buyouts by Sandra Horbach, formerly head of the firm’s consumer and retail team, alongside existing co-head Peter Clare. www.carlyle.com
• Jake Donovan has left J.P. Morgan to join boutique investment bank LionTree Advisors as president of European operations. Read more.
• Abel Osorio and Maurice Murphy have joined Turnspire Capital Partners as a principal and operating partner, respectively. Osorio previously co-founded Montserrat Capital Management and, before that, was a VP with Battery Ventures. Murphy is chairman of Avkem International and founded MWM Global Partners. www.turnspirecap.com
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