| | | | | Investor group to warn against UK IPO changes | |  | The UK is pondering how to maintain the appeal of the country's stock exchanges as a post-Brexit IPO destination.
(Tim Grist Photography/Getty Images) | | | The Investment Association, which represents the UK's asset management industry, is poised to speak out against proposals for dual-class share structures and other changes to the IPO process. The UK, which last week completed its exit from the European Union, launched a review in November of its IPO rules in hopes of enticing tech companies to list on the London market. This could include the introduction of dual-class share structures, which give some shareholders more voting rights and are often used by US tech companies.
Sky News reported that the Investment Association—which represents managers like BlackRock and Fidelity—is expected to argue that the London Stock Exchange's premium segment must keep the one-share, one-vote structure to maintain investor protection.
The group, whose members together manage assets of £8.5 trillion (about $11.5 trillion), also will call for more focus on raising corporate governance standards for private companies, as well as an acceleration of the IPO process and reforms to bring more SPACs to the UK. The trade group is expected to submit its recommendations this week to Jonathan Hill, a former EU financial services commissioner leading a review of the rules. | | | | | | | | | | Blackstone-backed PE firm prepares to go public | |  | | (Priscila Zambotto/Getty Images) | | | Patria Investments, a Latin America-focused investor that has been partially owned by Blackstone for the past decade, is setting the table for a seldom-seen event: A public offering for a private equity firm.
Patria has filed to go public on the Nasdaq, a move that comes a little more than 10 years after Blackstone acquired a 40% stake in the Brazilian firm for a reported $200 million. Since that 2010 deal, Patria has grown its assets under management from $3.6 billion to $12.7 billion, with $7.2 billion of that current AUM in its private equity strategy. In addition to buyouts, the 32-year-old firm also invests in infrastructure, real estate and credit.
Blackstone itself has been publicly traded since 2007, with fellow industry giants KKR, The Carlyle Group, Apollo Global Management and Ares Management among the handful of other firms listed on US stock exchanges. Late last month, Dyal Capital Partners—which owns stakes in dozens of other PE firms—and Owl Rock Capital announced plans to go public through an unusual $12.5 billion SPAC deal. | | | | | | | | | | After years of escalating tensions between workers and management, organized labor is coming to Google. [The New York Times]
Companies often wait some period before revealing a cyberattack to the broader public. New research shows how that post-hack interim is sometimes rife with insider trading. [Institutional Investor]
Why has San Francisco proved more adept than most other US metropolises at combating the spread of COVID-19? It has at least something to do with the city's past. [The New Yorker] | | | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 279 Deals | 870 People | 254 Companies | 17 Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | DCM names David Cheng principal | | | DCM has promoted David Cheng from vice president to principal at the Menlo Park, Calif.-based VC firm. Cheng, who has been with DCM since 2014, will continue to focus on the consumer services, fintech and digital health sectors. With more than $4 billion in assets under management, the firm has invested in over 400 tech companies throughout the US and Asia. | | | | | | | | Bernhard Capital unveils new partners, MD | | | | | | | | | | | Healthtech startup Color raises $167M | | | Color has raised $167 million in a Series D led by General Catalyst and T. Rowe Price, with participation from other backers including Viking Global. The round values the company at $1.5 billion. Based in the Bay Area, Color provides tech for public health applications, including COVID-19 testing, telehealth services and vaccine delivery programs. The startup also announced a number of senior hires, including the addition of former Optimizely executive Claire Vo as chief product officer. | | | | | | | | | Cred has raised $81 million at an $806 million valuation in a round led by DST Global, with Sequoia, Ribbit Capital, Tiger Global and General Catalyst also participating, according to reports. The Indian fintech startup reportedly used part of the Series C funding to buy $1.2 million worth of shares from employees. Cred operates a credit card payment platform and was said to be valued at around $450 million following its Series B in 2019. | | | | | | | | AMP Robotics picks up $55M | | | | | | | | | Fintech startup Oxygen banks $17M | | | | | | | | | | | Brookfield bids to take former real estate arm private | | | Brookfield Asset Management has submitted a proposal to take Brookfield Property Partners private, offering to buy all the shares it doesn't already own in the real estate company for about $5.9 billion, or $16.50 per share. Brookfield Property Partners spun off from Brookfield Asset Management via an IPO in 2013. The asset manager already owns about 60% of the real estate unit, Bloomberg reported. | | | | | | | | Golden Gate seals $950M recap | | | Golden Gate Capital has recapitalized Tidal Wave Auto Spa, with PE Hub reporting the deal is worth some $950 million. Based in Georgia, Tidal Wave operates more than 60 car wash locations across the US Southeast and Midwest. | | | | | | | | Alden Global bids $520M+ for control of Tribune Publishing | | | Alden Global Capital has offered to purchase the outstanding shares of Tribune Publishing in a deal that would reportedly value the struggling newspaper chain at more than $520 million. Alden offered to buy Tribune for $14.25 per share, marking