Friday links: innumerate nonsense

PE-backed TAS acquires two environmental services companies

TAS Environmental Services LP, a portfolio company of TEAM Partners LLC, has acquired two Texas-based environmental services companies: Donovan Industrial Service LLC and ROTAP LLC. No financial terms were disclosed. PRESS RELEASE DALLAS, Aug. 14, 2018 /PRNewswire/ –TAS Environmental Services, L.P. (“TAS”), a Fort Worth-based environmental services provider and portfolio company of TEAM Partners, LLC, a Dallas, TX-based private investment firm, announced the closing of two add-on acquisitions of Texas-based environmental services companies, Donovan Industrial Service, LLC (“Donovan”) and ROTAP, LLC (“ROTAP”). With these acquisitions, TAS has now completed four add-ons in the past 16 months. Financial terms of the transactions were not disclosed. TAS provides a comprehensive suite of environmental services including, among others, industrial services, emergency and spill response, wastewater disposal, transportation, box rental and terminal services. TAS operates across 13 locations in Texas, Louisiana and Arkansas. Donovan, based in Orange, TX, provides environmental services
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HKW buys Indigo Wild

Hammond, Kennedy, Whitney & Company Inc has acquired Kansas City, Missouri-based Indigo Wild, a maker of bath, skin, home and cleaning products. No financial terms were disclosed. Taft Stettinius & Hollister LLP provided legal advice to HKW on the deal. PRESS RELEASE Indianapolis, IN – Hammond, Kennedy, Whitney & Company, Inc. (“HKW”), a private equity firm focused on making investments alongside talented managers in the middle market, announced on August 10, 2018, it closed on the acquisition of Indigo Wild, L.L.C. (“Indigo Wild” or “Company”). Indigo Wild, headquartered in Kansas City, MO, is a manufacturer and distributor of bath, skin, home, and cleaning products, including the Zum product line, best known for its popular Zum Bar goat’s milk soap. Indigo Wild, founded in 1996 by Emily Voth, distributes its products through grocery, specialty, e-commerce, and direct-to-consumer channels. For more information on Indigo Wild, please visit https://www.indigowild.
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Wait For A Few Signals On Metals

I am in Ketchican, Alaska this morning. The sunrise is a glow as the sky is low, light rain is falling and a morning fog has enveloped the town. This town is charming and is known for it's salmon fishing which brings an abundance of revenue when the salmon are here.  There are a lot of similarities to the commodities markets right now. The charts are all gloomy and pointing down, and commodity traders want to buy the lows knowing there will be another run someday in the markets. As a technical trader, the right thing for me to do is to wait for some signals to start appearing before trying to harvest near the lows. Let's use the Copper Miners ETF (COPX) for some clues on how to approach the trade. First of all the SCTR is at 0.4. That suggests it is the poster child of underperformance right now
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Guzman Energy gathers $130 mln

Coral Gables, Florida and Denver, Colorado-based Guzman Energy, a provider of wholesale power, energy trading and hedging services, has raised $130 million in funding. The investors were Vision Ridge Partners and ZOMA Capital. PRESS RELEASE DENVER–(BUSINESS WIRE)–Guzman Energy Group (“Guzman Energy”)—a full-service energy company whose services include providing wholesale power, energy trading and hedging services—announced today that it has secured $130 million in additional liquidity to continue to expand its efforts to deliver cheaper and greener energy to consumers in the West and beyond. Experienced energy investors Vision Ridge Partners and ZOMA Capital are providing the capital. The energy landscape in the United States is rapidly evolving to a renewable, distributed future. Guzman Energy is playing a leading role in bringing this future forward in the bilateral markets of the West, while at the same time significantly lowering prices, particularly in rural communities. “We are very pleased to have
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BC Partners-backed Keter to acquire Adams Manufacturing

Keter Group, a portfolio company of BC Partners, has agreed to acquire Portersville, Pennsylvania-based Adams Manufacturing, a maker of resin garden furniture. The sellers are William E Adams III and his family. No financial terms were disclosed. Mesirow Financial advised Adams Manufacturing on this transaction while Gordon & Rees LLP was legal adviser. PRESS RELEASE London, UK – 17 August 2018 – Funds advised by BC Partners (“BC Partners”), through their participation in Keter Group (“Keter”), have reached an agreement with William E. Adams, III and his family to acquire Adams Manufacturing (“Adams”), a US-based manufacturer of resin garden furniture. Adams’ shareholders will re-invest a material portion of the transaction proceeds into a stake in Keter. The existing management team of Adams, under the leadership of CEO Tom Lombardo, will continue to independently drive the development of Adams, and there are no plans to combine Adams and Keter
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Accordion hires Vadan as MD

