PE Week Wire — Friday 10/3


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OsteoBiologics Inc., a San Antonio-based maker of medical devices for the repair and replacement of bone and articular cartilage, has raised $9.2 million in new venture funding. Thomas, McNerney & Partners and The Vertical Group co-led the deal, and was joined by return backer Woodside Fund. OsteoBiologics now has raised over $25 million in venture funding since its 1993 funding, including a $5.5 million infusion in early 2000 at a post-money valuation of approximately $13.6 million.

Arroyo Optics Inc., a Santa Monica, Calif.-based provider of flexible wavelength equipment for telecom equipment, has agreed to merge with Lightcross Inc., a Monterey Park, Calif.-based producer of integrated silicon-based optical products for telecom equipment. Lightcross CEO Robert Barron will become CEO, chairman and president of the combined company. No additional deal terms were disclosed. Arroyo had raised over $46 million in venture capital funding since its 1994 inception, including an $8.87 million round in 2001 at a post-money valuation of approximately $117 million. Company investors included Brentwood Venture Capital, ComVentures and Summit Partners. Lightcross had raised over $40 million in private funding from investors like ARCH Venture Partners, Asia Optical Technology Co., ComVentures, JPMorgan Partners, RiTEK Corp. and United Microelectronics Corp.’s venture capital arm.

SeeRun Corp., a San Francisco-based provider of enterprise software solutions for customer-facing e-business processes, has raised $4.5 million in second-round venture funding. AIG Orion led the deal with a $3 million investment, and was joined by fellow new investor Gryphon Capital. Return backers Synergy Ventures, Efi Arazi and Yochai Richter also participated.

Solicore Inc., a Lakeland, Fla.-based maker of rechargeable batteries, has received a $2 million strategic investment from Air Products & Chemicals Inc.. The deal caps Solicore’s Series B round at $15 million with a post-money valuation of approximately $22 million.

Ebookers PLC, a London-based provider of pan-European retail leisure services, has raised $10 million for its India-based BPO subsidiary Tecnovate. Belgium-based Kipotechniki BVBA (a subsidiary of Mokal Ltd.) is making the tranched-out investment, with $5 million called down immediately and the remaining $5 million due by year-end.

Lightyear Capital has agreed to acquire the home equity lending platform of Cleveland-based DeepGreen Bank, a subsidiary of Third Federal Savings and Loan Association MHC. No deal terms were disclosed.

PDSHeart Inc., a West Palm Beach, Fla.-based provider of cardiac monitoring services, has raised $5 million in new venture capital funding. The deal was led by Ballast Point Venture Partners, which is a venture firm affiliated with Raymond James Financial Inc.

Roark Capital Group has acquired FastSigns International Inc., a Carrollton, Texas-based franchisor in the sign and graphics industry. No deal terms were disclosed, except that Roark’s Neal Aronson will become FastSign’s board chairman.

Invenergy LLC and GTCR Golder Rauner have completed their joint acquisition of the Hardee Power Station from TECO Energy Inc. The Hardee station is a Florida-based, 370- megawatt natural gas-fired electric generating plant.

Highline Media LLC, a new company formed by private equity firm Spire Capital Partners, has acquired publishing company The National Underwriter Co. for an undisclosed amount.

Fox Paine & Co. has agreed to sell portfolio company United American Energy Holdings Inc. to an affiliate of Credit Suisse First Boston Private Equity. No deal terms of the cash transaction were disclosed. United American Energy develops, acquires, owns and manages electric generating facilities, including gas-fired cogeneration, hydroelectric generation, and generation powered by coal and solid waste fuels. It holds a 50% ownership interest in American Ref-Fuel LLC, the largest municipal solid waste-to-energy company in the Northeast.

Robert Young, former managing director with Dillion, Read & Co. and general partner of that firm’s venture capital practice, has been named a director with ATI Technologies Inc. (Nasdaq: ATYT).

The Wall Street Journal is reporting that “morning-after” contraceptive pill maker Woman’s Capital has sold its prized product for $20 million to Barr Laboratories. The article says that Woman’s Capital never received institutionall venture capital funding, despite meetings with around 20 VC firms. Instead, it was backed by health advocates and philanthropists.

