PE Week Wire — Friday, August 6

 

17,000 Strong

 

Every time the PE Week Wire adds another thousand subscribers, I like to remind you that this free service is just a tiny morsel compared to the feast enjoyed by paid subscribers to Private Equity Week (or PE Week, if six syllables makes you anxious). Paid subscribers receive the weekly print edition, plus full access to the PE Week website and its search archive (which also houses old copies of the PE Week Wire). Both the print pub and website include in-depth deal news, fund news, market analysis and proprietary data. PE Week is over 10-years-old, and features some of the most experienced reporters in the in industry (plus me). So whip out that corporate credit card and click the “Subscribe” button at the right-hand side of this email, or call Rob Mills at 917-408-5254.

Two other notes: (1) The stock markets continue their freefall this morning, thanks to a new jobs report that shows only 32,000 non-farm jobs added in July. Original estimates had been in the 243,000 range, and today’s news’s suggests that the U.S. labor market may be headed for future stagnation instead of future growth. This may not be the corner that President Bush was hoping we had turned. (2) The first part of our latest PE Week Wire contest has concluded, based on the combined DJIA and Nasdaq closing values on Wednesday (good thing it wasn’t based on yesterday’s closing price, or almost everyone would have overestimated). The winners have been notified, and far more info will be coming in this space next week.

 

Kohlberg Kravis Roberts & Co., The Carlyle Group and Providence Equity Partners may be reconsidering their proposed $4.3 billion buyout of PanAmSat Corp. (Nasdaq:SPOT), after one of the company’s communications satellites suffered an unexpected propulsion system failure on Tuesday. This is particularly problematic for PanAmSat, because the system in question actually is a back-up propulsion system for the Galaxy 10R satellite, as the primary system already had failed on a previous occasion. The failure offers a window of retreat for the three buyout firms, which are buying the entire company, including an 80.5% stake held by DirectTV Group Inc. (NYSE: DTV). The deal is structured with KKR buying 98% of the company’s outstanding shares – including an 80.5% stake held by DirectTV Group Inc. (NYSE: DTV) – and then selling 27% to Carlyle and Providence Equity, respectively. The deal originally was scheduled to close later this month. www.panamsat.com

 

In other satellite buyout news, Reuters is reporting that two private equityconsortiums are top contenders in the $5 billion auction for Bermuda-based Intelsat Ltd. One group includes Apollo Management and Madison Dearborn Partners, while the other includes Apax Partners and Permira. Reuters also reports that both Thomas H. Lee Partners and Bain Capital still could make a late push, while KKR and Blackstone appear to have lost interest due to existing sector exposure.

 

The Carlyle Group and former British Prime Minister John Major have agreed to disband the firm’s position of European chairman, which Major had held since 2001. He will remain with Carlyle as an advisor to the firm’s European and energy funds. www.carlyle.com

 

Google Inc., a Mountain View, Calif.-based online search company, made headlines for two reasons yesterday. First, the company is expected to delay its $3.82 billion IPO by at least a week, due to difficulties related to the deal’s distribution structure. News reports originally had suggested that the company could price as soon as next Tuesday. Google also filed SEC documents detailing a share rescission program, whereby it hopes to repurchase 23.2 million common shares and 5.6 million options. The company has raised approximately $40 million in VC funding from Sequoia Capital, Angel Investors LP and Kleiner Perkins Caufield & Byers. This includes a $25 million deal in 1999 at a post-money valuation of approximately $62.5 million, and a $15.18 million deal in 2000 at a post-money valuation of approximately $445 million. www.google.com

 

GlycoMimetics Inc., a Gaithersburg, Md.-based, has raised $5.1 million in additional Series A funding. This brings the round total to $9.6 million. Return backers included New Enterprise Associates, Alliance Technology Ventures, Anthem Capital Management, The Novartis Venture Fund and PTV Sciences. New investor Maryland Department of Business and Economic Development also participated. www.glycomimetics.com

Platform Learning Inc., a New York-based provider of supplemental educational services, has raised $9 million in Series C equity funding and $10 million in mezzanine debt funding. Capital Resource Partners led the deal, and was joined by fellow new investors Alpinvest Partners and the New York City Investment Fund. Return backers included Ascend Venture Group and Quad City Ventures. www.platformlearning.com

 

