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| Europe's most active corporate VCs target pandemic-proof startups | |  | | On-demand delivery startup Glovo's Series E featured CVC participation. (Courtesy of Glovo) | | | Corporate venture investors took part in a record-setting year for betting on European startups in 2020, underlining corporations' need for technologies that make coping with the pandemic easier. - Some 34% of investment with CVC support went to IT and software providers on the continent last year, according to PitchBook data, with healthcare also proving an attractive sector for corporate VCs.
- PitchBook data shows the top five CVCs in Europe and Israel in 2020 based on deal count, including Zürcher Kantonalbank and M12.
| | | | | | | | | | Carlyle, Ariel set sights on portfolio company diversity | |  | Ariel Investments and co-CEO Mellody Hobson are putting a new focus on minority-owned businesses.
(Monica Schipper/Getty Images) | | | A pair of high-profile investors are each launching new initiatives aimed at improving diversity at their portfolio companies in the private markets. - The Carlyle Group has secured a $4.1 billion credit facility for its private equity funds in the US, with the price of the debt directly linked to an existing goal of having 30% of the directors on the boards of Carlyle's portfolio companies come from diverse backgrounds.
- The firm cited internal research that annual earnings growth has been about 12% greater at Carlyle portfolio companies that have two or more directors from diverse backgrounds.
- Separately, public markets investor Ariel Investments has launched Ariel Alternatives, a new private asset management firm that will invest in middle-market companies that are not currently owned by minorities, with the goal of converting them into minority-owned businesses. The firm will also back existing companies led by Black and Latinx entrepreneurs.
- The co-founders of Ariel Alternatives are Leslie Brun, founder and former chairman and CEO of Hamilton Lane, and Mellody Hobson, who is co-CEO of Ariel Investments, the incoming chairwoman of the board at Starbucks and a director at JPMorgan Chase.
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| The changing investor landscape under COVID-19 | | A common sentiment in today's PE market is that COVID-19 will have a big impact on the market—not only on near-term deal flow, but on what types of buyers will be making those deals.
RSM's just-released report, The changing investor landscape under COVID-19, explores that landscape through the lens of PE buyers, corporate acquirers, family offices and Canadian pension plans, all of which have capital to put to use. But they all bring different motivations to the market. Time-sensitive PE funds are on the clock to deploy money, while investors with more permanent capital, like family offices and Canadian pension plans, can be just as selective as they were pre-COVID.
To download the report, click here. | | | | | | | |
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| Digital pharma upstarts face down threats, legacy rivals | |  | | (the_burtons/Getty Images) | | | A growing crop of venture-backed online-only pharmacy startups like NowRx, Ro and Medly are trying to crack the $300 billion-plus prescription drug industry. In a recent research note, PitchBook analysts outlined the risks and potential rewards awaiting these challengers, including:
- Online fraud is a looming threat that digital companies must tackle.
- Central distribution hubs, walk-in patient services and aid for the uninsured are among the experiments in the fragmented e-pharmacy industry.
- Consolidation outlook: Pharmacy incumbents are likely to acquire startups in this market.
| | | | | | | | | | Dogecoin has rather quickly transformed from a joke into a multibillion-dollar cryptocurrency. Now, it has made a mysterious someone a theoretical billionaire. [The Wall Street Journal]
After walking away from a $5.3 billion deal for Plaid, what is Visa planning next in the world of fintech? [Protocol]
For his next act, the executive who helped turn around Pabst Blue Ribbon and Hostess Twinkies is teaming up with private equity for a major bet on bottled water. [Bloomberg] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 425 Deals | 1534 People | 499 Companies | 42 Funds | | | | | | |
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| 2014 Vintage Global Buyout Funds | | | | | | |
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| PitchBook Webinar: Top trends for emerging technologies in 2021 | | Join PitchBook analysts on Feb. 24 as they outline the primary trends they believe will shape the emerging technology VC ecosystem in 2021.
