PE Week Wire — Thursday, April 7

Random Ramblings

A few quick notes before the trusty Pontiac heads down to Providence Airport, where I’ll catch my plane to Raleigh-Durham for the VCIC event:

** Boston-based Summit Partners is in the fund-raising market with two offerings: One focused on late-stage private equity and LBOs, and the other focused on growth-stage venture capital. Limited partners expect the LBO fund to easily hit its $3 billion target, particularly given its predecessor’s recent run of successful IPOs. The VC fund is arguably a bit less certain with its $250 million to $300 million target, particularly since Summit’s original VC fund was still underwater as of the last time CalPERS updated its performance figures (9/30/04). Moreover, the venture group has lost three general partners since being founded, including founder Kip Sheeline (now with Levensohn Venture Partners) and Marc Friend, whose departure was first reported in yesterday’s PE Week Wire.

There are, however, a few things going for the VC fund-raising effort. First, Summit is raising both funds at the same time, which means that it could apply some not-so-subtle pressure to LPs looking for access to the LBO fund (I’m not saying they’re doing that, just that it’s an available – and not unprecedented — option). Second, much of the original VC fund’s troubles came from its 1999 vintage and early-stage focus. The vintage for Summit VC II is obviously changed, but the focus also has moved a bit later, which is a better fit with the firm’s exhaustive deal-sourcing system. Oh, and they also have dropped the original VC fund’s “Accelerator” tag, which made it sound like what Bill Gross might call his NASCAR team, if he were to buy one.

Finally, a few personnel notes on Summit. Marc Friend says he is leaving on good terms, and that he simply wants to do earlier-stage inv*sting than Summit is pursuing (like what he used to do at USVP). His immediate plans are a trip with his wife to China and India, although he likely will join a West Coast firm upon his return. Also, I made a mistake yesterday in saying that Tom Jennings would be moving from Boston to Palo Alto. He will stay put in Beantown, although the part about his impending promotion from VP to principal was accurate (all apologies Tom).

** Sticking on the personnel tip for a moment, a pair of Silicon Valley happenings to share. First, Intel Capital has lost yet another senior executive. This time it’s Claude Leglise, whose last day will be Friday. You might remember that Intel Capital president John Miner announced his resignation on March 24, which really is a lot of senior-level transition for one firm. even one as large as Intel Capital. Go to www.privateequityweek.com for the complete story.

** In unrelated personnel news, PE Week has learned that Mark Pincus has stepped down as CEO of online classified company Tribe Networks Inc. This is similar to the transition that occurred at Pincus’ previous company Support.com, and basically is a case of Pincus being a better software guy than managerial/marketing guy. He plans to stay at the firm on a fulltime basis, and says that the search for a new CEO began late last year. No word yet on the newbie’s identity, but a formal announcement is expected to come by the end of April.

** I never used to care much for The West Wing, but last night’s episode was the single best hour of dramatic television I’ve seen since the pilot for NYPD Blue. Simply amazing.

** Tomorrow’s PE Week Wire column will be written by Ryan Delaney of Stag Capital, who won our 3rd Annual March Madness contest (this is part of his prize). I’ll still be taking care of the news section from down in North Carolina, however, and the email will originate from the regular domain (i.e., no need to change your settings). Have a great weekend.

Elevation Partners has lost out in its efforts to acquire UK-based Eidos PLC, a publicly-traded video game maker known for its “Tomb Raider” series. The Menlo Park, Calif.-based buyout firm agreed last month to buy Eidos for 50 pence per share (approx. $135 million), but one day later was bested by a 72.8 pence per share offer from rival game-maker SCi Entertainment Group PLC. Eidos has now accepted the SCi Entertainment offer, after Elevation failed to increase its bid. www.eidos.com www.elevation.com

Claude Leglise, a vice president at Intel Capital, will step down this Friday, in the second major departure from the venture unit in less than a month. Two weeks ago, Intel Capital President John Miner announced that his last day would be June 1. www.intel.com

Spectrum Equity Investors reportedly has sponsored a leveraged recap of Classic Media Inc., a New York-based owner of cartoon and television characters like Mr. Magoo and The Lone Ranger. Spectrum’s participation came in at around $75 million, with existing shareholders like Pegasus Capital Advisors and Random House Ventures retaining a minority position. In related news, Classic Media Inc. is considering a bit for children’s television programmer HIT Entertainment PLC, which would be backed by both Spectrum and Thomas H. Lee Partners. Both Apax Partners and Lions Gate Entertainment already have made bits for HIT. www.classicmedia.com

