GenNx360 Capital Partners buys farming equipment manufacturer Salford

U.S. private equity firm GenNx360 Capital Partners has acquired Salford Farm Machinery Ltd. No financial terms were disclosed for the transaction. Based in Salford, Ontario, Salford is a manufacturer of tillage, seeding and fertilizing equipment. Update: The company’s partnership with GenNx360 will focus on leveraging Salford’s operational expertise and executing on identified growth opportunities, both organically and through add-on acquisitions.

PRESS RELEASE

NEW YORK, Nov. 21, 2013 /PRNewswire/ — GenNx360 Capital Partners, a private equity firm focused on investing in middle market industrial business-to-business companies, has acquired Salford Farm Machinery Ltd. (“Salford”) for an undisclosed amount.
Salford is a Canada based leading manufacturer of tillage, seeding and fertilizing equipment for the global marketplace. Salford currently serves the North American and European markets from its facilities in Ontario, Canada, Iowa in the U.S., and through a joint venture in Omsk, Russia. The Company sells through more than 300 dealers and distributors in North America.

With a 30+ year operating history, the Company’s brand has become synonymous with its reputation for innovation and superior product performance. Durable and highly engineered, Salford’s patented tillage products offer the highest performance in all conditions, leading to increased farmer profitability. Salford’s R&D team has driven continuous innovation in product development over the years, with the latest ‘Independent Series’ tillage products continuing to exceed farmer expectations.

“At GenNx360, we strongly believe in the megatrends that drive agribusiness. Tillage equipment manufacturers stand to benefit from the need for higher farm productivity and crop yields,” says Matt Guenther, a Partner with GenNx360. “We believe Salford, with its strong brand, patented technology and established dealer network, is well positioned to benefit from the growth in the tillage market. We expect to build on Salford’s strengths by leveraging our operational expertise and executing on identified growth opportunities, both organically and through add-on acquisitions.”

“We are excited to partner with GenNx360 in our next stage of growth,” said Geof Gray, Salford’s President. “We are certain that GenNx360′s value creation tools and the operational capabilities of its partners will help us in getting to our goals faster and more efficiently.”

About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm focused on investing in industrial business-to-business companies in the middle market. It applies years of Fortune 50 operational and leadership experience to these investments to help drive growth and value creation. The firm primarily focuses on opportunities in the industrial machinery and components, oil and gas, transportation and logistics, agricultural, specialty chemicals, and aerospace sectors. GenNx360 was founded in 2006 and is headquartered in New York City, with additional offices in Seattle and Boston.

For more information about GenNx360, please visit: www.gennx360.com.

About Salford
Salford, founded in 1978, is one of North America’s leading manufacturers of non-powered farm implements, including primary tillage, secondary tillage, seeding and fertilizing equipment. With over 180,000 square feet of manufacturing footprint across North America and Russia, Salford has the capability to design, manufacture and assemble farm equipment. The Company tailors its products to operate in diverse regional conditions. Salford’s ‘Independent Series’ range of secondary tillage products is well known for its superior product design and performance.

Photo courtesy of Shutterstock.

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Iroko Pharmaceuticals to receive $75 mln from OrbiMed

OrbiMed has agreed to provide a $75 million debt facility to Iroko Pharmaceuticals. MTS Securities, a subsidiary of MTS Health Partners, advised Iroko in the transaction. Based in Philadelphia, Iroko Pharmaceuticals is a global specialty pharmaceutical company focused on analgesia.