Natural Convergence Inc., an Ottawa, Canada-based provider of VoIP application software for service providers, has raised Cdn$12 million in Series B funding. VIMAC Ventures led the deal, and was joined by return backers Jefferson Partners, BDC Venture Capital, Desjardins Venture Capital, Primaxis Technology Ventures, RBQ Inc. and Purple Angel. www.naturalconvergence.com

 

Doyle & Boissiere LLC, a Burlingame, Calif.-based private equity firm, has agreed to sell surfing and active lifestyle apparel company Ocean Pacific Inc. to Warnaco Group for approximately $40 million in cash. The deal is expected to close sometime this quarter. www.op.com

 

New River Pharmaceuticals Inc., a Radford, Va.-based drug company specializing in improved versions of existing pharmaceuticals, has begun trading on the Nasdaq under ticker symbol NRPH. The company used an OpenIPO distribution process to price 4.2 million common shares at $8 per share (below its original $10-$14 offering range), for a total IPO take of approximately $33.6 million. The company has received private equity funding form Third Security LLC. www.nrpharma.com

Commercial Vehicle Group Inc., a New Albany, Ohio-based provider of interior systems, vision safety solutions and other cab-related products for the commercial vehicle market, has begun trading on the Nasdaq under ticker symbol CVGI. The company priced over 6.12 million common shares at $13 per share, for a total IPO take of approximately $79.63 million. It originally had hoped to raise upwards of $180 million by selling 9.25 million common shares at between $$15-$17 per share. Onex Corp. held a 62.5% ownership stake in Commercial Vehicle Group prior to the IPO, although that position dropped to 28.3% post-offering. Other significant shareholders included Baird Capital Partners and Norwest Equity Partners.

RightNow Technologies Inc., a Bozeman, Minn.-based provider of Web-based customer service support software and services, has begun trading on the Nasdaq under ticker symbol RNOW. The company priced 6.3 million common shares at $7 per share, for a total IPO take of approximately $44.1 million. It had raised over $32 million in VC funding since its 1995 inception, with significant shareholders including Greylock and Summit Partners. www.rightnow.com

Syneron Medical Inc., an Israel-based medical device company focused on non-invasive aesthetic medical treatments, will begin trading on the Nasdaq under ticker symbol ELOS. The company priced five million shares at $12 per share (below its $14-$16 offering range), for a total IPO take of approximately $60 million. Syneron had raised over $2 million in VC funding, with significant shareholders including MNMM Holdings Ltd., Starlight Capital, European High-Tech Capital SA, Lintech Investments Inc. and Israel Health Care Ventures. www.syneron.com

Mattress Holding Corp., a Houston, Texas-based specialty retailer of conventional bedding products (under the Mattress Firm brand), has filed to raise $46 million via an IPO of common stock on the Nasdaq under proposed ticker symbol MFRM. The company was acquired in October 2002 by Sun Capital Partners, from a group of private investors that included an affiliate of Sealy Corp. controlled by Bain Capital. www.mattressfirm.com

 

Rick LeFaivre has joined OVP Venture Partners as a venture partner. He spent the past five years as a founder of IdeaEdge Ventures and the Zazi Forum, while also serving as executive director of the von Liebig Center for Entrepreuerism and Technology Advancement at UC San Diego. www.ovp.com

 

Mark Powell on Tuesday won the Democratic Party nomination for Missouri state treasurer, in an upset victory over state representative Mark Abel. The Arnold, Mo. mayor now will face Republican state senator Sarah Steelman in the November finale. If elected, Powell has said that he would lobby for legislation that would allow the Missouri Treasurer’s office to invest state money into venture capital firms.

 

IDG Ventures has named Nguyen Bao Hoang as the general managing partner of its $100 million IDG Ventures Vietnam Fund, according to The Saigon Times Daily. The fund currently is awaiting Vietnamese government approval to operate. Hoang previously served as managing director for Asia of Vietnam Telecom. www.idgvv.com

 

Sam Katz, former Republican candidate for mayor of Philadelphia (he lost twice to John Street), has launched a new I-bank and financial services firm focused on life sciences companies, according to various news reports. The new firm is named WellSpring BioCapital Partners LLC, although few other details have been disclosed. A May SEC filing reveals little other than that Katz’s partners will be Malcolmn Pryor, a founding partner of Pryor, Counts & Co., and Jeffrey Feldman, a VC firm advisor and adjunct economics professor at Middlesex County College in New Jersey.

