PE Week Wire — Friday 4/16

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The Lubrizol Corp. (NYSE: LZ) has agreed to acquire Noveon International Inc., a Cleveland-based provider of specialty chemicals for consumer and industrial applications. The deal includes a cash payment of $920.2 million plus the assumption of net debt. Noveon was created in February 2001 by AEA Investors, DLJ Merchant Banking and MidOcean Capital to acquire the Performance Materials division of Goodrich Corp. It filed for a $345 million IPO three months ago. www.noveoninc.com

 

Visto Corp., a Redwood Shores, Calif.-based provider of mobile access solutions, has raised another $15 million in Series AA recap funding. The company originally closed the deal in March 2003 with $30 million at a post-money valuation of approximately $31.7 million. It then reopened the deal a few months later, and secured an additional $20.1 million. The latest tranche brings the round total to $65.4 million, and was led by Meritech Capital Partners. Return backer Oak Investment Partners also participated. www.visto.com

 

A lawsuit has been filed against former executives of BuildNet Inc., a Durham, N.C.-based dotcom company that went bankrupt in 2001. The complaint alleges breach of fiduciary responsibility, and was brought by shareholders of a company named UniLink Group, which BuildNet acquired in 2000. The suit also names former BuildNet board members Norvell Miller, managing general partner of Southeast Interactive Technology Funds, and Jack Kemp, former NFL quarterback, VP candidate and HUD Secretary. Newspaper reports say that attorneys for the accused will ask a judge to dismiss the charges this coming Tuesday. 

 

    VC Deals


AngioGenex Inc., a New York-based biotech startup focused on the treatment of cancer, has raised $875,000 in convertible bridge note and warrant financing led by Atypical BioVentures Fund, a new VC vehicle formed by Aurora Capital. www.angiogenex.com

    Buyout News

 

Apax Partners has completed its acquisition of the wound care management business of SSL International PLC for £55 million (approx. $98.4 million). The spun-out company has been named Medlock Medical Ltd., and will focus on key therapy areas of compression therapy, dermatology, advanced wound-care, antiseptics and orthopedics. www.apax.com

 

Reuters is reporting that KKR and CSFB Private Equity submitted the high bid for Dynamit Nobel, the chemicals business of MG Technologies. The article reports that the joint bid topped lower offers from CVC and Goldman Sachs Capital Partners, and from Bain Capital and Permira. MG is thought to be looking for around €2.5 billion in the sale.

 

    M&A News


 

Integrated Device Technology Inc. (Nasdaq: IDTI) has agreed to acquire ZettaCom Inc., a Santa Clara, Calif.-based provider of optical networking solutions. Dow Jones is reporting that the deal is worth $35 million, although neither company is releasing financial details. ZettaCom had raised over $75 million of VC funding since its 1999 inception, from investors like Venrock Associates, Norwest Venture Partners, JPMorgan Partners, Infineon Ventures, Granite Global Ventures, Crimson Ventures, J&W Seligman & Co., Banc of America Securities, Vertex Management, K1 Ventures, U.S. Bancorp Piper Jaffray and China Development Industrial Bank. www.zettacom.com

 

    IPO News

 

Immunicon Corp., a Huntingdon Valley, Pa.-based company specializing in cell-based research and diagnostic products with an initial focus on cancer, will begin trading on the Nasdaq today under ticker symbol IMMC. The company priced six million shares of common stock at $8 per share, for a total IPO take of $48 million. The company had originally hoped to price at between $12-$14 per share, but on Wednesday lowered its expectations to $9-$11 per share. The $8 price was decided on yesterday. Immunicon has raised over $86 million in venture funding from investors like Canaan Partners, Johnson & Johnson Development Corp., TL Ventures, MDS Life Sciences, LHC Corp. Wheatley Partners, Anthem Capital, Burrill & Co. and Foundation Medical Partners. www.immunicon.com

 

WPT Enterprises Inc. and Multi-Fineline Electronix Inc. filed for $32.2 million and $70 million IPOs, respectively. Neither company has received significant private equity backing.

