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MONDAY, DECEMBER 31, 2012
Today's Free Profile: Marlin Equity Partners
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FREE Featured Profile
PE/Buyout | Hermosa Beach, CA
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Today's featured report from the PitchBook Platform is for Marlin Equity Partners.
 
 
PitchBookTV's Weekly Wrap-Up
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Today's Weekly Wrap-Up video from PitchBookTV takes a look at the recent week's private equity and venture capital activity:

PitchBook
VIDEO: Weekly Wrap-Up
2005 Vintage U.S. Venture Capital Funds
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$500 million - $1 billion
10 Funds in Benchmark
Median IRR: 1 .72%
Top Quartile IRR Hurdle Rate: 10 .16%
Median TVPI: 1 .12x
Median DPI: 0 .17x
 
Select Top Performers (based on net IRR)
Austin Ventures IX
Columbia Capital Equity Partners IV
InSight Venture Partners V
 
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Berkshire Wiring Together $2B Merger for Lightower, Sidera
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Berkshire Partners is acquiring Lightower Fiber Networks and Sidera Networks from a slew of PE backers in a $2 billion deal. Boston-based Berkshire is acquiring Lightower, a metro fiber and bandwidth provider in the Northeast, from Ridgemont Equity Partners, Peppertree Capital Management and M/C Partners, while Sidera, a communications services provider to large enterprise, carrier and data center customers, is being acquired from ABRY Partners, HarbourVest Partners and Spectrum Equity Investors. The combined company will operate a fiber-based network throughout the Northeast, Mid-Atlantic and Midwest, providing access to more than 6,000 on-net locations, including commercial buildings, data centers, financial exchanges, content hubs and other critical interconnection facilities.
Wireless Communications Equipment
Boxborough, MA
Connectivity Products
New York, NY

 
Advisors
Alston & Bird (legal)
Covington Associates (financial)
Ropes & Gray (legal)
Edwards Wildman Palmer (legal)
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Onex Completes USI Buy
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Onex, a Toronto-based private equity investor, has completed its acquisition of USI Insurance Services from GS Capital Partners for about $2.3 billion. $702 million of the purchase price came in the form of equity from Onex Partners III, Onex and USI employees. Headquartered out of Briarcliff Manor, NY, USI is a multi-line insurance provider with approximately 100 offices across the United States. Goldman Sachs took the company private in 2007 for $1.4 billion and sponsored dozens of add-on acquisitions during its five-year holding period.
Insurance Brokers
Briarcliff Manor, NY
 
Provider of insurance brokerage services
Investor
Onex
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Permira Adopts Ancestry.com into Family of Portfolio Companies
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Permira has completed its $1.6 billion buyout of online family history resource Ancestry.com (NASDAQ: ACOM), which went public in 2009. The European private equity firm paid $32 per share, which represented a 41% premium over the company's closing stock price on the last trading day prior to press reports that it had retained a financial advisor in connection with a possible sale. Spectrum Equity, which has backed Ancestry.com since 2003, continues to be an investor in the company.
Information Services
Provo, UT
 
Investor
Permira
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Riverstone Commits $600M to Fieldwood Energy
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Riverstone Holdings, an energy and power-focused private equity firm, has committed $600 million to Fieldwood Energy, alongside a $25 million commitment from company management. Fieldwood is a new Houston-based oil and gas company focused on acquiring and developing conventional oil and gas assets, and intends to pursue opportunities in select basins throughout the United States. This represents the second commitment between Riverstone and Fieldwood management, who partnered to form Dynamic Offshore Resources in 2008 before selling that company to SandRidge Energy this year for $1.3 billion.
Energy Exploration
Houston, TX
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American Capital Invests in Cambridge
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American Capital, a Bethesda, MD-based private equity firm, has acquired Cambridge Major Laboratories, committing $212 million in the transaction. Cambridge had been a portfolio company of Arlington Capital Partners prior to American's investment. A global pharmaceutical chemistry service provider, Cambridge produces intermediates and active ingredients to the pharmaceutical and biotechnology industries. The fresh capital will allow CML to continue growing its core chemistry service business and expand into complementary spaces in the life sciences industry. American's investment took the form of debt, and preferred and common equity. Jefferies & Company served as Cambridge's sole financial advisor on the deal.
Pharmaceuticals
LifeSciences
Germantown, WI
Investor
American Capital
Financial Advisor
Jefferies & Company
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Gladstone Backs Ag Trucking
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Gladstone Capital has invested $14 million, consisting of a combination of debt and equity, in Ag Trucking, a regional food-grade liquid and dry bulk carrier based in Goshen, IN. Founded in 1978, Ag Trucking provides a variety of bulk transportation services, including liquid transportation, dry bulk dumps, dry bulk pneumatic services, freight brokering, private fleet conversion and project runs.
Road
Goshen, IN
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Breakwater Takes a Trip to the Spa with Exhale
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Breakwater Investment Management has provided Exhale Enterprises with a significant amount of growth capital. The company provides mind-body fitness classes, such as yoga and its proprietary Core Fusion program, and also offers spa and healing therapies. Breakwater specializes in direct investments in lower middle-market growth businesses, and completed the investment in Exhale through its Breakwater Structured Growth Opportunities Fund.
Leisure Facilities
New York, NY
 
