I've been a business reporter for a while. I've covered Wall Street, venture capital and now private equity. I'm always looking for a scoop or something to talk about. I'm the eternal optimist and am still waiting for the Chicago Cubs to win the World Series. Yes, I believe.
2 min read · 20 May 2016
IGM Financial Inc, part of the Power Financial Corp Group of companies, has invested $50 million in Personal Capital as part of a Series E funding round. IGM has agreed to invest another $25 million next year. IGM will initially have 10 percent of Personal Capital, which will rise to 15 percent within 12 months. The Series E funding values Personal Capital at about $500 million. With offices in San Francisco and Redwood City, California, and Denver, Personal Capital offers an online wealth management platform, including apps, for clients to manage their money. Moelis & Co advised IGM while Evercore provided financial advice to Personal Capital. News of the fundraising was reported by Buyouts Insider in December.
1 min read · 19 May 2016
IGM Financial Inc, part of the Power Financial Corp Group of companies, has invested $50 million in Personal Capital as part of a Series E funding round. IGM has agreed to invest another $25 million next year. IGM will initially have 10 percent of Personal Capital, which will rise to 15 percent within 12 months. The Series E funding values Personal Capital at about $500 million. With offices in San Francisco and Redwood City, California, and Denver, Personal Capital offers an online wealth management platform, including apps, for clients to manage their money. Moelis & Co advised IGM while Evercore provided financial advice to Personal Capital. News of the fundraising was reported by Buyouts Insider in December.
1 min read · 19 May 2016
Ichor Systems, which is owned by Francisco Partners, has acquired Ajax Custom Manufacturing. Financial terms weren’t announced. Union City, California-based Ajax is a plastic component supplier to customers in the semiconductor capital equipment market.
3 min read · 19 May 2016
Afero said May 18 that it raised $20.3 million in Series C financing led by Samsung Catalyst Fund. Other investors include SoftBank Group, Fenox Venture Capital, Presidio Ventures, Sanshin Electronics Co Ltd, Robert Dobkin, and Assembly Partners. Los Altos, California-based Afero aims to provide a platform for secure connectivity of cloud-connected devices in various industries.
1 min read · 19 May 2016
Bit Stew Systems announced May 19 an initial close of a Series C found. Financial terms weren’t disclosed. Investors include Yaletown Partners, GE Ventures, BDC Capital and Kensington Capital Partners. Burnaby, British Columbia-based Bit Stew provides a platform for complex data integration, data analysis, and predictive automation for connected devices on the Industrial Internet of Things (IIoT).
1 min read · 19 May 2016
Braemar Energy Ventures said May 18 that it invested in Renew Financial. Financial terms weren’t disclosed. Renew specializes in affordable financing for renewable energy and energy efficiency projects. Renew in February raised $70 million. Investors include Apollo Capital Management, Angeleno Group, Claremont Creek Ventures, LL Funds Inc, NGEN Partners and Prelude Ventures.
2 min read · 19 May 2016
Monroe Capital LLC said it provided a loan to back MSouth Equity Partners’ buy of Southern Air & Heat. Financial terms weren’t announced. Shreveport, Louisiana-based Southern Air & Heat provides maintenance, replacement, and new installation services to the heating, ventilation, and air conditioning (“HVAC”) market.
2 min read · 19 May 2016
Sovran Self Storage Inc said May 19 that it agreed to buy LifeStorage LP in a deal valued at about $1.3 billion. Sovran said it has secured $1.35 billion in bridge financing to provide certainty of closure. Roseville, California-based LifeStorage owns and operates of self storage facilities in the United States, currently operating 92 self storage properties in nine states. TPG invested $120 million in LifeStorage in 2014. Wells Fargo Securities,LLC acted as lead financial advisor and SunTrust Robinson Humphrey also acted as a financial advisor to Sovran Self Storage. Phillips Lytle LLP and Hogan Lovells served as legal counsel in connection with this transaction. Citgroup Global Markets Inc acted as financial advisor to LifeStorage and Latham & Watkins LLP served as counsel to LifeStorage in connection with the transaction.
4 min read · 19 May 2016
Revenue Management Systems (RMS) said May 18 it named Dan Whelan as its CEO. Whelan previously served as General Manager of Data Fusion Technologies. Mercator, which is backed by Warburg Pincus, acquired RMS in April.
4 min read · 19 May 2016
