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*** Today could be D-day for Quadrangle Group (key-man vote deadline), but I’m still hearing that LPs will pass on the opportunity. As we reported earlier this week, Quadrangle has agreed to make some of its existing fund terms more LP-friendly.
William Cohan provided additional details yesterday in Fortune, although a source familiar with the situation says that Quadrangle has made even more concessions than Cohan disclosed (both before and after the ones he writes about). Consider it one of the very rare times when LPs have significant leverage.
*** When New York State Comptroller Thomas DiNapoli announced his placement agent ban on Wednesday, it was in the form of a one-page press release. But there are obviously a lot of details under the umbrella, so DiNapoli’s press office has sent over the entire, 11-page policy. We’ve posted it here.
*** Question of the Day: With Chrysler heading toward bankruptcy, was Cerberus’ initial investment the worst PE deal ever? It’s something I’m wrestling around with, and all input is appreciated (particularly from any LPs who can help me figure out just how much equity Cerberus actually invested). Remember, the current title-holder is TPG Capital for WaMu.
Top Three
HarbourVest Partners has closed its seventh global secondaries fund with $2.9 billion in capital commitments. It will invest in secondary interests of things like venture capital funds, leveraged buyout funds and portfolios of operating companies.
Move Networks, an American Fork, Utah–based provider of Internet television services, has acquired Inuk Networks, a UK-based triple-play service provider. No financial terms were disclosed. Move has raised over $57 million in VC funding from firms like Benchmark Capital, Cisco Systems, Comcast Interactive Capital, Hummer Winblad Venture Partners, Microsoft and Steamboat Ventures. Inuk Networks had raised around $18.5 million from S4C and Wesley Clover. !
Quantum Energy Partners is sponsoring the development of hydrocarbon-based energy resources on the Fort Peck Indian Reservation in Montana. No financial terms were disclosed for the commitment, which is being made via a platform called Native American Resource Partners. Quantum’s partners on the effort are the Reservation’s Assiniboine and Sioux Tribes.
VC Deals
Pinkberry, a chain of frozen yogurt shops, has secured $5.6 million of a $15 million equity financing, according to a regulatory filing. It had previously raised over $27 million from firms like Maveron LLC. www.pinkberry.com
Scoreloop AG, a German developer of a software platform that lets mobile gamers challenge each other, has raised an undisclosed amount of seed funding from Target Partners.
Buyout Deals
Ashland Inc. (NYSE: ASH) has put its Valvoline motor oil division on the block, according to The New York Post. The sale could garner Ashland upwards of $1 billion.
Olympus Partners has invested $50 million in equity and subordinated debt in the parent company of Phoenix Services LLC, a Unionville, Penn.-based provider of mill services to the steel industry.
Westwood One (OTC BB: WWON) has completed a previously-announced restructuring plan that included private equity firm Gores Group increasing its stake in the radio broadcaster to 72.5 percent. Gores originally invested $100 million via a PIPE last year, and has now provided another $25 million in equity (raising its stake to 74.8%). Westwood One also refinanced its outstanding long-term indebtedness.
PE-Backed M&A
Enesco LLC, a giftware platform sponsored by Tinicum Capital Partners, has agreed to acquire the Charming Trails brand of resin figurines from Fitz and Floyd Inc. It also has acquired the Department 56 brand from Lenox Group Inc. (recently acquired by Clarion Capital Partners), according to LBO Wire. No financial terms for either transaction were disclosed.
Firms & Funds
BlueRun Ventures has closed its fourth fund with $240 million in capital commitments. It had originally been targeting $300 million, after having raised $315 million for its third fund in 2005. VentureBeat first reported the news. www.brv.com
Candover Investments, the listed parent company of private equity firm Candover, said that it has received multiple takeover offers, and that it has begun negotiations with several interested parties.
Trinity Ventures has closed its tenth fund with $300 million in capital commitments.
Human Resources
Victor Burk has joined Alvarez & Marsal as a Houston-based managing director focused on the energy sector. He previously led the energy practice of executive search firm Spencer Stuart.
Alejandro Przygoda has joined Greenhill & Co. as a managing director in charge of the firm’s advisory efforts in the insurance sector. He previously ran UBS’ global insurance practice.
Hudson Clean Energy Partners has formed an advisory board, which includes: Robert Catell, Michael Eckhart, Richard Green, Alexander Karsner, George Lindemann, Joseph McConnell and Edward Miller.
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