Reuters is reporting that UK-based reinsurer Aspen Re is planning a U.S. IPO that would value the company at more than $1 billion. The company, which was spun out of Wellington Underwriting PLC last spring, is backed by firms that include Goldman Sachs, CSFB Private Equity, Blackstone Group and 3i Group.

The Times of India is reporting that U.S.-based Resource Financial Corp. will set up a $300 million private equity fund in association with Mimbai-based Brescon Corporate Advisors. The vehicle will be called Indian American Capital Partners.
NEWS FROM THURSDAY 10/2
TelASIC Communications, an El Segundo, Calif.-based provider of RF, mixed signal and digital integrated circuits for the wireless market, has raised $35 million in Series C funding. The deal was led by Raytheon Co., which spun out TelASIC in 2001. Other return backers include ComVentures, Mission Ventures and Redpoint Ventures. New investor Agilent Technologies also participated. TelASIC now has raised $57.6 million in venture capital funding.

Aurora Flight Sciences Corp., a Manassas, Va.-based maker of unmanned aerial vehicles (UAVs) for scientific and defense applications, has raised $15 million in Series A funding from Westbury Partners and Pequot Ventures. SG Cowen acted as the placement agent for the transaction.

Cidera Inc., a Laurel, Md.-based of satellite data delivery services, is going out of business. Cidera (f.k.a. SkyCache Inc.) had raised approximately $147 million in venture capital funding, including a $75 million round in late 2000 at a post-money valuation of approximately $387 million. Investors included The Carlyle Group, Dell Ventures, GE Equity, Institutional Venture Partners, Intel Capital, MVC Capital, New Enterprise Associates, Rare Medium Group, PSINet Ventures, Wheatley Partners and WorldCom Ventures.

Saunders Karp & Megrue and Trimaran Capital Partners have agreed to acquire Norcraft Cos. LLC, an Eagan, Minn.-based maker of kitchen and bathroom cabinetry. The total transaction value is worth approximately $315 million. Norcraft is being sold by Pfingsten Partners and Goense, Bounds & Partners. Most of the company’s management team will remain in place, with industry veteran Mark Buller joining the company as the new CEO.

Captus Networks Corp., a Woodland, Calif.-based provider of network security devices, has raised $12.4 million in fourth-round funding led by return backer GMG Capital Partners. According to a filing with the SEC, Captus is considering this deal to be a Series A prime preferred stock offering. The company now has raised approximately $40 million in venture capital funding, including a $6 million third round deal in early 2002 at a post-money valuation of $40 million.

Perry Karsan has joined Human Genome Sciences Inc. as senior vice president of business development. Karsan most recently served as a general partner with Pequot Ventures.

Anadigm Ltd., a UK-based programmable analog company, has raised $15 million in third-round funding. Atlas Venture led the deal, and was joined by return backers 3i, Quester and NIF Ventures. The company now has raised over $35 million since being spun out of Motorola in January 2000.

RFE Investment Partners has agreed to acquire McKenzie Sports Products Inc., a Granite Quarry, N.C.-based maker of 3D foam targets for the archery market. No deal terms were disclosed. McKenzie is being sold by investment firms Private Equity Capital Corp. and Brookside International Corp., while Harris Williams & Co. advised McKenzie on the deal.

Wasserstein & Co. yesterday acquired Sportcraft Ltd., a Mt. Olive, N.J.-based maker of recreational sporting goods. No deal terms were disclosed. Sportcraft previously had been owned by private equity firm Goense Bounds & Partners, and was advised on the buyout by Harris Williams & Co.

CAI Capital Management Co., a Toronto-based private equity firm, has closed its third fund with Cdn$375 million (approx. $277 million). This is nearly twice the size of CAI’s previous fund, and it will invest in a full range of private equity investment opportunities in the U.S. and Canada.

Avanstar Communications yesterday closed its previously announced acquisition of Thomson Healthcare‘s medical economics, dental and veterinary publishing portfolio for $135 million in cash. In total, Advanstar purchased 15 magazines, one veterinary tradeshow and conference and a special projects group. (Thomson Healthcare is a subsidiary of Thomson Corp., which is the parent company of PE Week Wire publisher Venture Economics.)