Picolight Inc., a Boulder, Colo.-based maker of optical transceivers and components, has held a $13 million first close on its latest round of VC funding. The company hopes to raise between $4 million and $7 million in additional capital during the second quarter. It now has raised over $100 million in total private funding since its 1996 inception. www.picolight.com

Third Brigade Inc., an Ottawa, Ontario-based provider of deep host intrusion prevention solutions, has raised Cdn$6 million in Series A funding. BCE Capital and Celtic House Venture Partners co-led the deal, and were joined by seed-stage backer BDC Venture Capital. www.thirdbrigade.com

Diagnostic Ultrasound Corp., a Bothell, Wash.-based medical device company, has closed the first tranche of a $34 million capital commitment from DW Healthcare Partners and Rho Private Equity. www.dxu.com

EnOcean GmbH, a Germany-based provider of battery-less switches and sensors, has raised 10 million euros in third-round funding. Backers included 3i Group, BayTech Venture Capital, SAM Private Equity, Wellington Partners and Siemens Venture Capital. www.enocean.com

Kohlberg, Kravis, Roberts & Co. has completed its acquisition of Toronto-based building products company Masonite International Corp. (NYSE: MHM), at a price of Cdn$42.25 per share. www.masonite.com www.kkr.com

Barclays Private Equity and 3i Group have sold their ownership position in INBIS Group PLC to AssystemBrime SA for an undisclosed amount. INBIS Group is a UK-based provider of independent design and engineering support services, which was formed via a 1997 management buyout co-sponsored by Barclays and 3i. www.inbis.com

Odyssey Inv*stment Partners has agreed to acquire Neff Corp. (OTC: NFFCA), a Miami, Fla.-based construction and industrial equipment rental company. The deal is valued at $510 million, including $240.5 million in equity. Company management will retain a significant ownership position.

ClearLight Partners has led buyout of Switchcraft Holdings Inc., a Chicago-based maker of electronic connectors and cable assemblies. Company management also participated. No financial terms were disclosed for the deal, which also included senior note financing from Antares Capital and subordinated note funding from Black Canyon Capital. www.clearlightpartners.com www.switchcraft.com

Perry Capital has agreed to acquire mid-market commercial finance companies Capital Factors Inc. and Capital Tempfunds Inc. from the Union Planters Bank, a division of Regions Financial Corp. (NYSE: RF). No financial terms of the acquisition are being disclosed, although Perry Capital has said that it will inv*st up to $100 million to support its new acquisitions. www.perrycapital.com

CVC Europe says that it has given up its battle to buy publicly-traded Swiss flooring company Forbo International SA. www.cvceurope.com

The Carlyle Group has acquired French semiconductor metrology company Cameca from an inv*stor consortium led by Barclays Private Equity, according to Dow Jones. www.cameca.fr

Accent Equity Partners has agreed to buy the BakeMark Sweden unit of Dutch food conglomerate CSM NV for approximately 8.75 million euros, according to Dutch press reports.

Freightcar America Inc., a Chicago-based maker of railroad freight cars, closed its first day of trading up 10.68% to $21.03 per share. The company traces its roots back to 1901, and was owned by Bethlehem Steep Corp. from 1923 to 1991. It then was purchased by Johnstown America Industries (now known as TTII), and resold in June 1999 to an investor group that included company management, Trimaran Capital Partners and John Hancock Life Insurance Co. www.johnstownamerica.com

Progress Software Corp. (Nasdaq: PRGS) has acquired Apama Inc., a Cambridge, UK-based provider of event steam processing technology, with a particular focus on the financial services industry. The deal was valued at $25 million, net of cash acquired. Apama was founded in 1999, and had raised VC funding from The Carlyle Group, Anschutz Inv*stment Co. and Providence Inv*stment Company Ltd. www.progress.com www.apama.com

Esmertec AG, a Switzerland-based provider of software for mobile phones and embedded devices, has taken a majority ownership position in eValley Inc., a Japan-based exponent for Java software development. No financial terms were disclosed for the deal. Esmertec took a minority stake in eValley in July 2002, with an option for controlling interest, which now has been exercised. Esmertec has raised VC funding from Credit Lyonnais Private Equity, Partners Group, Sofinnova Partners, Rothschild Ventures, BV Group Ventures, Earlybird Venture Capital and BV Group Ventures. www.esmertec.com www.evalley.co.jp