 

 

    Human Resources

 

Fred Destin has joined Atlas Venture as a London-based principal focused on information technology investments. He is a former partner of Dresdner Kleinwort Wasserstein’s OM technology investments group, and previously served as a venture manager with seed-stage investor Speed Ventures. www.atlasventure.com

 

Robert Knox has been selected vice chair of the board of directors at Boston University. He received both his Bachelor’s and MBA from the school, and currently serves as senior managing director and co-founder of Cornerstone Equity Investors.

 

Sarah Shackelton has joined Abingworth Management, where she will head up recruitment efforts for the London-based VC firm’s portfolio of life sciences companies. She had previously held similar positions with Coulter Partners and Spencer Stuart.

 

Rudy Scarpa has joined Coller Capital as a partner in the London-based firm’s New York office. He previously served as a principal with TH Lee Putnam Ventures, and once led fund-raising efforts for Merrill Lynch’s private equity group.

Six Flags Inc. (NYSE: PKS) has completed its previously announced sale of Six Flags World Adventure in Ohio and its European Division. Cedar Fair LP bought the Ohio park for approximately $145 million, and UK-based private equity firm Palamon Capital Partners grabbed the European assets for around $200 million. www.sixflags.com

 

Omneon Video Networks Inc., a Sunnyvale, Calif.-based provider of networking and storage infrastructure for program producers and distributors, has raised $10.5 million in new VC funding. INVESCO Private Capital led the deal, and was joined by fellow new investor Centre Partners and return backers Accel Partners, Advanced Technology Ventures, Intel Capital, Lucent Venture Partners, Meritech Capital Partners and Norwest Venture Partners. The company has raised over $80 million in total VC funding since its 1998 inception, including a $12.5 million infusion in 2000 at a post-money valuation of approximately $133 million, and a $12.5 million recap deal in 2002 at a post-money valuation of approximately $16.2 million. www.omneon.com

 

Silicon Graphics Inc. (NYSE: SGI) has agreed to sell Toronto-based 3D graphics subsidiary Alias Systems for $57.5 million to Accel-KKR. The deal is expected to close within the quarter. www.alias.com

 

Emic Networks, a San Jose, Calif.-based provider of grid computing solutions, has raised $7.5 million in second-round funding. Trident Capital and Nordic Venture Partners co-led the round, and were joined by return backer Ledstiernan. www.emicnetworks.com

 

Columbitech AB, a Sweden-based wireless software developer, has received a $1.5 million investment from Japanese VC firm Mobile Internet Capital Inc. www.columbitech.com

 

Cedar Point Communications Inc., a Derry, N.H.-based provider of packet-based voice and multimedia switching solutions for the cable telecom market, has raised $20 million in new VC funding. JPMorgan Partners led the deal, and was joined by return backers Ascent Venture Partners, Battery Ventures, Charles River Ventures, Comcast Interactive Capital and STAR Ventures. www.cedarpointcom.com

 

Axya Medical Inc., a Beverly, Mass.-based medical device company, has raised $2.8 million in new VC funding. Crossbow Ventures led the deal, and was joined by Piper Jaffray Ventures, ProgressNow!, Tyco Ventures, Baloise Private Equity, Prism Venture Partners and Mosaix Ventures. The company now has raised around $40 million in total VC funding since its 1998 inception. www.axya.com

 

Aspex Semiconductor, a Bradford, UK-based fables semiconductor company, has raised $10 million in second-round funding. Return backer New Media Spark participated on the deal. The company also changed its name over from Aspex Technology. www.aspex.co.uk

 

The European Union Commission has approved the $100 million acquisition of Smart Modular Technologies Inc., a subsidiary of Solectron Corp. (NYSE: SLR), by Francisco Partners and Texas Pacific Group.

