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| Deliveroo disappoints in public debut, dealing a blow to UK | |  | | (Jack Taylor/Getty Images) | | | Shares in Deliveroo plummeted by as much as 30% in the company's public debut on the London Stock Exchange, wiping around £2 billion (about $2.76 billion) off its valuation following a controversy over worker pay. - The food delivery company set its shares at the bottom of its range at £3.90, which gave it an opening market cap of around £7.59 billion. Deliveroo had already shaved around £1.2 billion off its top-end valuation earlier this week before shares started trading, citing choppy market conditions.
- Deliveroo's performance is a blow for the UK, which was hoping the IPO would be a draw for more tech listings. The float is still the UK's biggest in a decade in terms of market cap, and its offering is the largest since ecommerce company The Hut Group raised £1.88 billion last September.
- "Given the euphoria surrounding the Deliveroo listing, it was surprising to see the stock plummet on its debut," said Dominick Mondesir, a private capital analyst at PitchBook. "This will likely bring into laser focus corporate governance and ESG practices for companies contemplating tapping the London public markets."
| | | | | | | | | | Edtech gets a bellwether as Coursera makes the grade in NYSE debut | |  | | (PeopleImages/Getty Images) | | | Coursera's shares debuted on the NYSE Wednesday, opening the day at $39 and closing at $45 apiece for a market cap of $5.86 billion. - Wall Street's strong reception of the edtech company suggests investors believe that the adoption of online learning is likely to continue after the pandemic subsides and students can physically return to classrooms.
- VC investors are hopeful that Coursera's IPO is only the beginning of a surge of long-awaited exits in the sector.
- Duolingo, Masterclass and Udemy are among the US-based online education startups that have seen a spike in user demand amid the pandemic and could consider debuts soon.
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| A message from Abacus Finance | | |
| Lender lessons from COVID | | When former President Donald Trump announced a shutdown, there were a lot of unknowns, and panic ensued nationwide. Abacus immediately reached out to each of their portfolio companies and sponsor clients to obtain detailed information on their investments to gauge their financial health.
Here are some of the valuable lessons learned during this crisis: - Open and honest communication is vital—having an open dialog between sponsors, CFOs and lenders means fewer surprises
- Act quickly—companies that reacted quickly and took decisive action preserved valuable liquidity and saw improved margins upon recovery
- Importance of structure—companies that didn't push leverage found that they had more flexibility for exactly a time like this
- Partnership is key—the best outcomes are when lenders and equity holders leverage the trust built over time and work in tandem to find a solution
Learn more here | | | | | | | |
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| | The Irish government is using pandemic-era employment patterns to begin shifting city workers to rural areas. [Financial Times]
Researchers in Canada believe they've proved what's really happening in our brains when we listen to a song we love. [Inverse]
Diversity in education, work experience and nationality are all important factors in what makes a hedge fund outperform its peers. [Institutional Investor] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 327 Deals | 1651 People | 463 Companies | 19 Funds | | | | | | |
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| 2011 Vintage Global Secondaries Funds | | | | | | |
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| Tonal hits $1.6B valuation in new $250M round | | | Home workout startup Tonal has landed $250 million in new financing at a $1.6 billion valuation. Dragoneer Investment Group led the Series E, with support from Cobalt Capital, L Catterton and Sapphire Ventures, as well as athletes like Drew Brees and Maria Sharapova. Tonal's system combines digital weights with a screen, providing instructor-led workouts that can be completed at home. The San Francisco-based company's sales grew by more than eightfold in 2020, echoing the breakout growth fitness powerhouse Peloton experienced during the pandemic. | | | | | | | | Plus drives off with $220M | | | Plus has raised $220 million in funding co-led by FountainVest Partners and ClearVue Partners. Based in Cupertino, Calif., Plus is a developer of self-driving technology for commercial trucks. The new financing is an extension of a $200 million round the company raised in February. | | | | | | | | Uniphore collects $140M Series D | | | Uniphore has raised $140 million in a round led by Sorenson Capital. Founded in 2008, the Palo Alto-based company is the creator of an AI-based conversational service automation platform designed to offer vocal analytics on customer service calls. | | | | | | | | Manticore Games locks in $100M | | | Manticore Games has raised a $100 million Series C led by XN. The San Mateo, Calif.-based company is a developer of gaming software that allows users to create and explore multiplayer games. | | | | | | | | | | Productiv picks up $45M Series C | | | Productiv has raised $45 million in a round led by IVP, with participation from Accel, Norwest Venture Partners, Okta Ventures and Atlassian Ventures. The Palo Alto-based startup is the developer of a SaaS management platform that provides companies with real-time app usage data and visibility. Founded in 2018, Productiv was valued at $100 million in 2019, according to PitchBook data. IVP general partner Steve Harrick has joined the company's board. | | | | | |