Accordion, a private equity-focused financial consulting and technology firm, has hired Tiberius Vadan as managing director. Vadan’s work background includes serving as a partner at KPMG and a senior director at Alvarez & Marsal. Vadan will be based in New York. PRESS RELEASE NEW YORK, AUGUST 16, 2018 — Accordion, a private equity-focused financial consulting and technology firm, today announced that it has hired Tiberius Vadan as Managing Director. Vadan will further strengthen Accordion’s expertise in merger integration. He will be based in Accordion’s New York office. “As we’ve always said, ‘the devil is in the integration details,’ and that’s an area with which Tiberius is intimately familiar,” said Gary Moran, Managing Director; Head of Financial Accounting and Advisory Services, Accordion. “We’re thrilled to have him onboard where he’ll help private equity sponsors and their portfolio company management teams create value through M&A and navigate the tricky integration process
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Western Digital Capital backs Excelero

Western Digital Capital has made an investment in Excelero, bringing the company’s total funding to $35 million. San Jose, California-based Excelero is a provider of software-defined block storage solutions. PRESS RELEASE SAN JOSE, Calif., Aug. 16, 2018 /PRNewswire/ — Excelero, a disruptor in software-defined block storage, announced that it received strategic investment funds from Western Digital Capital, the strategic investment fund of Western Digital Corp. (NASDAQ: WDC). This investment represents the fourth strategic player to invest in Excelero, including Micron and Qualcomm, and brings the total VC funds invested in Excelero to $35 million. Excelero will use the funds to accelerate its go-to-market activities worldwide. Separate from the funding, Excelero and Western Digital have begun technical collaboration activities whereby the two firms are offering web-scale storage solutions to some of the world’s largest, most demanding enterprises and service providers. By harnessing Excelero’s award-winning NVMesh® software-defined block storage solution
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Temasek-backed Chinese travel site aims to raise up to $300 million, say sources: Reuters

A Chinese travel website backed by Singaporean state investor Temasek Holdings [TEM.UL] hopes to raise up to $300 million in a new funding round that it hopes to value the firm at $2 billion to $2.5 billion, two people with knowledge of the matter said. Mafengwo, or “wasps’ nest” in Chinese, is an online community for Chinese tourists where they share travel tips and shop for bespoke travel products. The company hopes to use the fresh funds to acquire better tourism resources and products and better monetize its current travel content, one of the sources, who could not be identified because the information is confidential, told Reuters on Friday. The fundraising amount and the company’s valuation could change depending on market appetite, according to the two sources. Mafengwo has been in talks with potential investors for at least a couple of months, they said. Mafengwo did not respond
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Sure Shot Drilling adds CFO and controller to team

Sure Shot Drilling, which is backed by Diamond State Ventures and Banyan Investment Partners, has named Michael Walker and Debbie Perry as chief financial officer and controller, respectively. Previously, Walker was vice president of finance at Great Western Oil & Gas while Perry worked at Mastertech Services Inc where she was controller. Colorado-based Sure Shot Drilling is a provider of horizontal directional drilling and associated services for the installation of underground utilities. PRESS RELEASE DENVER, Aug. 16, 2018 /PRNewswire/ — Sure Shot Holdings and its subsidiary, Sure Shot Drilling, are proud to announce that Michael Walker and Debbie Perry have joined the company as its Chief Financial Officer and Controller. Michael joins Sure Shot from Great Western Oil & Gas where he served as the company’s Vice President of Finance from 2012 to 2018. At Great Western, Michael built and led the finance department and helped contribute to
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EQT Mid Market Asia takes minority stake in China Shine

EQT Mid Market Asia has acquired a 40 percent stake in China Shine, a facility management services provider. No financial terms were disclosed. PRESS RELEASE STOCKHOLM, Aug. 17, 2018 /PRNewswire/ –EQT Mid Market Asia acquires a 40% stake in China Shine, a fast-growing facility management service provider with a focus on the Chinese market The strategy is to support Shine’s continued growth and development of a broader service scope, as well as further geographical expansion, to become a national integrated facility management service platform. EQT is partnering with the current management of Shine, which remains as majority shareholders and will continue to drive the growth strategy The EQT Mid Market Asia III fund (or “EQT Mid Market Asia”) has acquired a 40% stake in China Shine (Cayman) Co. Ltd. (“Shine” or the “Company”) from the current management shareholders. Shine’s management team will, under the joint leadership of Jack Zhou,
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Ember Therapeutics to divest OP-1 product family and related assets to Viscogliosi Brothers

New York City-based Ember Therapeutics, a biopharmaceutical company, has agreed to sell its OP-1 product family and related assets, to Viscogliosi Brothers LLC, a private equity firm focused on developing neuromusculoskeletal technologies. No financial terms were disclosed. PRESS RELEASE NEW YORK, Aug. 16, 2018 /PRNewswire/ — Ember Therapeutics, Inc., a clinical stage biopharmaceutical company focused on the clinical application of Bone Morphogenetic Protein-7 (BMP-7), announced today that it has entered into a letter of intent with Viscogliosi Brothers, LLC (VB), a private equity investment firm focused on developing innovative neuromusculoskeletal technologies, for the sale of its OP-1 product family and related assets, which includes OP-1 Implant, OP-1 Putty, Opgenra and Osigraft for use in orthopaedic bone applications. Ember Therapeutics had acquired the exclusive, worldwide license to the BMP-7 and OP-1 portfolio and associated intellectual property from Stryker Corporation in 2014. The previously commercialized OP-1 product portfolio had at
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CI Capital-backed Tech Air buys Speed Industrial Supply

