We Come Not To Praise Indexing, But To…


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    Nicholas Colas is co-founder of DataTrek Research, an independent firm covering global finance and economics.  Colas is a 30+ year veteran of Wall Street, whose experience includes First Boston (now Credit Suisse), SAC Capital (reporting directly to Steve Cohen), and Convergex Group.  His views on indexing are diametrically opposed to mine, but they…

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Apollo nears $3.8 billion-plus deal for packaging group RPC: WSJ


This post is by Reuters News from PE Hub Blog: Buyout Deals


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Private equity company Apollo Global Management (APO.N) is in advanced talks to buy Europe’s biggest plastics packaging maker RPC Group (RPC.L) for more than $3.8 billion, the Wall Street Journal reported on Monday.

RPC on Friday extended the deadline to Jan, 23 for Apollo to make a firm offer or walk away.
Citing people familiar with the matter, the Journal said that a deal could be announced as soon as Tuesday.

Private equity has long been attracted to the sector’s reliable cash flow and growing demand from online shopping, with a spate of takeovers by bigger packaging players further spurring their interest.

RPC, which operates in 34 countries, on Monday had a market capitalization of 3.26 billion pounds ($4.2 billion).

The company said in September that it was in talks on a possible sale to Apollo and U.S. private equity firm Bain Capital, with

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Private equity firms circling Nestle’s skin health business, say sources: Reuters


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Private equity firms Cinven and Advent have teamed up to bid in an auction that could value Nestle’s (NESN.S) skin health business at about 7 billion Swiss francs ($7 billion), three sources familiar with the matter said.

Private equity companies Blackstone (BX.N), KKR (KKR.N), Carlyle, CVC, EQT and Partners Group are also expected to bid and might look for partners, according to the sources, who declined to be identified as the process is private.

Nestle launched a review of the unit in September, as the maker of Nescafe coffee and Perrier water ditches underperforming businesses and fends off criticism from an activist investor who wants an overhaul.

The fragmented consumer health sector is attractive for deals because of aging populations in many industrialized nations, increased interest in health and rising incomes, analysts say.

Information memorandums on the skin health business sale, being run by Credit Suisse

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TenEleven Ventures to raise second venture-capital fund


This post is by Mark Boslet from Pe Hub Blog: Firms & Funds


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TenEleven Ventures has set out to raise a second venture-capital fund, according to a filing with the SEC.

No target was stated. The cyber-security-focused firm is run by founders Alex Doll, a digital-security entrepreneur and son of DCM Ventures co-founder Dixon Doll, and investor Mark Hatfield.

The filing is available here.

 

2:00PM Water Cooler Martin Luther King Day 2019


This post is by Lambert Strether from naked capitalism


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Dear patient readers, since this is both a travel day for me and Martin Luther King Day, I’m going to be lazy and put up some MLK material only. Tomorrow I will return at full force. Talk amongst yourselves! –lambert * * * By Lambert Strether of Corrente. That was then: The FBI's 'suicide letter' […]

Office space platform Hubble procures Series A funding


This post is by Iris Dorbian from PE Hub Blog: Venture Capital Deals


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London-based Hubble, an online platform for flexible office space, has secured 4 million pounds in Series A funding. JLL Spark led the round.

PRESS RELEASE

Monday, January 21, 2019 – LONDON: Hubble, the online platform for flexible office space, has secured £4 million in Series A financing from a group of industry-leading investors, spearheaded by JLL Spark Global Venture Fund.

The London headquartered platform was founded in 2014 and is now one the UK’s fastest growing technology companies, placing a business in a new office every three hours. It lists over 5,000 offices on its website, covering the whole flexible office market, and the latest investment takes its fundraising total to £6.4 million over three funding rounds.

This marks the first European investment for JLL Spark, the Silicon Valley-based venture capital arm of JLL. Other investors include Downing Ventures and the Directors of M7 Real Estate (owners of

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Harbinger Ventures leads $5.9 mln round for Vinebox


This post is by Iris Dorbian from PE Hub Blog: Venture Capital Deals


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San Francisco-based Vinebox, a subscription wine service, has secured $5.9 million in funding. Harbinger Ventures led the round. The capital infusion will be used to expand its team and scale its online distribution.

