PRINT THIS PAGE Weekly Deals and Funds Roundup: 7 May 200807/05/2008. Source: AltAssets. 
A selection of the latest deals and funds news from across the globe - essential reading for those who need to keep up-to-date with the industry's key developments. DEALS
Biopharmaceutical company Esperion Therapeutics has completed a $22.75m Series A fundraising round, co-led by New York private equity firm Aisling Capital, San Francisco-based venture capital firm Alta Partners and life sciences-focused venture fund Domain Associates, with tranched financing from early stage healthcare-focused venture firm Arboretum Ventures. Esperion previously operated as a separate research division of Pfizer, which has sold Esperion to an entity funded by a syndicate of investors. Pfizer retains a financial interest in the company. Additional financial details of the transaction were not disclosed.
Web-based software business Rearden Commerce has raised $100m from investors including JPMorgan Chase & Co., American Express, Oak Investment Partners and Foundation Capital. The funding will be support Rearden's expansion and development plans, according to a statement. Oak Investment Partners is a multi-stage venture capital firm with a total of $8.4bn in committed capital. Last month, Foundation Capital closed its most recent venture fund on $750m.
Oncology research and development company Apoptos has raised $28m in Series A funding from investors including venture firms Venrock, ARCH Venture Partners, OrbiMed Advisors and Advanced Technology Ventures.
Software and service provider MarketLive has completed a $20m round of fundraising from new investors JAFCO Ventures and Northgate Capital, and existing investors including Sequoia Capital, Sigma Partners and Globespan Capital. MarketLive will use the capital to deliver significant value to its customers by advancing its product leadership, funding business-critical infrastructure and adding enhanced services, according to a statement.
Emerging Capital Partners has sold its stake in Morrocan fertiliser company Charaf Corporation. ECP's exit was made through a sale of shares to the historical shareholders of Charaf for $23.2m. In 2007, Charaf's annual sales were over $100m. The initial investment consisted of common shares and was made through the AIG African Fund Infrastructure Fund in December 2003. ECP focuses on investing across the African continent.
Kohlberg Kravis Roberts & Co. and non-profit organisation Environmental Defense Fund have launched a 'Green Portfolio' partnership to measure and improve the environmental performance of companies within KKR's US portfolio. KKR will work with EDF to develop a set of analytic tools by which companies can assess and track improvements on a series of environmental metrics. KKR and EDF expect that these actions will offer companies financial benefits, as well as improved environmental performance, according to a statement.
EQT Partners has sold its remaining stake of 22.3 per cent of the shares in Tognum to Daimler. Financial terms were not disclosed. EQT agreed to acquire the group of companies from Daimler in 2005. Tognum was floated on the Frankfurt Stock Exchange in July 2007. Sales of Tognum amounted to more than €2.8bn in 2007. By the end of 2007, the group employed approximately 8,200 people worldwide.
Data warehouse business DATAllegro has closed a $19.6m Series D round of funding. The round was led by an affiliate of investment firm the Hillman Company and included venture firms Adams Capital Management, Focus Ventures, Intel Capital, JAFCO Ventures, Palomar Ventures and Venrock Associates. The round follows a Series C fundraising in September 2006.
Tailwind Capital Partners, an independent private equity firm focused on mid-market companies, has made an equity investment in SAP consulting firm Optimal Solutions Integration, and will be the lead investor for providing and arranging up to $100m in financing to fund Optimal's growth. Optimal will use the funds to accelerate the company's aggressive growth strategy of selling SAP solutions and services to mid-market companies, according to a statement.
JAFCO Ventures has led a $25m investment in social networking site Meebowith participation from Time Warner Investments, KTB Ventures and existing investors Sequoia Capital and Draper Fisher Jurvetson. JAFCO Ventures invests in early stage technology companies in broad-based information technology companies within the communications, components, digital media, internet, software and wireless sectors.
Sales management software business Xactly Corporation has raised $30m in additional capital. New investors include US venture firmsGlynn Capital Management and Cheyenne Partners. The new $30m in capital includes a round of equity and a revolving credit facility. Glynn Capital is based in Menlo Park, California.
Cardiva Medical, a privately held medical device company, has closed a $15.5m private equity financing lead by life and material sciences growth stage investor PTV Sciences and including existing investors Galen Partners, Sycamore Ventures, Amkey Ventures, Lexli Investment and Eminent Venture Capital. As part of the deal, Rick Anderson, a managing director with PTV Sciences, will join Cardiva's board of directors.
Bahrain-headquartered investment firm Arcapita Bank has acquired Pinnacle Real Estate, a developer and operator of logistics warehouses in Central and Eastern Europe. Financial terms were not disclosed. The transaction includes an existing portfolio of leased warehouses of approximately 230,000 square metres, as well as a land bank of nearly 1.5 million square metres for future development. The majority shareholder prior to the acquisition was Merrill Lynch, through its Global Principal Investments group Arcapita's acquisition of Pinnacle joins the recent joint venture agreement with Prologis to form Prologis Middle East, which will develop and manage up to $1bn of modern logistics warehouses in Saudi Arabia and the rest of GCC.
