LISTEN UP
Good morning.
Last week, I asked Term Sheet readers for recommendations on the best business newsletters & podcasts that they read/listen to on the subway. As one reader aptly noted, “Unfortunately, we don’t have a subway in Texas, but we do still listen to podcasts.” Shockingly, the world does not revolve around New York City and its subway system.
In other words, the recommendations below come from places all over America — and they do not disappoint. I’ve organized them into sections so you can tackle depending on what kind of mood you’re in this week.
**Note that these are suggestions I received via Twitter & my email. If you’re mad that your favorite newsletter/podcast didn’t make it, feel free to make your disappointment known here.**
• For 🔊PODCAST 🔊recommendations, see here.
• For 📰NEWSLETTER 📰recommendations, read here.
FORTUNE GLOBAL FORUM: Fortune is finalizing plans for the 2018 Fortune Global Forum, to be held at the invitation of Canada’s Prime Minister Justin Trudeau on Oct. 15–17 in Toronto. This annual meeting brings together the CEOs of the world’s biggest corporations with innovators, builders, and selected experts to explore the key issues shaping global business.
This year’s theme is: “Creating Growth that Works for Everyone.” You can see a complete program overview here & a participant list here.
The good news? If you want to attend, we still have a few spots open. Apply now.
THE LATEST FROM FORTUNE...
• See Canada PM Justin Trudeau Speak at Fortune's CEO Dinner in Toronto (by Andrew Nusca)
• I Was 12 When I Survived 9/11. Some of My Peers Are Only Now Realizing Their PTSD (by Helaina Hovitz)
• Winklevoss Twins Win Regulatory Approval for State Street-Backed, Dollar-Pegged Cryptocurrency (by Robert Hackett)
• Twitter Users Seem to Widen Political Divide When Met With Opposing Views (by Don Reisinger)
...AND ELSEWHERE
From Trump to trade, the financial crisis still resonates 10 years later. A Tesla bull capitulates. CBS’s handling of Les Moonves accusations hampered by battle for control. Alibaba goes big on Russia with joint venture focused on gaming. Google's artificial intelligence chief departs.
VENTURE DEALS
• Facet Wealth, a Baltimore-based provider of wealth management and financial planning services, raised $33 million in Series A funding. Warburg Pincus led the round, and was joined by investors including Slow Ventures.
• Packet, a bare metal cloud built for developers, raised $25 million in Series B funding. Third Point Ventures led the round, and was joined by investors including Battery Ventures, JA Mitsui Leasing and Samsung Next. Existing investors SoftBank Corp. and Dell Technologies Capital.
• Treez, an Oakland, Calif.-based provider of point of sale software for the legal cannabis industry, raised $11.5 million in Series A funding. Intrinsic Capital Partners led the round, and was joined by investors including AFI Capital Partners and Welcan Capital.
• Impossible Aerospace, a Sunnyvale, Calif.-based manufacturer of battery electric flight products,raised $9.4 million in Series A funding. Bessemer Venture Partners led the round, and was joined by investors including Eclipse Ventures and Airbus Ventures.
HEALTH AND LIFE SCIENCES DEALS
• Biodesy Inc, a South San Francisco-based biomolecule characterization company raised $20 million Series C funding. Alexandria Venture Investments led the round, and was joined by investors including 5AM Ventures, Pfizer Ventures and Roche Venture Fund.
PRIVATE EQUITY DEALS
• Castanea Partners invested in West Coast Fitness, a franchisee and area representative of Orangetheory Fitness. Financial terms weren’t announced.
• Tiger Peak Capital acquired a majority of Voice Comm, a Pennsauken, N.J.-based supply chain manager for mobile device accessories. Financial terms weren't disclosed.
• MarketCast Group, a portfolio company of Kohlberg & Co, acquired Turnkey Intelligence, a Philadelphia-based sports research and advisory firm. Financial terms weren't disclosed.
• Care Advantage Inc, a portfolio company of BelHealth Investment Partners, acquired Direct Home Health Care, a provider of in-home personal care services primarily to Medicaid recipients. Financial terms weren't disclosed.
• Ancor Capital Partners acquired STATinMED Research, an Ann Arbor, Mich.-based medical technology company. Financial terms weren't disclosed.
• Pixellot, an Israel-based provider of outdoor broadcast video capture and production devices, raised funding of an undisclosed amount from Shamrock Capital.