a 32.15% premium to the company's volume-weighted stock price over the last year before the offer, according to an SEC filing dated Dec. 14. Alden has already built up a 32% ownership stake in Tribune, which operates the Baltimore Sun, Chicago Tribune, New York Daily News and more. | | | | | | | | Infinedi backs financial data provider | | | Infinedi Partners has made an investment in BWG Strategy, a New Jersey-based supplier of market intelligence and data for investment managers and corporations. The deal is Infinedi's third investment since the firm was founded in 2018 by Jay Hegenbart, a former senior managing director at Harvest Partners. | | | | | | | | Permira to purchase Boats Group from Apax | | | Permira has agreed to acquire Boats Group, which offers an online marketplace for the recreational marine community, from Apax Partners, which has owned the Miami-based company since 2016. Established in 1999, Boats Group operates YachtWorld, Boat Trader, Boats.com and more. | | | | | | | | Brightstar Capital takes over Amerit Fleet | | | Brightstar Capital Partners has acquired a majority stake in Amerit Fleet Solutions, a Walnut Creek, Calif.-based provider of vehicle fleet maintenance and repair services. Based in New York, Brightstar typically invests between $50 million and $250 million in its portfolio companies. | | | | | | | | | | ShareChat could get Google, Snap as new investors | | | ShareChat, an Indian social media company, has held talks with Google, Snap and several existing investors about the funding of its upcoming Series E round, TechCrunch reported. The new funding could reportedly be more than $200 million, with Google financing half of that amount. The round would value ShareChat at more than $1 billion, the report said. | | | | | | | | | | KKR to fetch $3.5B for Kokusai | | | Applied Materials has agreed to amend its existing agreement to acquire Kokusai Electric from KKR, increasing the price from $2.2 billion to $3.5 billion. Based in Japan, Kokusai is a provider of manufacturing equipment and other services for the semiconductor industry. Applied cited "a more favorable long-term outlook for the overall semiconductor equipment market" as a reason for the increase from the original agreement, which was struck in 2019. | | | | | | | | Clear aligner provider Byte gets snapped up for $1B+ | | | Dental products manufacturer Dentsply Sirona has bought Byte, a startup that provides invisible aligners for teeth straightening, in a $1.04 billion all-cash deal. The company had received an angel investment from actress Kerry Washington and subsequent funding from venture capital firm Thermal. Byte's CEO and its existing management team will continue to operate the business. | | | | | | | | LLCP offloads edtech provider and steel components specialist | | | | | | | | | Cullinan Oncology sets IPO terms for Nasdaq debut | | | Cullinan Oncology, a clinical-stage developer of cancer treatments, has established a price range of $17 to $19 per share for its upcoming offering of 8.33 million shares, according to an SEC filing. A midpoint pricing would raise nearly $150 million and value the Massachusetts-based company at about $681 million. Cullinan is backed by investors including UBS Oncology Impact Fund (25.5% pre-IPO stake) and F2 Ventures (19.5%). It plans to trade on the Nasdaq under the symbol CGEM. | | | | | | | | CenterOak completes sale of Service Champions | | | CenterOak has sold Service Champions, a California-based provider of HVAC and plumbing services. The Dallas-based PE firm bought the company in 2019 and merged it with Moore Home Services, another HVAC contractor in its portfolio. The sale represents CenterOak's third exit from its first flagship fund. | | | | | | | | | | Madrona brings in $505M across two funds | | | Seattle-based Madrona Venture Group has closed a pair of funds on a combined $505 million. The VC firm raised $345 million for Venture Fund 8, which will seek out seed-stage and Series A investments. Madrona also raised $160 million for Acceleration Fund 2, which will be used to invest in companies at the Series B and C stages. Madrona was an early backer of Amazon and Smartsheet, as well as Snowflake, which went public in September. | | | | | | | | | | Teledyne, Flir line up $8B night-vision deal | | | Teledyne Technologies, which makes sensors and other tech products for the industrial and defense sectors, has agreed to purchase thermal imaging specialist Flir Systems for $8 billion in cash and stock. Based near Portland, Ore., Flir's products include night vision technology for military clients. The implied price of $56 per share marks a 27.8% premium to Flir's closing share price on Dec. 31. | | | | | | | | Centene maps out $2.2B deal for Magellan | | | St. Louis-based healthcare insurance specialist Centene has agreed to a $2.2 billion deal for Magellan Health, a pharmacy benefits company based in Phoenix that focuses in part on mental health services. The price of $95 per share in cash represents a 14.7% premium to the closing price of Magellan's shares on Dec. 31. Centene indicated the pandemic was one strategic reason for the acquisition, citing a CDC report that more than 40% of Americans are experiencing mental or behavioral health issues linked to the ongoing outbreak. | | | | | | | | | "Late-stage startups have attracted copious amounts of capital through Q3 2020 and are expected to push overall deal value figures in Europe to new highs at year end. Not surprisingly, late-stage VC deal sizes have swelled with the median reaching €5.0 million through Q3 2020, and valuations across quartiles have followed with the median pacing at €14.6 million."
Source: PitchBook's Q3 2020 European VC Valuations Report | | | | | | | | | | | | | Who's in the newsletter today? | | People | | | | Investors | | | | Companies | | | | | | | | | |
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