Inter-Atlantic Group has launched its second private equity fund focused on the financial services industry. It is targeting $150 million, with Bentley Securities and Trinity Group serving as placement agents. www.interatlanticgroup.com

3i Group is considering a sale of up to 800 “legacy portfolio companies” on the secondary market. The news was reported in this morning’s Times of London, and was confirmed by a 3i spokeswoman. The companies likely would be sold either individually or in small groups, and 3i says that there is no sense of urgency. www.3i.com

AXA Private Equity is planning to launch venture capital-focused offices in both London and Singapore. Ivan Bernard-Brunel, a former principal with Crescendo Ventures, will run the office, assisted by former Credit Lyonnias professional Pierre-Emmanuel Boulic. No information was disclosed about Singapore-based personnel. www.axaprivateequity.fr

Bard Capital Partners has launched as a mid-market buyout firms with offices in New York and Denver. It also announced its first acquisition, by buying the Contractor and Industrial Products Group of International Surface Preparation Corp. The deal was valued at $130 million.

The Ontario Teachers’ Pension Plan has promoted Mark Wiseman to vice president of funds and inv*stments. Since joining OTPP in 2002, he has been responsible for all direct and indirect private equity commitments. In other OTPP news, the group also has promoted Rosemarie McClean to vice president of member services and Ron Lepin to vice president of infrastructure. www.otpp.com

Rod Paige, former U.S. Secretary of Education, has joined the advisory board of New York-based private equity firm Leeds Weld & Co. www.leedsweld.com

Brown Gibbons Lang & Co. has promoted four managing directors to the position of partner, and said that co-founders Michael Gibbons and Scott Lang have assumed the titles of chairman and CEO, respectively. The new partners are Scott Berlin, James Miller, Stephen Miles and David Sulaski. In other personnel news, the firm has promoted William Watkins to director, Cameron Miele to vice president, Scott Hasley to director and Michael Shaffer to senior associate. www.bglco.com

Marilyn Selby Okoshi has joined law firm Katten Muchin Zavis Rosenman as a partner, where she will focus on the organization and representation of hedge funds and private equity funds. She previously served as a partner with Coudert Brothers LLP. www.kmzr.com

Wednesday, April 6

Wednesday Warblings?

The sun is shining, oil prices are rising and no number of World Series wins will lessen my distain for Derek Jeter. In other words, it’s time for some Friday Feedback (the premature Wednesday edition). We haven’t done this for a while, so advance apologies for the lack of a coherent theme:

A couple of emails on the new Archon Ventures (or perhaps it’s Spark Capital) fund being raised by Todd Dagres and Santo Politi. First up is Tim: “I think that the focus on the media/entertainment/tech intersection is a very real market opportunity, but am not sure that LPs agree enough to commit to such a niche-focused fund. It’s kind of one of those things that LPs hope their tech VCs pay attention to, but not that they pay all of their attention to.” Deb adds: “Great idea for a fund, but a 25% carry for a first-time team? If they pull that off, then it’s just further proof that LPs will do anything to approach their allocations.”

Regular respondent James had a quick note about the pending SunGard buyout, and its potential for drawing old-guard LBO shops like KKR and Blackstone further into the tech market: “If you’re right that the big boys will use SunGard as a way to get their toes wet in technology, then Silver Lake may have made a big mistake [in putting together the consortium]. They’ve basically had the tech buyout market to themselves, with just a couple other firms… But if the Old Guard does well enough on SunGard that they are convinced to do other similar deals, then Silver Lake has basically just raised the price for most of the auctions it gets into.” Interesting point James, and I’ve been told that it was briefly considered by both Silver Lake and Texas Pacific Group, although apparently not too seriously…

Patrick writes in to ask the months-old question about why I’m so interested in the Testa Hurwitz saga. More specifically, he asked me to lose that interest. He writes: “I’ve found the PE Week Wire to be very valuable, but why do you talk so much about Testa? I’m a PE professional and I don’t care about some random law firm regardless of how many PE/VC deals they’ve worked on.” The short answer is that THT was essentially the bedrock of Boston’s VC/PE community, in a way that likely will not, or cannot, be duplicated. Nonetheless, I have promised no more significant discussion of that matter, and intend to keep to my word (the preceding paragraph, not included).