PRESS RELEASE

PHILADELPHIA–(BUSINESS WIRE)–Iroko Pharmaceuticals, LLC, a global specialty pharmaceutical company dedicated to advancing the science of analgesia, today announced that the company has entered into a $75 million debt facility agreement with an affiliate of OrbiMed Advisors LLC (“OrbiMed”) to support general business operations and the launch of ZORVOLEX™ (diclofenac). ZORVOLEX was approved by the United States Food and Drug Administration (FDA) on October 18, 2013 for the treatment of mild to moderate acute pain in adults.
“The recent FDA approval of ZORVOLEX marks an exciting time for Iroko, and through this agreement with OrbiMed, we will have the additional resources necessary to commercialize the first lower dose NSAID from our portfolio in the first quarter of 2014,” said Osagie Imasogie, Executive Chairman of the Board, Iroko Pharmaceuticals.
MTS Securities, LLC, an affiliate of MTS Health Partners, acted as the exclusive financial advisor to Iroko in this transaction.
About ZORVOLEX
ZORVOLEX is the first and only FDA approved NSAID developed using proprietary SoluMatrix Fine Particle Technology™. ZORVOLEX contains diclofenac as submicron particles that are approximately 20 times smaller than their original size. The reduction in particle size provides an increased surface area, leading to faster dissolution. ZORVOLEX was developed to align with recommendations from FDA and professional medical organizations that NSAIDs be used at the lowest effective dose for the shortest possible duration of time consistent with individual patient treatment goals. For more information, visit www.zorvolex.com.
About OrbiMed
OrbiMed is a leading investment firm dedicated exclusively to the healthcare sector, with over $8 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational companies. OrbiMed’s team of more than 80 employees manages a series of private equity funds, public equity funds, royalty/debt funds and other investment vehicles. OrbiMed maintains its headquarters in New York, with additional offices in San Francisco, Shanghai, Mumbai and Herzliya.
As one of the largest investment firms dedicated to the healthcare sector, OrbiMed seeks to be a capital provider of choice, bringing the global resources required to be an exceptional long-term partner for building world-class healthcare companies. www.OrbiMed.com.
About MTS Securities, LLC and MTS Health Partners
MTS Securities, LLC, an affiliate of MTS Health Partners, located in New York, provides aligned strategic and financial advisory services to companies, academic institutions and other non-profits of all sizes in the global healthcare industry. For further information, please visit www.MTSPartners.com.
About Iroko Pharmaceuticals, LLC
Iroko is a global specialty pharmaceutical company, based in Philadelphia, dedicated to advancing the science of analgesia. The company develops and globally commercializes pharmaceutical products. In addition to the Iroko products that are marketed worldwide, the company has a robust pipeline of investigational lower dose NSAID products being developed using iCeutica Pty Ltd’s proprietary SoluMatrix Fine Particle Technology™. For more information, visit www.iroko.com.

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RoundPegg grabs $2.8 mln

RoundPegg said Thursday that it has completed $2.8 million in financing. Investors were Access Venture Partners, Point B Capital and Dundee Venture Capital. Based in Boulder, Colorado, RoundPegg is a provider of corporate culture management solutions.