PRESS RELEASE

January 18, 2019 – San Francisco, CA – VINEBOX Inc., parent company for VINEBOX and Usual, launched in 2016, by Rachel Vodofsky and Matt Dukes has raised $5.9 million in funding led by Harbinger Ventures. VINEBOX Inc. will use the funds to expand their San Francisco based team and further scale their online distribution.

VINEBOX is a quarterly subscription service which sources nine exclusive, hand-selected wines from around the world and sends them directly to members in patented “by the glass” bottles. This allows members to discover new wines and explore their own taste preferences without committing to full-sized bottles. Members are then able to purchase bottles of their favorites. VINEBOX

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Back pain app creator Kaia Health inks $10 mln Series A


This post is by Iris Dorbian from PE Hub Blog: Venture Capital Deals


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Kaia Health, a creator of a back pain app, has secured $10 million in Series A funding. Balderton Capital led the round.

PRESS RELEASE

London, Munich & New York City, 21st January 2019 – Digital therapeutics pioneer Kaia Health, creator of the world’s leading back pain app, today announces it has raised $10 million in a Series A round led by Balderton Capital to tackle some of the world’s most urgent health challenges, including a range of chronic conditions. The investment will be used to support Kaia Health’s US rollout, including a new office in New York City, and fund further clinical studies.

Since launching in 2016, Kaia Health, has created scientifically-validated digital treatments for a range of disorders including back pain and COPD. Its Kaia back pain app has been rapidly adopted by over 250,000 individuals as well as organisations across Europe and the US. This includes some

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Luxury online reseller The RealReal in talks with banks for IPO, say sources: Reuters


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U.S. online luxury reseller The RealReal Inc is talking to investment banks about the possibility of an initial public offering (IPO) later this year, people familiar with the matter said on Friday.

The company – which specializes in online secondhand luxury apparel and goods – has sent out a request for proposals to prospective advisors and underwriters to manage the listing this year, said the sources, who asked not to be identified because they were not authorized to speak publicly.

The RealReal declined to comment.

In July last year, The RealReal raised $115 million of private funding in a deal led by Perella Weinberg Partners, with additional participation from new investor Sandbridge Capital and existing investor Great Hill Partners. The deal valued the company at $745 million, according to data provider PitchBook.

Since then, the company, which was founded in 2011, has focused on expanding its brick-and-mortar presence with

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Saudi Alhokair’s mall unit files for IPO, offering in second quarter, say sources: Reuters


This post is by Reuters News from PE Hub Blog: PE-Backed IPOs


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Saudi Arabia’s Fawaz Alhokair Group plans to offer shares in its shopping malls business in Riyadh in the second quarter of this year, sources told Reuters on Monday.

Arabian Centres Company, which has applied for an IPO with the Capital Market Authority, is eyeing a listing between April and June, said four sources who declined to be named due to commercial sensitivities.

Arabian Centres did not respond to requests for comment.

Saudi Arabia is encouraging more family-owned companies to list in a bid to deepen capital markets under an economic reform push aimed at reducing the kingdom’s reliance on oil revenues.

Saudi Arabia saw six IPOs last year, according to Refinitiv data. Some companies were holding off last year until a decision was made about an offering by state oil giant Aramco, which had been expected in 2018 but officials say has been postponed.

The deal comes more than a

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France’s Casino sells stores to Fortress, hits asset sales target: Reuters


This post is by Reuters News from PE Hub Blog: Buyout Deals


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Casino (CASP.PA) has agreed to sell 26 stores worth 501 million euros ($567 million) to Fortress Investment Group, the French supermarket retailer said on Monday, fulfilling an assets sale target set out last year as part of plans to reduce its debt.