 

The Carlyle Group has named managing director Peter Clare head of its global aerospace, defense and government services industry group. He originally joined the firm in 1992, and has focused on buyout opportunities in the aerospace, defense, government services and technologies sectors. Clare succeeds managing director Allan Holt, who will spend more of his time co-managing Carlyle’s U.S. buyout activities. www.carlyle.com

 

Deutsche Bank AG has added three directors to its North American Structuring team. David Downie joins from Merrill Lynch, and will work inside the team’s alternative asset group, working on private equity-focused transactions. Joe Aglione also joins from Merrill Lynch, and will be responsible for structured product distribution to retail clients and retail intermediaries. Laurent Rinment comes over from Societe General to structure hedge fund-related transactions. All three directors will be based in Deutsche’s New York offices. www.db.com

Golden Gate Capital, a San Francisco-based buyout firm, has raised $1.8 billion in limited partner commitments for its second fund. The firm previously had raised $700 million for its inaugural vehicle in 2001. www.goldengatecap.com

Artifact Entertainment, a Mesa, Ariz.-based provider of entertainment software, has filed for Chapter 11 bankruptcy protection. The company said that its action was voluntary, and caused by an inability to “reach a mutually satisfactory agreement with a key vendor.” Artifact has raised over $10 million in VC! funding from primary investor Forrest Binkley & Brown. www.artifact-entertainment.com

 

Thursday, August 5

 

 

Not Yet Nanosys

 

Contrary to popular supposition – first put forth in this very space – I did not return from Honolulu in time to produce yesterday’s Wire. It seems that I badly misunderstood my own itinerary, which had me back in Boston at 3pm in the afternoon. Apologies to readers and to Adam Reinebach, the latter of whom received a frantic “I’m still in Hawaii” email on Tuesday evening. As such, I’ve not yet found time to read your emails, listen to your voice mails, etc. But I’ve just procured a tubful of iced coffee and am hunkered down for my vacation-induced reckoning.

In the meantime, it’s worth spending a few sentences on Nanosys Inc.’s decision to withdraw its proposed IPO (see Top News below). The Palo Alto-based nanotech company originally filed for a $115 million offering in April, and had recently amended the deal to include the sale of 6.25 million common shares at between $15-$17 per share. In a statement filed with the SEC, Nanosys blamed its decision on “the volatility of the public capital markets,” and did not return calls yesterday from PE Week requesting comment. In particular, Nanosys seemed wary of a public market that has routinely knocked down IPO pricing ambitions, and then treated their subjects even worse in the aftermarket. Of the 28 companies to go public in July, for example, just 15 currently are trading above their offering price (many of which were reduced to start with).

Rather than looking outward, however, Nanosys might need to begin looking inward. The company is just three years-old, and its 200 patents have been unable to mask consistent revenue losses and its lack of a discernable product. Specifically, it reported revenue loss of $8.8 million over the first six months of this year, and basically was developing platform technology instead of particular applications. Maybe this would have flown in the 1999-2000 IPO market, but it’s almost reassuring to see it fail in 2004. It also should provide some vindication for Vinod Khosla. The Kleiner Perkins investor publicly criticized the prospective Nanosys IPO earlier this summer at the Nanotechnology Forum, before later “clarifying” his remarks to have been applicable to the entire nanotech industry, and not to Nanosys individually. Too bad for the retreat Vinod, because it seems like public market investors agreed with you.

It’s too early to draw any final conclusions about the Nanosys IPO withdrawal, and I’m a bit too jetlagged to try. After all, the company could refile tomorrow and go public soon after. Quick thoughts, however, are: (1) The public markets may be losing interest in unprofitable companies, after a number of recent flings; (2) The nanotech market, in general, is not yet mature or proven enough to tempt risk-adverse public investors; (3) VCs who pumped tons of cash into nanotech companies will not get the quick payout that many were anticipating.

