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.
Halyard Capital said Wednesday that it has sold Engauge Marketing to Publicis Groupe S.A. Financial terms weren't announced. Engauge, which has offices in Atlanta, Columbus, Orlando, and Pittsburgh, is a digital advertising services agency. Petsky Prunier provided financial advice to Engauge/Halyard.
3 min read · 15 August 2013
Steinway Musical Instruments said Wednesday that Paulson & Co. has agreed to buy the company for $40 a share, or roughly $512 million. Kohlberg & Company, which had bid $35 per share, said Tuesday it would not match Paulson's offer. Steinway says it has terminated its deal with Kohlberg and will pay a $6.7 million termination fee. Paulson's offer doesn't include a "go-shop" but Steinway can respond to unsolicited offers in certain circumstances, and can accept a "Superior Proposal" until the close of the tender offer. Steinway, of Waltham, Mass, is famous for its grand pianos. Allen & Company provided financial advice to Steinway.
6 min read · 14 August 2013
Incline Equity Partners said Wednesday that its most recent fund collected over $301 million of capital commitments. Investors in Incline Equity Partners III L.P. include pension funds, fund-of-funds, insurance companies, family offices, and foundations, as well as executives from Incline’s current and prior portfolio companies, the PE firm said. IEP III represents Incline’s first fund raised as an independent firm. Sixpoint Partners served as placement agent and Covington & Burling was the attorney. Pittsburgh-based Incline Equity targets the lower middle market and makes investments of $10 million to $25 million in growth companies with enterprise values between $25 million and $100 million.
3 min read · 14 August 2013
Baidu has agreed to buy 91 Wireless Websoft from NetDragon Websoft Baidu, which is paying $1.9 billion, is buying the 57.4% stake owned by NetDragon and remaining shares from other shareholders. 91 Wireless is one of China's top three app stores by monthly users, Reuters said.
5 min read · 14 August 2013
EQT has invested CHF 44 million (US$46.9 mln) in swiss smile. Switzerland-based swiss smile operates several clinics in that country and has franchises or joint ventures in UK, Russia and India. EQT says it has bought out swiss smile's existing minority shareholders.
4 min read · 14 August 2013
To start your Wednesday, we have news that smartphones finally overtook dumbphone sales, AOL CEO Tim Armstrong apologizes for publicly firing an employee, plus a PE executive who lives and does deals without having a cell phone.
1 min read · 14 August 2013
High Road Capital has raised $285.5 million for its popular second fund, according to a placement source and an SEC filing.
2 min read · 13 August 2013
Extreme Reach, a portfolio company of Spectrum Equity, has agreed to buy the TV business of Digital Generation for $485 million cash. The deal includes Digital Generation's advertising distribution business unit. Spectrum Equity, which invested $51 million in Extreme Reach in May 2013, has agreed to invest up to an additional $47 million to facilitate the acquisition. J.P. Morgan and SunTrust Robinson Humphrey are providing debt financing. Berenson & Co. provided financial advice to Extreme Reach. Needham, Mass.-based Extreme Reach provides cross-media video advertising solutions that span TV, online, mobile and all other video media.
3 min read · 13 August 2013
Danmagi said Tuesday it received a "significant" investment from Exact Invest, Danish venture capital company. Financial terms weren't announced. Copenhagen-based Danmagi provides guest internet service provider for the hospitality and hotel industry.
2 min read · 13 August 2013
Cyvera said Tuesday it raised $11 million in venture capital funding led by Battery Ventures. Serial entrepreneurs Prof. Ehud Weinstein and Dr. Ofir Shalvi, joined the round as well. San Francisco-based Cyvera provides cyber defense solutions to stop zero-day attacks.
4 min read · 13 August 2013