PRESS RELEASE

BOULDER, CO–(Marketwired – Nov 21, 2013) – RoundPegg, a culture management company that helps organizations tackle culture change, align sub-cultures and proactively integrate acquired companies, today announced details of its latest round of financing. Investors Access Venture Partners, Point B Capital and Dundee Venture Capital participated in a round totaling $2.8 million.
Since its inception in 2009, RoundPegg has experienced significant and continuous market momentum and has grown 180 percent year over year. RoundPegg anticipates close to 250 percent growth through the end of 2013 as it continues to expand its client base — which includes industry leaders eBay, Kaiser Permanente, Nike and Sungard among others — to more companies seeking to drive greater employee engagement by defining and nurturing their corporate cultures.
The latest round of investment follows the release of the company’s innovative culture management solution, EngagePegg, earlier this year. EngagePegg provides continual measurement of employees’ engagement levels, enabling companies to resolve any issues before it is too late, while tracking the effectiveness of their engagement efforts. With its latest solution being adopted in the market, RoundPegg is focusing on expanding its own workforce. In particular, the company is adding to its sales and marketing teams to address market demand for culture alignment solutions.
“Companies are placing more emphasis on the asset that their corporate culture represents; not only in attracting top talent, but also driving workforce performance and employee retention,” said Tim Wolters, CEO of RoundPegg. “RoundPegg remains committed to leading the industry in the development of groundbreaking solutions that enable organizations to better understand and manage their unique cultures as well as fully leverage its advantages. This oversubscribed round validates the strength of our solutions and our potential to bring further innovation to this burgeoning category through growth capital.”
About Access Venture Partners
Access Venture Partners (www.accessvp.com) invests in early stage technology companies based primarily in the Rocky Mountain Region. Founded in 1999, we have invested in over fifty early stage companies, participating in some of the region’s most innovative and fastest growing companies. In addition to backing some of the top rising stars, we have a history of backing the same entrepreneurs on their new ventures. Our deep and extensive network of entrepreneurs, corporate executives and investors from leading venture and growth equity firms, provide our companies with a competitive advantage at all stages of growth. We provide significantly more value that just capital and have a proven ability to help our companies grow rapidly, raise capital and achieve successful exits.
About Point B Capital
Point B Capital (“PBC”) is an emerging venture capital fund that invests in early-stage companies who appreciate our entrepreneur-friendly, value-add consultative approach. PBC is a subsidiary of Point B Inc, which operates Point B Consulting, a management consulting firm founded in Seattle, Washington in 1995. We collectively augment our skills and network by leveraging the expertise, relationships, and horsepower of Point B’s world class management consulting firm to help foster portfolio company growth.
About Dundee Venture Capital
RoundPegg joins the 25+ companies that Omaha, Neb.-based Dundee Venture Capital has invested in since its start in 2010. Dundee invests in e-commerce and software-as-a-service companies with a strong founding team and a scalable solution to a unique problem. The venture capital firm’s investments are between $50,000 and $500,000. To learn more about Dundee Venture Capital, visit dundeevc.com.
About RoundPegg
RoundPegg is the future of culture management and allows companies to manage culture from the cloud. Tackling the problems that hinder business performance, the socially centered web-apps from RoundPegg make it possible to measure, manage and monitor your company’s unique culture by pulling the levers to hire, develop and engage your employees in alignment with the culture.
Headquartered in Boulder, Colo., RoundPegg has earned the distinction of being named a Cool Vendor by Gartner and driven ROI through culture for every customer. For more information, please access www.roundpegg.com

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Blue Point Capital Partners recaps Trademark Global

Blue Point Capital Partners said Thursday that it has completed a recapitalization of Trademark Global. No financial terms were disclosed. Headquartered in Lorain, Ohio, Trademark is a virtual manufacturer and distributor to online retailers.

PRESS RELEASE

CLEVELAND, OH–(Marketwired – Nov 21, 2013) – Blue Point Capital Partners announced today the recapitalization of Trademark Global, Inc. (Trademark). Headquartered near Cleveland in Lorain, OH, Trademark is a leading virtual manufacturer, fulfillment service provider and wholesale distributor of branded and licensed products to mass-market online retailers.
Founded in 1999, Trademark (www.trademarkglobal.com) is an established player in the highly fragmented U.S. market for hard goods sold to large online retailers, and its customer base includes 25 of the top 100 U.S. online retailers. Trademark develops and supplies a full line of high-quality, value-priced products across ten major product categories, with dependable, rapid shipping capabilities, including drop-shipping services.
Blue Point, with offices in Charlotte, Cleveland, Seattle and Shanghai, is one of the largest resident private equity firms in each of its target markets. As reflected by its investment in Trademark, the firm seeks to invest in middle-market companies that fit naturally within its regionally sourced, growth-oriented investment strategy.
“We are excited about the opportunity to work alongside a strong management team in an industry that is expected to continue on its path of rapid growth,” said Sean Ward, a partner with Blue Point. “We believe that Trademark’s market leadership in many of its product categories and its reputation as a trusted and valuable vendor create a robust platform for attractive and strategic opportunities.”
Blue Point will bring operating and supply-chain resources to the Company, assisting with expanding its product offering and supporting geographic expansion, technological innovation and add-on acquisitions.
Dan Sustar, chief executive officer of Trademark, said, “Blue Point’s industry resources and strategic approach make it the ideal partner for Trademark as we continue to bring quality products efficiently to the marketplace. Blue Point is uniquely positioned to bring numerous value-add tools, including Asian capabilities and supply-chain optimization, to the table. Most importantly, Blue Point fits very well with our strategy and we look to benefit from the domestic and international growth opportunities now available through our partnership.”
Blue Point Capital Partners (www.bluepointcapital.com) is an established private equity firm managing over $800 million in committed capital. Leveraging fully staffed offices in Charlotte, Cleveland, Seattle and Shanghai, Blue Point’s entrenched regional presence affords it the opportunity to establish relationships on a local and regional basis with entrepreneurs and their trusted advisors, while simultaneously providing the resources of a large, international firm. Blue Point has a 23-year track record of partnering with companies in the lower middle market where it can bring about accelerated growth and transformative change in partnership with its companies, their management teams and Blue Point’s network of operating resources. Blue Point is one of only a few middle-market private equity firms with a presence in the economies of both the United States and China, and the firm’s experience with cross-border management and value drivers has provided a distinct advantage for its portfolio businesses. Blue Point invests in manufacturing, distribution and service businesses generating $20 million to $200 million in revenue.