The Carlyle Group and Finmeccanica SPA yesterday closed their previously announced €1.5 billion (approx. $1.75 billion) acquisition of Fiat SPA‘s aerospace unit.

American Capital Strategies Ltd. has invested $49 million into the buyout of radiation dosimetry services provider ICN Worldwide Dosimetry Services from ICN Pharmaceuticals Inc. The business will now operate under the new name Global Dosimetry Solutions Inc. American Capital’s investment includes senior debt, senior and junior subordinated debt, and preferred and common equity. Following the transaction, American Capital will have a controlling interest in the company. GMAC Commercial Finance provided senior debt and a revolving credit facility, while company management also participated in the transaction.

Christopher Wu has joined Carl Marks Capital Advisors as a director. Wuhas spent the past five years as a vice president in the global M&A group of J.P. Morgan.

Desjardins Venture Capital is expected to announce that it plans to invest more than Cdn$100 million (approx. $74 million) into the Canadian life sciences industry over the next two years.

TiGenix NV, a Belgium based biomedical company focused on musculoskeletal tissues, has raised €12 million in new venture funding. ING Private Equity and Capricorn Venture Partners co-led the deals, while funds advised by Auriga Partners and Fagus also participated.

The Irish Independent is reporting that Bank of Scotland has invested €13 million into Bio-Medical Research, a Galway-based maker of body toner equipment and medicines. The deal comes with a post-money valuation of €28 million.

3i Group has completed its €240 million (approx. $280 million) acquisition of Dutch beverage maker Refresco Holding BV. Refresco had received venture capital funding from such firms as ISIS Equity Partners and NesBIC Group.

The Philadelphia Inquirer is reporting that Morgan Stanley has fired 40 money managers at its West Conshohocken, Pa. Office, although none of the affected workers were involved in the office’s private equity group.

Darby Technology Ventures Group has made an undisclosed investment into Sysgold, a Miami, Fla.-based software company.
NEWS FROM WEDNESDAY 10/1

GenPath Pharmaceuticals Inc., a Cambridge, Mass.-based drug discovery company focused on the treatment of cancer and other diseases, has raised $42.7 million in Series B funding. Flagship Ventures led the deal, and was joined by fellow new investors Highland Capital Partners, Oxford Biosciences and Applied Genomic Technology Capital Fund. Returning institutional backers included MPM Capital, Venrock Associates, Prospect Venture Partners and Greylock. GenPath now has raised $58.2 million in venture capital funding since its 2001 inception.

PictureIQ Corp., a Seattle-based provider of digital photo-imaging software for portals and consumer devices, is in the process of shutting down business operations. The company had raised over $26 million in venture capital funding, including a $16 million Series B deal in early 2000 at a post-money valuation of approximately $51 million. PictureIQ investors include Digital Partners, Granite Ventures, Intel Capital, JPMorgan Partners and InfoSpace founder Naveen Jain.

Paul Sekhri has been named president and chief business officer of ARIAD Pharmaceuticals Inc. (Nasdaq: ARIA), a Cambridge, Mass.-based biopharma company focused on medicines that regulate cell signaling with small molecules. He had joined Sprout Group as a partner in Dec. 2002 after serving in senior executive posts at Novartis Pharma AG.

Thomson Venture Economics (publisher of PE Week) and the National Venture Capital Association released data today showing that nine venture-backed companies completed initial public offerings (IPOs) on U.S. exchanges during the third quarter of 2003, raising a total of $732.8 million.

Betsy Bliss has been named a San Francisco-based managing director in the Private Client Services division of Bear, Stearns & Co. Bliss previously served as an executive director of investments and as an asset management consultant at Oppenheimer.

Arrow Therapeutics Ltd., a London-based drug discovery company focused on anti-infective products, has raised more than £21 million (approx. $34.74 million) in the first close of its fifth institutional funding round (which the company refers to as “Series B”). The complete deal is expected to close by year-end with a total of £25 million (approx. $41.3 million). Atlas Venture led the deal, and was joined by fellow new investors NIF, ITX and Scottish Widows Investment Partnership. Return backers GIMV, Alta Partners, 3i Group, TVM, Unibio and NVM all participated.

