Q1 2010 is history, which means that my inbox is getting peppered with new data reports.
First up are VC-backed exits, which had a banner quarter. And I don’t just mean compared to the past year’s slog. The National Venture Capital Association and Thomson Reuters report higher VC-backed M&A exit value than ever before in a single quarter, with 73 deals generating $8.9 billion in disclosed value. VC-backed IPOs also rebounded, with nine offerings raising more than $930 million. You can download the data here.
As for private equity fundraising, Preqin reports that 79 funds raised $50.4 billion in Q1. This is a slight bump over the prior quarter. Worth noting that Preqin data includes all types of PE funds (VC, buyout, etc) and only counts a fund when it holds its final close. In other words, a fund could raise $100 million in Q4 and $100 million in Q1, but! the whole $200 million would be counted in Q2.
Preqin also shows a decrease in the aggregate number of funds still in market. Get the data here.
*** It was great seeing so many of you at last night’s Boston Shindig. We raised over $5,500 for the New England Center for Homeless Veterans, and caused more than a few headaches and hoarse voices this morning. Pics will be up on the wesite shortly. Thanks to everyone who came… We’ll certainly be back.
*** As many of you know by now, Kleiner Perkins yesterday announced that it has doubled the size of its iFund to $200 million — in part to take advantage of iPad-related opportunities. Per usual, Kleiner manages to squeeze more attention out of less actual news than any other investment firm I know.
The original iFund was effectively an allocation carveout from an existing KP fund, so it was never “raised’ in the traditional sense. John Doerr told a Reuters reporter yesterday that the extra $100 million is “new money we have committed.” Unfortunately, he has not replied to follow-ups about what he actually meant.
I’ve spoken to a pair of LPs who did not get contacted about a new raise, but speculate that this is simply a new allocation from an annex fund KP raised last year. Makes sense, but it’s certainly not groundbreaking news. To be honest, nor would be a $100 million new raise from a firm as large as Kleiner. If we get further cla! rification, I’ll be sure to let you know…
*** Yes, I had a major grammatical blunder in yesterday’s column. Hopefully this helps answer a common reader question: “Do you have a copy editor?”
*** Publishing Note: No issue tomorrow due to the Good Friday holiday. Talk with you again on Monday… Have a great weekend!
Top Three
Catterton Partners has agreed to sell Liberty Safe and Security Products Inc., a Payson, Utah-based gun manufacturer, to Compass Diversified Holdings. The deal is valued at approximately $70 million. Baird managed the sell-side process.
Vidyo Inc., a Hackensack! , N.J.-based provider of videoconferencing solutions, has raised $25 million in Series C funding. Four Rivers Group led the round, and was joined by return backers Menlo Ventures, Rho Ventures, Seven-Rosen Funds and Star Ventures. The company has now raised $63 million in total VC funding.
Henry McCance, founder and chairman emeritus of Greylock Partners, has bought around 6% of the The New York Times‘ stake in New England Sports Ventures (parent company of the Boston Red Sox). NYT will continue to hold a 16.6% position.
VC Deals
Amyris Biotechnologies Inc., an Emeryville, Calif.-based synthetic biology company that developers renewable hydrocarbon biofuels, has raised $47.8 million from Temasek Holdings. The company previously raised just under $200 million from Kleiner Perkins, Khosla Ventures, TPG Biotechnology, Votorantim Novos Negocios, Advanced Equities Inc., DAG Ventures, Grupo Cornélio Brennand, Naxos UK, The Westly Group and Stratus Group.
MokaFive, a Redwood City, Calif.-based virtual desktop management company, has raised $21 million in Series C funding. NGEN Partners led the r! ound, and was joined by return backers Khosla Ventures and Highland Capital.
Telarix Inc., a Vienna, Va.-based provider of business information exchange and interconnect OSS/BSS solutions, has raised $20 million in growth equity funding from Brown Brothers Harriman.
Prosper.com, a San Francisco-b! ased peer-to-peer lending marketplace, said that it has signed term sh eets on a Series D round of funding for between $13.3 million and $15.8 million. Prosper previously raised over $40 million from Accel Partners, Benchmark Capital, Omidyar Network, DAG Ventures and Volition Capital (fka Fidelity Ventures).
InsideView Inc., a San Francisco-based provider of an online sales intelligence application, has raised $11.5 million in Series B funding. Return backers include Emergence Capital Partners, Rembrandt Venture Partners and Greenhouse Capital Partners. The company previously raised just under $14 million.
Stovekraft Pvt Ltd., an Indian kitchen appliances company, has raised around $11.2 million in second-round funding from Sequoia Capital India. It previously raised around $5 million from Sidbi Venture Capital in 2007. www.sequoiacap.com
Latimer Education Inc., a Washington, D.C.-based for-profit education company focused on African-American students, has raised $1.25 million in VC funding from Maveron LLC.
Violin Memory, a Mountain View, Calif.-based developer of Flash memory enterprise systems, has raised an undisclosed amount of VC funding from Toshiba Corp. A January regul atory filing indicated that Violin Memory had secured around $16 million of a possible $27 million funding round.