Finally, Robert from New York wrote in this morning to ask how I’m feeling about my beloved Red Sox. The short answer is lousy, but mainly because I’m still aghast at how the team again increased ticket prices without significantly increasing payroll. My uncle yesterday compared Red Sox ticket prices to gas prices, in that there is no significant outcry that they keep rising. The difference, I told him, was that high-priced gas still works the same as low-priced gas. If the Sox perform significantly worse than last year, then people will begin to complain.

National Waterworks Holdings Inc., a Waco, Texas-based provider of water and wastewater transmission products in the U.S., has filed to raise $400 million via an IPO of common stock, which would trade on the NYSE under ticker symbol NWW. National Waterworks is controlled by JPMorgan Partners and Thomas H. Lee Partners, each of which holds a 43.1% pre-IPO ownership position. www.nationalwaterworks.com

FeedBurner, a Chicago-based provider of RSS/Atom post-processing services for online publishers, has raised $7 million in second-round funding. Mobius Venture Capital led the deal, and was joined by Sutter Hill Ventures and return backers Portage Venture Partners and Draper Fisher Jurvetson. www.feedburner.com

Marc Friend has left the general partnership of Summit Partners, where he worked on the Summit Accelerator venture capital fund, PE Week has learned. In other Summit Accelerator news, the group will make two promotions, effective July 1: Tom Jennings will be promoted from vice president to principal, while Greg Goldfarb will be promoted from senior associate to vice ! president. www.summitpartners.com

Integrian Inc., a Durham, N.C.-based provider of mobile digital video technology for the public safety, transportation and federal government markets, has raised $13 million in Series B funding. Polaris Venture Partners led the deal, and was joined by Dow Chemical and return backers Intersouth Partners, Motorola Ventures and Wakefield Group. www.integrian.com

Elixent Ltd., a UK-based reconfigurable semiconductor company, is looking to raise $15 million in third-round funding. So far, it has closed on an undisclosed amount from Panasonic Digital Concepts Center and Toshiba Corp., while return backers 3i Group, GIMV and NIF Ventures also participated. www.elixent.com

SkinMedica Inc., a Carlsbad, Calif.-based drug company focused on dermatological conditions, has raised $15 million in Series E funding. EuclidSR Partners led the deal, and was joined by return backers Apax Partners, Domain Associates, HealthCare Ventures, Montreux Equity Partners, Perseus-Soros BioPharmaceutical Fund and Split Rock Partners. The company has raised over $95 million in total VC funding since its 1999 inception, including a split-tranched $56 million Series D round in 2004. www.skinmedica.com

CorNova Inc., a Burlington, Mass.-based coronary stent maker, has raised $3 million in Series A funding from CardioTech International Inc. and Implant Sciences Corp. www.cornova.com

Protonex Technology Corp., a Southborough, Mass.-based maker of fuel cell power systems for portable and remote applications, has raised $9 million in second-round funding. Return backers Conduit Ventures, SAS Investors, Solstice Capital and Commons Capital were joined by new participants Parker Hannifin Corp., Contango Capital Management and the Massachusetts Green Energy Fund. www.protonex.com

CVC Capital Partners has completed its sale of Dutch specialty chemicals company Verdugt BV to Kemira Oyj for approximately 148 million euros. Company management also sold its ownership position. www.verdugt.nl

KKR and Providence Equity Partners may not be getting help from Cablevision Systems Corp. after all. Reports last week suggested that the two buyout firms had talked with Cablevision about joining their bid for Adelphia Communications Corp., which also is being sought after by frontrunners Time Warner and Comcast. Today, however, new reports suggest that those talks broke down, and that Cablevision will go it alone with a $16.5 billion offer.

Apax Partners has dropped out of an inv*stment consortium trying to buy Enel SpA’s 62.5% stake in Italy-based telecom company Wind SpA. The move could provide a large boost for Blackstone Group, which is leading the competing consortium. Wind’s overall enterprise value is coming in at around 12 billion euros, including 12 billion in assumed debt.