Finally, thanks to Adam Reinebach for filling in while I was gone. Thanks for Carolina Braunschweig for filling me in on Nanosys late yesterday. Thanks to all of you who suggested restaurants in Hawaii – I took many of your recommendations and was rewarded. Particular kudos for those who told me to get out of Waikiki Beach, which serves as little more than an overcrowded mall bordered by shallow water. The North Shore was far more inviting. – Dan Primack

 

Nanosys Inc., a Palo Alto, Calif.-based developer of nanotechnology-enabled products, has withdrawn registration papers on its proposed $106 million IPO, due to “the volatility of the public capital markets.” The company has raised nearly $55 million in total VC funding since its 1999 inception, including a $38 million infusion last year at a post-money valuation of approximately $76 million. Significant shareholders include ARCH Venture Partners, CW Group, Polaris Venture Partners and Venrock Associates. www.nanosysinc.com

EQT Partners AB, a Stockholm, Sweden-based private equity firm, has raised €2.5 billion in limited partner commitments for its fourth fund. The fundraising effort was launched in January with a €2 billion target, with MVision Private Equity Advisors serving as global placement agent. www.eqt.se

Ceregene Inc., a San Diego-based developer of gene therapy treatments for neurodegenerative disorders, has held a first closing on its $32 million Series B funding round. Alta Partners and MPM Capital co-led the deal, and were joined by Hamilton-Apex Technology Ventures and California Technology Ventures. The company was launched in 2001 as a majority-owned subsidiary of Cell Genesys Inc. (Nasdaq: CEGE), which currently owns a 25% ownership stake after converting its previous bridge loan into Series B shares. In other Ceregene news, the company said that Jeffrey Ostrove, president of Ceregene since April 2001, has been elected to the additional position of CEO. www.ceregene.com

 

Kalypsys Inc., a San Diego-based drug company, has raised $29 million in Series B funding. Invemed Catalyst Fund led the deal, and was joined by Sprout Group, Tavistock Life Sciences, Novartis BioVenture Fund, CMEA Ventures, Aravis Ventures, 5AM Ventures, Invemed Associates and KT Venture Group. The company now has raised around $72.5 million in total VC funding since being founded in 2001 as a spinout of the Genomics Institute of the Novartis Research Foundation. www.kalypsys.com

MedSynergies Inc., an Irving, Texas-based provider of revenue and performance management solutions to healthcare providers, has raised $24 million in VC funding from FTVentures. The deal represents MedSynergies’ first round of institutional funding since being founded in 1996. www.medsynergies.com

Avera Pharmaceuticals Inc., a San Diego-based drug company focused on psychiatric and neurological diseases, has raised $48 million in Series C funding. Perseus-Soros BioPharmaceutical Fund led the deal, and was joined by fellow new investors Schroder Ventures Life Sciences, Aberdare Ventures, BioAsia Investments, H.I.G. Ventures and Montreaux Equity Partners. Return backers included Bay City Capital, BTG PLC, Frazier Healthcare Ventures, InterWest Partners, St. Paul Venture Capital and Windamere Venture Partners. The company now has raised approximately $72 million in total VC funding since its 2002 inception. www.averapharm.com

CallMiner Inc., a Cape Coral, Fla.-based provider of speech analytics software and services, has raised $2 million in Series A funding. Inflexion Partners led the deal, with Intersouth Partners also participating. www.callminer.com

BioSurface Engineering Technologies Inc., a College Park, Md.-based biotech company focused on vascular, orthopedic and chronic wound repair, has raised $5 million in Series B funding. EDF Ventures led the deal, and was joined by fellow new investors Memphis Biomed Ventures and the New Markets Growth Fund. Return backers include The Vertical Group, Boston Scientific Corp. and the Maryland Venture Fund. www.biosetinc.com

 

Cambrios Technology Corp. (f.k.a. Semzyme Inc.), a San Francisco-based provider of bio-directed materials for the electronics industry, has raised $1.8 million in Series A funding. ARCH Venture Partners and Alloy Ventures co-led the deal, and were joined by Oxford Biosciences. www.cambrios.com

PacketLight Networks Ltd., an Israel-based provider of multi-service optical transport and access systems for metro networks, has raised an undisclosed amount of new VC funding. New investors RAD Ventures and Yehuda and Zohar Zisapel joined return backers Pitango Venture Capital on the deal. PacketLight previously had raised approximately $39 million in total VC funding. www.packetlight.com

Lifestyle Fitness Inc., a St. Petersburg, Fla.-based owner and operator of fitness clubs in the Florida market, has raised $8 million in new private equity funding. Investors included Ballast Point Venture Partners, The Burton Partnerships and Quantum Capital Partners.

