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Weekly Deals and Funds Roundup: 16 July 200816/07/2008. 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.
US biopharmaceutical firm Pacific Biosciences has secured $100m in a Series E private equity financing round. The transaction was co-led by Deerfield Capital Management and Intel Capital, Intel Corporation's global investment arm. Other new investors include Morgan Stanley, Redmile Group, T. Rowe Price and an unnamed financial institution. All previous investors participated in the financing, including Mohr Davidow Ventures, Kleiner Perkins Caufield and Byers, Alloy Ventures, Maverick Capital, AllianceBernstein, DAG Ventures and Teachers' Private Capital.
Vietnamese private equity firm Mekong Capital, through its Mekong Enterprise Fund II, has committed to invest $2.6m in restaurant chain Golden Gate Trade Services Joint Stock Company . This is the seventh investment from the $50m fund. Mekong Enterprise Fund II was launched in June 2006 and focuses on equity investments in unlisted companies. The fund's other investments include ?ICP, ?Ngo Han Magnet Wire, ?thegioididong.com, Venture International, ?MK Smart Joint Stock Company and Mai Son.
Warburg Pincus has acquired a 5.4 per cent stake in WuXi PharmaTech, a pharmaceutical, biotechnology and medical device research and development outsourcing company with operations in China and the US. The deal is reported to be worth approximately $67m. The investment is the firm's first from its Warburg Pincus Private Equity X fund, which closed recently on $1bn.
Marketing services firm Perfect Market has raised $15.6m in new venture funding from Trinity Ventures and Rustic Canyon Partners, with additional participation from Square 1 Bank and founding investor Idealab. As part of the deal, Larry Orr of Trinity Ventures and Nate Redmond of Rustic Canyon Partners have joined Perfect Market's board of directors. Menlo Park-based Trinity Ventures has more than $1bn under management. The firm focuses on early stage technology investment opportunities with a particular emphasis on the digital media, internet services, mobility, security and software markets. Rustic Canyon Partners is based in Southern California and has $800m under management.
Blue Point Capital Partners has sold the four operating companies of industrial components manufacturer BP Metals to Protostar Partners. Financial terms of the deal were not disclosed. BP Metals was created as a result of a dividend recapitalisation transaction in November 2006, which combined under a common holding company four portfolio companies - Columbus Steel Castings, Metal Technology Solutions, Zero Manufacturing and Jorgensen Forge. Blue Point has offices in Charlotte, Cleveland, Seattle and Shanghai. The firm focuses principally on investments in manufacturing, distribution and service businesses that primarily address commercial and industrial markets.
Spire Capital Partners has agreed to acquire a majority interest in Carpathia Hosting, a provider of managed hosting services for enterprises and government agencies. Under the agreement, the original investors participated in the deal with the former CEO staying on board. Spire Capital has an investment focus in companies within the business services, information services, media and communications sectors. The firm currently has approximately $600m in assets under management across two funds.
Software developer Xeround has closed a $16m round of Series B funding led by Ignition Partners and technology-focused venture capital firm Trilogy Partnership. Also participating in the round were existing investors Benchmark Capital and Giza Venture Capital. The newly acquired funds will be used to increase sales and marketing activities as well as to step up research and development to advance the product roadmap, according to a statement. Ignition Partners has offices in Bellevue, Washington and Shanghai. The firm's affiliated funds includes Ignition Ventures and Ignition Growth Capital in the US and Qiming Ventures in China.
Chinese online recruitment firm Zhaopin.com has completed a $110m financing round for $110m, led by Macquarie Capital, a member of the Macquarie Group, and Seek, Zhaopin.com's existing strategic investor. Paul Bassat, Seek co-founder and joint CEO, and Macquarie, both confirmed their intention as strategic investors in Zhaopin.com, to support the current management team to help build Zhaopin.com into the leading job search portal in China. The company is targeting an IPO by 2010, according to a statement.
Broadband entertainment network MEVIO has secured $15m in a Series C funding round led by Crosslink Capital and including Kleiner Perkins Caufield & Byers, Sequoia Capital, Sherpalo Ventures and DAG Ventures. The company has delivered campaigns for brands including Coca Cola, Toyota, Anheuser Busch, HP, Motorola, Microsoft, Sony Pictures, Acura and Budget Rent A Car.
Portola Pharmaceuticals, biotechnology company focused on the discovery and development of therapeutics for cardiovascular and inflammatory diseases, has raised $60m in a preferred stock financing. New investors, including D.E. Shaw group, Adage Capital Management, BBT Capital Management/Apothecary Capital, Janus Capital Group and PAC-LINK BioVentures joined the company's existing investors to complete the round.
UK private equity firm Amplio Partners has increased its stake in clean coal technology companyNviro Cleantech from 4.56 per cent to 8.50 per cent with the purchase of 3.55 million shares. The share purchase comes just two months after it bought two million shares in the company. Nviro Cleantech builds clean technologies from the innovation stage to industrial scale, most notably Vertus Technologies, a specialist in clean coal production. Amplio recently announced that it is seeking additional funding of up to €50m to focus on unique investment opportunities in Europe in the high growth industries of renewable energy, alternative fuels, recycling, filtration, environmental services and speciality care.
The Riverside Company has exited its investment in Moss, a designer and manufacturer of tensioned-fabric structures and signage. The sale generated a 33 per cent gross IRR and a return of 4.2 times, according to the firm, which made the investment from its Riverside Capital Appreciation Fund 2000, in 2000. Riverside focuses on the smaller end of the mid market. The firm has offices in Amsterdam, Atlanta, Brussels, Budapest, Chicago, Cleveland, Dallas, Los Angeles, Madrid, Munich, New York, Prague, San Francisco, Seoul, Stockholm, Tokyo and Warsaw.
