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peHUB Rewind
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 All First Reads | All Second Opinions 10 Largest VC-Backed M&A Exits of 2009 Voxeo - A Recapitalized Dotcom Mayfield On Voxeo: No Regrets VCs Duel On Healthcare Reform TL Ventures Dispute Heads To Arbitration (And Then Back to Court) Mid-Market Exit Three-Peat Today in 3Com: Clowns to the Left, Jokers to the Right NVCA Seeks Tweets Sin is In: Golden Gate Eyes Playboy Bump On The Road To Smart Grids - A Lawsuit Jason Calacanis To Start New Angel Group 5 Questions with SBIC Expert Chuck Morton EnCap Plotting Fund Eight; Halfway to Target on Infrastructure Pool Natural Resources Fund Looks To $1B Close Trying to Compete Against Google Read more » |
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Companies Led By Women Are Greener
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 They didn't find many -- women hold only 10.6% of the board seats and executive jobs at these companies, and only 15 of the companies have women CEOs. At 30% of the companies, both board members and executives were all male. One of the counties that ranked the lowest for women-led companies, by the way, was Santa Clara, which is in the heart of Silicon Valley. Still, companies that do have women in leadership positions also had better environmental records. Read more » |
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CHICAGO (Reuters) - Hospitality company Centerplate will acquire smaller rival Boston Culinary Group Inc in a move to beef up its presence in the large college market, as well as other entertainment venues, the company said on Friday. Terms of the deal were not disclosed, but Centerplate Chief Executive Officer Desmond Hague said it will be less than the $210 million private equity firm Kohlberg & Co paid in January for Centerplate. Companies like Centerplate and Boston Culinary handle food service as well as concession sales at numerous venues around the country, including sports stadiums, airports and convention centers. “We vehemently believe that the college market is a boom business for us for many, many years,” Hague said in a telephone intervi |
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peHUB Second Opinion 11.20
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Wacky Business School Traditions: Including pants-free pub crawls, Olympics, human castles, mustache competitions.... (BusinessWeek)
Daily Dose of Snark: The Wall Street Journal Tackles the Important Stuff. (Cityfile) Rising Renminbi: Chinese private equity funds are emerging in big cities as China promulgates new regulations aimed at creating a homegrown private equity industry, one that Beijing hopes will strengthen the country's capital markets and fuel private sector growth in an economy overly dependent on government investment. (NY Times) Keep It Classy, Ohio: My home state charmingly blames the crappy ratings from S&P and Moody's for $457 of its losses on investments, and there's a lawsuit to boot. (NY Times) On the Unlikely Pairing Between Carlyle and the SEIU: "Lions and lambs have indeed laid down together, although we're not exactly sure who the lion is here." (PE Beat) Read more » |
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How TCW Met Magic Johnson, Formed “Capital Assist”
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 More closely related private equity, he discussed the formation of TCW's new joint venture with Magic Johnson. How does a mid-market mezzanine lender get hooked up with a former L.A. Lakers great? This is how: "I went over to Ron Burkle's place to visit the Stanley cup. Ron owns the (Pittsburgh) Penguins, and they won the Stanley Cup, and I though maybe some of that good karma would wear off on the Brewers. It didn't. What did wear off was Eric Holoman, the President of Magic Johnson Enterprises and Magic's business partner. We recognized that, greater than anything we might do in terms of financing MJE's companies would be to figure out what to do about the lending gap created by the fall of companies like CIT and American Capital. We have an underserved market in middle market finance." Read more » |
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The company reported $144 million in revenue for the first nine months of 2009, with net loss of $28 million. The company has raised around $220 million in VC funding from Foundation Capital (9% pre- |
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NVCA: The Tweets Are In
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 They also asked employees of these startups to submit 140-character testimonials on what inspires them to get up and go to work each day. Here are some of them: "Our CEO is wearing gym shorts and a T-shirt right now. At bulbstorm.com, we're too busy innovating to iron!" Bart Steiner, CEO, Bulbstorm Read more » |
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SAN FRANCISCO (Reuters) - Silicon Valley electric sports car maker Tesla Motors is planning to go public soon, two people familiar with the situation said, outlining plans to sell stock and cash in on investor appetite for green technology and interest in battery-powered vehicles. The six-year-old start-up’s investors include Google Inc (GOOG.O) founders Sergey Brin and Larry Page. An IPO filing from Tesla, best known for its $109,000 all-electric Roadster, is expected any day, said one of the sources. The person did not give a specific time frame. Tesla spokesman Ricardo Reyes declined to comment on what he called “rumor |
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Selling shareholders include Insight Venture Partners, which currently holds 2.46 million shares for a 21.2% ownership position. Medidata’s filing did not indicate how m |
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Why Chegg.com Was Financed With Credit And Debt
