Chris Witkowsky
Thomas H. Lee Partners has invested in two subsidiaries of Fidelity National Financial -- ServiceLink Holdings and Black Knight Financial Services. The firm has taken 35 percent stake in each subsidiary, which were organized by Fidelity National Financial, a provider of title insurance and transaction services to the real estate and mortgage industries.
The Carlyle Group has hired Julius Genachowski as a managing director and partner on the U.S. buyout team. Genachowski, who is returning to the private sector after working for four years as chairman of the U.S. Federal Communications Commission, will focus on investments in global technology, media and telecom. Prior to the FCC, Genachowski helped build IAC/InterActiveCorp, which owned and operated multiple Internet and media businesses, including Expedia, Ticketmaster and USA Network.
Second Opinion, like a hungry pig, has gobbled up all kinds of news on this winter Friday, including Ben Bernanke's contention that the weak economy is due, in part, to a lack of government spending, 2013 was the best year for investment banking fees since 2007 and what Nest's $150 mln capital raise means for tiny digital gadget companies.
To end our first work day of 2014, Second Opinion brings you word of what bond king Bill Gross told investors during his worst year in two decades, Isaac Asimov's predictions that are weirdly accurate and preparing for Snowmageddon.
The Tennessee Consolidated Retirement System made more than $400 mln in commitments to private equity and venture managers to end 2013. The system could pledge up to $500 mln next year to the asset class, as it works to build its exposure.
It's been a fun year, and to end it, First Read brings you news about Reed Hastings, Netflix's CEO, getting a 50% salary increase, an interesting take on private equity and the future of water infrastructure and some solutions to Uber's 'surge pricing' controversy. Also, if you need something to do tonight, look no further than the Times Square Applebees.
People Pattern, which provides an advanced analytics marketing platform, has raised $4.5 million in a Series A funding round led by Mohr Davidow Ventures, which was a seed investor in the company earlier in 2013. Private investors also participated in the funding round. Bryan Stolle, general partner at Mohr Davidow, will join People Pattern's board of directors.
Brynwood Partners has agreed to sell DeMet's Candy Company for $221 million to Yildiz Holdings, owner of Godiva chocolate brands. The deal is expected to close in 2014. Brynwood acquired the brands that eventually comprised DeMet's from Nestlé USA in separate transactions starting in 2007. After the deal closes, DeMet's chief executive officer Peter Wilson will join Brynwood.
The Blackstone Group agreed to acquire $200 million of newly issued Series A convertible preferred shares in Crocs. Crocs, in turn, plans to use the investment as part of a $350 million stock repurchase program that will reduce the company's publicly traded common stock float by about 30 percent. Also, Crocs chief executive John McCarvel announced his plans to retire in 2014.
To start your end-of-2013 week, First Read brings you news of a new gadget to protest NSA snooping, Facebook's country-by-country mobile growth stats and the theory behind the office design for startups like Instagram and Dropbox.