Some quick items to kick off your Monday…
• Building out: Last October we reported that KKR was formalizing its tech-focused growth equity practice, by raising an actual fund rather than continuing to invest off the firm’s balance sheet. That fundraising remains in progress ― although the vehicle does already have four portfolio companies ― and now we’ve learned that KKR has added a new senior member to its TMT growth equity team: David Welsh, who has spent the past eight years as a partner with Adams Street Partners.
Welsh will be a KKR managing director based in Menlo Park, and brings the overall platform’s full-time team to 11 professionals. He’ll also serve on the fund’s investment and portfolio management committees. Prior to joining Adams Street in 2008, the onetime corporate attorney was chief strategy officer at McAfee Inc. and a partner with Partech International.
As a related aside, word is that KKR’s recent deal to acquire Calabrio, a Minneapolis-based provider of customer engagement and analytics software, originally began life as due diligence by the growth equity team.
• From the filing: Lavrock Ventures is raising $50 million for its debut fund, according to a regulatory filing. This is the Washington, D.C.-based investment firm launched last fall to focus on post-seed and Series A investments in tech startups (particular focus on B2B software, cybersecurity and government-tech). Its managing partner is Jim Hunt, most recently a founding member of Blu Venture Investors and, before that, CEO of Ernst & Young Technologies. His fellow partners are Daniel Hanks (co-founder and former CEO of SnapDash) and Stephen Smoot (co-founder and CEO of Authentag).
• Open windows? There are six companies on the IPO calendar this week, and several others already on tap for later in September (including the ones listed below as having just set terms). There only were 17 offerings in July and August this year, compared to an average of 36 over the prior three years.
• In memoriam: Among the thousands lost on 9/11/01 were Dave Retik and Chris Mello of Alta Communications — both of whom were on Flight 11 out of Boston. To learn about the Retik Mello Foundation, please go here. Also, on the one-year anniversary of that tragic day, I wrote (for a prior employer) about the pair and the experiences of their Alta colleagues. You can read it by going here.
THE BIG DEAL
• HarbourVest Partners has offered to buy SVG Capital (LSE: SVI), a London-based private equity firm focused on both direct and fund-of-funds investments, for approximately $1.35 billion in cash, or 650 pence per share (14.7% premium over Friday’s closing price). Read more.
VENTURE CAPITAL DEALS
• AcuFocus Inc., an Irvine, Calif.-based developer of small aperture technologies for the improvement of near vision, has raised around $66 million in new financing led by KKR. www.acufocus.com
• Datorama, a New York-based provider of marketing analytics, has raised $32 million in Series C funding. Lightspeed Venture Partners led the round, and was joined by Marker LLC and Innovation Endeavors. www.datorama.com
• Phononic Inc., a Durham, N.C.-based developer of solid-state technology for cooling and heating, has raised $30 million in new VC funding. GGV Capital and Lookout Capital co-led the round, and were joined by return backers Eastwood Capital Corp, Venrock, Oak Investment Partners, Tsing Capital, Huaneng Invesco WL Ross, Wellcome Trust and Rex Healthcare Ventures. www.phononic.com
• Nuxeo, a New York-based enterprise content management platform, has raised $20 million in new equity funding from Goldman Sachs. This comes three months after a $10 million infusion from Kennet Partners. www.nuxeo.com
• Inflazome, a Dublin-based developer of treatments for chronic inflammatory diseases, has raised $17 million in Series A funding co-led by Novartis Venture Funds and Fountain Healthcare Partners. www.inflazome.com
• Beeswax, a New York-based programmatic ad-tech platform, has raised $11 million in Series A funding co-led by Foundry Group and RRE Ventures. www.beeswax.io
• Project44, a Chicago-based startup providing APIs to the supply chain, has raised $10.5 million in Series A funding. Emergence Capital led the round, and was joined by Chicago Ventures and Silicon Valley Bank. www.p-44.com
• Business Talent Group, a New York-based platform for independent consultants and executives doing project-based work, has raised $8 million in Series B funding led by NextEquity Partners. www.businesstalentgroup.com
• Blue Prairie Brands Inc., a Scottsbluff, Neb.-based “functional food” startup, has raised $6 million in Series A funding. S2G Ventures led the round, and was joined by Middleland Capital, DSM Venturing, Invest Nebraska and an unidentified “strategic venture fund.” www.blueprairiebrands.com
• Fusebill, an Ottawa-based subscription management platform, has raised Cdn$6 million in new VC funding from ScaleUp Ventures and Langdell Investments. www.fusebill.com
• GenieBelt, a Copenhagen-based project management and communications platform for the construction industry, has raised €2 million in VC funding led by Danish Solar AS. Read more.