 

The European Union Commission has approved a $56 million acquisition of FLS Aerospace from FLS Industries AS by 3i Group. www.3i.com

 

Los Echos is reporting that French defense company Thales has sold its Thales Acoustics group to private equity firm J.F. Lehman & Co. for an undisclosed amount.  

 

YDI Wireless Inc. (OTC BB: TDIW) has agreed to acquire Terabeam Corp., a Redmond, Wash.-based provider of broadband wireless systems, in a stock deal valued at approximately $64 million. Terabeam investors included Bessemer Venture Partners, Madrona Venture Group, Merrill Lynch Capital Partners, Mobius Venture Capital, Morgan Stanley Private Equity, Oak Hill Capital Management and T. Rowe Price. www.terabeam.com

 

Nanotechnologies Inc. of Austin, Texas and Technanogy Materials Development of Santa Ana, Calif. have agreed to merge. Nanotechnologies Inc. has raised over $10 million in VC funding from Castletop Capital, Convergent Investors and Harris & Harris Group.  www.nanoscale.com

  

Alliance Laundry Holdings Inc., a Ripon, Wis.-based provider of commercial laundry equipment, has filed to raise $375 million via an IPO on the AMEX under an undetermined ticker symbol. The company was acquired in 1998 by Bain Capital and Bruckmann, Rosser, Sherrill & Co both of which are listed as significant shareholders on the IPO registration filing. www.comlaundry.com

 

Corcept Therapeutics Inc., a Menlo Park, Calif.-based drug company focused on the treatment of severe psychiatric and neurological diseases, has begun trading on the Nasdaq under ticker symbol CORT. The company yesterday priced 4.5 million shares of common stock at $12 per share (below its original $15-$17 offering range), for a total IPO take of $54 million. The company has raised over $30 million in VC funding since its 1998 inception from investors like Alta Partners, Sutter Hill Ventures and Maverick Capital. www.corcept.com

 

Collegiate Funding Services Inc., a Fredericksburg, Va.-based education finance company, has filed to raise $172.5 million via an IPO of common stock. Significant shareholders include The Lightyear Fund and TCW/Crescent Mezzanine Partners. www.cfsloans.com

 

Immunicon Corp., a Huntingdon Valley, Pa.-based company specializing in cell-based research and diagnostic products with an initial focus on cancer, decreased its IPO offering price range from $12-$14 per share to $9-$11 per share. The company has raised over $86 million in venture funding from investors like Canaan Partners, Johnson & Johnson Development Corp., TL Ventures, MDS Life Sciences, LHC Corp. Wheatley Partners, Anthem Capital, Burrill & Co. and Foundation Medical Partners. www.immunicon.com

 

   

David Panton has joined Mellon Ventures as a vice president in the firm’s Atlanta office, which concentrates on growth and buyout financings. He has spent the past years as co-founder and managing director of the Caribbean Investment Fund. www.mellonventures.com

 

Barrie Keiser has joined DW Healthcare Partners as a managing director. He most recently served as president of MEDIQ, and also has held senior management roles with OrthroRX and Promedix. www.dwhp.com

 

Everett Cox has decided to retire from the board of directors at Fargo Electronics Inc. (Nasdaq: FRGO). Cox has been a director since 1998, and once served as a general partner with original Fargo investor St. Paul Venture Capital. www.fargo.com

 

3i Group has promoted Gustav Bard to the position of managing director of 3i Nordic. He had previously run 3i Sweden, following 3i’s acquisition of VC firm Atle, where Bard served as managing director of buyouts. In related news, former 3i Nordic managing director Alan MacKay will transition to a new role as a managing director in 3i’s European buyout business. www.3i.com

 

Irving Bailey, managing director of Chrysalis Ventures, has been named to the board of Hospira Inc., a drug delivery company being spun off from Abbott Labs.

