Private Equity
Stamford-based Daniel R. Frank, in conjunction with MM Dillon & Co, has unveiled Sea Dragon Healthcare Partners L.P., a new healthcare fund that will invest in U.S.-based healthcare companies with a focus on medical devices and technology, diagnostics imaging and specialty pharmaceuticals. The fund has already secured approximately $15 million in seed round funding from internal sources and close associates and has closed on its first investment GlucoTec Incorporated.
2 min read · 27 September 2011
Beijing-based Renren, a Chinese social networking internet platform has announced the acquisition of online video sharing site 56.com. The value of the acquisition will be $80 million and is expected to complete in the fourth quarter of 2011. Since inception, 56.com has received venture backing from firms including Sequoia Capital, Steamboat Ventures, CID Group, and SIG.
3 min read · 27 September 2011
San Diego-based Elevation Pharmaceuticals has drawn down a $17 million second tranche of its Series A financing. The biopharmaceutical company which develops new aerosol therapies for patients with respiratory diseases is celebrating positive results of a Phase 2a study and has initiated a Phase 2b study. All of the original participants in the Series A financing participated in the $17 million second tranche. These included Canaan Partners, Care Capital, TPG Biotech, and Mesa Verde Venture Partners.
5 min read · 27 September 2011
Rosemont-headquartered U.S. Foodservice has announced its new name, US Foods and is undertaking a rebranding of the business. It will launch a line of new and innovative products and is working to provide customers with more intuitive tools and technologies, and thoughtful service solutions and information. The company is jointly owned by funds managed by Clayton, Dubilier & Rice Inc. and Kohlberg Kravis Roberts & Co.
3 min read · 27 September 2011
Amalgamated Bank said Monday it expects to receive about $100 million in equity investments from two investors, WL Ross & Co. LLC and The Yucaipa Companies. Each are putting in around $50 million. Once the deal closes, which is expected in fourth quarter, Yucaipa (which is led by Ron Burkle) and WL Ross will each own approximately 20% of Amalgamated's common stock.
4 min read · 26 September 2011
The Carlyle Group has acquired ITRS Group, a provider of trade monitoring technology and services to the financial services sector for an undisclosed sum. Equity for this investment will come from Carlyle Europe Technology Partners II (CETP II), a €530 million fund that closed in November 2008. Carlyle will support ITRS’ international expansion and is committed to broadening the company’s specialized product offering.
3 min read · 26 September 2011
Yahoo is considering inquiries from various parties about its future, but expects to take months make any decision, Reuters wrote. Yahoo has retained Allen & Co to help it conduct a "strategic review" after it fired Chief Executive Carol Bartz earlier this month. Private equity firm Silver Lake Partners is among the parties that have been in touch with Allen & Co, according to a Reuters source.
2 min read · 26 September 2011
US-based customer intelligence solutions company Market Force Information has acquired UK customer experience improvement agency Retail Eyes. The acquisition will enable the company to focus on sustaining growth in the UK and developing the business in European markets. Market Force is a VC-backed firm. Its investors are Monitor Clipper Partners, Centennial Ventures, Boulder Ventures and Vista Ventures, as well as bank lenders.
2 min read · 26 September 2011
Vista Equity Partners is acquiring Thomson Reuters' trade and risk management software business, which includes flagship product Kondor. Vista beat bids from other private equity firms including Cinven, Bridgepoint and Montagu Private Equity. The value of the sale was not disclosed, but the loan supporting the leveraged buyout is expected to be around $200 million, Reuters wrote. Thomson Reuters is the publisher of this blog.
2 min read · 26 September 2011
New York-based USI Insurance Services has acquired de la Parte & Associates, a Florida-based employee benefits & insurance consulting firm. USI is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co. Founded in 1994, the company is a distributor of employee benefits insurance programs & solutions.
2 min read · 26 September 2011