Private equity and investment banking firm Beringea, manager of the ProVen VCTs, has sold the funds' stake in digital media agency ilG Digital to UK private equity firm ECI Partners. The sale generated a total return of 3.4 times the original investment and an IRR of 128 per cent, according to the firm. The deal valued iLG in excess of £45m. Management will retain a significant stake of approximately 40 per cent in the business. ilG was founded in 1999 and now turns over in excess of £100m of online media expenditure across display advertising, search marketing and affiliate management.
Italian private equity firm BS Private Equity, together with IPEF III and MPS Ventures, has sold its controlling stake in textile company Klopman to MW Unitexx, a wholly owned subsidiary of MW Corp, in a deal that values the company at €70m. In 2007, Klopman recorded revenues of €125m, according to a statement. The company has production facilities in Frosinone, Italy and Monastir, Tunisia, and distributes its products through its sales offices located in Düsseldorf, Lyon, Barcelona, London, Moscow, Boras, Lodz and Milan. BS Private Equity, along with IPEF III, purchased Klopman in 2004. The sale generated a cash multiple of about three times the original investment, according to the firm.
Private equity investment manager Lombard Investments has acquired 18 per cent of Professional Services, owner and operator of The Medical City, a private hospital in the Philippines. Financial terms were not disclosed. Lombard has offices in Bangkok, Hong Kong and San Francisco. The firm made its investment in PSI through Lombard Asia III, the firm's South East Asia and Greater China private equity fund.
Stavanger, Norway-based private equity firm HitecVision has agreed to sell its stake in Knowledge Systems to oil company Halliburton. Financial terms of the deal were not disclosed. Knowledge Systems provides combined geopressure and geomechanical analysis software and services. HitecVision, through its third fund, HitecVision Private Equity III, first invested in the company in 2004. HitecVision specialises in buy-out and growth stage investments in the oil and gas sector in Europe and North America.
EMP Latin American Management through its AIG-GE Capital Latin American Infrastructure Fund has fully divested its remaining shareholding in Mexican exchange carrier Axtel. As part of the IPO in late 2005, LAIF had already sold roughly half of its initial 15 per cent participation in Axtel, and during the first half of 2007 the fund sold another third of its original shareholding. In November 1997, EMP Global's Latin American team participated in the start-up of Axtel, a greenfield company that was awarded a national concession to provide telecommunications services.
3i is to invest £32.5m for a significant minority stake in environmental consultancy SLR Holdings, in a deal that values the company at approximately £100m. 3i replaces ISIS Equity Partners as minority shareholders in SLR. For the year ending October 2007, SLR reported revenues of £31.6m. In 2004, ISIS invested £4.85m as part of the £13m transaction. ISIS invests between £2m and £30m in small- to medium-sized companies across five sectors, typically valued between £5m and £75m.
Baird Capital Partners Europe has sold its stake in ArmorGroup International, alongside other shareholders, to security solutions group G4S, for 80 pence per share in cash, in a deal worth £44m. In November 2003, Baird Capital Partners Europe invested £9m ArmorGroup to support the MBO of the company from security products manufacturer Armor Holdings. In 2004, Baird realised the bulk of its investment in cash via a flotation on the London Stock Exchange but retained a 31 per cent equity stake in the company for which it has now received a further £14m, yielding an overall IRR of 38 per cent, according to the firm.
Swedish biotechnology company Albireo, a recent spin-out from AstraZeneca, has closed a second round of its Series A financing. The addition increases the total equity for the round to €25m. The increase was subscribed for by TPG Growth, the investment platform for the early stage and growth investments of TPG. The Series A financing was lead by Nomura Phase4 Ventures with the first closing including TVM Capital and SWIP.
Platinum Equity Partners, through its Platinum Equity Partners II fund, has agreed to acquire crane rental company Maxim Crane for $42.50 per share. Maxim Crane operates over 35 branch offices in six regions across the US. Platinum Equity specialises in the merger, acquisition and operation of companies that provide services and solutions to customers in markets including IT, telecommunications, logistics, manufacturing, metals services and distribution.
FUNDS
The Pennsylvania State Employees' Retirement System has approved investments totalling up to $130m into four funds. These include commitments of up to $15m in Lightspeed Venture Partners VIII, up to $40m in Sankaty Credit Opportunities IV and up to $50m in TPG Partners VI. Established in 1923, SERS has assets of more than $34bn.
San Francisco-based Presidio Financial Partners, an independent US firm offering growth capital, corporate advisory and wealth management services, has closed an inaugural $44.5m private equity fund. The fund provides long-term growth and buy-out capital for lower mid-market companies. The fund is managed by Karl Schade and Barry Rudolph. Schade has experience at firms including Blum Capital Partners, Silver Lake Partners and The Blackstone Group. Rudolph has private equity and investment banking experience at Chase Capital Partners and Merrill Lynch & Co.
Four institutional investors have invested in Climate Change Capital Group, the UK-based investment banking group dedicated to the low carbon economy. The new investors include general investment trust Alliance Trust PLC, pension fund The Universities Superannuation Scheme, Dutch banking and insurance business and Japanese trading house Mitsui & Co, and are together investing £56m into CCC. The money includes a commitment of £20m into a new fund of funds. The new investors will own over 50 per cent of the business while employees will retain the majority of their shares and own approximately 30 per cent.
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