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| How AI is cooking up changes for foodtech | |  | | (MirageC/Getty Images) | | | The food industry is amassing an ocean of data as more consumers shop online, businesses go fully digital and entrepreneurs lean on technology to dream up new products.
The information shift is opening opportunities for AI to help businesses cut costs and keep pace with consumer tastes, according to our latest analyst note. Key takeaways include: - AI is changing the R&D landscape for novel foods like plant-based meat by speeding up recipe development.
- Data from ecommerce, product labels and other sources is being used to build personal shopping and checkout experiences.
- In grocery stores and production facilities, AI platforms have been deployed to drastically cut food waste, a potential source of huge savings for the industry.
| | | | | | | | | | For companies courted by SPACs, the deal doesn't always go to the highest bidder | |  | | (Spencer Platt/Getty Images) | | | As the blank-check boom rages on, growth-stage companies are increasingly being bombarded by SPAC sponsors vying to take them public. - Companies considering the SPAC route are discovering that what matters most in a SPAC sponsor isn't the valuation offered or even operational expertise, but sponsors' ability to corral institutional investors into a PIPE deal.
- The PIPE capital allows a SPAC to buy a larger company, and guarantees that there is enough funding to support the reverse merger in case a large chunk of SPAC investors decide to dump the stock after a target is announced.
- "If the PIPE doesn't come together," said Norwest Venture Partners managing partner Jeff Crowe, "it means that not enough investors agreed with the valuation, in which case the valuation needs to be adjusted, and there is even a possibility that the whole transaction falls apart."
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| A message from Lincoln International | | |
| Are normalized earnings OK? | | In a time that has been anything but "normal," one question looms large: Should companies normalize earnings for pandemic-related losses and costs?
EBITDA adjustments have long been accepted by lenders and sponsors to more accurately estimate a company's earnings power. However, according to Lincoln International data, only 1.6% of EBITDA adjustments in Q4 2020 were related to explicit pandemic-derived adjustments, suggesting businesses are taking different approaches to normalize earnings.
While the correct approach depends on the nuances of each company and the industry in which it operates, buyers and sellers are striking a balance between prioritizing historical performance while being open to looking at additional metrics.
See the top three strategies that have gained popularity in estimating normalized EBITDA. | | | | | | | |
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| | A decade after millennials fell in love with the shoe brand, Toms is plotting a comeback. [Bloomberg]
The pandemic shifted much of the working world online. Yet only about half of hedge fund managers are investing in new technologies. [Institutional Investor]
A group of Wall Street firms bet big on the power sector in recent years. Now they're making millions off of Texas' February winter storm. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 457 Deals | 1588 People | 465 Companies | 27 Funds | | | | | | |
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| 2016 Vintage Global Debt Funds | | | | | | |
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| A message from Woodruff Sawyer | | |
| The biggest names in SPACs talk market changes, de-SPACs and litigation | | Join us on April 13 to learn what's driving the serial SPACer phenomenon, review the current state of the market, discuss how the litigation environment and cost of insurance have changed, and get advice for setting up a successful de-SPAC transaction.
Hear directly from the attorney with the undisputed record for longest tenure in the SPAC market, Doug Ellenoff, along with experts from JP Morgan Chase, Social Capital, PropTech, Skadden, Wachtell and Woodruff Sawyer about where the SPAC industry has been and where it's going.