Leveraging market data and industry expertise, the webinar will cover investment trends in areas such as: - AI and machine learning
- Mobility tech
- Agtech
Register here to secure your spot | | | | | | | |
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| Yellow Wood names new principals amid promotions | | | | | | | | | Council Capital adds CFO, others | | | Healthcare investor Council Capital has hired Christian Ward as its CFO, Geoff Crisanti as a senior associate focused on value creation and Harrison Johnson as an investment associate. The Nashville-based private equity firm has also promoted Paul Lagarde to senior associate. | | | | | |
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| | | Public.com, the provider of a retail stock-trading platform, has raised $220 million from Accel, Greycroft, Lakestar and others, with a previous Business Insider report indicating that the round values the company at around $1.2 billion. The New York-based startup now has a million members on its platform and plans to introduce new features such as cryptocurrency and extended-hours trading. Public recently said it would stop selling its order flow, a controversial practice for which Robinhood has received criticism. | | | | | | | | OutSystems hits $9.5B valuation with latest round | | | | | | | | | Locus Robotics becomes unicorn with $150M round | | | Locus Robotics has raised $150 million in a Series E led by Tiger Global and Bond. The round values the Wilmington, Mass.-based logistics startup at $1 billion, representing a 177% increase over the $361 million valuation it received last year, according to PitchBook data. Locus, a provider of autonomous robotic pickers that help with warehouse fulfillment, currently serves more than 40 customers across 80 warehouses. | | | | | | | | SoftBank leads $150M round in Standard Cognition | | | Standard Cognition, a provider of AI-based autonomous checkout tech for brick-and-mortar retailers, has raised a $150 million Series C led by SoftBank's Vision Fund 2. The San Francisco-based company raised $35 million at a $535 million valuation in 2019, according to PitchBook data. | | | | | | | | Blockchain.com banks $120M as bitcoin surges | | | Blockchain.com has raised $120 million from investors including GV, Lightspeed and Moore Strategic Ventures. The London-based startup is the provider of a cryptocurrency wallet that lets users buy, store and trade digital currencies. The company also offers an explorer service that provides details on crypto trades, among other products. Blockchain.com has raised some $190 million in private backing; it was valued at $234.1 million in 2017, according to PitchBook data. | | | | | | | | Copado closes $96M Series B | | | Copado has raised $96 million in a round co-led by Insight Partners and Salesforce Ventures. The company offers a cloud-based platform for DevOps teams; it plans to use the funding in part to expand internationally. | | | | | |
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| New Mountain to take Aegion private in $963M deal | | | New Mountain Capital has agreed to acquire Aegion for $26 per share, valuing the company at about $963 million. The deal marks a roughly 21% premium to Aegion's closing stock price last Friday, the final trading day before the deal was announced. Based in St. Louis, the company is a provider of infrastructure maintenance, rehabilitation and protection services for the wastewater, water, energy, mining and refining industries. | | | | | | | | KKR to purchase Flow Control from Bertram | | | KKR has agreed to acquire Flow Control Group, a provider of flow control and industrial automation, from Bertram Capital, which has owned the Charlotte-based company since 2019. Financing for KKR's investment will come from its Americas Fund XII, which closed on $13.9 billion in 2017. | | | | | | | | AIP to pick up Ingersoll Rand unit | | | | | | | | | ICV takes over Total Access Urgent Care | | | ICV Partners has partnered with company management to acquire a majority stake in Total Access Urgent Care, a St. Louis-based provider of emergency department and urgent care services in the Midwest. ICV typically targets lower-middle-market companies across a variety of sectors; the acquisition adds to the firm's existing portfolio of healthcare companies. | | | | | | | | Chernin does $40M growth deal with Goldin Auctions | | | | | | |
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| Epic Games takes dispute with Apple to EU | | | Epic Games has filed an antitrust complaint against Apple in the EU, claiming anticompetitive behavior. The "Fortnite" maker has filed similar lawsuits in the US, Australia and the UK. Epic has argued that Apple's 30% commission fees on App Store purchases stifle competition. After Epic debuted its own in-app payment system last summer to sidestep the fees, Apple pulled the company's app from its App Store. | | | | | |
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| Sinch inks $1.1B deal for GTCR-owned Inteliquent | | | Swedish cloud communications company Sinch has agreed to buy voice communications provider Inteliquent for $1.14 billion in cash. Private equity firm GTCR bought the company in 2017 for about $800 million. Last year, Inteliquent posted a $256 million profit on $533 million in revenue. | | | | | | | | Apollo, Athene ready for $1B mortgage exit | | | Apollo Global Management and Athene have agreed to sell AmeriHome, a correspondent mortgage acquirer, to Western Alliance Bank for $1 billion in cash. Apollo and Athene, which is a retirement services company closely affiliated with Apollo, teamed to launch AmeriHome in 2013. Based in California, AmeriHome purchased about $65 billion in conventional conforming and government insured mortgage originations during 2020. | | | | | | | | Origin Materials to merge with SPAC | | | | | | | | | Lidar maker AEye to combine with Cantor Fitzgerald SPAC | | | | | | | | | LGP-backed Joann plans public market return | | | Arts and crafts company Joann has filed for an IPO on the Nasdaq, roughly 10 years after Leonard Green & Partners acquired the company in a $1.6 billion take-private buyout. The Ohio-based company logged a net loss of $546.6 million in its most recent fiscal year against net sales of $2.2 billion, compared with net income of $35.3 million on $2.3 billion in sales the year prior. | | | | | |
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| Novacap nears $1.9B with latest fund | | | Canadian private equity investor Novacap has closed its sixth fund focused on tech, media and telecom companies with nearly $1.87 billion in commitments. The vehicle surpassed a fundraising target of $1 billion. The firm closed its previous fund in the series on $840 million in 2017. | | | | | |
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| Rexnord, Regal line up $3.7B spinout | | | Industrial manufacturer Rexnord has agreed to spin off its process and motion control unit and merge the business with Regal Beloit, a manufacturer of electric motors. Both companies are based in Wisconsin. The transaction values the process and motion control unit at nearly $3.7 billion. Current Regal shareholders will own 61.4% of the newly combined company, with Rexnord shareholders holding the remainder. | | | | | | | | iHeartMedia inks $230M podcast pact | | | iHeartMedia has agreed to pay $230 million to acquire Triton Digital from EW Scripps. Triton provides various products and tools used by podcasters and other digital audio broadcasters to expand their audience, maximize revenue and more. Scripps has owned the California-based company since 2018. | | | | | |
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| Yesterday's newsletter inaccurately described Sixth Street as a "special situations investor." The firm is active across several different strategies, including direct lending, opportunities and growth investing. | | | | | |
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"In addition to spurring a public listing comeback, roaring public equity markets made 2020 the year of the SPAC. These blank-check companies raised more capital than in the previous decade combined. Well over 250 SPACs were launched on US markets in 2020."
Source: PitchBook's 2020 Annual US PE Breakdown | | | | | |
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