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Weekly Deals and Funds Roundup: 30 July 200830/07/2008. 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.
New York-based private equity firm Pine Brook Road Partners has formed a joint venture with Comet Ridge, an Australian oil and gas exploration and production company, to develop the company's US-based oil and gas assets. Pine Brook will provide up to $100m of funding and hold a majority stake in the business, with Comet Ridge and company management retaining a significant stake. The joint venture, Comet Ridge Resources, owns the portfolio of exploration and development assets in the Pacific Northwest and in the Rockies. Pine Brook focuses on investments in energy and financial services.
NuPathe, a specialty pharmaceutical company developing products for the treatment of neurological and psychiatric diseases, has raised $30m in a Series B equity financing. The financing was led by investments from venture capital firms Quaker BioVentures and SR One, the venture capital arm of GSK. Previous investors Safeguard Scientifics, Bay City Capital/Birchmere Ventures, Battelle Ventures and BioAdvance Ventures also participated in the round. As part of the financing round Michael C Diem, a principal at SR One, will join NuPathe's board of directors.
US private equity firms Avista Capital Partners and EnCap Investments, together with the Royal Group have committed $350m to Royal Offshore for the exploration and development of oil and natural gas resources in the Gulf of Mexico. The controls interests in over 55 shallow and mid-water Gulf of Mexico leases which the company intends to develop over the next several years, according to a statement. Avista and EnCap will each be contributing $122.5m, with the Royal Group and management together contributing the remaining $105m. Avista targets investments in energy, healthcare and media companies. EnCap provides private equity to the independent sector of the US oil and gas industry.
H.I.G. Capital has agreed to acquire PMSI from AmerisourceBergen Corporation. Based in Tampa, Florida, PMSI provides specialty managed care services and products for workers' compensation and injured populations. H.I.G. has more than $7.5bn of equity capital under management. Based in Miami, the firm has offices in Atlanta, Boston and San Francisco in the US, and also affiliate offices in London, Hamburg and Paris.
Indian remote technical support provider iYogi has raised $9.5m in Series B financing from SAP Ventures, a division of SAP, Canaan Partners, and SVB India Capital Partners, a venture fund affiliate of Silicon Valley Bank. iYogi will use the funds to fuel its expansion into 12 new regions, including the US, UK and Canada, according to a statement. iYogi had previously raised $3.1m in Series A financing from Canaan Partners and SVB in April 2007.
Mexico City-based private equity firm Nexxus Capital has acquired a stake in Mexican over-the-counter pharmaceuticals and personal care products company Genomma Lab Internacional. The investment was made from the firm's ZN Mexico II fund. Following the deal, Nexxus II will own a 21.80 per cent stake in the company. Nexxus Capital is actively pursuing transactions in the health, tourism, housing, retail, consumer products and services sectors in Mexico.
Australian biopharmaceutical company Xenome has received a convertible note placement of $6m from GBS Venture Partners, a Melbourne-based life sciences venture capital investor. GBS invests in Australasian technology companies.
Nordic private equity firm CapMan has agreed to sell its 35 per cent stake in European private equity firm Access Capital Partners Group to Madrid-based alternative assets manager N+1 Group for €23.3m. N+1 Group will pay €16.5m at the closing of the deal and the remaining share in 2012. CapMan was a co-founder of Access in 1999 together with the current Access managing partners. In June 2006, CapMan sold 12.5 per cent of the company's share capital to the Access managing partners. The new transaction allows for a complete exit of CapMan, which is selling its remaining 35 per cent stake to N+1 and the Access managing partners. Under the terms of the deal, N+1 Group acquires 50 per cent of Access Capital Partners through an acquisition vehicle in which the Access managing partners have re-invested.
Climate Change Capital is to acquire US strategic environmental consultancy, M.J. Bradley & Associates, for an undisclosed sum. The firm recently acquired the business and assets Quality Tonnes, a carbon project developer. CCC's activities include investing, through its Carbon and Private Equity Funds, in companies and projects that help mitigate climate change. CCC manages the world's largest private sector carbon fund.
Cytochroma has closed a CAN$45m Series C financing. The financing was led by a new investor, Mitsubishi Tanabe Pharma Corporation and supported by existing investors including Vengrowth Advanced Life Sciences Fund, Caisse de Dépôt et Placement du Québec, Novo, Canadian Medical Discoveries Fund, T2C2/Bio 2000, GrowthWorks Canadian Fund, BDC Capital and VentureLink Brighter Future Fund . As part of the financing, Seiichi Kiso, general manager of MTP and GrowthWork vice president Joseph Regan will join Cytochroma's board of directors.
Intel Corporation's investment arm, Intel Capital, plans to invest $17m in three Indian companies, according to a statement. These are: online travel portal Yatra.com, events-oriented social network BuzzInTown.com, and advertising company Emnet Samsara Media. The funding will come from the firm's $250m Intel Capital India Technology fund. Exits from Intel Capital in India include Rediff, NIIT, Sasken Technlogies, Indiainfoline, Sharekhan and Nipuna.