 

ClearForest Ltd., a New York-based data transformation company, has raised $7.5 million in third-round funding. Greylock led the deal, with return backers including Pitango Venture Capital, DB Capital Partners, Harbourvest, Walden Israel and Booze, Allen & Hamilton. The company now has raised a total of $30 million in private funding.

Terra Firma, the UK-based private equity firm launched by former Nomura chief Guy Hands, reportedly has raised €1.7 billion (approx. $2 billion) in a first close on its inaugural buyout fund. The total target still is €2 billion.

 

Reliant Pharmaceuticals LLC, a Liberty Corner, N.J.-based drug marketing company has raised $115 million in a first closing of its Series D funding round (inclusive of $27 million. The initial close includes the exchange of $37 million of existing secured debt. Reliant has reserved the right to raise up to an additional $140 million via Series D funding (excluding debt exchange), which would bring the aggregate Series D financing to $220 million (excluding debt exchange). The initial tranche was led by Invemed Catalyst Fund, and also included Bay City Capital, the Pritzker family, BayStar Capital and the family interests of Dr. Ernest Mario, Reliant’s chairman and CEO. The company now has raised approximately $400 million since its 1999 inception.

Caymas Systems Inc., a Petaluma, Calif.-based provider of identity-based security applications, has raised $25 million in first-round funding from Redpoint Ventures. As part of the deal, Geoff Yang of Redpoint will take a Caymas board seat.

Noah Walley has joined Investor Growth Capital as a managing director focused on the information technology sector. He had spent the previous five years with Morgan Stanley Venture Partners.

Mason Wells has sold General American Corp. to Fiserv Inc. (Nasdaq: FISV) for an undisclosed amount. General American is a Pittsburgh-based provider of mortgage loan settlement services and software for the real estate and mortgage banking industries with annual revenue of $110 million. Mason Wells acquired a majority ownership position in the company as part of a July 1998 management buyout.

Georg Stratenwerth and Khia Tan have joined Advent International as a London-based partner and Warsaw-based principal, respectively. Stratenwerth has spent the past decade with JPMorgan Partners, while Tan most recently served as chief financial officer with private investment company The Eastbridge Group. In other Advent news, the global firm has added Katarzyna Biezychudek as a Warsaw-based associate. She most recently was a member of Credit Suisse First Boston‘s Global Industrial and Services Group.

TTM Technologies Inc. (Nasdaq: TTMI), a portfolio company of Thayer Capital Partners and Brockway Moran & Partners, has completed its secondary public stock offering of 12.65 million common shares at $12 a piece. Of the 12.65 million shares offered, 0.20 million were offered by TTM, 0.2 million were offered by company management and the remaining 12.25 million were offered by Thayer and Brockway Moran.

Gomez Inc., a Waltham, Mass.-based provider of Internet performance management services, has raised $6.1 million in new venture capital funding. Munich-based AdAstra led the deal, and was joined by existing investors. Gomez has raised over $55 million in venture funding since its 1997 inception.

The Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies has added three new members to its advisory board. They are: Mitchell Mondry, co-founder and vice president of M Group; Jan Garfinkle, founder of Arboretum Ventures; and Samuel Valenti, chairman of Valenti Capital, president of Masco Capital and senior managing director and general partner of Heartland Industrial Partners.

Flavin Ventures announced its launch today as a Woodridge, Ill.-based venture firm focused on early-stage life sciences companies based in the Midwestern United States. The fund is being managed by the founding team of Chicago area companies like MediChem Life Sciences and Advanced Life Sciences.

DFT Microsystems Inc., a Yardley, Pa.-based provider of test solutions to the micro-processing market, has raised $3.5 million in the first closing of a Series A funding round. Zon Capital Partners led the deal.