[x+1], a New York-based provider of predictive online marketing, has secured a $10 million line of credit from Silicon Valley Bank. It previously raised over $16 million VC funding fromAdvanced Technology Ventures, Hudson Venture Partners and Blue Chip Venture Company.
Buyouts Deals
Attends Healthcare Inc., a maker of adult incontinence products,has raised $98 million in new financing for a recapitalization. The deal includes a $20 million asset-based revolving credit facility from Wells Fargo Capital Finance and $78 million in term loans from Regiment Capital. Proceeds will be used to refinance existing debt and to fund a $60 million distribution to shareholders like KPS Capital Partners.
KKR has joined Triton on its previously-announced €850 million acquisition of Nordic care home operator Ambea from 3i Group. The two firms will be 50-50 part! ners on the deal, which closed yesterday.
HHI Group Holdings, a maker of forged parts for power train and wheel-end applications, has raised $300 million in new financing for a recapitalization. The deal includes a $100 million revolving credit facility and a $200 million term loan. Proceeds will be used to refinance existing debt and to fund a $150 million distribution to shareholders like KPS Capital Partners and MC Capital.
Hopu Investments has led a $110 million investment into Winsway, a Chinese coking coal logistics company.
TA Associates has acquired a majority stake in British lifestyle brandCath Kidston. No financial terms were disclosed .
PE-Backed IPOs
Ameresco Inc., a Framingham, Mass.-based provider of energy efficiency solutions in North America, has filed for a $150 million IPO. Shareholders include Cross Harbor Capital Partners.
Codexis Inc., a Redwood City, Calif.-based provider of solutions for pharma chemical process development and manufacturing,has set its IPO terms to six million shares being offered at between $13 and $15 per share. The company would have an initial market cap of nearly $509 million, were it to price at the high end of its range. Codexis has raised just over $80 million in VC funding since 2002, from firms like CCTV Investments, CMEA Ventures, Pequot Capital, Bio*One Capital and Pfizer. It canceled a previous $100 million IPO attempt in September 2008. www.codexis.com
PE-Backed M&A
Crisis Prevention Institute, a portfolio company of The Riverside Co., has acquired Positive Options, a UK-based provider of crisis-related diagnostic services, education and training since 2004.
Playdom, a Mountain View, Calif.-based social gaming company, has acquired Argentina-based social games developer Three Melons. No financial terms were disclosed. Playdom last y! ear raised a $43 million Series A round at around a $300 million post-money valuation, from New Enterprise Associates, Lightspeed Venture Partners and Norwest Venture Partners.
Solo Cup Co., a portfolio company of Vestar Capital Partners and BAML Cpital Partners, has acquired InnoWare Plastic Inc. from InnoWare LLC, a portfolio company of Norwest Equity Partners. No financial terms of the all-stock deal were disclosed. InnoWare Plastic is a Georgia-based maker of take-out containers.
Sterling Foods, a portfolio company of Austin Ventures and TGF Management, have acquired Caravan Trading Co., a Union City, Calif.-basedbakery for thewholesale, military, food service and retail industries. No financial terms were disclosed.
PE Exits
MDRNA Inc. (Nasdaq: MRNA) has agreed to acquire Cequent Pharmaceuticals, a Cambridge, Mass.-based developer of RNAi-based treatments. The all-stock deal is valued at approximately $46 million. Cequent has raised around $17.5 million in VC funding, from Ampersand Ventures, Nexus Medical Partners, Pappas Ventures, New England Partners, Yasuda Enterprise Developmen and Novartis Option Fund.
Synchronica PLC has agreed to acquire the instant messaging business of Norway-based Colibria. No financial terms were disclosed. Colibria has raised VC funding form Northzone Ventures, Verdane Capital and Ferd Venture.
Tranzeo Wireless Technologies (TSX: TZT) has agreed to acquire Aperto Networks Inc., a Milpitas, Calif.-based provider of WiMAX base stations and subscriber units. The deal is valued at just $5 million in Treanzeo shares, plus possible earnouts. Aperto Networks has raised around $160 million in total VC funding since 1998, from firms that include Quicksilver Ventures, Gunn Allen Venture Partners, JK&B Cap! ital, Canaan Partners, Alliance Ventures, Innovacom, JAFCO Ventures an d Labrador Ventures.
Water Street Healthcare Partners has completed its sale of gastrodiagnostic device company Sierra Scientific Instruments to Given Imaging Ltd. (Nasdaq: GIVN). The deal was valued at $35 million in cash.
Firms & Funds
Broadpoint Gleacher Securities Group Inc. (Nasdaq: BPSG) plans to rename itself Gleacher & Company. It also will reincorporate in Delaware.
China Investment Corp. has cut the amount of new funding it is seeking from the government from $200 billion to $100 billion, according to local media reports.
Human Resources
Richard Blum, founder and chairman of Blum Capital Partners, has joined the Federal Reserve Bank of San Francisco’s Economic Advisory Council for a three-year term.
RiverVest Venture Partners has promoted Niall O’Donnell to principal. O’Donnell joined the life sciences-focused firm as a Kauffman Fellow in May 2006, and continued on as an associate.
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