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| In today's Daily Pitch, you'll find: | | | | | |
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| Lukewarm SPAC market's fate is intertwined with IPOs | | It's clear now that modern reverse mergers between SPACs and low-revenue, high-growth companies are faring about the same as the IPO market: not well. That's largely due to the volatile public markets. PitchBook's VC-backed IPO and deSPAC indexes have each posted losses of more than 45% YTD.
But interest from shareholders has also waned as they seek to de-risk their portfolios, and that sentiment led only 35 new SPAC vehicles to list on public exchanges during the third quarter. Our latest analyst note explores whether the dropping activity levels in Q3 may have sounded the death knell for the SPAC renaissance. | | | | | | | | | Q&A: Churchill's Nick Lawler on the secondaries market slowdown | |  | | (treety/Shutterstock) | | | Last year's strong dealmaking momentum in the secondary markets persisted into the first half of 2022, with buyers deploying capital at a fast clip.
However, the liquidity in this market has been shrinking due to fundraising challenges. Meanwhile, secondary investors are becoming more selective amid the market volatility. For the rest of the year, deal volume is expected to slow, making the total tally lower than last year's highs, and the market is putting power back in the hands of buyers who can request better deal terms.
PitchBook recently spoke with Nick Lawler, Churchill Asset Management's new head of secondaries operations, about how pricing and deal terms have changed in recent months and how the team is approaching opportunities in today's market. | | | | | | | |
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| VC-backed life sciences companies face a more difficult market | | Orrick's Life Sciences Snapshot explores venture capital trends in the life sciences industry in Q3. Top findings include a continued drop in deal value to pre-pandemic levels in Q3 but more elevated deal value on an annual basis so far in 2022. Mixed changes in deal sizes and pre-money valuations took shape for late-stage companies, which are more likely to be impacted by the strained IPO environment. The report includes further analysis of dealmaking and exit trends for various company stages and sizes.
Read it now | | | | | | | |
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| Top 10 VC deals of the DACH region so far in 2022 | |  | | Berlin's Brandenburg Gate (Thorsten Frisch/Shutterstock) | | | The number of VC mega-rounds in the DACH region—which includes Germany, Austria, Switzerland and Liechtenstein—has fallen this year as the economic downturn puts pressure on dealmaking.
However, a handful of startups have secured outsized rounds, with two even surpassing the €1 billion mark. We've rounded up which companies have raised the most so far. | | | | | | | | | | Family offices have gotten opportunistic amid the market chaos, showing interest in distressed hospitality, digital assets, lithium and even Ukrainian tech companies. [Institutional Investor]
The Carlyle Group is searching for a new CEO. Here's a look at some candidates. [Fortune]
Across the country, people are struggling to fill their prescriptions for Adderall, and this deficit could turn deadly. [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 234 Deals | 720 People | 273 Companies | 23 Funds | | | | | | |
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| 2015 Vintage Global VC Funds | | | | | | |
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| Ascend Elements raises $300M in equity and debt | | | Ascend Elements has raised $300 million, including a $200 million Series C round led by Fifth Wall Climate. The company is a developer of battery technology designed to recycle old cathode materials. | | | | | | | Trigo banks $100M to develop autonomous checkout technology | | | Trigo has raised $100 million in a round co-led by Temasek and 83North, Reuters reported. Based in Tel Aviv, the company is a developer of checkout technology designed to track customer movement and product choices using ceiling-mounted cameras. | | | | | | | M12 leads $25M Series A for Valence Security | | | Valence Security has raised a $25 million Series A led by M12. The company develops an infrastructure platform for SaaS security applications. | | | | | | | EV battery startup Ionblox nabs $24M | | | Ionblox, formerly known as Zenlabs Energy, has raised a $24 million Series B from investors including Lilium, Applied Ventures and Catalus Capital. Founded in 2017, the company is a developer of lithium-ion technology for electric vehicles. | | | | | | | | | | | | |
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| Don't miss our upcoming webinar | | With the end of 2022 approaching, the differences in the VC market from this year to last continue to come into focus.
In this webinar, our speakers will explore the lost momentum of 2022, as well as the inverse dynamic between deal sizes and deal count. They will analyze the factors that contributed to this decline and whether current market conditions will continue or revert.
Register now to secure your spot. | | | | | | | |
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| BDT offers to take Weber private with cash deal | | | BDT Capital Partners has offered to buy out grill-maker Weber for $6.25 in cash per share. The private equity firm first acquired Weber through an LBO in 2011, then whittled its stake down to just above 48% over several stages, including when Weber held its IPO in 2021. | | | | | | | New Mountain invests in Eir-backed ClaimLogiq | | | | | | | | ICG's Seaway Plastics acquires MME Group | | | ICG's Seaway Plastics Engineering, which specializes in engineering injection-molded products, has acquired MME Group. The Minnesota-based add-on company operates two plants, expanding Seaway's geographic reach and its customer relationships in the medical industry. | | | | | |
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| Aerojet seeks potential PE buyer | | | Aerojet Rocketdyne Holdings has been seeking offers for its company, and a private equity deal could be in play, Reuters reported. Antitrust regulators had blocked the rocket engine maker's planned $4.4 billion acquisition by Lockheed Martin in early 2022. | | | | | |
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| Mayfair sells Pixomondo to Sony Pictures | | | | | | |
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| General Atlantic to buy Iron Park Capital | | | General Atlantic has agreed to acquire Iron Park Capital Partners, whose funds invest in public and private credit markets. Iron Park's CEO and founder Tripp Smith will become CEO of newly created General Atlantic Credit. The deal is expected to close in the first quarter of 2023. | | | | | |
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