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| Investors wager on US sports betting as legalization spreads | |  | | New York is among 21 states that have moved to allow gamblers to bet on sporting events. (Al Bello/Getty Images) | | | Just a couple of years ago, you had to be somewhere in Nevada if you wanted to place a legal bet on a sporting event. - Today, thanks to a 2018 Supreme Court ruling, 21 states and the District of Columbia have moved to allow gamblers to bet on events ranging from college basketball and UFC fights to MLB and even professional table tennis, spurring investors to cash in on a fast-growing market opportunity.
- Since 2018, there have been 10 notable private equity deals in the sports betting market, accounting for over $700 million in capital raised, according to PitchBook data.
- On the venture capital side, investors have deployed $579 million across 19 deals since 2018.
| | | | | | | | | | Sale of Bountiful brands points to boom in PE exits | |  | | Nature's Bounty became the latest PE-backed brand to sell to a corporate acquirer last week. (Joshua Blanchard/Getty Images) | | | KKR has agreed to sell the core assets of The Bountiful Company, a maker of nutritional supplements, to Swiss conglomerate Nestlé for $5.75 billion, the latest indication the exit market for private equity shops remains frothy. - Nestlé will acquire Bountiful brands including Nature's Bounty and Osteo Bi-Flex in the deal, which is expected to close in the second half of 2021. Bountiful's sports and nutrition portfolio, which comprises Pure Protein, Body Fortress and Met-Rx, is not included, but Axios reported it will be divested separately.
- The Carlyle Group will exit its minority stake in Bountiful alongside KKR, which originally bought a majority stake in the New York-based company from Carlyle in 2017. Carlyle took Bountiful private in 2010.
- In the first quarter of the year, US private equity firms completed 289 exits for roughly $162 billion, according to PitchBook's Q1 2021 US PE Breakdown. The bulk of that exit value came from corporate acquirers with robust balance sheets that benefited from the stock market rebound over the past year.
- The exit boom continued in April. Last week, Humana agreed to acquire the remaining 60% of Kindred at Home it did not already own from TPG Capital and Welsh, Carson, Anderson & Stowe. The deal values the provider of home health and hospice services at $8.1 billion.
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| A message from InCloudCounsel | | |
| Breaking your old NDA negotiating routine | | The challenge: Dealmakers and legal counsel spend valuable time on repetitive, yet critical, legal work.
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| VC interest in Latin America swells as fintech takes flight | |  | | Sao Paulo is home to a host of fintech startups, including Nubank and Creditas. (Matt Mawson/Getty Images) | | | The rise of fintech innovation and demand for online banking tools amid the pandemic has ignited a digital transformation in Latin America. - Last year, startups in the region pulled in more than $1.3 billion across 110 VC deals, according to PitchBook data.
- Neobanks with differentiated business models are likely to thrive as they continue to attract venture interest from across the globe.
- "Challenger banks are finally creating a level of competition in the market that is really healthy for consumers," said Bill Cilluffo, a partner at QED Investors.
| | | | | | | | | | A battle between 7-Eleven and a franchisee in Japan could have profound implications for the company's authority over tens of thousands of franchise shops in the country. [The New York Times]
The Philippines' Apo Island used to depend on tourism to help save rare local turtles. So what happened when the pandemic halted that tourism? [BBC]
For four years, chief mate Mohammad Aisha was trapped aboard the MV Aman, an abandoned cargo ship, by the Egyptian government. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 16 Deals | 79 People | 25 Companies | | | | | | |
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| 2009 Vintage Global Buyout Funds | | | | | | |
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| PitchBook Webinar: US VC in Q1—Reaching for new heights | | Join us on May 5 for a webinar detailing the strong results the US VC industry saw in Q1. We'll be sitting down with industry experts from NVCA, Silicon Valley Bank and Secfi to dive into the findings from the Q1 2021 PitchBook-NVCA Venture Monitor, including the most recent data on fundraising, deals and exits. - Fundraising is on pace to reach new heights as one of the strongest quarters of all time, with just 14 mega-funds raising $19 billion in aggregate.