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CoachUp scores $6.7 mln in Series A funds

CoachUp has secured $6.7 million in Series A financing. Point Judith Capital and General Catalyst Partners led the round with participation from Data Point Capital, Suffolk Equity Partners and return backer Breakaway Ventures. Headquartered in Boston, CoachUp is a private athletic coaching company.

PRESS RELEASE

Boston, MA – CoachUp, the nation’s leading private coaching company, has raised $6.7 million in its Series A round, co-led by venture capital firms Point Judith Capital and General Catalyst Partners.
“We are pleased to continue to support CoachUp — we love the marketplace they are building. There’s a significant opportunity for CoachUp to connect consumers with fitness professionals,” said David Fialkow, managing director of General Catalyst Partners, both a Seed and Series A investor.
CoachUp helps connect athletes with private coaches, on the web and with iOS and Android applications. Since its seed round a year ago, the company has seen a 642 percent growth in bookings and a 136 percent growth in users. In addition, the team hired key executives to accelerate growth: Gene Shkolnik, former senior vice president of product development at Kayak, joined as the company’s CTO, and Isabelle Plante, former head of marketing at Wahanda.com, joined as the company’s VP of acquisition.
The funds will be used to further build CoachUp’s national brand presence, reach new customers and expand the product offering beyond team sports to include dance, yoga and fitness. In addition, CoachUp is exploring ways to integrate athletic facilities into the mix.
Sean Marsh of Point Judith Capital joins CoachUp’s all-star Board of Directors bringing deep e-commerce marketplace expertise.
“I first got to know Jordan and CoachUp as part of Mass Challenge, nearly two years ago, and I have been incredibly impressed with the extraordinary people he has recruited to his company since then. CoachUp is building a platform that serves the passion and need of every athlete to excel at their sport, which is resonating strongly across the consumer web,” said Sean Marsh, co-founder and general partner of Point Judith Capital.
Other new investors include Data Point Capital (founded by Scott Savitz, founder and former CEO of Shoebuy.com), Suffolk Equity Partners, (investors in Alex & Ani & Warby Parker), plus angel investors such as Paul English (co-founder & CTO of Kayak.com) and Albert Dobron (managing director at Providence Equity Partners). Current investor Breakaway Ventures (Dennis Baldwin, former CMO of Reebok) also participated in the round.
“This round was a major milestone for CoachUp; confirming our position as a leader in both the coaching industry and sports/fitness tech space. I’m thrilled to welcome our newest board member, Sean Marsh. Powered by an incredible team, this round will continue to support our core mission of helping athletes reach the next level in their training and athletic pursuits,” says Jordan Fliegel, CEO and founder.
About CoachUp
CoachUp is a service that connects athletes with private coaches. We believe that private coaching is the secret to reaching the next level in sports + life. Our mission is to help people change their lives through sports and fitness.
CoachUp hit the ground running in 2012 enlisting the help of incredible investors and advisors including: General Catalyst, Point Judith Capital, Breakaway Innovation Group, Founder Collective, Cam Neely (president of the Boston Bruins), Scott Brown (former US Senator), Scott Griffith (former CEO of Zipcar), Paul English (co-founder & CTO of Kayak.com), Dharmesh Shah (founder and CTO of Hubspot), and Adam Soroca (CPO of Jumptap).
CoachUp’s CEO and Founder, Jordan Fliegel, whose life was changed when his father enlisted the help of a private coach to help him improve in basketball as a teenager. Fliegel credits private coaching for his successful academic and basketball career at Bowdoin College, and for his professional basketball career that followed.
Website: http://www.coachup.com

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High Country Venture leads Series A round for Collective IP

Collective IP has closed $2.5 million Series A financing. High Country Venture led the round with follow-on participation from Techstars founder David Cohen and various unnamed individual investors. Based in Denver, Collective IP is an innovation intelligence platform.