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| EQT to back Cerba HealthCare | | | | | | | | | Brighton Park devotes $125M to cybersecurity business | | | Connecticut-based Brighton Park Capital has made a $125 million growth investment in OPSWAT, a Tampa, Fla.-based provider of infrastructure-focused cybersecurity services. The company serves more than 1,000 organizations in 70 countries, including businesses in the financial services, defense, manufacturing and energy sectors. | | | | | | | | KKR does $68M Phoenix industrial real estate deal | | | KKR has paid $68 million to acquire a five-building industrial portfolio in Phoenix totaling about 540,000 square feet, marking the firm's second such deal in the city this year. KKR now owns over 33 million square feet of industrial property throughout the US. | | | | | | | | Thomas H. Lee Partners set to take control of Bazaarvoice | | | Thomas H. Lee Partners has agreed to acquire a majority stake in Bazaarvoice, the provider of a product-review and user-generated content platform, with PE Hub reporting the deal values the Austin-based company at over $1.5 billion. Marlin Equity Partners, Bazaarvoice's current majority shareholder, will retain a stake. | | | | | | | | Veritas, Elliott affiliate strike $3B deal for Cubic after sweetening offer | | | Defense contractor company Cubic has accepted a revised offer from Veritas Capital and Elliott Management's Evergreen Coast Capital to acquire the San Diego-based business for $75 per share, giving the deal an enterprise value of roughly $3 billion. ST Engineering had offered to take Cubic private for $78 per share, pushing Veritas and Evergreen to revise a previous $72-per-share-bid. Cubic said it chose the proposal from Veritas and Evergreen because of the "superior certainty and anticipated timing of closing" the deal. | | | | | | | | RedBird makes official deal for Red Sox stake | | | | | | |
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| SoftBank-backed Compass slashes IPO target by half | | | Real estate tech company Compass has reduced the amount it plans to raise in its IPO by around half to roughly $462.5 million at the midpoint price, with the goal of selling 25 million shares at between $18 and $19 apiece. A midpoint pricing would value the SoftBank-backed company at nearly $8.7 billion on a fully diluted basis. Compass had originally planned to sell 36 million shares at $23 to $26 each. | | | | | | | | Silver Lake-backed Endeavor revives IPO plans, will buy UFC outright | | | Endeavor, a Hollywood talent agency and provider of sports and entertainment offerings owned by Silver Lake, has filed with the SEC for an IPO just 18 months after pulling an offering the day before its debut. Funds from the latest IPO will go toward acquiring a 100% stake in the UFC, the professional mixed-martial arts league it has backed since 2018. Tesla CEO Elon Musk will join Endeavor's board of directors. | | | | | |
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| BlackRock brings in $3B for secondaries strategy | | | BlackRock Private Equity Partners has raised more than $3 billion for its new secondaries and liquidity solutions strategy, including a $2.4 billion vehicle that exceeded a $1.5 billion target. The fund will target mid-sized secondaries deals. The Wall Street Journal reported that the asset manager's backers provided an additional $600 million, which will be used to invest alongside the vehicle. | | | | | | | | Harlem Capital lands $134M for diversity-focused fund | | | Harlem Capital has raised $134 million for its second flagship venture fund, which will continue the firm's strategy of investing in women and minority founders. The diversity-focused firm has backed ecommerce startup CashDrop, media company Blavity and pet insurance provider Wagmo. Harlem Capital's first fund closed in 2019 with $40 million. Both funds allot 1% of the carry to be split among portfolio company founders. | | | | | |
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"Dissecting our analysis by sector, IT exit volume proportions substantially increased in 2020, hitting a new high. Close to 20% of all exit volume came from the sector, up from 12% a decade ago, predictably mirroring the trend seen in dealmaking. The bulk of PE assets that are actively trading have been in sectors benefiting from the pandemic, such as IT, due to valuations holding steady and, in some cases, rising."
Source: PitchBook's 2020 Annual European PE Breakdown | | | | | |
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