Don't miss this one-time virtual event for SPAC sponsors and operating companies—click here to register. | | | | | | | |
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| India's Cred hits $2.2B valuation | | | | | | | | | Sendbird collects $100M Series C | | | | | | | | | Prosimo emerges from stealth with $25M | | | Prosimo has raised $25 million in seed and Series A funding co-led by General Catalyst and WRVI Capital, with participation from Nepenthe Capital. The Santa Clara, Calif.-based company is the developer of an infrastructure stack intended to help enterprise customers securely improve app experience and deliver multi-cloud apps. General Catalyst managing director Steve Herrod and WRVI managing partner Lip-Bu Tan have joined Prosimo's board. | | | | | | | | Bartesian gobbles up $20M | | | Bartesian has raised a $20 million Series A led by Cleveland Avenue, with participation from investors including Stanley Ventures. The Chicago-based company is the developer of a touchscreen cocktail maker that mixes customized drinks. Bartesian, which in 2020 recorded revenue growth of 975% year-over-year, has also added actress Mila Kunis to its board. | | | | | | | | Empathy lands $13M to help grieving families | | | Empathy has raised a $13 million seed financing co-led by General Catalyst and Aleph. The company is the developer of a mobile app designed to help bereaved families manage logistical tasks including account cancellations, estate administration and benefit claims. Empathy operates out of New York and Tel Aviv. | | | | | |
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| Vista finalizes Pluralsight take-private | | | Vista Equity Partners has completed its acquisition of Pluralsight, a provider of workforce development software. Vista paid $22.50 per share, or some $3.8 billion, for the company. The two first signed a $3.5 billion takeover agreement in December, and Vista increased its bid in March. Utah-based Pluralsight went public in 2018. It had previously raised capital from investors including Felicis Ventures, GSV Ventures and Insight Partners. | | | | | | | | HIG-backed Concord acquires Upton Hill | | | Concord USA has raised a growth investment from HIG Capital and acquired Upton Hill, a Minnesota-based healthcare-focused consulting firm. Concord, which is headquartered in Minneapolis, is a provider of tech consulting and digital transformation services to the healthcare, tech, manufacturing and financial services sectors. | | | | | | | | Kelso & Company buys food distributor | | | Private equity firm Kelso & Company has acquired Ferraro Foods, which distributes food to Italian restaurants and pizzerias, from Kainos Capital for an undisclosed amount. Kainos originally partnered with New Jersey-based Ferraro in 2018. | | | | | | | | Velocity Global does workforce deal, receives $100M from FFL Partners | | | Workforce services specialist Velocity Global has acquired iWorkGlobal, a workforce management company. Based in Denver, Velocity has also announced a $100 million growth investment from PE firm FFL Partners to support future acquisitions, technology development and international expansion. | | | | | | | | Blue Road Capital conducts SBO for honey distributor | | | New York-based Blue Road Capital has acquired Sweet Harvest Foods (formerly Natural American Foods), a Minnesota-based distributor and processor of honey and other natural sweeteners, from an affiliate of Peak Rock Capital. Blue Road typically targets investments in agricultural production and supply-chain companies. Peak Rock had backed Sweet Harvest since 2014. | | | | | | | | OpenGate Capital closes Kongsberg acquisition | | | Los Angeles-based OpenGate Capital has finalized its purchase of Kongsberg Precision Cutting Systems from Esko. Kongsberg, a provider of digital cutting systems and hardware solutions for the packaging and other related sectors, operates out of Belgium, the Czech Republic and Norway. OpenGate managed assets of more than $1 billion, as of December 2020. | | | | | | | | SK Capital wraps up packaging deal | | | SK Capital Partners has closed its acquisition of Ipackchem, a Paris-based producer of recyclable plastic barrier packaging, from Sagard, which had owned the company since 2017. The deal was first announced in December. New York-based SK Capital typically targets companies in the specialty materials, chemicals and pharmaceuticals sectors. | | | | | | | | Heidrick & Struggles acquires independent consulting specialist | | | | | | |
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| KKR-backed Collected Group files for bankruptcy protection | | | Fashion brand owner The Collected Group Company has filed for bankruptcy protection, with plans to slash $150 million of debt and give ownership to senior lenders, Bloomberg reported. Founded in 2001, the company owns brands including Equipment, Joie and Current Elliott. TCG is backed by KKR and Callodine Commercial Finance, which began trying to sell the company in late 2019. Sale plans were disrupted by the pandemic, and TCG has rejected recent bids for its brands as too low, according to the report. | | | | | |
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| Sports memorabilia company to go public at $1.3B valuation | | | | | | |
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| KKR brings in $15B for new Asia fund | | | KKR has raised $15 billion for its fourth Asia-Pacific vehicle, marking the region's largest PE fund to date amid record buyout activity, Reuters reported. The firm had originally targeted $12.5 billion for the effort, but upped the hard cap after exceeding the target size. KKR will invest $1.3 billion alongside fund investors through commitments from the firm and its employees. | | | | | |
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| Apollo still in race for Aramco stake; Brookfield, BlackRock out | | | An investor group led by Apollo Global Management has been shortlisted to make a final offer for a roughly $10 billion stake in Saudi Aramco's oil pipelines, Bloomberg reported. The Apollo-led consortium is said to include US and Chinese investors and is regarded as a front-runner for the deal. Global Infrastructure Partners is also understood to be still in the running. Aramco has narrowed the pool of potential bidders, and both Brookfield Asset Management and BlackRock are reportedly no longer involved in the sale process. | | | | | |
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"The regional split in capital raised across Europe was consistent with recent years, even though devastation from COVID-19 has varied country to country. Despite Brexit, the UK & Ireland raised the most capital for venture funds with €5.1 billion, narrowly topping the DACH region, which raised €5.0 billion in 2020, marking a new record for the region."
Source: PitchBook's 2020 Annual European Venture Report | | | | | |
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