• Avitide Inc., a Lebanon, N.H-based provider of affinity purification solutions for the biopharmaceutical industry, has raised an undisclosed amount of Series D funding led by Mithril Capital Management. www.avitide.com
PRIVATE EQUITY DEALS
• Associated British Foods (LSE: ABF) has agreed to sell its cane sugar business in Southern China to an investor consortium led by Nanning Sugar Industry Co. According to Reuters, the deal is valued at around $500 million, and Nanning is being joined by domestic private equity funds Minsheng Royal Capital Investment and Guangxi Royal Construction Investment. Read more.
• Accel-KKR has sponsored a spinout of Smart Communications, a London-based provider of enterprise customer and business communications solutions, from Thunderhead Ltd. No financial terms were disclosed. www.smart-communications.com
• Capital Group Private Markets has acquired a stake in Koba International Group SA, a Colombian retailer with around 500 stores, from Abraaj Group for an undisclosed amount. www.abraaj.com
• Confie, a personal insurance company focused on Hispanic consumers, has acquired three insurance brokerages: First Stop Insurance (Washington Park, Ill.), CityWide Insurance (Las Vegas) and Absolute Insurance Agency (Miami). No financial terms were disclosed. Confie is a portfolio company of ABRY Partners. www.confie.com
• Eyewitness Surveillance, an Annapolis, Md.-based provider of remote video monitoring solutions to mid-sized-to-large automotive dealerships, metal recycling yards and other fixed industrial facilities, has raised an undisclosed amount of private equity funding from LLR Partners. www.eyewitnesssurveillance.com
• First Reserve has acquired Applied-Cleveland Corp., a provider of inspection and integrity management services for energy infrastructure assets in North America, from Nautic Partners. No financial terms were disclosed. www.applied-cleveland.com
• High Liner Foods (TSX: HFL) has sold its scallop business and processing facility in New Bedford, Mass. to Blue Harvest Fisheries, a portfolio company of Bregal Partners. No financial terms were disclosed. www.blueharvestfisheries.com
• Meadow Foods, a British provider of milk and dairy ingredients to the food industry, has raised an undisclosed amount of private equity funding from Paine & Partners. www.meadowfoods.com
• Siemens AG is considering a sale of its remaining 17% stake in listed German lighting company Osram Licht AG, with suitors reportedly including China’s GSR GO Scale Capital. The deal could be valued at around $872 million. Read more.