Hispania Capital Partners has acquired a controlling interest in Eastern Research Services Inc., a Springfield, Penn.–based provider of independent market research and telephone data collection services. No financial terms were disclosed. www.easternresearch.com www.hispaniapartners.com

GAB Robbins, a portfolio company of Brera Capital Partners, has put its non-U.S. operations on the auction block. According to The Times of London, GAB will be looking for up to Gbp100 million.

CryoCor Inc., a San Diego-based maker of a catheter system for cardiac arrhythmias, has filed to raise $46 million via an IPO of common stock, which would trade on the Nasdaq under proposed ticker symbol CRYO. The offering will be led by W.R. Hambrecht, which will use its Open IPO distribution method. The company has raised $46.5 million in total VC funding since being spun out of CryoGen in 2000, including a $27.5 million Series D round in 2003. Significant shareholders include MPM Capital, Healthcare Equity Partners, OrbiMed Advisors and William Blair Capital Partners. www.cryocor.com

EV3 Inc. of Plymouth, Minn. has filed to raise $230 million via an IPO of common stock, which would trade on the Nasdaq under proposed ticker symbol EVVV. The company was formed in 2000 as an endovascular device acquisition platform by industry veteran Dale Spencer, private equity firm Warburg Pincus and medical device-focused VC firm The Vertical Group. Warburg Pincus currently holds more than a 90% stake in the company. www.ev3.com

Freightcar America Inc., a Chicago-based maker of railroad freight cars, has priced 8.5 million common shares at $19 per share, for a total IPO take of approximately $161.5 million. It originally filed to price 16 million shares at between $16 and $18 per share. Freightcar America traces its roots back to 1901, and was owned by Bethlehem Steep Corp. from 1923 to 1991. It then was purchased by Johnstown America Industries (now known as TTII), and resold in June 1999 to an investor group that included company management, Trimaran Capital Partners and John Hancock Life Insurance Co. www.johnstownamerica.com

Hardide Ltd., a UK-based provider of tungsten carbide coating solutions, has successfully floated its ordinary shares on the AIM market of the London Stock Exchange. It has received VC funding from Seed Capital Ltd. www.hardide.com

Rexnord Corp., a portfolio company of The Carlyle Group, has agreed to buy Falk Corp. from Hamilton Sundstrand for $295 million. The deal is expected to close sometime this quarter. Falk Corp. is a Milwaukee-based maker of gears and couplings with annual revenue of approximately $200 million. www.rexnord.com www.falkcorp.com

Monitor Clipper Partners is sponsoring the merger of Balanced Scorecard Collaborative Inc., Painted Word Inc. and ThinkFast Consulting. The combined company will be known as Palladium Group Inc., and will focus on global business consulting and corporate performance management. No financial terms of the Monitor Clipper participation were disclosed. www.palladiumgroupinc.com

Plantronics Inc. (NYSE: PLT) has acquired Octiv Inc., a Berkeley, Calif.-based provider of audio signal processing technology. No financial terms were disclosed. Octiv has raised VC funding from Novus Ventures, 3i group, FG Ventures and Intel Capital. www.octiv.com www.plantronics.com

Evogenix Pty Ltd. of Australia has merged with technology partner Absalus Inc. of Mountain View, Calif. in an all-stock transaction valued at $8 million. The combined company will focus on developing new antibody-based drugs. Evogenix has raised VC funding from firms like Start-up Australia Pty Ltd. and BioFusion Capital Pty Ltd. www.evogenix.com www.absalus.com

Tom Lee yesterday confirmed earlier reports — including one here — that buyout firm Thomas H. Lee Partners will seek $7.5 billion for its next fund.

Jonathan Chait has joined Boston-based private equity firm Pod Holding as a principal. He previously served as a venture advisor to several area startups and VC firms, and before that was a managing director of Garage Technology Ventures. www.podholding.com

Peter Levine has resigned from his managing director position at VC firm Mayfield, as first reported by VentureWire. www.mayfield.com

Stephen Hines has joined Boston-based Lane, Berry & Co. International as managing director of the I-banking services firm’s recently-established New York office. He has previous experience at such places as Goldman Sachs, DLJ, the Beacon Group and J.H. Whitney & Co. www.laneberry.com

Jon David Friedland has joined Rothschild North America as a managing director focused on the life sciences market. He previously served as a managing director with Rinaldini & Co. LLC. www.rothschild.com

