A DAY OF DEPARTURES
A number of high-profile executives and investors are leaving their respective positions and shaking up both Wall Street and Silicon Valley. Below is a synopsis of all the departures that were announced yesterday:
Bill McGlashan is leaving TPG: Bill McGlashan is officially leaving TPG where he was the head of its social impact funds after he was implicated in the college admissions cheating scandal. Was he fired or did he resign? Well, it depends on who you ask. TPG says he was fired. In a statement to Term Sheet, the firm said “Bill McGlashan has been terminated for cause from his positions with TPG and Rise effective immediately. After reviewing the allegations of personal misconduct in the criminal complaint, we believe the behavior described to be inexcusable and antithetical to the values of our entire organization.” Jim Coulter, who co-heads the firm, is taking over managing partner responsibilities for Rise and TPG Growth, which McGlashan founded in 2007.
Meanwhile, McGlashan claims he stepped down on his own because he sent an email submitting his resignation to TPG an hour before the firm sent him a notice of termination. For a more comprehensive view on how this went down, check out this Twitter thread of internal emails.
Lee Fixel is leaving Tiger Global: Lee Fixel, the head of Tiger Global’s $13 billion private equity business, plans to leave at the end of June, according to Reuters. Fixel, who is behind investments such as Flipkart, LinkedIn, Juul, and Spotify, plans to invest his own money and “may start an investment firm in the future.” Scott Shleifer will take his place at Tiger Global.
Chris Cox and Chris Daniels are leaving Facebook: Two top Facebook executives are departing the tech giant. Cox joined Facebook in 2005 as one of its original software developers, and he was instrumental in creating the company’s first News Feed. In his latest role as product chief, a position he held for 10 months, Cox led strategy for the company’s family of apps.
Chris Daniels, the head of the company’s WhatsApp messaging product, is also leaving. Daniels led WhatsApp for 10 months, after replacing co-founder Jan Koum, who left the company in April.
The duo of executives is departing after disagreements with Mark Zuckerberg over his desire to exert control over his company and its apps. The new plan includes integrating the company’s various services — WhatsApp, Instagram, and Facebook Messenger — under a singular privacy-focused platform, according to The New York Times.
IPO READY: Ride-hailing giant Uber will reportedly file for its much-anticipated initial public offering next month and begin its investor roadshow shortly thereafter.
The offering, which could value the company at up to $120 billion, will likely hit public markets after rival Lyft has already completed its IPO. Uber’s revenue last year was $11.3 billion, and it lost $3.3 billion. Lyft, by contrast, said in its prospectus that its 2018 revenue totaled $2.2 billion and reported a loss of $911 million.
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• STASH, a New York-based digital investment platform, raised $65 million in Series E funding. The investors were not named.
• Percolate, a New York-based enterprise content marketing platform, raised $32 million in funding. Investors include GGV Capital, Sequoia, Lightspeed and Capital IP Investment Partners.
• Artemis Health, a Salt Lake City, Utah-based benefits data analytics company, raised $25 million in Series C funding. Bessemer Venture Partners led the round, and was joined by investors including Maverick Ventures, F-Prime, Hearst Health Ventures and Rose Park Advisors.
• Igneous, Inc., a Seattle-based startup that aims to streamline data management for digital enterprises with massive unstructured data, raised $25 million in Series C funding. WestRiver Group led the round, and was joined by investors including Madrona Venture Group, NEA, Vulcan Capital and Redpoint Ventures.
• ArangoDB, a Germany-based open source native multi-model database, raised $10 million in Series A funding. Bow Capital led the round.
• UPshow, a Chicago-based screen-based consumer engagement platform, has secured $6 million in Series A funding. TDF Ventures and Jump Capital led the round.
• Aeponyx Inc, a Canada-based provider of micro optical switches, raised C$7.9 million ($5.9 million) in Series A funding. Pangaea Ventures led the round, and was joined by investors including Fonds InnovExport and Ecofuel Fund.
• HandEX, a Germany-based fintech company, raised seed funding of an undisclosed amount. High-Tech Gründerfonds led the round.
PRIVATE EQUITY DEALS
• Blue Sage Capital made an investment in All-State Industries, a West Des Moines, Iowa-based provider of custom, highly-engineered non-metallic components. Financial terms weren't disclosed.
• TorQuest Partners acquired Prepac Manufacturing Ltd, a Delta, British Columbia-based maker of ready-to-assemble home furniture sold through online retailers. Financial terms weren't disclosed.
• Harkness Capital Partners made an investment in Kane Is Able Inc, a Scranton, Penn-based third-party logistics provider. Financial terms weren't disclosed.
• Innovative Chemical Products Group LLC, a portfolio company of Audax Private Equity, acquired ASTEC, a New York-based provider of fluid-applied acrylic membrane systems for the restoration of roofs, walls, tanks, piping, ductwork and other industrial surfaces.
• TokenTax acquired Crypto CPAs LLC, a full-service accounting firm. Financial terms weren't disclosed.
• Genfit, a biotech developing therapies for NASH, plans to raise $132 million in an offering of 5 million shares priced as $26.33 (based off last close on Euronext Paris). SVB Leerink and Barclays are underwriters. It plans to list on the Nasdaq as “GNFT.” Read more.
• Preferred Sands, a sand-based proppant maker in Radnor, Penn.,withdrew its $100 million IPO. The company backed by KKR posted sales of $171.8 million with a loss of $287.3 million in 2016. Credit Suisse, KKR Capital Markets, and Morgan Stanley are underwriters in the IPO. Preferred plans to list on the NYSE as “PSND.”
• Littlejohn Capital acquired Western Industries Plastic Products, a Winfield, Kansas-based niche technical manufacturer of large blow-molded products. The seller was Speyside Equity LLC.
• John Chopack Jr rejoined HealthpointCapital as a managing 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.