peHUB Wire: Thursday, April 15, 2010

Greetings from San Francisco, where last night we hosted our largest-ever peHUB Shindig. Great seeing so many (hundreds) of you, and thanks for helping to raise more than $6k for The Guardsmen, an all-volunteer group that helps send at-risk Bay Area kids to outdoor programs during the summer.

*** Last year, a group of peHUB readers played softball at Fenway Park, as part of the annual Field of Dreams event. More specifically, we smoked a team from TD Banknorth, which was taking it way more seriously than we were (thus making it all the sweeter).

So I was thinking… Let’s do it again.

Field of Dreams is a fundraiser for a Boston-based anti-poverty group called ABCD, and the proceeds help provide summer jobs for inner-city youth. It’s not cheap to play – nearly $700 per head – but I’m hoping that a bunch of you might be interested in coming out. The game would be on June 25, and I would need to put together our roster within the next couple of weeks.

Participants get to sit in the dugout, play on the field, get a bunch of at-bats, etc. Plus, they can have an unlimited number of friends and family attend, including children (Wally is there, free hotdogs, etc.). We may even do another after-party at the Baseball Tavern.

The games are scheduled to take place on June 25. If you have interest, please send me an email.

*** Today I’m moderating a panel of the future of private equity, here at Buyouts West. My main questions will be about lessons learned from 2006-2008, and if any of them will actually be heeded. I have strong, strong doubts.

*** Today is tax day, which means it’s also a happy birthday to M — my onetime girl next door-turned-PE pro who has never given me a lick of decent intel. In other words, the consummate pro. Have a good one…

*** Apologies for the lack of substance today, but yesterday wasn’t terribly productive from a reporting standpoint (plane, meetings, party). I’ll try to do better tomorrow…

Top Three

U.S. Renal Care Inc. has agreed to acquire Dialysis Corp. of America (Nasdaq: DCAI) for around $112 million, or $11.25 per share (72% premium to Tuesday’s closing stock price). U.S. Renal Care shareholders include Cressey & Co., Salix Ventures and SV Life Sciences.

China Grand Automotive Services Ltd., China’s largest auto dealership network, is planning an IPO that could raise around $1 billion. Goldman Sachs and China International Investment Corp. will serve as underwriters. TPG Capital owns a 40% stake in the company.

VaxGen Inc. (OTC BB: VXGN) has agreed to acquire diaDexus Inc., a South San Francisco-based developer of a blood test for the prediction of cardiovascular disease, for approximately $21 million worth of VaxGen shares. Following the deal, existing diaDexus shareholders would hold a 60.9% stake in the combined company.DiaDexus has raised around $180 million in VC funding since 2000, from Scale Venture Partners, GlaxoSmithKline, Baker Brothers Advisors, Burrill & Co., Rho Ventures, Bain Capital’s Brookside Fund and Mosaix Ventures.

VC Deals

The Hut Group, a UK-based online retail platform for consumer goods, has raised £14 million in “pre-IPO” funding. Backers include Artemis, Balderton Capital, The William Currie Group and retailer Angus Monro.

Gvitech Technologies Co., a developer of 3D virtualization technology, has raised $8.79 million in VC funding from Shenzhen Fortune Venture Capital and Beijing Zhicheng Shengjin Venture Capital.

PubMatic, a Palo Alto, Calif.-based provider of an ad monetization and management platform for online publishers, has raised $7.5 million in new VC funding. Helion Venture Partners led the round, and was joined by Draper Fisher Jurvetson and Nexus Venture Partners. The company previously raised $10.5 million., a Pasadena, Calif.-based provider of an online homework help for college and high school student, has raised $6 million in Series B funding led by Primera Capital.

Spredfast, an Austin, Texas-based developer of an enterprise-class social media management system, has raised $1.6 million in Series A funding from Austin Ventures.

InterResolve, a UK-bas! ed independent injury claims company, has raised an undisclosed amount of equity funding from Balderton Capital. The company says it now has a £30 million “war chest” for claims acquisition.

Buyouts Deals

Saratoga Investment Advisors and CLO Partners have agreed to purchase a minority stake in business GSC Investment Corp. (NYSE: GNV), as part of a $55 million recapitalization plan to help the company grow its mid-market lending business.

PE-Backed IPOs

Smile Brands Group Inc., a Santa Ana, Calif.-based provider of support services to dental groups in the U.S., has set its IPO terms to 7.35 million common shares being offered at between $16 and $18 per share. The company would have an initial market cap of approximately $350 million, were it to price at the high end of its range. Freeman Spogli & Co. holds a 77.3% pre-IPO ownership position. Other shareholders include CalSTRS (9.8%), Gryphon Investors (6.5%) and ASF Co-Investment Partners (6.5%).

PE Exits

Enamblence Technologies Inc. (TSX: ENA) has agreed to acquire Teledata Networks, an Israel-based provider of multiservice access solutions, for $50 million in cash and shares. Teledata backers include Kardan Group, Elron Electronic Industries and Infinity Venture Capital Fund.

FusionStorm has acquired certain assets of Global Netoplex Inc., a San Jose, Calif.-based provider of infrastructure-as-a-service solutions to MMO gaming companies. No financial terms were disclosed. GNI backers included Hummer Winblad Venture Partners.

PerkinElmer has agreed to acquire Signature Genomic Laboratories, a Spokane, Wash.-based provider of molecular cytogenetic diagnostic services, for a reported $90 million in cash. SGL had raised an undisclosed amount of funding from Ampersand Ventures.

PE-Backed M&A

MediaMath, a New York-based provider of a digital media-buying platform, has acquired Adroit Interactive, a company that customizes display ads in real time. No financial terms were disclosed. MediaMath has raised over $10 million in VC funding from Safeguard Scientifics, QED Investors and European Founders Fund.

Rally Software, a Boulder, Colo.-based provider of on-demand application life cycle management solutions, has acquired AgileZen, maker of a visual project collaboration tool. No financial terms were disclosed. Raly Software has raised over $51 million in VC funding from Greylock, Mohr Davidow Ventures, Boulder Ventures, Mobius Venture Capital and Vista Ventures.

Firms & Funds

Anchorage Capital Partners has closed its debut buyout fund, which will focus on special situation and turnaround opportunities in Australia. It secured A$200 million in capital commitments, with MVision serving as placement agent.

Salida Capital, a Canadian private wealth management firm, plans to raise a private equity fund. No target was disclosed, although Salida did say that it already has secured C$100 million in initial commitments.

Human Resources

Phil Burkhardt has joined First Reserve Corp. as an infrastructure asset manager. He has spent the past 30 years with General Electric.

David Dvorin has joined Welsh, Carson, Anderson & Stowe as a senior operating executive, with a focus on revenue and pricing issues for WCAS portfolio companies. He previously was VP of gobal strategic pricing for Thermo Fisher Scientific.