 

NEWS FROM WEDNESDAY 4/14

Domino’s Pizza Inc., an Ann Arbor, Mich.-based pizza delivery company, has filed to raise $300 million via an IPO of common stock on the NYSE under proposed ticker symbol DPZ. The company’s largest shareholder is Bain Capital, which bought a controlling stake in 1998 from Domino’s co-founder Tom Monaghan. www.dominos.com

 

Chuck Flynn has joined Bregal Investments LP as head of its €750 million private equity fund-of-funds practice. He comes to Bregal from Deutsche Asset Management, where he was global head of the private equity funds group. www.bregal.com

 

Affymax Inc., a Palo Alto, Calif.-based drug discovery company focused on novel peptide drugs for the treatment of cancer, has raised $20 million in new Series C funding. The round total is now $40 million, after a $20 million initial close in May 2003. Bear Stearns Health Innoventures led the latest tranche, and was joined by return backers Apax Partners, MPM Capital and Sprout Group.  www.affymax.com

Senforce Technologies Inc., an Orem, Utah-based provider of location-aware endpoint security solutions, has raised $12.4 million in new VC funding. Thomson Weisel Venture Partners and vSpring Capital co-led the round, and were joined by fellow new investor American River Ventures, and return backers Rocket Ventures and EsNet Group. www.senforce.com

 

PalTalk, a New York-based provider of live video and voice communications over the Internet, has raised $6 million in new VC funding from Softbank Capital Partners. Mike Perlis, a managing partner with Softbank Capital, will join the PalTalk board of directors in conjunction with the financing. www.paltalk.com

 

Inotek Pharmaceuticals Corp., a Beverley, Mass.-based drug company whose products are based on a technology platform that targets cellular necrosis and tissue inflamation, has raised $20 million in Series A funding. Investors included Care Capital, Rho Ventures and MedImmune Ventures.

 

Molecular Imprints Inc., an Austin, Texas-based maker of step and flash imprint lithography equipment, announced that it has received additional Series B funding from Lux Capital and Harris & Harris Group. The firm had previously disclosed Series B investors Alloy Ventures, Draper Fisher Jurvetson, Motorola and KLA-Tencor.

 

Web Reservations International Ltd., a Dublin, Ireland-based provider of online booking and reservations technology for the budget, independent and youth travel sector, has received an undisclosed amount of private equity funding from Summit Partners. www.webresint.com 

Todd Jaquez-Fissori has joined Siemens Venture Capital as an investment partner in the firm’s Silicon Valley Office. He most recently served as a principal with Boulder Ventures in San Francisco.

 

Jeffrey Miller, a venture partner with Redpoint Ventures, has been named chairman of the board at Redpoint portfolio company Movaris, a Campbell, Calif.-based provider of corporate compliance management software. www.movaris.com

  

GSI Technology Inc., a Santa Clara, Calif.-based provider of SRAM circuits for the networking and telecom markets, has filed to raise $103.5 million via an IPO of common stock on the Nasdaq under proposed ticker symbol GSIT. Significant shareholders include Monet Capital. www.gsitechnology.com

 

CoinMach Service Corp., a Plainville, N.Y.-based provider of outsourced laundry services to multi-family housing properties, has filed to raise $400 million via an IPO. The company had originally gone public in 1996 on the Nasdaq, but later returned to the private markets following a merger with CLC Acquisition Corp., which was formed by GTCR-Golder-Rauner. The company also lists TCW Crescent Mezzanine Partners as a significant shareholder. www.coinmach.com

 

Findexa AS, a Norway-based telephone directory publisher, plans to raise around €420 million via an IPO on the Oslo stock market later this year. The company was bought out from Telenor SA by Texas Pacific Group in 2001. www.findexa.no

 

Austriamicrosystems AG, an Austria-based provider of analog and mixed-signal process technologies, reportedly plans to raise 85 million via an IPO on the Swiss Stock Exchange later this year. The company was delisted from the Vienna exchange in 2000, after being acquired for 270 million by private equity firm Permira. www.austriamicrosystems.com

  

Friend Skoler & Co., a Saddle Brook, N.J.-based private equity firm, has closed its latest fund with $231 million in capital commitments. The firm will continue its strategy of acquiring and building companies on the smaller end of the middle-market, in partnership with company management. www.friendskoler.com

 

The Gulf Venture Capital Society, a non-profit group for VC and private equity pros in the Middle East, held its founding meeting last week in Bahrain with over 100 participants.