Casino said it would sell a portfolio comprising hypermarkets and traditional supermarkets to Fortress which will set up a vehicle to acquire and manage the assets.

The company will receive an initial 392 million euros from the sale in the first half of 2019 and could get a further 150 million euros in the next few years, it said.

The deal will allow Casino to achieve a target set out last year of 1.5 billion euros in asset sales and Casino said it would examine further steps to cut its debt.

Casino shares were up 0.4 percent in early trade.

“Their rapid execution on

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Calamos Investments to buy Milwaukee investment firm Timpani


This post is by Iris Dorbian from PE Hub Blog: Buyout Deals


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Calamos Investments has agreed to acquire Timpani Capital Management LLC, a Milwaukee-based boutique investment firm. No financial terms were disclosed.

PRESS RELEASE

NAPERVILLE, Ill., Jan. 18, 2019 /PRNewswire/ — Calamos Investments®*, a global investment management firm, announced today that it has signed a definitive agreement to acquire Timpani Capital Management LLC, a boutique investment firm based in Milwaukee. The transaction is expected to close following applicable regulatory and customary closing conditions, including mutual fund shareholder approvals.

Co-founded in 2008 by Chief Investment Officer and Portfolio Manager Brandon M. Nelson, Timpani focuses on small-and smid-cap growth investing, combining fundamental research with behavioral finance concepts.

“We are thrilled to have Brandon and his team join Calamos Investments,” said John P. Calamos, Sr., Founder and Global Co-Chief Investment Officer of Calamos Investments. He continued, “As our firm has long embraced the merits of active management and growth-focused stock selection, Timpani’s

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Hairy-chested Bloomberg Bazza


This post is by Barry Ritholtz from The Big Picture


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Topping the list of things that regularly infuriate me are Billionaire Socialists begging taxpayers to subsidize their businesses or fund their hobbies. My attitude is if you are a member of the 3 Comma Club, then you should spend your own lucre instead of pissing away mine. Whether it is socializing risks to cover their bad…

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PE-backed ATC Drivetrain taps Heald as president and CEO


This post is by Iris Dorbian from PE Hub Blog: Human Resources


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Oklahoma City-based ATC Drivetrain, a remanufacturer of automotive drivetrain components, has named Greg Heald as president and CEO. Previously, he worked at Key Safety Systems. ATC Drivetrain is a portfolio company of Crestview Partners.

PRESS RELEASE

OKLAHOMA CITY, Okla., Jan. 18, 2019 /PRNewswire/ — The ATC Drivetrain Board of Directors is pleased to announce that Greg Heald has joined the company as President and Chief Executive Officer and will also serve as a member of the Board of Directors. Mr. Heald has extensive global automotive industry experience and was most recently based in Shanghai, China with Joyson Safety Systems (f.k.a. Key Safety Systems). Key Safety Systems was previously a portfolio company of Crestview Partners, ATC Drivetrain’s majority owner.

During his 20 years with Key Safety Systems, Mr. Heald served in a variety of global leadership positions with responsibilities in North America, Europe and Asia. Prior to

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UK business finance company MarketInvoice nabs Series B funding


This post is by Iris Dorbian from PE Hub Blog: Venture Capital Deals


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UK-based MarketInvoice, a business finance company, has secured 26 million pounds in Series B funding. Barclays and Santander InnoVentures led the round.

PRESS RELEASE

21st January 2019, London; Fintech business lender MarketInvoice today announced it has raised £26m in new equity funding. This Series-B funding round was led by Barclays and fintech fund Santander InnoVentures with significant participation from European venture fund Northzone, an existing investor in the company. Technology credit fund Viola Credit, who also participated in the equity round, will provide a debt facility of up to £30m to help scale the MarketInvoice business loans solution, that sits alongside their core invoice finance solutions.

Since 2011, MarketInvoice has funded invoices and business loans to UK companies worth more than £2 billion, making them Europe’s largest online invoice finance platform. MarketInvoice has supported thousands of companies across the UK, funding over 170,000 invoices and supporting over 15,000 UK

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