MRP picks up $20 mln from AloStar Capital Finance

AloStar Capital Finance has provided a $20 million loan to Minneapolis-based McGinty Road Partners, a credit-centric manager. BRG Capital Advisors served as adviser to MRP on the transaction. PRESS RELEASE ATLANTA (June 14, 2018) – AloStar Capital Finance recently provided a $20 million committed credit facility to McGinty Road Partners (“MRP”), an opportunistic, absolute value-focused, credit-centric manager. “As our firm matures and our portfolio of clients grows, this partnership with AloStar will provide the capital needed to maintain this momentum,” said Jeff Leu, president and Chief Investment Officer at MRP. “AloStar took the time to understand our future business goals, and delivered a solution that perfectly aligned with our vision for growth.” Founded in 2016, MRP deploys capital among three distinct yet interrelated strategies, including equipment finance, loan portfolios and corporate credit. MRP seeks to deliver consistent risk-adjusted returns through the business cycle by way of its flexible multi-strategy
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PE-backed Winchester acquires SPCT from Phoenix Chicago

Winchester Interconnect Corporation, a portfolio company of Snow Phipps Group, has acquired China-based Shanghai Phoenix Communication and Technology, a producer of cable assemblies. The seller was Phoenix Chicago. No financial terms were disclosed. PRESS RELEASE Norwalk, CT – June 13, 2018 – Winchester Interconnect Corporation (“Winchester”), a portfolio company of Snow Phipps Group (“Snow Phipps”), announced it has completed the acquisition of Shanghai Phoenix Communication and Technology (“SPCT”) from The Phoenix Company of Chicago (“Phoenix Chicago”). Headquartered in Shanghai, China, SPCT is a producer of custom high-mix, low-volume cable assemblies. SPCT helps customers across Asia, Europe and North America, design, manufacture and sell high-performing, innovative equipment and systems. The acquisition of SPCT increases Winchester’s capabilities in Asia and adds to its existing product offerings in the medical and life sciences market. Kevin Perhamus, CEO of Winchester, said “We are excited to announce the first acquisition in Asia
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PE-backed Winchester acquires SPCT from Phoenix Chicago

Winchester Interconnect Corporation, a portfolio company of Snow Phipps Group, has acquired China-based Shanghai Phoenix Communication and Technology, a producer of cable assemblies. The seller was Phoenix Chicago. No financial terms were disclosed. PRESS RELEASE Norwalk, CT – June 13, 2018 – Winchester Interconnect Corporation (“Winchester”), a portfolio company of Snow Phipps Group (“Snow Phipps”), announced it has completed the acquisition of Shanghai Phoenix Communication and Technology (“SPCT”) from The Phoenix Company of Chicago (“Phoenix Chicago”). Headquartered in Shanghai, China, SPCT is a producer of custom high-mix, low-volume cable assemblies. SPCT helps customers across Asia, Europe and North America, design, manufacture and sell high-performing, innovative equipment and systems. The acquisition of SPCT increases Winchester’s capabilities in Asia and adds to its existing product offerings in the medical and life sciences market. Kevin Perhamus, CEO of Winchester, said “We are excited to announce the first acquisition in Asia in Winchester’s history.
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Chowbotics fetches $11 mln

Redwood City, California-based Chowbotics, a provider of robots for the food service sector, has secured $11 million in funding. Foundry Group and Techstars led the round. PRESS RELEASE REDWOOD CITY, Calif. (June 13, 2018) – Chowbotics received $11 million of Series A-1 funding led by Foundry Group and Techstars. Foundry Group is considered one of the leading hardware investors in the United States, with past investments in Fitbit, Makerbot, FormLabs, Sphero, and Occipital. Techstars, the worldwide network that helps entrepreneurs succeed, has invested in more than 1,400 companies including Twilio, Uber, SendGrid, Digital Ocean, ClassPass, and Sphero. “Chowbotics has released the first commercially available robotic food equipment in the industry. We consider them the top company in the emerging space of robotic food equipment. I’ve personally enjoyed working with them up close as a member of their board of directors. It was a no-brainer to continue investing in them,” says
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Sphero inks $12 mln

Boulder, Colorado-based Sphero, a robotic ball maker, has raised $12 million in funding, according to Nick Delyani, the firm’s senior director of marketing. The anticipated target of the final round is $20 million. The investors were not named. The capital infusion will be used for working capital, added Delyani.

Finnish real estate firm Kojamo valued at $2.5 billion in IPO: Reuters

Finnish real estate company Kojamo Oyj on Thursday was valued at 2.1 billion euros ($2.5 billion) in its initial public offering ahead of its market debut on Friday. Kojamo, which had properties worth 4.9 billion euros as of end-March, announced its IPO last month, aiming to boost growth and broaden its ownership base. The IPO was oversubscribed and the price was set at 8.50 euros per share, compared with an initial range of 8.50-10.00 euros, the company said in a statement. Kojamo expects gross proceeds from the IPO of about 150 million euros. Kojamo’s largest owners, including pension funds Ilmarinen and Varma and Finnish trade unions, also sold shares in the IPO but remained as shareholders.