UK turnaround specialists RCapital has purchased art content publisher, The Art Group. The Art Group has a turnover has a current turnover of £28m, according to a statement. RCapital was formed in 2004 by Jamie Constable and Peter Ward as a private investment boutique specialising in growth and turnaround investment for the SME sector within the UK and Europe.
The New York State Common Retirement Fund has committed $300m to US private equity firm TPG Capital's TPG Partners VI fund. The fund also received commitments from China's State Administration of Foreign Exchange, it was reported earlier this year.
Connecticut-based private equity firm Littlejohn & Co. has sold beverage and food can company Stolle Machinery Company to GSO Capital Partners for an undisclosed amount. Stolle manufactures engineered equipment used by can-makers to manufacture and decorate aluminum or steel can bodies. Littlejohn acquired the company in September 2006. Littlejohn targets investments in the mid-market sector. The firm manages three funds with committed capital of approximately $1.6bn. The firm is currently investing from the $850m Littlejohn Fund III.
New York private equity fund Monomoy Capital Partners has acquired the Missy Group. The new company will be named the Women's Apparel Group. The Redcats transaction is Monomoy's fifth acquisition of a non-core business unit from a public company under its debut private equity fund. Monomoy has recently completed similar acquisitions from Alcoa, Dover Corp. and Lancaster Colony Corp. The Women's Apparel Group has more than $300m in annual sales and employs 600 workers, according to the firm.
Washington, DC-based investment firm Perseus has committed $75m to Frontier Airlines Holdings in post-petition debtor-in-possession. Perseus has also agreed to serve as equity sponsor for Frontier's plan of reorganisation, allowing Perseus to purchase 79.9 per cent of the equity in the reorganised company for $100m. Frontier employs more than 5,000 aviation professionals and operates 60 aircraft. Perseus has offices in Evergreen, Colorado, New York and an affiliate office in Munich. The firm manages seven investment funds with capital exceeding $2bn.
ISIS Equity Partners, investing funds from the Baronsmead VCTs, has completed the buy-out of broadcast and digital PR agency The Television Consultancy, for £10m. The investment will support the expansion of TVC's digital department and support the continued growth of the company's television and radio services, according to a statement.
Healthcare performance analytics companyMedeFinance has secured $50m in funding, led by Bain Capital Ventures, the Boston-based venture capital division of Bain Capital; with additional reinvestment from some of the company's existing investors. The purchasers acquired a minority position in the company. Mede plans to use the financing proceeds to fund new growth initiatives and acquisition opportunities; the company also used a portion of the proceeds to complete a stock repurchase from certain existing investors, according to a statement.
Energy and commodities-focused private equity firm Denham Capital has agreed to invest $145m in US geothermal company, Vulcan Power Company for an undisclosed stake. Vulcan owns a number of geothermal operations in the US. The investment from Denham will enable Vulcan to continue to develop geothermal sites with the potential to generate 900 to 2,000 megawatts of natural steam fuel. Denham closed its fifth fund, Denham Commodity Partners Fund V, on $2bn earlier this year. The firm targets investments in the $50m to $250m range.
New York private equity investment firm Castle Harlan has agreed to sell steel castings company AmeriCast Technologies to Australian cast steel manufacturer Bradken for approximately $288m. AmeriCast has manufacturing facilities in St. Joseph, Missouri; Atchison, Kansas; Tacoma and Chehalis, Washington; Amite, Louisiana, and London, Ontario. The company also has as a trading office in Xuzhou, China. The company designs and manufactures ferrous sand castings, machined components and assemblies for companies in the energy, mining, railroad and transit industries. Castle Harlan and AmeriCast management will realise more than three times their original invested capital, which represents an IRR of more than 90 percent, the firm said.
Pharmaceutical company Celator Pharmaceuticals has raised in excess of $22.5m in a Series C private equity financing. Investors included Domain Associates, Ventures West, Quaker BioVentures, TL Ventures, GrowthWorks Capital and BDC Capital. The proceeds will be used to fund Phase 2 studies of CPX-351 (a liposomal formulation of cytarabine:daunorubicin) in patients with acute myeloid leukemia, according to a statement.
Media and communications-focused private equity firm Providence Equity Partners is to invest further capital in Ukrainian cable TV and internet provider Volia Cable, bringing its total investment to over $300m. In December 2000, Providence invested $200m in Voila, which is controlled by Eastern European private equity investor SigmaBleyzer. Providence is headquartered in Providence, Rhode Island and has offices in New York, Los Angeles, London, Hong Kong and New Delhi.