- Late-stage deal activity was bolstered by over 140 deals of $100 million or larger, resulting in record quarterly capital investment and $51.9 billion invested in late-stage startups.
- Exits remained robust, with more companies making their public debuts through SPACs in Q1 than in all of 2020.
Register today to secure your spot. | | | | | | | |
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| Capsule becomes unicorn with $300M round | | | Digital pharmacy operator Capsule has raised $300 million in Series D funding led by Durable Capital Partners, with participation from Baillie Gifford, T. Rowe Price and Whale Rock. The New York-based startup is valued at more than $1 billion in the round. It had a $400 million valuation in 2019, according to PitchBook data. With the new funding, Capsule plans to build on its pharmacy offerings with app-based telehealth and mental health services. | | | | | | | | Mux brings in $105M Series D | | | Mux has raised $105 million at a more than $1 billion valuation in a round led by Coatue Management. Founded in 2015, the San Francisco-based company is the operator of a video platform for developers. Mux was valued at $322 million in August, according to PitchBook data. | | | | | | | | Pachama cleans up with $15M | | | | | | |
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| L Catterton wraps up $4.8B Birkenstock buyout | | | L Catterton has completed its purchase of Birkenstock. Reuters reported in February that the deal values the German shoe company at some €4 billion (about $4.8 billion). Financière Agache, the family office of LVMH CEO Bernard Arnault, who helped launch L Catterton in 2016, also participated in the deal. | | | | | | | | Leeds Equity Partners does data deal | | | Leeds Equity Partners has agreed to back New York-based OptionMetrics, the developer of an options and futures database for institutional investors and academic institutions. The deal marks the first investment out of Leeds Equity Partners VII. | | | | | | | | PE-backed Zonda buys Canadian real estate listing service | | | Real estate data analytics company Zonda has acquired Toronto-based BuzzBuzzHome, an online real estate listings portal focused on the new residential construction market. Zonda was formed by MidOcean Partners in 2018. | | | | | | | | Rallyday backs Pyx Health | | | Rallyday Partners has invested in Pyx Health, an Arizona-based healthtech company that provides a platform and services addressing loneliness and social isolation. As part of the deal, industry veteran and former CirrusMD president and COO Scott Johnson will become an adviser to Pyx's board of directors. | | | | | |
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| Vista's Allvue Systems eyes IPO | | | Allvue Systems, a developer of investment management software, is reportedly planning an IPO for later this year; an offering could value the Vista Equity Partners-backed company at up to $3 billion. Vista acquired Allvue Systems in 2019. | | | | | | | | Sonder to go public via SPAC at $2.2B valuation | | | Sonder, the developer of a platform offering short-term apartment and vacation rentals, has agreed to go public through a SPAC sponsored by Gores Metropoulos II at a valuation of $2.2 billion. The transaction will provide the San Francisco-based company with $650 million in cash proceeds, including a PIPE of $200 million from investors like Fidelity Management & Research and BlackRock. Sonder has raised more than $560 million in venture funding since it was founded in 2014, according to PitchBook data. | | | | | |
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| Andreessen Horowitz eyes $1B for crypto fund | | | Andreessen Horowitz is reportedly working to raise up to $1 billion for a cryptocurrency-focused fund in what would be the firm's third vehicle dedicated to startups in the blockchain ecosystem. Andreessen Horowitz, whose portfolio scored a big win in April with the blockbuster IPO of Coinbase, seeks to raise a war chest of $800 million to $1 billion, according to the Financial Times. Just a year ago, the firm closed its second crypto fund on $515 million. | | | | | |
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"Fund volume for vehicles sized under €100.0 million dropped off 66.7% from 2019 and considerably contributed to the low fund count—especially as managers of smaller funds found the remote fundraising environment challenging. Nonetheless, two funds closed in this size bucket, including the €97.0 million CapMan Growth Equity II by Finland-based CapMan (HEL: CAPMAN)."
Source: PitchBook's 2021 Nordic Private Capital Breakdown | | | | | |
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