19 Jan, 2021
CVC weighs AOC options including $2B sale; Carlyle-backed Memsource buys Phrase
* CVC Capital Partners Ltd. is in the early stage of weighing options for AOC LLC, including a sale that could bring in at least $2 billion. The buyout firm may seek a roughly 12x EBITDA multiple for the composite-resins business, which has annual EBITDA of over $200 million.
* Carlyle Group Inc.-backed artificial intelligence-based translation software provider Memsource AS acquired Hamburg-based Phrase, a provider of cloud-based localization for software, websites and mobile applications.
➤ Hellman & Friedman announces inter-fund sale of TeamSystem
TeamSystem management will make a significant reinvestment as part of the equity funding of the transaction, and Hg will also invest as a minority shareholder.
➤ Careismatic Brands accelerates deadline to Jan. 20 for term loans backing buyout
The financing supports the acquisition of the company by Partners Group.
FUNDRAISING AND DEALS
* Los Angeles-based private equity firm Brentwood Associates Inc.. recapitalized Seattle-based MedBridge Inc., a software-as-a-service platform providing patient engagement and clinical education solutions for healthcare professionals. LLR Partners Inc., a lower-middle-market investor targeting technology and healthcare businesses, as well as the company's senior management, will retain significant minority ownership stakes in the business.
* A consortium including Australian private equity firm CPE Capital Pty. Ltd. has offered a A$2.5 billion buyout proposal for waste management group Bingo Industries Ltd., The Australian Financial Review reported. The consortium includes Macquarie Infrastructure & Real Assets Inc. as a major backer, the report noted.
* Mumbai, India-based Godrej Fund Management held the first close of GBTC II, a $500 million office development platform, in partnership with Netherlands-based APG Asset Management NV, the cornerstone investor in the platform. Godrej Fund Management is the real estate private equity arm of Godrej Properties Ltd.
* TPG Capital LP and TA Associates Management LP-backed Planview Inc. acquired protect management software providers Clarizen Inc. and Changepoint Corp. The acquisitions are expected to be completed in the first quarter, channele2e.com reported.
* Poseidon Ocean Systems, a Canadian aquaculture engineering and technology provider, raised C$5 million in series A funding by Canadian private equity firm Ag Capital Canada with follow-on investment from Export Development Canada. Poseidon Ocean Systems plans to use the funding to accelerate engineering and delivery of new proprietary technologies to market.
* Berlin-based digital road freight forwarder sennder GmbH raised $160 million at the close of its series D financing. Accel Partners, HV Capital Adviser GmbH, Lakestar Advisors GmbH, Project A Ventures GmbH & Co. KG and Scania Growth Capital AB participated in the fundraising, according to S&P Global Market Intelligence data.
VENTURE CAPITAL
* Indian digital health startup MFine raised $16 million in a new funding round led by Singapore-based Heritas Capital Management Pte. Ltd. Other participating investors included the Singapore-based family office of Y'S Investment Pte Ltd. SBI Investment, SBI Ven Capital Pte. Ltd., Beenext Pte. Ltd. and Alteria Capital Advisors LLP also participated as existing investors.
* Munich-based human resources software company Personio GmbH raised $125 million from investors at a valuation of $1.7 billion, Reuters reported. Existing participating investors included Palo Alto, Calif.-based Accel Partners, Lightspeed Venture Partners, Northzone Ventures, Global Founders Capital Management GmbH, and Picus Capital GmbH. Meritech Capital Partners also participated as a new investor.
* Rain Financial Inc. raised $6 million in a series A funding round led by Middle East Venture Partners after securing backing from U.S.-based cryptocurrency exchange Coinbase Inc., Bloomberg News reported. Other investors included Vision Ventures, Jameel Investment Management Co., Chicago-based CMT Digital Venture LLC and The DIFC Fintech Fund. The funds will be used for the Bahrain-based crypto-asset startup's regional expansion plans and to grow its engineering team.
* Malaysian venture capital firm Navis Capital Partners invested in Singapore-based fintech solutions firm Moneythor Pte Ltd., which provides solutions to financial institutions to improve digital banking services, DealStreetAsia reported. Financial terms were not disclosed.
* Menlo Park, Calif.-based Sequoia Capital Operations LLC agreed to invest in Berlin-based online car-trading platform Auto1 Group GmbH ahead of its IPO at a valuation of about €6 billion, Bloomberg News reported. Sequoia Capital and Lone Pine Capital LLC agreed to each buy about €50 million euros of Auto1 stock from early investor DN Capital (US) Inc.
INDUSTRY NEWS
* In 2020, venture capital firms invested nearly $2.26 billion into local companies in Austin, Texas, which is slightly short of the $2.3 billion invested in 2019, the Austin Business Journal reported, citing a new Venture Monitor report by PitchBook and the National Venture Capital Association.
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