• Apptio, a Bellevue, Wash.-based provider of cloud-based technology business management software, has set its IPO terms to 6 million shares being offered at between $13 and $15 per share. It would have an initial market cap of approximately $522 million, were it to price in the middle of its range. The company plans to trade on the Nasdaq under ticker symbol APTI, with Goldman Sachs listed as left lead underwriter. Apptio reports a $14.9 million net loss on nearly $76 million in revenue for the first half of 2016, compared to an $18.4 million net loss on $62 million in revenue for the year-earlier period. It has raised around $136 million in total VC funding from firms like Greylock Partners (16.5% pre-IPO stake), Madrona Venture Group (16.6%), Shasta Ventures (9.5%), Janus Capital, Hillman Co., T. Rowe Price Group and Andreessen Horowitz. www.apptio.com
• CRISPR Therapeutics AG, a Swiss gene editing company, has filed for a $90 million IPO. It plans to trade on the Nasdaq under ticker symbol CRSP, with Citigroup, Piper Jaffray and Barclays serving as lead underwriters. The company has raised around $160 million in VC funding, from firms like Versant Ventures (20.74% pre-IPO stake), Celgene (12.4%), S.R. One (9.69%), New Enterprise Associates (9.69%), Bayer AG (8.01%), Abingworth (7.82%), Vertex Pharmaceuticals (7.6%), Franklin Templeton Investments, New Leaf Venture Partners, Clough Capital Partners and Wellington Capital Management. www.crisprtx.com
• E.L.F. Beauty, an Oakland, Calif.-based cosmetics company, has set its IPO terms to 8.33 million shares being offered at between $14 and $16 per share. It would have an initial market cap of approximately $666 million, were it to price in the middle of its range. The company plans to trade on the NYSE under ticker symbol ELF, with J.P. Morgan and Morgan Stanley serving as lead underwriters. E.L.F. reports $1.1 million of net income on $97 million in revenue for the first half of 2016, compared to $2.7 million of net income on $75 million of revenue for the year-earlier period. TPG Growth holds a 56.8% ownership stake, based on an early purchase from TSG Consumer Partners for an undisclosed amount. www.elfcosmetics.com
• Gridsum Holding Inc., a provider of data analysis software for multinational and domestic enterprises and government agencies in China., has set its IPO terms to around 6.52 million American depository shares being offered at between $10.50 and $12.50 per share. It plans to trade on the Nasdaq under ticker symbol GSUM, with Goldman Sachs (Asia) and Citigroup serving as lead underwriters. The company reports a $4.5 million net loss on around $22 million of revenue for the first half of 2016. Shareholders include Steamboat Ventures and Nokia Growth Partners. www.gridsum.com
• Ford Motor Co. (NYSE: F) has agreed to acquire Chariot, a San Francisco-based shuttle service startup that used crowdsourcing to determine where people needed rides. No financial terms were disclosed. Chariot had raised around $3 million in seed funding. Read more.
• Verizon (NYSE: VZ) has acquired Sensity Systems, a Sunnyvale, Calif.-based energy-efficient LED lighting company. No financial terms were disclosed. Sensity has raised over $70 million in VC funding from firms like Cisco, Acuity Brands, GE Ventures and Simon Venture Group. www.sensity.com
• Google (Nasdaq: GOOG) has agreed to acquire Apigee Corp. (Nasdaq: APIC), a San Jose, Calif.-based API specialist. The deal is valued at approximately $625 million in cash, or $17.40 per share. Read more.
• Horizon Pharma PLC (Nasdaq: HZNP) has agreed to acquire Raptor Pharmaceutical Corp. (Nasdaq: RPTP), a Novato, Calif.-based drug company focused on rate diseases, for approximately $800 million in cash. The $9 per share deal represents a 21% premium over Friday’s closing price. Read more.
• HP Inc. (NYSE: HPQ) has agreed to acquire Samsung’s printing business, which employs around 6,000 people, for $1.05 billion. Read more.
• Praxair Inc. (NYSE: PX), a Danbury, Conn.-based industrial gas supplier, and German peer Linde AG (DE: LING) have ended merger talks. The combined company could have been valued north of $60 billion. Read more.
FIRMS & FUNDS
• No firm or fund news this morning.
MOVING IN, ON & UP
• Jean-Philippe Barade has joined consumer-focused private equity firm L Catterton as a partner and head of the firm’s London office. He previously was co-founding partner of B&B Investment Partners (sponsored by Walgreens Boots Alliance) and, before that, spent five years as a managing director with Morgan Stanley Private Equity. www.lcatterton.com
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