 

Hicks, Muse, Tate & Furst has acquired Kerns Oil & Gas Inc., a San Antonio, Texas-based natural gas production company that currently operates 215 active wells, company founder Shelby Kerns and the previous management team. Financial terms of the transaction were not disclosed. HMTF has renamed the company renamed BlackBrush Energy Inc., and named Philip Mezey and P. Scott Martin as co-chief executives, with Mezey also serving as COO and Martin also serving as CFO. Both men are principals with Flatrock Production Co., which partnered with Hicks Muse on the acquisition.

Rockwood Specialties Group Inc., a Princeton, N.J.-based chemicals and advanced materials company, has completed its previously-announced acquisition of four businesses of Dynamit Nobel, a chemicals subsidiary of MG Technologies AG. Kohlberg Kravis Roberts & Co. is Rockwood’s majority shareholder, and CSFB Private Equity also holds a significant company stake. Both firms financed the acquisition, in tandem with a new senior secured credit facility and a new senior subordinated credit facility. CSFB, UBS and Goldman Sachs arranged the debt financing. No financial terms of the transaction were disclosed. www.rocksp.com

Harvest Partners has acquired Evenflo Company Inc., a Vandalia, Ohio-based maker of infant and juvenile products, from an affiliate of Kohlberg Kravis Roberts & Co. No financial terms of the buyout were disclosed. www.evenflo.com.  

 

Warburg Pincus has acquired Hungarian cable television company FiberNet for $72 million, including a new infusion of working capital.

Huron Capital Partners has led a recapitalization of Northern Cap & Glove Manufacturing LLC, a designer and marketer of branded and private-label apparel. No financial terms of the deal were disclosed. www.huroncapital.com

American Furniture Manufacturing Inc., a Pontotoc, Mo.-based provider of upholstered furniture to the promotional market segment, has been acquired by Hampshire Equity Partners, Hunt Private Equity Group and Pittco Capital Partners. Certain members of AFM’s senior management team also participated. No financial terms of the transaction were disclosed.

 

PortalPlayer Inc., a Santa Clara, Calif.-based fabless semiconductor company for manufacturers of personal media players, has filed to raise $75 million via an IPO of common stock on the Nasdaq under proposed ticker symbol PLAY. The company has raised $60 million in VC funding since its 1999 inception, including a $42 million recap round in 2002. Significant shareholders include JPMorgan Partners, Shamrock Holdings, Investcorp, CIBC World Markets and LSI Logic Corp. www.portalplayer.com

Advertising.com Inc., a Baltimore-based provider of interactive marketing services, withdrew registration papers on a proposed $100 million IPO. The company announced in June that it would be acquired by America Online Inc. for $435 million in cash, and the withdrawal notification indicated that the acquisition has now closed. www.advertising.com

MatchNet Inc., a Beverly Hills, Calif.-based provider of online personal advertisements, has filed to raise $100 million via an IPO of common stock on the Nasdaq. The company has not received any significant private equity backing, and lists Tiger Technology Management and Capital Research and Management Co. among its principal shareholders.

KMG America Corp., Excelsior, Minn.-based company recently formed to acquire Kanawha Insurance Co., has filed to raise $253 million via an IPO of common stock on the NYSE under proposed ticker symbol KMA. The company has not received any significant private equity backing.

 

The Royal Bank of Scotland Group PLC has agreed to acquire Lynk Systems Inc., an Atlanta-based provider of credit and debit card processing services. The deal is valued at $525 million in cash, and is expected to close sometime this quarter. Lynk is equally owned by company management and VC firms Cordova Ventures, Sutter Hill Ventures, Technology Crossover Ventures and RH Capital. www.lynk-systems.com

ValueClick Inc. (Nasdaq: VCLK) has agreed to acquire PriceRunner AB, a Stockholm, Sweden-based operator of an Internet comparison shopping site. The deal is valued at $29 million, including cash and 263,000 shares of ValueClick stock. ValueClick also has agreed to pay an additional $6 million in cash and stock, based on PriceRunner’s ability to meet future performance milestones. PriceRunner has raised VC funding from 3i Group, Bonnier Venture AB, NewMedia Spark PLC (f.k.a. Cell Ventures) and Northzone Ventures.