Actelion Ltd. (SWX: ATLN) has agreed to acquire Axovan AG, a Switzerland-based company that develops drugs based on G protein-coupled receptors. The deal is worth CHF 60 million (approx. $45.48 million), and the integration process is expected to begin by late October. Axovan has raised over $24 million in venture capital, including an $18.3 million round last year at a post-money valuation of $32.2 million. Investors included Actelion, Atlas Venture and Venture Partners AG.

Fairmont Capital has agreed to acquire Garden Fresh Restaurant Corp. (Nasdaq: LTUS), a San Diego-based operator of such restaurant chains as Souplantation and Sweet Tomatoes. The agreement provides that Garden Fresh stockholders will receive $16.35 per common share, and the total transaction value (debt included) is somewhere around $135 million.

Mantas Inc., a Fiarfax, Va.-based provider of anti-money laundering and surveillance software, and SOTAS, a Gaithersburg, Md.-based provider of decision support solutions for communications service providers, have agreed to a strategic merger. The new operation has received a $14 million investment from Safeguard Scientifics Inc. (NYSE: SFE). Mantas previously had raised approximately $30 million in venture funding from Safeguard and SRA International.
NEWS FROM TUESDAY 9/30

Acorda Therapeutics Inc., a Hawthorne, N.Y.-based biotech company focused on spinal cord injuries, yesterday filed to raise $75 million through an initial public offering (IPO). The proposed transaction will be floated on the Nasdaq under the ticker symbol ACRD, and will be lead managed by Bank of America Securities. Acorda has raised approximately $129 million in venture capital funding, including a $55.3 million Series J deal earlier this year at a post-money valuation of approximately $104 million. Investors include MPM Capital (13.3% pre-IPO ownership), Elan Corp. (7.9%), Forward Ventures (7.1%), Easton Hunt Capital Partners (5.5%), TVM Life Sciences (5.3%), ABN AMRO (5.3%), J.P. Morgan (5.3%) and Cross Atlantic Partners (5.3%).

Todd MacLean and J.J. Kardwell have been named vice presidents in the Boston headquarters of Summit Partners. McLean is a former associate with Summit who returns to the firm after several years in private company operating roles. Most recently, he served as director of business development for corporate rewards and recognition company Camden’s Inc.. Kardwell comes to Summit from German venture shop Windhorst New Technologies AG, where he served as a partner.

Cassatt Corp., a Menlo Park, Calif.-based provider of enterprise software to improve business agility and computing flexibility, has raised an undisclosed amount of startup capital from Warburg Pincus. Cassatt is headed by Bill Coleman, former chairman and CEO of BEA Systems Inc. (Nasdaq: BEAS)

Matt Dailey and Chris Jones have joined The Riverside Co. as associates. Dailey previously worked in the Cleveland-based buyout group of Morgenthaler, while Jones had worked at Chicago-based private equity firm Keystone Capital. In other Riverside Co. news, the firm has promoted both Steve Dyke and Loren Schlachet to the position of principal. Both men have been vice presidents with the firm since 2000.

Blue Point Capital Partners has purchased a majority interest in Tube City LLC, a Glassport, Pa.-based provider of comprehensive scrap management, slag processing and metal recovery services. Blue Point and Tube City management provided the transactional equity, while debt financing came Bank One, Citizens Business Credit, U.S. Bank Business Credit and Dymas Capital Management Co. No other deal terms were disclosed.

Truckload USA Inc., a Dallas-based provider of construction materials and supply chain services to Texas-based builders, has received a $9.5 million investment from Austin Ventures. As part of the transaction, both Blaine Wesner and Kevin Lalande of Austin Ventures will take Truckload board seats. In related news, Comerica Bank (NYSE:CMA) is providing Truckload with $5 million in senior debt financing.

MidOcean Partners has completed the previously announced sale of its joint venture interest in Center Parcs Europe to Pierre & Vacances for Euro 270 million. Originally purchased in March 2001 for Euro 68 million as part of the Euro 673 million acquisition of Center Parcs Europe and Center Parcs UK from Scottish & Newcastle, MidOcean says that the sale generated a 3.9x multiple on the original investment. Center Parcs Europe, an operator of holiday parks in The Netherlands, France, Belgium and Germany, was owned jointly by MidOcean Partners and Pierre & Vacances and run on a day-to-day basis by Pierre & Vacances.

