Smith Electric Vehicles U.S. Corp., a maker of battery-powered electric trucks, has raised $58 million from unidentified investors. The financing includes $39 million in Series B convertible preferred stock, as well as $19 million in bridge notes and warrants converted into Series B preferred shares. The proceeds will be used for working capital, the company said in a statement.
2 min read · 15 March 2011
Venture-backed Solazyme Inc. has filed to raise $100 million in an initial public offering. Solazyme plans to list its shares on the Nasdaq Global Market under the symbol SZYM. The company’s backers include Lightspeed Venture Partners, The Roda Group, Harris and Harris Group, VantagePoint Venture Partners, Zygote Ventures, CTTV Investments LLC, the venture capital arm of Chevron Technology Ventures LLC, San-Ei Gen, Unilever, Bunge, Braemar Energy Ventures, and Sir Richard Branson via The Roda Group. Morgan Stanley and Goldman, Sachs & Co. are acting as lead underwriters.
2 min read · 15 March 2011
Chinese buyout shop A-CAPITAL has gotten the go-ahead from the Beijing municipal government to set up what it says is China’s first yuan-denominated outbound private equity fund, Reuters reported. The new fund will jointly invest with Chinese groups in European companies with an emphasis on technology, major brands, and carving out new markets, Reuters wrote. The firm, based in Beijing, already has a euro-denominated fund focused on China-Europe investments. The firm hopes to have a total of 3 billion yuan ($456 million) to invest.
3 min read · 15 March 2011
CITIC Capital Partners last week closed its second Japan buyout fund with 10 billion yen ($220 million), Reuters reported. The size of the fund is only 60% of what the firm originally targeted. CITIC Capital is owned by China Investment Corp., China's sovereign wealth fund, CITIC International Financial Holdings Ltd and CITIC Pacific Ltd, Reuters said.
1 min read · 15 March 2011
Continuing to ramp up its acquisition efforts, Facebook has hired Amin Zoufonoun, a member of Google Inc.’s corporate development team, to lead its M&A team, Reuters reported. Zoufonoun joins Facebook next week. Zoufonoun worked at Google since 2003, Reuters reported.
3 min read · 15 March 2011
Italian private equity firm Synergo SGR has held a first close of its second fund, Sinergia II, the firm said. The fund was launched in mid-2010 with a target of 350 million euro ($486 million). The exact amount of money raised to date was not released. Investors include pension funds, insurance companies and financial institutions, the Milan-based firm said. Synergo has roughly 450 million euro under management across its first and second fund.
2 min read · 15 March 2011
Private equity investor Castanea Partners has invested an undisclosed amount in Astor & Black Custom Clothiers. Formed in 2004, Columbus, Ohio-based Astor & Black is a provider of custom-made suits, shirts and other apparel. Terms of the transaction were not disclosed.
2 min read · 15 March 2011
Clairvue Capital Partners has added John Waters as an associate in its San Francisco offices. Previously, Waters was an acquisitions associate at Starwood Capital Group. He has also worked in the real estate investment banking group at Banc of America Securities LLC. Clairvue Capital Partners is currently investing its first fund, which closed in 2010 with $250 million.
2 min read · 14 March 2011
Silicon Valley Bank has hired John Hoesley to run its venture capital and private equity services group in the Midwest. Based in Chicago, Hoesley will focus on building relationships with venture and private equity firms across the Midwest. Silicon Valley Bank provides banking services and debt financing services for investment firms across the globe. For the past ten years, Hoesley was at Prism Capital in Chicago, where he was a partner and launched the firm's healthcare initiative.
3 min read · 14 March 2011
Alliance Trust, a $5.95 billion investment firm, plans to shut down its private equity unit to focus on its stock and bond investments, Reuters reported. The unit, Alliance Trust Equity Partners, manages about 110 million pounds ($176.8 million) in funds and investments.
1 min read · 14 March 2011