PRESS RELEASE

Collective IP, Inc., the global leader in innovation intelligence, featuring the world’s most comprehensive and accurate organization of technologies emerging from research institutes and companies, has completed a $2.5 million Series A financing, bringing the total amount raised to date to $3.6 million. The funding was led by High Country Venture with follow-on participation by Techstars founder David Cohen, and additional individual investors.
“This round will enable us build out the next generation of our platform, based directly on feedback from our fast growing community of users,” says Adam Rubenstein, Founder and Chief Operating Officer. “With over one hundred Fortune 500 companies and technology transfer teams participating in the direction of Collective IP, each side of this marketplace is communicating the value of our platform. Our unique organization of global innovation connects buyers and sellers in the $100 billion per year technology licensing market. The next generation of our platform will include enhanced tools to quickly identify, analyze, manage and market new innovations and the people behind them.”
Collective IP provides a novel search engine and a unique marketplace connecting business development with technology transfer and corporate licensing professionals, around the most valuable assets in the world. Unlike other technology aggregation sources that often display dated, partial or static sets of assets, Collective IP offers the most dynamic, comprehensive and accurate catalog of technologies from global institutions and companies. The Collective IP platform allows for the most rapid and exhaustive identification of relevant opportunities, providing users with an unparalleled view of global licensing opportunities.
“In almost every industry, the ability to quickly identify, understand and acquire innovative technologies and invention is the key to opening up new markets and revenue streams,” said Chris Marks, Managing Director at High Country Venture. “The Collective IP platform represents a new paradigm in connecting buyers and sellers around global asset identification. We are very excited to be partnering with the Collective IP team as they bring this transformative platform to market.”
About Collective IP
Collective IP, Inc., the global leader in innovation intelligence, features the world’s most comprehensive and accurate organization of technologies emerging from universities, companies and research institutes. The Collective IP marketplace provides technology transfer and corporate licensing professionals with a unique asset marketing platform, and a novel search solution for business development professionals who focus on asset identification within companies and technology transfer organizations. The Collective IP platform provides unrivaled access to licensing and acquisition opportunities around the globe, saving time and money for those engaged in the opportunity identification of time decaying assets, due diligence, competitive intelligence and intellectual property strategy. For more information visit http://collectiveip.com
About High Country Venture
High Country Venture manages two venture capital funds (Colorado Fund I and II) investing in early stage growth companies located in Colorado. HCV has approximately $50 million under management and is affiliated with Tango, a private investment company located in Boulder, Colorado. For more information visit http://highcountryventure.com/

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Matrix Partners back local search platform Locality

Locality, formerly known as Centzy, said Thursday that it has closed $4.3 million in Series A funding. Matrix Partners was the lead investor. Also, Jared Fliesler, general partner at Matrix, has joined the company’s board of directors. Based in San Francisco, Locality, which is also backed by Lightbank, ffVC, Cowboy Ventures and Founder Collective, is a local search platform.