 

James Hogan and Charlie Huang have joined Telos Venture Partners as general partners. Hogan previously served as senior vice president of business development at Artisan Components Inc. (Nasdaq: ARTI), while Huang most recently served as corporate vice president of integrated circuit solutions business development for Cadence Design Systems Inc.(NYSE: CDN). Telos is a Palo Alto, Calif.-based VC firm focused on early-stage investments in the next-generation electronic design automation (EDA) and fabless semiconductor spaces. This past June, it secured $50 million in limited partner commitments for its third fund. www.telosvp.com

 

Steven DeSutter has joined Burger King Corp. has senior vice president of corporate communications. He previously served in a similar position with PricewaterhouseCoopers Consulting and, before that, as as senior vice president of TurnWorks Inc., a private equity and advisory firm specializing in corporate turnarounds. www.burgerking.com

Steve Hunter has joined The Breckenridge Group Inc., an Atlanta-based middle market I-banking boutique. He previously served as a principal with Genesis Capital LLC and was one of the founding members of Robertson Stephens’ Atlanta investment banking office.  www.thebreckenridgegroup.com

Golden Gate Capital, a San Francisco-based buyout firm, has raised $1.8 billion in limited partner commitments for its second fund. The firm previously had raised $700 million for its inaugural vehicle in 2001. www.goldengatecap.com

Artifact Entertainment, a Mesa, Ariz.-based provider of entertainment software, has filed for Chapter 11 bankruptcy protection. The company said that its action was voluntary, and caused by an inability to “reach a mutually satisfactory agreement with a key vendor.” Artifact has raised over $10 million in VC! funding from primary investor Forrest Binkley & Brown. www.artifact-entertainment.com

 

Wednesday, August 4

 

Wayport, which provides Wi-Fi Internet access to mobile travelers, has raised $20 million of venture financing. The company plans to use the money for strategic acquisitions and to do more deployments at hotels, airports and other venues. www.wayport.com

 

Leonard Green & Partners-backed Liberty Group Publishing, a newspaper chain, is talking to buyers about an acquisition that could bring in as much as $500 million, The Wall Street Journal is reporting. Liberty is based in Northbrook, Ill., and runs 300 small publications in 15 states. The story said Liberty reported $189 million in sales last year, which was slightly down from 2002.

 

Avaya Inc. will pay $103 million to purchase venture-backed Spectel Inc., an audio conferencing company. Avaya has worked with Spectel for four years as a reseller of its audio services, which it will now sell directly. All 210 Spectel employees will be integrated into Avaya. Spectel’s venture backers include Investcorp and Lago Ventures. www.spectel.com

   

Alameda, Calif.-based Pepgen Corp., a biopharmaceutical company, recently raised $7.5 million of venture financing. Led by Toucan Capital, the deal also included Biotechnology Development Funds, Asset Management Company, Valley Ventures, Veron International and others. Founded in 1992, Pepgen develops therapeutic drugs to help treat multiple sclerosis, as well as other disorders. www.pepgen.com

 

ASDIS Software AG, a Berlin-based systems configuration management software company, has raised 3.5 million euros of Series A financing. Led by Viewpoint Capital Partners, the deal also included BC Brandenburg Capital GmbH. Next week the four-year-old company plans to open its first subsidiary in Amsterdam. www.asdis.com

 

San Diego, Calif.-based Streamload, an online content distribution company, has raised its first round of venture financing. Led by Windward Ventures, the deal also attracted four angel investors, including the City of San Diego’s Emtek Fund and Charlie Jackson, founder of Silicon Beach Software and Future Wave Software. www.streamload.com.

Meridian Venture Partners and DFW Capital Partners led the management buyout of Copstat Security Inc., a New York-based security company, for an undisclosed amount. The deal also included participation from Theo Capital Partners and Madison Capital Partners.  www.copstat.com 

Blackstone Group, two cable companies and the management of Bosch Breitbandnetze have made an offer to buy the company, which is the cable networks unit of Robert Bosch GmbH, Dow Jones is reporting.

Code Hennessy & Simmons is shopping the Australian unit of its AMF bowling business, The West Australian is reporting. The private equity firm has hired JP Morgan Chase to do the auction, the story said.

 

Kelly Griffin and Michael McArthur have been promoted to managing director positions with Ernst & Young Corporate Finance LLC.  They will report to Peter Schwab, EYCF president, and will focus on the firm’s restructuring and M&A businesses in New York and Los Angeles.

Andrea Bollyky has joined Aetos Capital as a managing director. In this role she will lead the business development and client service efforts for the firm’s absolute return investment unit. She most recently worked as a principal for Clay Finlay Inc., and was previously with London-based Gartmore Capital Management. Aetos focuses on alternative investment assets including private equity.

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