 

NEWS FROM TUESDAY 4/13

KKR BDC, a newly formed investment company sponsored by private equity firm Kohlberg Kravis Roberts & Co., has filed to raise $750 million via an IPO of common stock. The company primarily will provide financing to companies that are privately-owned, and investments will consist of secured and unsecured senior and subordinated loans and other debt securities. It also will invest equity and equity-linked securities such as common and preferred stock, convertible securities, warrants and options. Finally, KKR BDC may invest up to 30% of its portfolio in “opportunistic investments” like high-yield bonds, distressed debt or equity in public companies. It will not invest in any company in which KKR or any of its affiliates have an existing investment. www.kkr.com

 

Vinod Khosla is resigning from the board of Juniper Networks Inc. (Nasdaq: JNPR), effective this Thursday. Khosla helped found Juniper in 1996, but is leaving to make room for a representative of Netscreen Technologies Inc., which Juniper recently agreed to acquire for $3.6 billion. Kohsla is a general partner with Kleiner, Perkins, Caufield & Byers, although he will soon shift to a part-time “partner” position for the Silicon Valley venture firm’s new fund.

 

Cardiokine Inc., a Philadelphia-based drug company focused on the treatment of heart failure and other cardiovascular indications, has raised $37 million in Series A funding. Perseus-Soros Biopharmaceutical Fund and HealthCare Ventures co-led the deal, and were joined by Care Capital and Burrill & Co. In conjunction with the financing, Andrew Schiff and Magdalene Cook of Perseus-Soros, Eric Aguiar of HealthCare Ventures and Jan Leschly of Care Capital have joined the Cardiokine board of directors. www.cardiokine.com

 

 

Corus Pharma Inc., a Seatle-based biotech and specialty drug company focused on respiratory and infectious diseases, has raised $60 million in Series C funding. Bear Stearns Health Innoventures led the round, and was joined by fellow new investors Hambrecht & Quist Capital Management, AIG Sun America Ventures, MPM BioEquities, Carnegie Group and company chairman Kirby Kramer. Return backers included JPMorgan Partners, MDS Capital, Novo A/S, RBC Capital, Burrill & Co., OrbiMed Advisors, Cascade Investment, Anthem Ventures, Pacific Rim Ventures, Washington Research Foundation, Integra Ventures and WestRiver Capital. Montgomery & Co. LLS served as Corus’ exclusive placement agent on the transaction. Corus now has raised $108.5 million in total VC funding since its 2001 inception, including a $40 million Series B deal in early 2003 at a post-money valuation of approximately $67 million. www.coruspharma.com

 

OutlookSoft Corp., a Stamford, Conn.-based provider of business planning and performance management solutions, has raised $22.5 million in Series D funding. Battery Ventures and Greylock co-led the deal, and were joined by return backers Pequot Ventures and GE Commercial Finance. In conjunction with the funding, Ollie Curme of Battery and Bill Hellman of Greylock will join the OutlookSoft board of directors. www.outlooksoft.com

 

Ping Identity Corp., a Denver-based provider of federated identity management solutions, has closed its first round of VC funding with $5.8 million at a post-money valuation of approximately $10.1 million. The company had announced the initial $5 million closing last October led by General Catalyst Partners, and now has added Fidelity Ventures to its investor roster. Dave Power, a partner with Fidelity Ventures, will join the Ping Identity board of directors. www.pingidentity.com