Australia’s Sirtex picks $1.4 billion Chinese bid over Varian offer: Reuters

Australia’s Sirtex Medical (SRX.AX) has picked the highest bidder in a takeover battle for the liver cancer specialist, going with a $1.4 billion Chinese offer that trumped U.S. company Varian Medical Systems (VAR.N). The eleventh-hour bid from a consortium led by CDH Investments was 20 percent higher than Variant’s and represents the latest move in a multibillion-dollar Australian healthcare shopping spree by Chinese investors. Sirtex Chairman John Eady said CDH’s “materially higher” offer of A$33.60 ($25.33) per share, made with its 49 percent partner China Grand Pharmaceutical and Healthcare Holdings (0512.HK), was “superior” and “in the best interests of shareholders”. The deal, which requires shareholder and regulatory approval, also buys CDH and China Grand a chance to market the Sirtex technology in China, which the World Health Organization says accounts for more than half the world’s incidences of liver cancer. “I think they
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China’s Lufax targets $2 billion in fresh funding amid IPO delay, say sources: Reuters

China’s Lufax aims to raise up to $2 billion in fresh funding, valuing one of the country’s largest online wealth management platforms at $40 billion, as it opts for private investment ahead of a delayed listing, said people familiar with the deal. Lufax, set up in 2011 by top insurer Ping An Insurance Group Co of China Ltd, is working with advisors to raise equity of at least $1 billion, said the people, who declined to be identified as fundraising plans are not public. They did not disclose potential investors or time frame. The firm, formally Shanghai Lujiazui International Financial Asset Exchange Co Ltd, seeks to fund growth while its initial public offering (IPO) is on hold due to changing regulation in online consumer lending, a core business, the people said. Lufax declined to comment. Lufax hired five banks to work on an IPO in Hong Kong to raise up
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Samsung launches AI-focused fund

Samsung Next, which builds software and services for Samsung, has launched a new fund. Samsung NEXT Q Fund will invest in AI-focused startups. PRESS RELEASE MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Samsung NEXT, the group helping to transform Samsung by working with entrepreneurs and innovators to build, grow and scale software and services, today announced Samsung NEXT Q Fund to help enable the full potential of AI’s future. Q Fund will provide Seed and Series A financing to startups solving AI problems, as well as those using AI to solve computer science problems. Q Fund will enable Samsung NEXT to work closely with innovators, researchers and startups to create meaningful exposure to the entire AI stack. “For the past ten years, we’ve watched software eat the world. Now, it’s AI’s turn to eat software,” said Vincent Tang, Samsung NEXT Ventures. “We’re launching Q Fund to support the next generation of AI startups
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Borgman Capital acquires three companies

Borgman Capital has made three acquisitions: Derco Manufacturing, a metal fabricator that makes ergonomic industrial equipment; Lift Products Inc, a maker of ergonomic industrial equipment; and Solution Dynamics Inc, a provider of warehouse, storage and industrial equipment. No financial terms were disclosed. PRESS RELEASE MILWAUKEE, June 14, 2018 – Borgman Capital is pleased to announce its acquisitions of Derco Manufacturing Inc., Lift Products Inc., and Solution Dynamics Inc. The Corporate Headquarters and distribution center is in Waukesha, WI with a manufacturing site in Waupun, WI. The companies were acquired from Bill Pedriana, the founder of Lift Products, Inc. and former president of Lift Products, Inc. and Solution Dynamics, Inc., and Richard Davies, the former owner of Derco Manufacturing, Inc. Lift Products is a manufacturer of ergonomic, industrial equipment with an emphasis towards lift tables, tilt tables, up enders, and electric platform trucks. Lift Products prides itself on
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Pipedrive snags $50 mln Series C

Pipedrive Inc, a sales pipeline software, has raised $50 million in Series C funding. Insight Venture Partners and Bessemer Venture Partners led the round with participation from return backers Rembrandt Venture Partners and Atomico. Source: Press Release

Sapphire Ventures leads Series C round for Reonomy

New York-based Reonomy, a provider of commercial real estate data and analytics, has secured $30 million in Series C funding. Sapphire Ventures led the round with participation from return backers Bain Capital Ventures and Softbank Capital. Source: Press Release

Strategic Cyber Ventures beefs up board with new addition

Washington, D.C.-based Strategic Cyber Ventures, a cybersecurity-focused venture firm, has named Marc Gonyea to its advisory board. Gonyea is the co-founder and managing partner of memoryBlue. PRESS RELEASE WASHINGTON, June 14, 2018 /PRNewswire/ — Strategic Cyber Ventures (SCV), the industry’s first cybersecurity-focused venture capital firm, today announced Marc Gonyea as a member of their advisory board. Marc is the co-founder and managing partner of memoryBlue. He oversees daily operations and establishes strategic direction for the firm. Marc will advise SCV and its portfolio members on innovative sales strategies as well as how to address emerging sales markets. Hank Thomas, CEO of Strategic Cyber Ventures said, “Marc is a unique mixture of entrepreneur and high tech sales professional. He is also a D.C. guy like me that shares a desire to increasingly attract high-tech companies to the area. Marc founded memoryBlue in D.C. and has expanded its
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Sorenson Capital promotes Marsh to MD