Quality Engineering and Software Technologies LLC (QuEST), a Schenectady, N.Y. and Bangalore, India-based provider of engineering solutions for various industries, has received a $6 million investment from Carlyle Asia Venture Partners, a fund managed by The Carlyle Group.

Kintera Inc., a San Diego-based provider of fund-raising solutions for non-profit organizations, last Friday filed to raise $46 million through an initial public offering (IPO). The company has raised over $15 million in venture capital funding from such investors as Hori Capital, PPM Ventures and Maple Leaf Ventures.

Russell Ray has joined Boston-based HLM Venture Partners as a general partner. Ray previously served as global co-head of healthcare investment banking at Credit Suisse First Boston.

Comverge Inc., a Florham Park, N.J.-based provider of software solutions to the energy industry, has received new Series A investments from Ridgewood Capital and Norsk Hydro Technology Ventures. The company previously announced a $13 million Series A infusion with the intention of raising an additional $5 million. No details on the new investment were available, although a filing with the SEC on September 18 reported that Comverge had raised $14 million in Series A and Series A-1 preferred stock. Previous investors include E.ON Venture Partners, EnerTech Capital, Shell Internet Ventures, Easton Hunt Capital Partners and leading shareholder Data Systems & Software Inc. (NASDAQ: DSSI).

Peter Heinecke has joined Kirkpatrick & Lockhart LLP’s San Francisco office as Of Counsel, where he will focus on emerging companies.

Deborah Farrington, a founder and co-chair of private equity firm StarVest Partners, has been named an independent director with Collectors Universe Inc. (Nasdaq: CLCT).

Archstone Consulting, a Stamford, Conn.-based business consultancy, announced its launch today. The group is backed by Lake Capital, and will be run by Todd Lavieri, who most recently served as a global lead partner of the manufacturing practice at Deloitte Consulting.

The News & Observer is reporting that Research Triangle Park-based AlphaVax Inc. has received $16.6 million in federal grants to develop vaccines against botulinum neurotoxins and a group of equine encephalomyelitis viruses. Alphavax CEO Peter Young told the paper that he hopes the federal endorsement will help his company raise an additional $15 million to $20 million in venture capital funding from European investors. To date, Alphavax says it has raised approximately $20 million in private funding from investors like the U.S. Army, University of North Carolina and the Leonardo Capital Fund.

Reuters is reporting that private equity firms Meliorbanca and Virtus Capital Partners have acquired a combined 10% stake in Italian sugar producer Eridania Sadam SPA.

The New York Post is reporting that school yearbook and ring producer Achievement Corp. has been put on the block by owner Castle Harlan.

The Deal is reporting that the new owners of publisher Houghton Mifflin Co.Bain Capital, Blackstone Group and Thomas H. Lee Partners — plan to increase their leverage so as to recoup approximately $150 million in equity. The three firms are estimated to have invested approximately $615 million into the $1.53 billion deal, although they had received a $50 million management fee when the deal closed nine months ago.
NEWS FROM MONDAY 9/29

Xythos Software Inc., a San Francisco-based provider of Internet file management software, has raised $4 million in Series C funding. Return backers IDG Ventures and Mobius Venture Capital co-led the round. Xythos now has raised over $10 million in venture capital funding since its 1999 inception, including a $6.3 million infusion in early 2001 at a post-money valuation of just over $20 million.

Incipient Inc., a Waltham, Mass.-based developer of network-resident storage services software, has raised $10 million in new Series B funding. This is in addition to the $15 million Series B infusion announced at the end of March, and brings the company’s total venture capitalization up to $35 million. HLM Venture Partners is the only new Incipient investor participating on the $10 million tranche. Existing backers include Globespan Capital Partners, Greylock and Sigma Partners.

360Commerce, an Austin, Texas-based provider of Java-based software solutions for multi-channel vendors, has raised $12 million in third-round venture funding. New investor Sierra Ventures led the deal, and was joined by return backers SSM Ventures, Lovett Miller, Jefferson Capital Partners and Hill Partners. 360Commerce – formerly known as Cornerstone Retail Solutions – now has raised approximately $23 million in venture funding, including a $3 million Series B round in early 2001 at a post-money valuation of around $25 million.