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Awarepoint Seals the Deal on $4M
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Awarepoint, a San Diego-based provider of workflow automation and tracking solutions for the acute care hospital marketplace, has secured $4 million in venture funds. According to a recent SEC filing, the company plans to close the round at $10 million. Awarepoint also locked down $14 million in April of this year. So far, financing for the most recent round has come from return investors JAFCO Technology Partners, Venrock, Cardinal Venture Capital and Kleiner Perkins Caufield & Byers, as well as new investor Vanguard Health Systems.
Healthcare Enterprise Systems
SaaS
San Diego, CA
 
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WasteZero Cleans Up with $3.95M
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WasteZero, a company based in Raleigh, NC that partners with municipalities to implement and improve long-term waste reduction programs in the U.S., has raised $3.95 million in fresh funds. The round is expected to close at $5 million, according to a filing with the SEC. Per the company’s website, “99% of all WasteZero trash reduction programs are still in place,” some of which date back as far as 20 years. WasteZero is in the later stages of venture funding.
Environmental Services
Raleigh, NC
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Clover Network $3M Greener
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Stealthy startup Clover Network has plucked over $3 million in fresh funds by selling equity, debt, options and securities to 22 investors. Based in Mountain View, CA, the company is developing web-based technologies that offer transactional support for merchants by integrating payment processors and third-party applications. In April of last year, Clover raised a $5.8 million Series A round of financing from Andreessen Horowitz, Morado Venture Partners, Sutter Hill Ventures and angels.
Internet Software
Mountain View, CA
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Investors Invest $1.65M in Inventables
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Inventables, the Chicago-based provider of an online hardware store for designers, has garnered $1.65 million in new capital, according to an SEC filing. The company caters to smaller-scale design teams by working with manufacturers to provide hardware, raw materials and industrial supplies in smaller sizes and quantities. In April 2009, Inventables closed a $2 million Series A round of financing from True Ventures and Dundee Venture Capital.
Industrial Supplies and Parts
Manufacturing
Chicago, IL
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Sequoia Sciences Backed by Prolog Ventures, Holton Capital
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Prolog Ventures and Holton Capital have anted up $1.5 million in later-stage venture funds for Sequoia Sciences, a drug developer based in St. Louis, MO. According to the company’s website, it is working to “provide new and alternative treatments for acute bacterial infections and chronic infections involving bacterial biofilms,” including a vaccine that may treat chronic female urinary-tract infections. The recent influx of capital will go toward the clinical development of this vaccine.
Biotechnology
LifeSciences
Saint Louis, MO
 
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Evisors Freshly Funded with $1.2M
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In a round expected to close at $1.52 million, Evisors has so far secured $1.2 million in fresh funds. The company offers an online platform where users can connect with expert consultants for business, career or education advice. The company was seeded in November of last year with $600,000 from Nebula and New York Angels.
Information Services
New York, NY
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CoatChex Hangs $250K in its Investment Closet
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Angel investors have swooped down to back CoatChex, the Carmel, IN-based developer of a platform used for automating coat checks at bars and restaurants. Operating from an iPad, CoatChex works as a simple point-of-sale system that allows patrons to safely check their coats in and out through phone number verification, rather than the old loose-ticket system. The company’s founder and CEO, Derek Pacque, reportedly pitched his product on ABC’s Shark Tank, only to turn down a $200,000 investment because the proposed equity stake was too high. The recent angel investment amounted to $250,000.
Automation/Workflow Software
Carmel, IN
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Contego Offloads Carton Business to Graphic Packaging
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Contego Packaging Group, a Platinum Equity portfolio company, has completed the sale of its Contego Cartons business to Graphic Packaging (NYSE: GPK) for £81 million ($130.8 million). Moorgate Capital advised on the transaction. Contego Packaging had been a two-pronged packaging solution provider, with one division focused on solutions for the healthcare industry and another, broader carton division serving the food and beverage, household products and pet food industries. Platinum Equity acquired the parent company through a March 2011 buyout.
Paper Containers & Packaging
Manufacturing
Bagshot, United Kingdom
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Gladstone Capital Backs Allen Edmonds
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Allen Edmonds
 
