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| Why Blackstone and other private equity giants are gobbling up warehouses | |  | | Blackstone has been purchasing warehouses for the past decade, and it's shown no signs of slowing. (Scott Olsen/Getty Images) | | | Private equity gets lots of attention for gobbling up assets of all types, from fast-food chains to red-hot tech companies. Less fanfare perhaps has followed the industry's growing hunger for, of all things, warehouses and other industrial real estate.
With ecommerce sales booming, private equity firms have been on something of a buying binge, snatching up tens of millions of square feet of warehouse space.
Here's why Blackstone and others are leading the charge: | | | | | | | | | | DoorDash IPO could eclipse Airbnb | |  | DoorDash's delivery volume has doubled during the pandemic, helping the company to justify a lofty valuation.
(Michael M. Santiago/Getty Images) | | | Food delivery leader DoorDash is seeking a higher price for its IPO shares that could value the company at around $37 billion on a fully diluted basis, making it the year's most valuable IPO.
The new valuation—a 131% jump from where it stood over the summer—underlines DoorDash's breakneck growth during the pandemic: | | | | | | | |
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| A message from InCloudCounsel | | |
| Insourcing high-volume contracts costs 10x more than expected | | Cumbersome as it may be, processing high-volume repetitive contracts (think NDAs and service agreements) is a necessary part of operations for nearly every business. Often, companies manage these processes internally, assuming salary costs are lower than alternative options.
However, costs such as IT, real estate, and travel, as well as intangibles like opportunity costs, task-switching, and employee turnover, are rarely accounted for, despite their huge impact on the bottom line.
While insourcing may seem sensible on the surface, new and innovative legal technology solutions have since expanded the list of options. Given the rise of these alternatives, companies must reassess the allocation of their resources by comparing these focused, cost-effective providers to the true cost of insourcing.
Click here to download InCloudCounsel's latest white paper to learn how to calculate your own insourcing costs. | | | | | | | |
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| | The future of London finance could be at stake as negotiators go down to the wire in figuring out the specifics of the UK's long-awaited Brexit. [The Wall Street Journal]
Two of the biggest trends in finance this year have been the rise of SPACs and a new focus on gender diversity. Unfortunately, there's little overlap between the two. [Bloomberg]
In the subterranean darkness beneath a forest floor, the roots of trees are in constant communication. What are they sharing with each other? [The New York Times] | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 20 Deals | 96 People | 22 Companies | | | | | | |
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| 2009 Vintage Global Secondaries Funds | | | | | | |
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| Crosspoint lands Ian Loring from Bain Capital | | | Longtime Bain Capital investor Ian Loring has left the Boston-based firm to join Crosspoint Capital Partners as a managing partner, Bloomberg reported. Loring has worked at Bain Capital since 1996, most recently as a senior adviser. He previously helped lead the firm's tech vertical in North America. Crosspoint is a California-based private equity firm focused on cybersecurity and privacy investments. | | | | | |
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| Fintech startup Moov banks $27M | | | | | | | | | Nuburu lands $20M for blue laser tech | | | Nuburu, a developer of blue laser technology used to cut and weld metals, has picked up $20 million in Series B funding. VC firm Anzu Partners and Allstate CEO Thomas Wilson co-led the round, bringing the company's total funding to almost $50 million. Wilson, along with Ron Nicol, former managing director of Boston Consulting Group, will join the startup's board. | | | | | | | | Construction tech startup lands $20M | | | | | | |
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| PE-backed EG Group could buy Asda's gas stations | | | EG Group, a portfolio company of TDR Capital that operates gas stations and fast-food outlets, is in talks to buy some or all of the gas stations owned by UK-based supermarket chain Asda, Bloomberg reported. TDR Capital and EG Group co-founders Mohsin Issa and Zuber Issa are also in the midst of buying Asda from Walmart for £6.8 billion (about $9.1 billion). | | | | | | | | Thoma Bravo to buy back control of Flexera | | | Thoma Bravo has agreed to purchase a majority stake in Flexera, an IT specialist that helps other companies maximize the business value of their investments in technology, with TechCrunch reporting a price of $2.85 billion. Existing backers TA Associates and Ontario Teachers' Pension Plan Board will also maintain stakes. This is the second time Thoma Bravo has taken control of Flexera, following a $200 million acquisition of the Illinois-based company in 2008 and an exit in 2011. | | | | | | | | THL leads $700M+ Hightower transaction | | | | | | | | | Race Rock lands steel deal | | | | | | |
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| Lending platform Upstart sets IPO terms | | | Upstart, the provider of a consumer lending platform, plans to offer 9 million shares at $20 to $22 apiece in its upcoming IPO. Certain stockholders in the San Mateo, Calif.-based company plan to sell an additional 3.02 million shares. At the midpoint of the expected range, the company would have an initial market cap of $1.5 billion at the time of the offering. | | | | | | | | VSCO snaps up AI-powered editing app | | | Photo and video editing app creator VSCO has purchased New York-based Trash. The startup had received prior backing from investors including Next 10 Ventures, Precursor Ventures and AET Fund. Trash's app uses AI to analyze the best shots of multiple video clips and weave them together into a single video. | | | | | | | | Lidar developer Innoviz in talks to merge with SPAC | | | | | | |
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"Early-stage VC valuations and deal sizes across the lower, middle, and upper quartiles are pacing higher through Q3 2020 in comparison to 2019 figures. Robust valuation growth has been driven by soaring upper quartile deal sizes at the early stage in recent years. Top quartile early-stage VC deal sizes have been 10 times larger than the lower quartile through Q3 2020, as the early-stage startups showing the best potential have closed enormous rounds to boost valuations."
Source: PitchBook's Q3 2020 European VC Valuations Report | | | | | |
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