Tech Air, which is owned by CI Capital Partners, has industrial, medical, and specialty gases and related equipment and supplies, has acquired Kemah, Texas-based Speed Industrial Supply, a distributor of industrial and welding supplies. No financial terms were disclosed. PRESS RELEASE DANBURY, Conn., Aug. 16, 2018 /PRNewswire/ — Tech Air, a Connecticut-based distributor of industrial, medical, and specialty gases and related equipment and supplies, announced today that it has acquired Speed Industrial Supply (“Speed”) of Kemah, Texas. Speed is a distributor of industrial and welding supplies serving the Galveston Bay area near Houston, Texas. Terms of the transaction were not disclosed. Tech Air is owned by CI Capital Partners and Tech Air management. The add-on acquisition of Speed is Tech Air’s 26th add-on acquisition under CI Capital’s ownership. As a distributor of supplies to large industrial welding and maintenance companies serving the heavy industrial sector, such
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Falcata racks up $1 bln for maiden fund

Houston-based Falcata Capital, a private equity firm focused on software and technology-enabled service companies, has raised $1 billion for its inaugural fund. Falcata is seeking to invest between $50 million and $200 million in companies. PRESS RELEASE HOUSTON, Aug. 16, 2018 /PRNewswire/ — Falcata Capital, LLC (“Falcata”), a Houston-based private equity firm, announced the closing on its initial fund today. The fund closed at $1 billion of committed capital. Robert Burnett, Falcata’s president and co-founder, said: “We are pleased with the speed and support received from the investment community throughout the initial fund raising process. We have an experienced team at Falcata focused on identifying companies to add to the portfolio, and are eager to begin executing on our strategy.” Falcata targets North American enterprise software and technology-enabled services companies across a spectrum of industries. Falcata typically seeks to invest between $50 and $200 million in companies with
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Cava to acquire Zoe’s Kitchen for about $300 mln

Cava Group has agreed to acquire Zoe’s Kitchen Inc, a fast-casual restaurant franchise, for $12.75 in cash or about $300 million. Act III Holdings, an investment vehicle created by Ron Shaich, founder, chairman and former CEO of Panera Bread, and funds advised by The Invus Group will make a “significant” investment to support the transaction. SWaN & Legend Venture Partners and Revolution Growth will also participate in the investment. Brett Schulman, current Cava CEO, will serve as CEO of the combined company. PRESS RELEASE PLANO, Texas–(BUSINESS WIRE)–Zoe’s Kitchen, Inc., (“Zoës Kitchen” or the “Company”) (NYSE:ZOES), a fast-casual restaurant group with 261 domestic restaurant locations, today announced that it has entered into a definitive agreement to be acquired in a transaction by privately held Cava Group, Inc., (“CAVA”) a fast-growing Mediterranean culinary brand with 66 restaurants. The combined companies will have 327 restaurants in
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Accel-KKR invests in SugarCRM

Accel-KKR has made an investment in Cupertino, California-based SugarCRM Inc, a provider of customer relationship management solutions. No financial terms were disclosed. PRESS RELEASE CUPERTINO, Calif.–(BUSINESS WIRE)–SugarCRM Inc.Ⓡ, the company that helps organizations build better business relationships, is excited to announce that Accel-KKR, a leading technology-focused private equity firm, has made a strategic and significant investment in SugarCRM. The partnership is the latest milestone in SugarCRM’s journey and will accelerate its strategy of driving global growth with its award-winning relationship management platform. Accel-KKR has committed substantial investment dollars to drive product innovation, services, expanded capabilities and a strategic acquisition program. “Following several years of significant growth, market recognition and high customer satisfaction, this is the perfect time for us to work with an investor who is as enthusiastic and confident about the CRM market and our approach as we are,” said SugarCRM’s CEO, Larry Augustin. “This significant
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PE-backed George Industries names Cohen as president

George Industries LLC, a portfolio company of Orangewood Partners, has appointed Jon Cohen as president. Cohen’s work background includes senior leadership and operational roles at a number of companies, including Lockheed Martin. Based in Endicott, New York, George is a maker of engineered aerospace, defense and industrial components. PRESS RELEASE ENDICOTT, NY – August 17, 2018 — George Industries LLC (“George”), a leading manufacturer of engineered aerospace, defense and industrial components and a portfolio company of Orangewood Partners (“Orangewood”), today announced it has named Jon Cohen, an industry veteran with more than 35 years of experience across the aerospace, defense and industrial sectors, as President. In this new role, Mr. Cohen will be responsible for all operations, including manufacturing sites in Endicott, NY and Wheeling, IL, and finance. Shankar Kiru, George’s Chief Executive Officer, will focus on leading strategy, business development and external partnership relationships to accelerate both
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