• Apax Partners agreed to invest in Paycor, a Cincinnati, Ohio-based provider of HR, payroll, time, recruiting, benefit administration and other services.
IPOs
• Volvo Cars, the Swedish carmaker, dropped plans for an IPO that would have valued the firm at between $16 billion to $30 billion, Reuters reports. Geely backs the firm. Read more.
• Studio City International Holdings, a Hong Kong-based resort spinning out of Melco International, filed for an $115 million in an IPO. The firm posted revenue of $539.8 million and loss of $76.4 million in 2017. Silver Point Capital backs the firm. Deutsche Bank, Credit Suisse, and Morgan Stanley are underwriters. It plans to list on the NYSE as “MSC.” Read more.
• Remora Royalties, an oil and natural gas royalties firm in Austin, Texas, said it plans to raise $105 million in an IPO of 5.3 million shares priced between $19 to $21. The firm posted revenue of $36.1 million in 2017. RBC Capital Markets, Wells Fargo Securities, and UBS Investment Bank are joint bookrunners. It plans to list on the Nasdaq under the symbol “RRI.” Read more.
• Vannin Capital, a Saint Helier, Jersey-based litigation funder, plans to file for a $91 million IPO in London. Read more.
• Reebonz Limited, a Singapore-based online luxury marketplace, will go public following a merger with SPAC Draper Oakwood Technology Limited. Draper Oakwood previously raised $57.5 million in an IPO in 2017. Draper Oakwood trades on the Nasdaq as “DOTA.” Read more.
• Bank7, an Oklahoma City, Okla.-based operator of regional bank branches, said it plans to raise $65 million in an IPO of 3.3 million shares priced between $18 to $21 (15% insider). It posted interest income of $42.9 million in 2017 and net income of $23.8 million. Keefe Bruyette Woods, Stephens Inc., and Sandler O'Neill are underwriters. It plans to list on the Nasdaq as “BSVN.” Read more.
• EdtechX Holdings Acquisition, a London-based blank check company formed to acquire an education technology business, filed for a $55 million IPO. IBIS Capital backs the firm. Chardan Capital Markets and I-Bankers Securities are underwriters. It plans to list on the Nasdaq as “EDTXU.” Read more.
• Sibur, the Russian petrochemical maker, is talking to banks about a potential IPO in Moscow, CNBC reports. Read more.
EXITS
• Opendoor acquired Open Listings, a Los Angeles-based online home buying platform. Financial terms weren't disclosed. Open Listings had raised approximately $7.6 million in funding from investors including Y Combinator, Matrix Partners, Arena Ventures, and Initialized Capital.
• United Rentals Inc agreed to buy BlueLine Rental, a Woodlands, Texas-based equipment rental company, for about $2.1 billion. Platinum Equity was the seller.
• Genstar Capital sold Accruent, an Austin-based provider of physical resource management solutions, to Fortive Corporation, for $2 billion.
• MidOcean Partners acquired Florida Food Products, a Eustis, Fla.-based manufacturer of natural and clean label ingredients, from Kainos Capital. Financial terms weren't disclosed.
• TowerBrook Capital Partners LP agreed to sell Wilton Brands, a Naperville, Ill.-based provider of cake decorating, candy making, and party products, to Dr. August Oetker KG. Financial terms weren't disclosed.
FIRMS + FUNDS
• The Carlyle Group (NASDAQ: CG) raised $5.5 billion for its eighth U.S. real estate fund, Carlyle Realty Partners VIII.
• Capvis, a Switzerland-based private equity firm, raised 1.2 billion euros ($1.4 billion) for its fifth fund, Capvis Equity V LP.
• Quad Partners, a New York-based private equity and venture capital firm, raised $229 million for its latest fund, Quad Partners V.
• Westhook Capital, a Los Angeles-based private equity firm, raised $140 million for its inaugural fund, Westhook Capital Partners, L.P.
PEOPLE
• Aditi Dashputre joined CircleUp Growth Partners as a partner; Karen Howland joined as a general partner; and Ying Wang joined as a systematic portfolio manager.
• Pratik Budhdev joined Volvo Cars Technology Fund as investment director.
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Polina Marinova produces Term Sheet, and Lucinda Shen compiles the IPO news. Send deal announcements to Polina here and IPO news to Lucinda here.