Sorenson Capital has promoted Matt Marsh to managing director. Marsh joined the Salt Lake City-based middle-market private equity firm in 2011. PRESS RELEASE SALT LAKE CITY, June 14, 2018 /PRNewswire/ — Sorenson Capital announced today that Matt Marsh has been promoted to managing director. Marsh has played a foundational role in the firm’s success with technology and growth equity investments since joining in 2011. In his role as a principal, Marsh has driven value by sourcing, executing and supporting investments in technology companies, with specific depth and expertise in analytics, enterprise software and healthcare technology, among others. Marsh works with companies in Sorenson Capital’s portfolio, including BambooHR, Pluralsight, Workfront, Health Catalyst, Visier, Couchbase and Nexmo. “Matt brings incredible technology investing experience to Sorenson Capital and is a natural choice to join the partnership for our next phase of growth,” said Luke Sorenson, managing partner at Sorenson Capital. As a managing
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PE-owned Petco names Coughlin as CEO

Pet specialty retail chain Petco has appointed Ron Coughlin as its new CEO. Previously, Coughlin worked at HP Inc where he served as president of personal systems. Petco is owned by CVC Capital Partners and Canada Pension Plan Investment Board. PRESS RELEASE SAN DIEGO, June 13, 2018 /PRNewswire/ — Petco Animal Supplies, Inc. (“Petco” or the “Company”) announced today that it has named Ron Coughlin as its new Chief Executive Officer. Mr. Coughlin joins the Company from HP Inc., where he served for 11 years, most recently as President of Personal Systems. He will begin in this role as of Monday, June 18. Mr. Coughlin, a consumer products and technology industry veteran with over 15 years of C-suite executive experience, spent the last four years leading HP’s Personal Systems segment, a $33 billion global business that offers consumer and commercial products and services. Previously, he was SVP of Consumer
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FIS adds Navab and Shea to board

FIS, a financial services technology company, has named Alexander Navab and Brian T. Shea to its board of directors. Navab is the former head of KKR‘s Americas private equity business while Shea is the ex-vice chairman and CEO of investment services of The Bank of New York Mellon Corporation. PRESS RELEASE JACKSONVILLE, Fla.–(BUSINESS WIRE)–FIS™ (NYSE: FIS), a global leader in financial services technology, today announced that Alexander Navab and Brian T. Shea have joined the company’s Board of Directors. Mr. Navab began his career in financial services and investment management with KKR in 1993, where he served as the co-head of the Americas Private Equity business from 2008 until 2014 and then as head of that business from 2014 until his departure in September 2017. While at KKR, Mr. Navab was a member of the firm’s Management Committee, Chair of the Americas Private Equity Investment Committee and Chair of
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PE HUB Wire Highlights, 6.14.18

Providence looks to cash out LPs in Fund VII; Abraaj seeks provisional liquidation; Warburg makes nearly 4x on FacilitySource It’s Thursday, Hubsters. GPs selling minority stakes to outside investors has become a common theme in private equity. One group, however, isn’t so fond of the trend. According to a survey from Coller Capital, nearly two-thirds of LPs questioned, or 64 percent, have not invested in funds that invest in GP stakes. These LPS are also unlikely to invest in such pools in the future, the survey said. However, there’s also LPs who like these deals. Seventeen percent of investors questioned said they’ve already invested in such funds and another 19 percent will consider doing so. Minority-stake sales are big business. Some of the largest PE firms have sold stakes, including Vista Equity Partners, Leonard Green & Partners, Silver Lake and Cerberus Capital Management. Clearlake recently sold a chunk to a club of outside investors. Golub Capital, one of the biggest
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LightBay Capital recruits Herman as a principal

Los Angeles-based LightBay Capital, a middle-market private equity firm, has hired Ben Herman as a principal. Previously, Herman worked at Cressey & Company LP. PRESS RELEASE LOS ANGELES, CA, June 14, 2018 – LightBay Capital (“LightBay”), a Los Angeles-based private equity firm focused on middle-market opportunities, today announced that Ben Herman has joined the firm as a Principal. Mr. Herman will be responsible for all aspects of the investment process, including sourcing opportunities, executing new investments, and monitoring portfolio companies. Mr. Herman brings significant direct investing, transaction, and operating experience to LightBay. Mr. Herman joined Cressey & Company LP (“Cressey”), a healthcare-focused private equity firm, in 2009. During his time at Cressey, he served on the boards of VetCor Professional Practices, Restorix Heath, PurFoods, StatLab Medical Products, and People, Pets and Vets. He also supported investments in Midwest Dental, Encompass Home Health, and Hospice Compassus. Prior to Cressey, Mr. Herman
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