What happens if you set up a key man rule in your fund and no one pays attention to it? That question came up in a squabble between a fund-of-funds called Bay Hills Capital and Kentucky Retirement Systems, the single investor in four of its funds-of-funds. Bay Hills sued KRS, claiming that the pension fund is trying to wrest control of […]
The San Francisco Bay Area has Silicon Valley, Israel has Silicon Wadi and New York has Silicon Alley. So if you’re a mile up and you want to bring Israeli tech startups local, why not Silicon Mountain? That’s the view of Gili Elkin, one of two general partners at Denver-based Israel-Colorado Innovation Fund. The recently […]
Altibbi, a digital health platform focused on businesses and consumers in the Middle East-North Africa region, raised a $6.5 million funding round. Dash Ventures and Middle East Venture Partners led the round, while three new strategic investors — TAMM, RIMCO Investments and Endeavor’s Catalyst Fund – participated.
Trilliant’s rapid sales increases, fat EBITDA margins and favorable growth environment led Moody’s Investors Service to assign a stable outlook to the integrated coffee producer after a PE-led recap. Moody’s analysts Brian Weddington and Peter Abdill gave a B3 corporate-family rating to Badger Finance, a holding company for Trilliant, the Little Chute, Wisconsin-based producer of […]
Extreme Reach’s potentially narrow margin of compliance with its leverage covenants in the next year and a half prompted Standard & Poor’s to cut its rating on the ad-services company. S&P pared its corporate-credit rating on Extreme Reach to B- from B. The outlook is negative. In addition, the credit-rating company reduced its issue-level rating on […]
GoodTime, the San Francisco producer of human-resources software, raised $2 million in seed financing. The lead investors were Big Basin Capital and Walden Venture Capital, TechCrunch reported.
S&P Global Ratings maintained a negative outlook on Centerbridge Partners-backed P.F. Chang’s China Bistro, citing factors including the restaurant chain’s leverage, small scale and “exposure to declining mall traffic.” Analyst Mathew Christy in New York also expects lower customer traffic and spending industrywide, prompting negative comparable sales at P.F. Chang’s in the next year. Adjusted leverage “will […]
Jones Day, the international law firm, named Charles Chau a Hong Kong-based partner in its M&A practice. Chau has almost 20 years of experience advising clients in a range of business sectors in Hong Kong, China and Asia-Pacific, Jones Day said.
Vintage Investment Partners, the Herzliya Pituach, Israel-based venture firm, closed its 10th fund on $215 million, 23 percent above its $175 million target. Vintage X, which is VIP’s fourth secondary fund, will buy LP positions in Israeli and European venture and growth-equity funds as well as U.S. venture funds.
Bow River Capital Partners, the Denver alternative-asset-manager, closed its fourth buyout fund at an oversubscribed $262 million. The target was $200 million on the fund, which plans to invest in lower-middle-market private companies in infrastructure, engineering, healthcare and industrial services.
Redwood City, California-based AltspaceVR, the social platform for virtual reality, said in a blog post that it would shut down on Aug. 3. “It looked like we had a deal for our next round of funding, and it fell through,” the blog post says. “Some combination of this deal falling through and the general slowness of VR market growth made most of our investors reluctant to fund us further.” The company was founded in 2013 and raised $15.7 million, the website says. AltspaceVR’s backers included Tencent, Dolby Family Ventures, Raine Ventures, Lux Capital, Western Technology Investments, Maven Ventures, Rothenberg Ventures and Comcast Ventures.
The outlook for Toys “R” Us Inc, the Bain Capital Private Equity-backed toy retailer, has weakened because the company will have to refinance certain debt in what will be “challenging” capital markets, Standard & Poor’s said. S&P analyst Robert Schulz cut the outlook on the Wayne, New Jersey, company to “negative” from “stable.” He affirmed […]
Michael Baker International was downgraded at Standard & Poor’s after the global engineering and construction firm postponed a plan to refinance debt. S&P pared the corporate-credit rating on MBI to B- from B+ and made the same cut on its $350 million of senior secured notes. The outlook on MBI, which is backed by DC […]
Voiceitt, the Ramat Gan, Israel-based developer of translation technology for people with speech disabilities, closed $2 million of funding. Investors include Cahn Capital, Amit Technion, the venture unit of the Technion, Israel’s Institute of Technology, Quake Capital Partners, Dreamit Ventures, Buffalo Angels and a number of individuals. The company, formally Technologies of Voice Interface Ltd, was founded in 2012 by CEO Danny Weissberg and Chief Technology Officer Stas Tiomkin.
Carmera, the Brooklyn, New York-based startup developing a street-level mapping and intelligence platform for autonomous vehicles, closed $6.4 million in venture funding, according to a blog post. The Series A round was led by Matrix Partners, with Resolute Ventures, Notation Capital and other funds and angels participating. Matrix’s Hardi Meybaum joins Carmera’s board.
Nine West, the New York women’s apparel, footwear and accessories designer and retailer, is likely to restructure its debt because “its capital structure is unsustainable,” Standard & Poor’s says. Nine West recently retained Lazard Frères to figure out a capital-structure solution. At Dec. 31, Nine West, backed by the private equity firm Sycamore Partners, had […]
A strategy of rapid growth at City MD, the provider of urgent-care services largely in the New York City metro area, is proceeding well but entails “considerable” risk, Standard & Poor’s reported. Analyst Matthew O’Neill assigned a B- corporate-credit rating and a stable outlook to what is formally WP CityMD Bidco LLC. The analyst also […]
Israel’s high-tech companies raised a total of $1.03 billion in Q1 2017, an 8 percent decline from the year-earlier period and a 4 percent drop from Q4 2016, according to a report from IVC Research Center, the trade group and law firm Zysman, Aharoni, Gayer & Co. The report also noted that the first-quarter financings were made in 155 deals, which is down 11 percent from a year earlier.