Carbonite, the online backup company, is expected to brave the IPO waters Thursday. Today, Carbonite priced 6.25 million shares at $10 each, the bottom of its expected $10 to $11 price range (this was lowered Wednesday from its prior target of $15 to $17 a share). BofA Merrill Lynch and J.P. Morgan are joint bookrunners on the deal. Other underwriters include William Blair & Co., Canaccord Genuity, Oppenheimer & Co. and Pacific Crest Securities. The underwriters have the option to buy another 937,500 shares.
BFG Supply Company, the Ohio-based provider of turf, horticultural and lawn & garden supplied to retail centers, will acquire assets of Virginia-based Wetsel Inc., a similar company. BFG Supply Co. is a portfolio company of Tricor Pacific, the Chicago- and Vancouver-based private equity firm. Tricor invested from its fourth fund, which the PE firm closed with $555 million.
Tricor Pacific Capital Partners Fund IV, the Chicago- and Vancouver-based private equity firm, exited its provider of utility damage prevention services firm, Consolidated Utility Services, selling it to OMERS Private Equity. Specifics were not disclosed; Tricor acquired the company in 2007. The value created over the life of the CUS investment has resulted in an IRR of 28% and a cash-on-cash return of over 2.5x for Tricor's investors.
I recently chimed in on this question in Quora: Do venture capitalists need approval from their investors before making an investment in a company? Then I thought about what my answer would be from a portfolio company standpoint. Should a company care about the profile of the limited partners in the VC’s fund? The answer […]
The Carlyle Group said Wednesday that it has added $1 billion in new CLO assets under management to its structured credit portfolio. This includes a $507 million CLO called Carlyle Global Market Strategies 2011-1 and a $500 million CLO of management contracts acquired from the Foothill Group earlier this month.
Southfield Capital Advisors has bought Hallcon Corp. The seller was PRIVEQ Capital Funds and Hallcon senior management. Financial terms weren’t announced. Toronto-based Hallcon provides specialty outsourced services to the railway and transit sectors in North America. News of the sale was disclosed by Imperial Capital which provided financial advice to Hallcon. PRESS RELEASE Imperial Capital, […]
John Serafini will join Boston-based investment firm Allied Minds, which focuses on commercializing early-stage technologies. Serafini has spent four years as a principal with Good Harbor Consulting, where he worked with Richard Clarke, the former senior White House Advisor. There, Serafini worked as a venture capital/growth equity investor.
(Reuters) – Groupon Inc’s second-quarter loss more than doubled as it hired more than 1,000 new employees, even though the Internet daily deals company trimmed back its marketing costs. Revenue rose to $878 million in the second quarter compared with $644.7 million in the first quarter, and rose more than 900 percent from $87.3 million […]
Ashton Kutcher, Jimmy Fallon, and that Annoying Brunette from Glee: Go ahead, you try and pick three people out of Hollywood more likely to wind up in the title roles for this eventual movie E-Memoriam: Robert H. Lessin passes away Lay the Points, They’ll Lay Off: The most likely companies to lay someone off this year Ready to Rumble: UK forces finally break out the heavy artillery to quell rioting
The Carlyle Group and Unison Capital will sell part of their investment in Japan's Covalent Materials, Reuters reported Wednesday. Taiwanese solar wafer maker Sino-American Sillicon Products Inc. is paying $451 million for the wafer unit of Covalent. Carlyle and Unison bought Covalent in 2007, paying $509 million in debt and equity, Reuters wrote.