European mid-market private equity firm Weinberg Capital Partners has agreed with the Balitrand and Faubert families to acquire building materials company the Balitrand Group, alongside company management. Balitrand has 22 wholesale outlets and employs 550 people. The company reported revenues of about €174m in 2007. Weinberg Capital Partners is a private equity firm created by Serge Weinberg, the former chairman of the management board of PPR. The firm manages its €420m private equity fund, WCP#1.
New York-headquartered private equity firm Gordian Capital has made a growth investment in human resources outsourcing business Staff One. As part of the deal, Robert Befidi, Jr and Mark R Sinatra, co-founders and managing directors of Gordian Capital, will assume senior executive positions in Staff One. Gordian Capital targets companies with revenues of between $5m and $50m.
Barclays Private Equity has sold Italian pump manufacturer CEME Group to alternative investment manager Investcorp. Financial terms of the transaction were not disclosed. The current management team will also reinvest in the company. Barclays bought the CEME Group in September 2005. CEME produces components for leading manufacturers of domestic espresso machines, while the company's appliances division supplies components for household equipment. Its industrial division produces solenoid pumps and valves for industrial applications in water, welding, refrigeration and gas. BPE's buy-out business is currently investing its €2.4bn Barclays Private Equity European Fund III, which closed in September 2007.
Tübingen-based growth investor SHS Gesellschaft für
Beteiligungsmanagement is investing in German biochemical firm Biontis. In addition to SHS, KfW Mittelstandsbank is also investing in this company as a co-investor through the ERP Start-up Fund. The investment in Biontis is the first investment that SHS has made since the first closing of its SHS Fund III in April of this year. As its predecessor funds, SHS Fund III will be investing in the field of food sciences, this includes medical technology and supplies, as well as diagnostic, platform and production technologies. SHS's principal shareholders are former McKinsey consultants Bernhard Schirmers and Reinhilde Spatscheck, and also Hubertus Leonhardt.
New York-based private equity firm Monomoy Capital Partners has acquired the assets and operations of industrial manufacturer Kurdziel Industries and has renamed the company Carlton Creek Ironworks. Terms of the transaction were not disclosed. Carlton Creek has acquired all of the Kurdziel businesses, including Kurdziel International Corporation, a wholly owned Chinese sourcing business; Kurdziel Industrial Coatings, which specialises in abrasive blasting; and the company's flagship iron foundry in Rothbury, Michigan. Monomoy manages a $280m private equity fund that makes controlling investments in mid-market companies.
Chicago-based private equity firm WHI Capital Partnershas sold Container Recycling Alliance to Strategic Materials, a portfolio company of Willis Stein and Partners. Terms of the transaction were not disclosed. WHI acquired the company in 2006. CRA operates eight glass recycling facilities throughout the US. WHI invests in mature and profitable, mid-size companies revenues of between $10m and $100m.
San Francisco-based private equity firm Golden Gate Capital, has recapitalised automotive service provider National Warranty Corporation, Payment Insured Plan, and their affiliates in conjunction with NWC's existing shareholders. Golden Gate Capital's investment will provide additional capital and resources to support the continued expansion of the business, according to a statement. Financial terms of the transaction were not disclosed. Golden Gate has over $9bn of capital under management.
H.I.G. Capital has sold Source Electronics Corporation to Avnet, a distributor of electronic components, computer products and technology services and solutions. Source Electronics has facilities in Brazil, China, Mexico, Singapore and the US. H.I.G. has also acquired carbon steel and alloy manufacturer DynaSteel Corporation, alongside company management. The company specialises in engineering and fabricating high-precision carbon steel and alloy systems used primarily in air quality control systems. H.I.G. has more than $7.5bn of capital under management. Based in Miami, the firm also has offices in Atlanta, Boston and San Francisco, as well as affiliate offices in London, Hamburg and Paris.
Private equity firm WL Ross & Co. is to invest $80m in Indian airline SpiceJet. Following the deal, Wilbur L Ross Jr, chairman and CEO, and Ranjeet Nabha, managing director and CEO, WL Ross India, will join the board of directors of SpiceJet. This will be the firm's second investment in India. In February 2007, WL Ross acquired OCM India, a worsted suiting maker, for around $37m. WL Ross invests in corporate restructurings and turnarounds. The company has sponsored alternative investments including private equity funds, co-investment vehicles and hedge funds in the steel, textile, coal, automotive and financial services industries in the US, the UK, Canada, France, Germany, China, Japan, Korea, Vietnam, India, Mexico, Brazil, Nicaragua and Bermuda.
Specialty pharmaceutical company Collegium Pharmaceutical has closed a $20m Series D equity financing led by Frazier Healthcare Ventures. Following the financing round, Frazier's general partner, Patrick Heron, has joined the Collegium board of directors. Previous investors Boston Millennia Partners and Westfield Capital Management also participated in this financing. Proceeds from the D round will also be used to support the ongoing development and commercialisation of the Company's novel topical products for the treatment of skin and skin related disorders, said the company.
Software company A10 Networks has completed a $23m in Series C funding led by Mitsui & Co.. The new financing brings A10's total funding to $39m. Existing investors Mitsui, Triton Ventures, H&Q/Asian Pacific, Harbinger Venture and Enspire Capital contributed 89 percent of the C funding. A10 will use the proceeds to fund continued growth to rapidly scale its operations worldwide, according to a statement.
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