PRESS RELEASE

San Francisco, CA (PRWEB) November 21, 2013
Locality (formerly Centzy), provider of the most useful, comprehensive search experience for local services, today announced its expansion into more than 10,000 U.S. cities. The company connects millions of consumers with the right local merchants for their needs. Whether it’s finding a stylist who can give great highlights before a big date or identifying the best spa nearby within a consumer’s budget, over 1.5 million people use Locality one or more times each month. Unlike other local search services that provide basic business listings and user reviews, Locality specializes in data that comes directly from merchants, such as their menu of services, pricing, and business hours, generating the most complete results available online covering 60 services in 15 categories.
As Locality continues to aggressively broaden its reach, the company announced that it has raised $4.3 million in Series A funding. Matrix Partners led the round and general partner Jared Fliesler has joined the company’s board of directors. Locality will use the funds to build out its platform in an ambitious effort to cover every service at every local business nationwide and develop new ways for consumers to easily connect to local merchants.
Locality’s vision is to build the most comprehensive marketplace for consumers to find, compare, and select local services. With Locality, local merchants are “always open” to answer the most commonly asked questions about their businesses. Locality aims to help merchants extend their reach and build a larger audience of high-intention consumers. Over time, Locality will make it even easier to search and discover new products and services, connecting potential customers with merchants and closing the loop on their purchases.
No One Covers Local Like Locality
Locality takes a radically different approach to local search. It is the only platform to provide a deep and normalized look at entire service categories within a searchable metro. 90% of Locality’s pricing, available services, and hours data is not available anywhere else online. For example, in a recent random sampling of 700 nail salons across the nation, Locality provided operating hours data for twice the number of nail salons as Google.
Locality’s proprietary data collection system ensures that all merchants within a defined area are included in searches and that all listings remain current. The company provides actionable information to millions of potential customers with strong purchase intent — people searching for specific services as part of their daily lives. For example, it’s 7pm and Bob is just finishing his workday. His regular cleaners closed at 5pm, but he really needs to find a next-day wash and fold. Bob can easily search on Locality for a quality, affordable dry cleaner nearby that offers this specific service and is still open. Locality gives consumers the best insight into all of their options.
“Locality does for local services what Kayak does for air travel. We show consumers every service that’s available around them in a way that makes it easy to find the right one for them,” said Jay Shek, co-founder and CEO of Locality. “Whether it’s finding the best yoga class in a new city or searching for a spontaneous mani-pedi near the office, Locality connects consumers to services for everyday life, giving them the power to find services wherever they are, whenever they need information.”
Act Locally, Grow Organically
Locality’s user base is growing rapidly and organically as consumers discover its value. Since its public launch last year, Locality traffic has grown over 10x as consumers use it in big cities and small towns all over the U.S. In fact, 75% of Locality’s traffic comes from outside the nation’s top 10 cities.
“Locality changes expectations of what local search can provide,” said Mr. Fliesler, Matrix general partner and former Square, Google and Slide executive. “Despite the number of companies competing in the local market, no one can do what Locality does and offer consumers this level of detail in local search. The unique and extensible data collection system that the team built allows Locality to scale and enter new markets at an unprecedented rate, and I can’t wait to help Jay and his team design incredible product offerings on that platform.”
“We are fortunate to receive such strong support from Matrix as a firm and from Jared in particular. Jared has great insight into how to build and market successful products in the local space from his time at Square,” added Mr. Shek. “His outstanding, relevant experience makes him the perfect fit to help us turn Locality into the ultimate local marketplace for consumers and merchants.”
To help accelerate growth, Locality is moving its headquarters to San Francisco. The company will maintain a satellite office in New York.
To find out how to join the Locality team in San Francisco or New York, please visit http://www.locality.com/team. To find the right local services for you, go to http://www.locality.com.
About Locality
Founded in 2011, Locality has developed the industry’s most comprehensive local search experience, covering 60 different services available in more than 10,000 cities. Locality’s proprietary data collection system helps consumers find the information they seek to connect with merchants that best meet their needs. The company is funded by Matrix Partners, Lightbank, ffVC, Cowboy Ventures, and Founder Collective. It is based in San Francisco with offices in New York. To learn more, please visit http://www.locality.com.
About Matrix Partners
Matrix Partners is a premier venture capital firm that has generated outstanding returns for more than three decades. By focusing on early-stage investments and emphasizing long-term relationships with entrepreneurs, the firm has delivered several of the industry’s top performing funds of all time. Matrix Partners has offices in Cambridge, MA; Palo Alto, CA; Mumbai, India; and Beijing and Shanghai, China. Matrix Partners has invested in several game-changing, industry-leading businesses such as Apple Computer, Care.com, Gilt Groupe, HubSpot, JBoss, Netezza, Phone.com, Polyvore, Starent Networks, Sycamore Networks, Veritas, Zendesk, and Zong.

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