Tuesday, April 5

Tar Heels Go STAG

Ryan Delaney, an analyst with STAG Capital Partners of Boston, is the winner of our Third Annual March Madness Contest. Ryan has basically been leading since the Sweet Sixteen got halved, and correctly picked three of the four final four teams (not to mention the UNC vs. Illinois final). In return for besting over 340 other PE Week Wire readers, Ryan receives a complimentary one-year subscription to Venture Capital Journal, and the opportunity to “own” this space someday in the very near future (I’m hoping it’s this Friday, since I’ need to be in Chapel Hill for the VCIC competition). Including Ryan, the top five were as follows:

1.      Ryan Delaney, Stag Capital Partners (160 points)

2.      Matthew Coyne, Bank of America (152 points)

3.      Mark Evans, Transitions Capital (147 points)

4.      Team name 50970 (146 points)

5.      Matthew Cook, Yale University (145 points)

Thanks to everyone who participated…

Hellman & Friedman has agreed to acquire Universal Underwriters Group from Zurich Financial Services Group for approximately $1.1 billion. Universal Underwriters is an Overland Park, Kansas–based provider of property and casualty insurance to U.S. franchised automotive dealerships. Joining H&F on the deal are Farallon Capital Management, GIC Special Inv*stments and Universal Underwriter management. The deal is expected to close in Q3 2005. www.UniversalUnderwriters.com www.hf.com

Eagle Bulk Shipping Inc., a New York-based owner of dry bulk vessels, has filed to raise $250 million via an IPO of common stock on the Nasdaq, under proposed ticker symbol EGLE. UBS and Bear Stearns are co-managing the deal. Eagle Bulk Shipping is controlled by private equity firm Kelso & Co.

Greenhill & Co. (NYSE: GHL) has held a $558 million initial closing on its second private equity fund, named Greenhill Capital Partners II LP. Greenhill & Co. provided $85 million, while fund managers committed an additional $135 million. The overall fund target is $700 million. www.greenhill-co.com

Bluestreak Network Inc., a Dallas-based developer of presentation software for digital TV and wireless personal media devices, has raised $6 million in second-round funding. Solidarity Fund QFL and BDC Venture Capital were joined on the deal by return backer First Capital Group. www.bluestreaknetwork.com

Applimation Inc., a New York-based provider of application and information lifecycle management solutions, has raised $4 million in Series C funding. Battery Ventures and JMI Equity Fund co-led the deal, and were joined by fellow return backer Waypoint Ventures. www.applimation.com

Ventaira Pharmaceuticals (f.k.a. BattellePharma), a Columbus, Ohio-based drug company focused on a next-generation inhalation device, has raised $13.5 million in new venture capital funding. TL Ventures led the deal, and was joined by return backers Battelle Ventures, Safeguard Scientific, PA Early Stage Partners, Fletcher Spaght Ventures, Reservoir Venture Partners and James Richardson & Sons Ltd. www.ventaira.com

Ipsat Therapies Oy, a Helsinki-based drug company focused on hospital-acquired infections and antibiotic resistance, has raised seven million euros in new venture capital funding. Bio Fund Management Oy led the deal, and was joined by Finnish Industry Investment Ltd, the Varma Mutual Pension Insurance Co. and Sitra. The company has raised more than 19 million euros in total VC funding. www.ipsat-ther.com

Avinti Inc., an Orem, Utah-based provider of email security solutions, has raised $7.2 million in Series B funding. Sequel Venture Partners led the deal, and was joined by new backer Staley Capital advisors, and existing shareholders vSpring Capital and Wilson Sonsini Inv*stments. www.avinti.com

Mirabel Medical Systems Inc., an Austin, Texas-based maker of a breast cancer screening system, has raised $9 million in second-round funding led by Stockton Partners.