 

Website Pros Inc., a Jacksonville, Fla.-based provider of Web site solutions for small businesses, has raised $7 million in new Series A recap funding from Insight Venture Partners and Norwest Venture Partners. This brings the round total to $17 million, as Website Pros raised the initial $10 million this past December from Insight. The company now has raised around $105 million in total VC funding since its 1997 inception. www.websitepros.com

 

Lancope Inc., an Alpharetta, Ga.-based provider of network integrity solutions, has raised $12.5 million in Series C funding. Canaan Partners led the deal, and was joined by return backers Council Ventures, GMG Capital Partners and H.I.G. Ventures. The company now has raised over $24 million in total VC funding since its 2000 inception. www.lancope.com

 

Basis Technology Corp., a Cambridge, Mass.-based provider of multilingual text mining software, has received a strategic investment from In-Q-Tel, the non-profit VC group funded by the CIA. www.basistech.com

 

Lambda OpticalSystems Corp., a Reston, Va.-based provider of optical network solutions, has raised $14 million in Series B funding from return backers ComVentures and Sevin Rosen Funds.

 

GreenFuel Technologies Corp., a Cambridge, Mass.-based developer of air pollution control technologies, has received a startup investment from Access Industries Inc. www.greenfuelonline.com

 

Trinity Ventures has agreed to acquire and take private SciQuest Inc. (Nasdaq: SQST), a Research Triangle Park, N.C.-based provider of research process services to the life sciences and higher education markets. The transaction is valued at $25.25 million in cash. www.sciquest.com

 

Meridian Venture Partners has led the buyout of ANI Pharmaceuticals Inc., a Gulfport, Miss.-based manufacturer of over-the-counter liquid pharmaceuticals, from Advanced Nutraceuticals Inc. (OTC BB: ANII). Meridian was joined on the deal by Liberty Venture Partners and incoming members of management, which include Tom Anderson, former president of the domestic pharmaceutical division of Alpharma Inc.

 

Austin Ventures has committed $50 million to launch a new acquisition platform in the information services sector. The private equity firm has teamed on its new effort with Brian Sharples, former president and CEO of IntelliQuest Information Group and onetime Bain & Co. consultant. Sharples will be based in Austin, Texas, but evaluate potential acquisition and startup opportunities throughout the United States. www.austinventures.com

 

Charterhouse Group has partnered with a pair of healthcare industry managers to form Upstream Rehabilitation Inc., an acquisition platform focused on the outpatient rehabilitation services industry. The group already has made its first investment: a recapitalization of Carlsbad, Calif.-based Physical Rehabilitation Network, an owner and operator of outpatient rehab clinics in California. Upstream was joined on the deal by The Athena Group, a Chicago-based healthcare investment firm. No financial terms of the PRN deal were disclosed. www.upstreamrehabilitation.com

 

Gazeta Mercantil is reporting that Darby Overseas has agreed to acquire a 34% stake in Brazilian fuel distributor Satélite Distribuidora de Petróleo. Darby also reportedly plans to invest $10 million into the company over the next three years. Additional financial details were not disclosed. www.darbyoverseas.com

 

Hynix Semiconductor Inc., a South Korea-based memory chipmaker, has ended talks with Citigroup Venture Capital related to a proposed sale of non-core Hynix units that make camera phone chips and flat screens.

  

Warburg Pincus has completed its acquisition of all outstanding shares of ScanSoft Inc. (Nasdaq: SSFT) previously held by Xerox Corp. (NYSE: XRX) for approximately $80 million. The deal includes 11,853,602 shares of common stock, 3,562,238 shares of non-voting Series B preferred stock and a warrant to purchase up to 525,732 shares of common stock. In addition, Warburg Pincus has acquired a warrant to purchase 2.5 million shares of common stock from ScanSoft. William Janeway, a vice chairman with Warburg Pincus, has joined the ScanSoft board of directors.