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 Insight Venture Partners led a $57 million Series D round of equity funding into the company this week, plus helped provide a $25 million credit facility. In addition, Chegg.com got a separate $30 million debt facility from Pinnacle Ventures and TriplePoint Capital. Total equity funding is now over $90 million, according to Thomson Reuters. Chegg.com bills itself as the Netflix for college textbooks -- students order books from its website and receive them in the mail, along with a prepaid envelope to return them -- and it needs enough financial flexibility to be able to accommodate its fast growth, according to Insight's Deven Parekh. Read more » |
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Weekly Downgrade Wrap-Up |
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 Company: Energy Future Holdings Corp. Sponsor: Kohlberg Kravis Roberts & Co. Action: S&P raised its corporate credit rating on EFH and its unregulated subsidiaries TCEH and EFCH to 'B-' from 'SD' and assigned a 'B–' corporate credit rating to EFIH. This rating action follows EFH's recent announcement that it and its subsidiaries have completed the exchange of its $357 million of various securities within the entire capital structure. Highlight: “These ratings reflect EFH's consolidated creditworthiness post-exchange.” The outlook on these corporate credit ratings is negative, reflecting weak financials and increasing refinance risk. Read more » |
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Playboy Enterprises Inc (PLA.N) is in talks with at least one possible bidder for the Chicago-based company. Fashion house Iconix Brand Group ( |
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(Reuters) - Carlyle, CVC and funds linked to Morgan Stanley and Macquarie are readying binding bids for Gas Natural’s Madrid gas-distribution assets ahead of a Nov. 30 deadline, people familiar with the matter said on Friday. The deal, valued by sources at more than 500 million euros ($743 million), is part of a string of asset disposals aimed at cutting Gas Natural’s (GAS.MC) 22 billion euro debt pile by the end of the year. On Nov. 3 the Spanish power company’s chief executive, Rafael Villalesca, said there were six or seven potential bidders for the assets but the sale process could take another two months. [ID:nL3268319 |
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The End of Transaction Fees?
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 Handing 100% of transaction, portfolio monitoring and other fees is a key tenant of the ILPA guidelines proposed earlier this year. But here is my question: If most firms adopt the ILPA guidelines on fees, will that end the taking of fees? In other words, will GPs still have incentive to pilfer from portfolio companies if they can’t stuff any of it in their back pockets? Read more » |
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QuinStreet has raised nearly $60 million in VC funding, from firms like Split Rock Partners (16.4% pre-IPO stake), Sutter Hill Ventures (10.55%), Granite Global Ventures (7.05%), Catterton Partners (5.87%), Focus Ventures, Rosewood Capital,Charter Gr |
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peHUB First Read
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 * Reddit's divorce from Conde Nast: How a social media dream deal fell apart. * SEC told to change the way it chooses investigations, in order to avoid the type of breakdowns that led to Madoff. * Morning Call: U.S. futures mixed, London rises early, European shares extend losses, the Nikkei falls 0.5% and both Hong Kong and China shares lose ground. * Tim O'Reilly: The war for the Web * What corporate America is reading * Marvin Clark: 10 reasons to believe we're in a depression * I'm still in LA, but good to hear the home state's unemployment rate actually dropped last month (which is different than growing more slowly). Read more » |
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LONDON (Reuters) - Private equity-owned fund manager Gartmore plans to list in London in a move which could kick-off a much-touted run of initial public offerings among companies owned by cash-hungry buyout firms. Gartmore, which was bought out by management in 2006 backed by U.S. firm Hellman & Friedman, will list an about 30-50 percent stake to raise 500 million to 550 million pounds ($833.1 million to $916.4 million) in the country’s biggest IPO this year, people familiar with the matter said. Hellman & Friedman’s stake will fall below a majority position from about 52 percent at present, a company spokeswoman said, although she declined to give further details. The listing — which is expected by year-end and would value Gartmore at abou |
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KKR closed a long-awaited deal in October to buy its Amsterdam-quoted fund, becoming a Euronext-listed company and completing the first step toward an expected move to the New York Stock Exchange. Its third-quarter earnings |
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peHUB Second Opinion 10.19
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Diss: Man is Sam Zell ever a jerk. At a recent conference he dissed Wilbur Ross, saying, "all the new savants on commercial real estate (like) Wilbur Ross...I find their comments..are inversely related to our knowledge of the industry." (WSJ)
Barbarians at the gateau? KKR wants a bite of Cadbury. (Dealscape) Old news: How many "PE IS BACK!!!!!" and "NO WAIT NO ITS NOT!!!!" stories does one year need? Apparently the past 238741273 were not enough, as CNN has caught wind of this crazy new trend. (CNN) Speaking of Old News: If you made it to Buyouts East last March, you will have heard Steve Young's funny, touching speech comparing private equity to his experience as a star quarterback, but if not, Dealscape has relayed the main points of it, recently given at one of their conferences. (Dealscape) Guy Hands: Drawing Japanese yen crisis comparisons. (FT) Read more » |
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