Appfluent Technologies Inc., a Bethesda, Md.-based provider of server-based database performance software, has raised $3.1 million in Series A-1 and Series A-2 recap funding, according to a regulatory filing. Backers included Carlyle Venture Partners, DynaFund Ventures, New Markets Growth Fund and Updata Venture Partners. www.appfluent.com

ReachLocal Inc., an Encino, Calif.-based provider of online advertising solutions for local businesses, has raised $7.75 million in a venture capital funding round led by VantagePoint Venture Partners. www.reachlocal.com

Riverlake Partners has acquired SP Industries Inc., a Warminster, Penn.-based manufacturer of specialty glassware and equipment for the pharmaceutical, biotech, educational, industrial and OEM markets. No deal terms were disclosed, except that the buyout was financed through $10.5 million in senior note ($4m) and mezzanine funding ($6.5m) from MVC Capital (NYSE: MVC). www.riverlakepartners.com www.SPindustries.com

Valor Equity Partners of Chicago has acquired Rocky Mountain Forest Products Corp., a Laramie, Wyoming-based maker of small-pattern, solid-pine wood moldings. No financial terms were disclosed. Prestwick Partners advised RMFP on the deal. www.rmfp.net

The Riverside Co. has sponsored a management buyout of Water-Jel Technologies, a Carlstadt, N.J.–based provider of emergency burn care and other first-aid products to the industrial, military and consumer markets. No pricing terms were disclosed for the deal, which includes senior financing from GE Commercial Finance and subordinated notes from New Canaan Funding. www.waterjel.com

BC Partners is considering a bid for 75 department stores from troubled German retailer KarstadtQuelle AG, according to Reuters. The deal would be valued at more than 400 million euros.

General Motors Corp. (NYSE: GM) has completed the sale of its Electro-Motive Division to an investor consortium led by Greenbriar Equity Group and Berkshire Partners. No financial terms were disclosed. The company will be renamed Electro-Motive Diesel Inc., with John Hamilton being named president and CEO. www.emdiesels.com

Advanced Analogic Technologies Inc., a Sunnyvale, Calif.-based provider of power management semiconductors for mobile consumer electronic devices, has filed to raise $172.5 million via an IPO of common stock on the Nasdaq, under proposed ticker symbol AATI. Morgan Stanley and Merrill Lynch are sharing lead underwriter duties on the offering. Advanced Analogic has raised VC funding from such firms as Battery Ventures, Sunsino Ventures, Maton Fund and Vision 2000 Venture Ltd. www.analogictech.com

TolerRx Inc., a Cambridge, Mass.-based drug company focused on immune disorders, has acquired certain intellectual property and material assets from Diabetogen Biosciences Inc. Specifically, TolerRx has acquired access to technology under a patent application and a licensing agreement between Diabetogen and The L’Institut National de La Santé et de La Recherche Medicale (INSERM) relating to the therapeutic use of anti-CD3 antibodies in autoimmune diseases. No financial terms were disclosed. TolerRx has raised nearly $90 million in total VC funding from Bear Stearns Health Innoventures, NIF Ventures, HealthCare Ventures, Rho Ventures, Skyline Ventures, Vertex Management, Sprout Group, Lehman Brothers Healthcare Group, Genentech, Duke University, Aozora Investment and Yasuda Enterprise Development Corp. Diabetogen has raised VC funding from BDC Venture Capital, Safeguard Scien! tifics and VentureLink Holdings. www.tolerrx.com www.diabetogen.com

The Active Network Inc., a San Diego-based provider of application and marketing services for community service organizations, has acquired the Public Enterprise Group, a Huntington Beach, Calif.-based developer of municipal marketing partnerships and revenue-generating programs. No financial terms were disclosed. The Active Network has raised over $70 million in VC funding from Austin Ventures, ABS Ventures, Kettle Partners, Ticketmaster, North Bridge Venture Partners, Enterprise Partners Venture Capital, Canaan Partners and Dominion Ventures. www.theactivenetwork.com www.publicenterprise.com

Advent International has raised 330 million euros for its third private equity fund focused on Central Europe. Limited partners included Teachers’ Private Capital, AlpInv*st and the European Bank for Reconstruction and Development. www.adventinternational.com

Catamount Ventures has closed its second fund with $24.3 million in limited partner commitments. The San Francisco-based firm provides seed-stage and early-stage capital to technology companies. www.catamountventures.com

MPM Capital has promoted William Greene to the position of general partner. Greene joined the San Francisco office of MPM Capital in 2002, after having previously served as senior clinical scientist and epidemiologist with Genentech. www.mpmcapital.com

Avondale Partners of Nashville, Tenn. has added Michael “Trey” Crabb as a healthcare-focused director of I-banking, and Matt Wiltshire as an I-banking vice president focused on the consumer, restaurant and transportation sectors. Crabb previously served as a vice president with Merrill Lynch & Co., while Wiltshire had been a principal with Compass Advisors. www.avondalepartnersllc.com