Gladstone Capital has invested $19.5 million in Allen Edmonds by purchasing a loan from one of the company's existing lenders. The upscale shoe manufacturer is owned by Goldner Hawn Johnson & Morrison. Founded in 1922, Allen Edmonds makes premium men's footwear and accessories, including belts, blazers, vests, ties, cuff links, briefcases and galoshes.
Footwear
Manufacturing
Port Washington, WI
 
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Health Systems International Undergoes Dividend Recap
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Health Systems International, a portfolio company of Great Point Partners, has completed a dividend recapitalization. HSI provides outsourced medical cost management solutions for self-insured corporations and insurance companies, and has been backed by GPP since 2007. Following the dividend recapitalization, the company continues to have ample borrowing capacity and will continue to pursue attractive acquisition opportunities in 2013.
Healthcare Enterprise Systems
Indianapolis, IN
 
Existing Investor
Great Point Partners
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RedHat to Acquire ManageIQ for $104M
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After successfully securing several rounds of VC funding, ManageIQ has agreed to be acquired by Red Hat for $104 million. Based in Mahwah, NJ, ManageIQ is a provider of enterprise cloud management and automation software. Red Hat is a Raleigh, NC-based provider of open source software solutions. The acquisition will provide an exit for ManageIQ’s primary investor, Sequoia Capital.
Network Management Software
Mahwah, NJ
 
Buyer
Red Hat
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Marlin Sells Liquent to PAREXEL
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Marlin Equity Partners has exited Liquent, a software platform for regulatory information management, selling the company to PAREXEL (NASDAQ: PRXL) for approximately $72 million. Liquent provides software and professional services designed to support the regulatory business processes of global life sciences companies, and counts over 200 of them as clients. It had been a portfolio company of Marlin since December 2009, when the California-based firm acquired it from Thomson Reuters.
Healthcare Technology Systems
Horsham, PA
 
Buyer
PAREXEL
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CV Ingenuity to Be Acquired by Covidien
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Bermudan company Covidien (NYSE: COV), a developer and manufacturer of medical devices, has entered into a definitive agreement to acquire CV Ingenuity, a Fremont, CA-based developer of treatments for peripheral arterial disease. Following the acquisition, CV Ingenuity’s development expenditures will reportedly be bumped up in order to fund the clinical development of the company’s technologies. CV Ingenuity was previously VC-backed, successfully raising $16 million of Series B financing in October of last year, and before that, $1.7 million in its Series A round. Exiting investors include BioStar Ventures, Life Science Angels, New Enterprise Associates, Synergy Ventures and Western Technology Investment. The company will be reported as part of the Medical Devices segment of Covidien’s vascular product line.
Surgical Devices
Fremont, CA
 
Buyer
Covidien
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Arbor Exits Bradshaw International
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Arbor Investments has sold Bradshaw International to ONCAP, the middle-market private equity platform of Onex. Bradshaw provides kitchen tools and gadgets, bakeware, cookware and home cleaning products selling under brands such as Good Cook, Oneida, Mr. Clean Cleaning Tools and Dawn. The company was acquired by Arbor in 2008.
Household Products
Rancho Cucamonga, CA
 
Buyer
ONCAP
Advisors
DLA Piper (legal)
Moelis & Company (financial)
Torys (legal)
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NAV Raises $42.5M for Fund IV
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VC firm New Atlantic Ventures has successfully raised $42.5 million of an expected $125 million for its fourth fund. NAV typically makes seed and early-stage investments in technology-oriented businesses, primarily in the mobile, e-commerce, ad tech, cybersecurity, online education and business of healthcare sectors. The new fund’s most recent predecessor closed in April 2009 at $117 million.
Reston, VA
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Investors
ABRY Partners
American Capital
Andreessen Horowitz
Arbor Investments
Arlington Capital Partners
Berkshire Partners
BioStar Ventures
Breakwater Investment Management
Cambridge Major Laboratories
Cardinal Venture Capital
Dundee Venture Capital
GS Capital Partners
Gladstone Capital
Goldner Hawn Johnson & Morrison
Graphic Packaging
Great Point Partners
HarbourVest Partners
Health Systems International
Holton Capital
JAFCO Technology Partners
Kleiner Perkins Caufield & Byers
Life Science Angels
M/C Partners
Marlin Equity Partners
Morado Venture Partners
Nebula
New Atlantic Ventures
New Enterprise Associates
New York Angels
ONCAP
Onex
PAREXEL
Peppertree Capital Management
Permira
Platinum Equity
Prolog Ventures
Ridgemont Equity Partners
Riverstone Holdings
SandRidge Energy
Sequoia Capital
Spectrum Equity Investors
Sutter Hill Ventures
Synergy Ventures
Thomson Reuters
True Ventures
Vanguard Health Systems
Venrock
Western Technology Investment
Service Providers
 
World Congress
Plante & Moran
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