The U.S. Senate has unanimously passed the Small Business Administration 50th Anniversary Reauthorization Act of 2003 (S.1375). The bill provides over $108 billion in loan guarantees, venture capital investments and business counseling/training for small businesses based in the United States. It was co-sponsored by Senators John Kerry (D-MA) and Olympia J. Snowe (R-ME).

West Ridge Networks Inc., a Littleton, Mass.-based provider of software designed to increase the reliability and predictability of delivering IP services to large enterprise networks, has raised $8 million in Series A funding. Bay Partners and Advent International co-led the round, with Bay Partners’ Loring Knoblauch and Advent’s Fawad Zakariya taking West ridge board seats.

Bloomberg is reporting that Todd Berman has left Chartwell Investments after acknowledging that he took more than $2 million of firm funds for his personal use. Berman co-founded Chartwell in 1992, and had served as the firm’s president until the time of his reported resignation.

Tachyon Inc., a San Diego-based provider of carrier-grade broadband satellite solutions for large enterprises and government agencies, has raised $6 million in Series B recap funding. West River Capital led the deal and was joined by BV-Cornerstone Ventures and Seaport Capital. The company has raised over $80 million in venture capital since its 1997 founding.

Trigo Technologies Inc., a Brisbane, Calif.-based provider of product information management software, has raised $12 million in Series C funding. New investor Pequot Ventures joined return backers Bessemer Venture Partners, Globespan Capital Partners, Mayfield and Symphony Technology Group. As part of the deal, Pequot’s Deborah Bernstein took a Trigo board seat.

Sevin Rosen Funds has promoted Nick Sturiale to the position of general partner and Ram Velidi to the position of partner. Sturiale joined Sevin Rosen in 1999 as a senior associate, and was named partner in 2001. Velidi has been a senior associate with Sevin Rosen since 2001.

General Electric has agreed to sell its GE Superabrasives subsidiary to private equity house >Littlejohn & Co. for an undisclosed amount. GE Superabrasives is a supplier of manufactured diamond, cubic boron nitride and polycrystalline products. The deal is expected to close by year-end.

OncoGenex Technologies Inc., a Vancouver-based biotech company focused on cancer therapeutics, has raised $11.5 million in second-round funding. Ventures West led the deal, and was joined by fellow new investors H.I.G. Ventures and Working Opportunity Fund, managed by GrowthWorks Capital. The syndicate also included return backers Business Development Bank of Canada and Milestone Medica Corp.

The Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies announced today the five recipients of the Mitchell A. Mondry Scholarship award, which offers second-year MBA or BBA students $2,000 toward their tuition. Recipients were Scott Lutz, Laura Whitridge, Alfonso Chang, Atisa Sioshansi and Matthew Tucker. These students have proven themselves both in the classroom and in entrepreneurship, with all recipients maintaining strong GPA’s, while also succeeding in a previous or ongoing entrepreneurial activity.

Symphony Services Corp., a Palo Alto, Calif. and India-based provider of tech-based outsourcing services, has raised $20 million in new funding from TH Lee Putnam Ventures. The company was founded in 2002 by Symphony Technology Group.

WellPoint Health Networks Inc. (NYSE: WLP), the nation’s second largest health insurer, and Cobalt Corp. (NYSE: CBZ) completed their previously announced merger on September 24. Under the Merger Agreement between the two companies signed in June, stockholders of Cobalt will receive $10.25 in cash and 0.1233 shares of WellPoint stock for each of their shares of Cobalt common stock. The Wisconsin United for Health Foundation, which owns approximately 25 million shares of Cobalt common stock, will receive $256 million in cash and approximately 3.08 million shares of WellPoint common stock as a result of this transaction.

PrivateEquityOnline is reporting that UK-based Stirling Square Capital Partners has led a €145 million (approx. $165 million) leveraged recap of Schoeller Wavin Systems, a Netherlands-based maker of plastic crates and pallets. The deal allows the Scoeller family to reduce its ownership stake, while minority shareholder JPMorgan Partners will exit completely.

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