Fabless semiconductor company Diablo Technologies has secured CAN$15m in Series B funding from Canadian venture capital firms BDC Venture Capital, GTI Capital and Celtic House Venture Partners. Headquartered in Gatineau, Quebec, Diablo has offices in San Jose, Hong Kong and Seoul. BDC focuses on technology-based businesses, specifically in the life sciences, telecommunications, IT and advanced technology sectors. GTI is based in Montreal and focuses its investment activities on early-stage companies in the IT and telecom sectors Montreal, Quebec, Ottawa and Toronto.
Boston-based private equity firm Riverside Partners has partnered with management to acquire HealthDrive, a provider of on-site healthcare services to residents of extended care facilities. Financial terms were not disclosed. Riverside is currently investing Riverside Fund III, which focuses on companies in the healthcare and technology industries.
Israel-based consumer products brand Yes To CarrotsSan Francisco Equity Partners. Simon Equity Partners also participated in the round. The new capital will be used to accelerate North American distribution of Yes To Carrots products, according to a statement. San Francisco Equity and Simon are co-investors in Method Products. San Francisco focuses on expansion stage companies within the consumer, IT and service industries. Simon Equity is the private investment arm of the Simon family, founders of the San Francisco-based real estate group Simon Property Group.
Language website Babbel.com was backed with investments from Kizoo and VC Fonds Berlin the venture capital investment initiative of Berlin bank Investitionsbank Berlin. The firm focuses on investments in young technology-related companies in Berlin.
EBR Systems, a development stage, venture-backed medical device company, has completed a $35m Series C financing, led by Delphi Ventures, with participation by all current investors SV Life Science Advisers, Split Rock Partners, Frazier Healthcare Ventures and De Novo Ventures. The Series C funding will be used to complete product development and to initiate clinical trials of an implantable pacing device for left ventricular stimulation for the treatment of heart failure, according to a statement.
New York-based private equity firm Goode Partners has made a strategic growth investment in Mexican restaurant chain Rosa Mexicano Company. Rosa Mexicano and Goode have been working on the company's growth plan since late last year. They are currently preparing the company to open new restaurants in Riverside Square, Hackensack, New Jersey and National Harbor, Maryland. The company operates seven Rosa Mexicano restaurants on the East Coast-three in New York, and one in each of Washington, Atlanta, Miami and Palm Beach. Goode Partners focuses exclusively on investment opportunities in the retail, restaurant, apparel, direct marketing and branded consumer products sectors.
Semiconductors provider Celeno Communications has closed a $16m Series C investment led by and the company's existing investors, Greylock Partners and Pitango Venture Capital. Total investment in the company now exceeds $30m.
MML Capital Partners has led a $75m mezzanine investment in Yonkers Racing Corporation. Asset management firm New York Life Capital Partners, an affiliate of New York Life Insurance Company, and an LP in MML's current fund, also co-invested through its mezzanine fund. Yonkers Raceway is home to gaming facility Empire City Gaming, This is the twelfth investment made from MML's fourth fund.
Israeli software company Crescendo Networks has secured $9.5m in its third round of major funding, bringing its total amount raised to $36.2m. The Challenge Fund - Etgar II participated in the current financing and joined existing investors Evergreen Venture Partners, Apax Partners, Magma Venture Partners, StageOne Ventures and Convergent Capital.
Online advertising search business Clickable has completed its Series B round of investment. The $14.5m financing was led by Founders Fund, with additional backing from existing investors Union Square Ventures and FirstMark Capital. The funding amounts to a total of $22.5m in capital, raised over the past 12 months.
Online social site myYearbook.com has secured a $13m Series B investment from Norwest Venture Partners with participation from existing investors US Venture Partners and First Round Capital. Following the deal, Sergio Monsalve of NVP will join myYearbook's board of directors. The company has raised $18.6m to date. NVP focuses on investments in IT including internet, media and consumer, software, services, enterprise and communications systems, and semiconductor/components.
Medical device company CVRx has completed a fifth round of private equity financing totaling $84m. New Enterprise Associates and Johnson & Johnson Development Corporation co-led the investment, with existing investors BBT Fund, Thomas Weisel Healthcare Venture Partners, InterWest Partners, Frazier Healthcare Ventures and SightLine Partners also participating. Following the financing, the total investment in CVRx exceeds $209m. Johnson & Johnson Development Corporation is the venture capital subsidiary of Johnson & Johnson. It makes private equity investments in venture-funded healthcare companies.
Clean energy investment company Leaf Clean Energy Company has completed a $21.5m project financing in Multitrade Rabun Gap, a special purpose entity formed to construct and operate a 20MW capacity wood-fueled biomass facility in Rabun Gap, Georgia. Leaf Clean Energy, is a $400m publicly traded clean energy investment company. Leaf was incorporated for the purpose of acquiring interests in, owning, operating and managing clean energy companies and projects primarily in North America. Leaf is advised by Energy & Climate Advisors, a joint venture between EEA Group and Shaw Capital.
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