 

Mercury Computer Solutions Inc. (Nasdaq: MRCY) has agreed to acquire TSG Group, a Bordeaux, France-based supplier of 3-D image processing and visualization software. The deal is valued at approximately $18.5 million, which includes $6 million worth of Mercury common stock and the remainder in cash, subject to closing adjustments. www.tgs.com

  

Financial Pacific Co., a Federal Way, Wash.-based commercial finance company, has filed to raise $80.5 million via an IPO of common stock on the Nasdaq under ticker symbol FNPC. In January 1998, affiliates of private equity firm Windward Capital Partners acquired a majority interest in Financial Pacific. www.finpac.com

 

Color Kinetics Inc., a Boston-based developer of solid-state illumination technologies, has filed to raise $51.75 million via an IPO of common stock on the Nasdaq under proposed ticker symbol CLRK. The company has raised over $47 million in total VC funding since its 1997 inception, including a $13 million Series D round earlier this year. Investors have included Needham Capital Partners, Armen Capital Management, ThinkEquity Investment Partners, SAC Capital Advisors and Deutsche Bank.  www.colorkinetics.com

 

Threshold Pharmaceuticals Inc., a South San Francisco-based biotech company focused on small molecule therapeutics, has filed to raise $86.25 million via an IPO of common stock on the Nasdaq under proposed ticker symbol THLD. The company has raised $50 million in VC funding since its 2001 inception, including a $41 million Series B infusion late last year at a post-money valuation of approximately $68 million. Significant shareholders include Morgenthaler Partners, Pequot Capital Management, ProQuest Investments, Sofinnova Ventures, Three Arch Partners and Sutter Hill Ventures. www.thresholdpharm.com

 

Greenfield Online Inc., a Wilton, Conn.-based provider of online survey solutions to the global marketing industry, has filed to raise $75 million via an IPO of common stock on the Nasdaq under proposed ticker symbol SRVY. Significant company shareholders include Insight Venture Partners, UBS Capital and MSD Ventures. The company had originally filed for an $86.25 million IPO in March 2000, but withdrew the offering in December 2000 due to adverse market conditions. www.greenfield.com

 

Kevin Mundt has joined Vestar Capital Partners as a managing director with the Vestar Resources portfolio monitoring and advisory group. He most recently served as vice president and director of Mercer Oliver Wyman (f.k.a. Mercer Management Consulting). He also was co-founder and director of strategic consultancy Corporate Decisions Inc., which merged with Mercer in 1997.

 

Gary Silverman has joined Kaye Scholer LLP as a partner and head of the law firm’s private equity practice in Chicago. He most recently served as a partner with Kirkland & Ellis LLP.  www.kayescholer.com

 

David Parshall, managing director of secondaries firm Private Equity Investors Inc., has been named chairman of the board’s audit committee at Friedman’s Inc. (NYSE: FRM), where he currently serves as an independent director. He replaces Mark Pickup, who died unexpectedly last week. www.friedmans.com

 

The Yale School of Management announced that Dean Jeffrey Garten will step down in June 2005, after completing his second five-year term. Among Garten’s accomplishments was the creation of the Sachem Venture Capital Fund, which supported projects in the New Haven, Conn. area.

JANA Partners has told will nominate an opposition slate of four directors during InterCept Inc.‘s (Nasdaq: ICPT) upcoming shareholder meeting. Among the nominees are Kevin Lynch and Marc Weisman, both principals with private equity firm Sagaponack Partners. JANA owns approximately 8% of InterCept’s outstanding common stock.

 

Greyrock Capital Group has closed its new fund with $190 million in commitments, inclusive of SBIC funds. The firm – which features offices in San Francisco, Chicago and New York – provides mezzanine and equity financing for buyouts, recaps and internal growth needs of middle-market companies. www.greyrockcapitalgroup.com

 

Schroders PLC has closed its second private equity fund-of-funds with