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From:
"Dan Primack"
Name:
Dan Primack
Email Address:
Dan_Primack@fortune.chtah.com
Subject:
Date:
13-12-2010 15:02:26
Message
Fortune Finance Street Sweep Term Sheet Economics Tech Wall Street Washington
Random Ramblings
The bank was a financial partner with a private equity group that already has met Cuomos wrath. Among
that groups dealings with New York Common Retirement Fund was a co-investment vehicle that supported
a number of big-name leveraged buyouts between 2005 and 2007. A former partner with that group
currently is trying to sell his holdings on the secondary market, and Fortune has acquired a copy of the
confidential offering doc.
That means weve got a bunch of carrying values (through 12/31/09).
In aggregate, hes looking to sell the portfolio for just 26 cents on the dollar. The holdings include:
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Some of you might be able to figure out the mystery seller. For the rest, full story coming soon
*** On Friday I did a short post on the incredible influx of China-based, VC-backed IPOs on U.S.
exchanges. Thomson Reuters data shows that there have been 21 such issuers so far in 2010, raising over
$2.2 billion. That's still well short of the 42 U.S.-based, VC-backed companies that have raised nearly $3.7
billion, but the gap is narrowing.
Between 2002 and 2009, there were just a total of 22 such offerings, compared to 329 for U.S. companies.
This includes a solitary IPO last year for a VC-backed Chinese company, and none in 2008. Read more
here.
*** Personnel note: Not sure when this happened, but it seems that Ben Garrick has left Platinum Equity,
where he had helped to lead the firms special situations group. He previously had spent four years as a
principal with Tennenbaum Capital Partners.
*** Housekeeping: You can now drop me an anonymous tip, by going here.
Pre-Marketing, including why venture capital ain't broke, crashing Blackstone's anniversary bash,
Groupon boss says his company is like N'Sync and the latest holiday card from Onset Ventures.
VC Deals
Semprus BioSciences, a Cambridge, Mass.-based developer of products to treat infection- and thrombuscomplication costs from vascular access products, has raised $18 million in Series B funding. S.R. One
and Foundation Medical Partners co-led the round, and were joined by return backers 5AM Ventures and
Pangaea Ventures. The company previously raised $10.5 million. www.semprusbio.com
QuantaLife Inc., a Pleasanton, Calif.-based developer of a technology that quantifies DNA molecules, has
raised $17.2 million in Series B funding. Paladin Capital Group led the round, and was joined by Merieux
Developpement and Vital Financial. www.quantalife.com
Media6Degrees, a New York-based provider of behavioral advertising technology, has raised $17 million
in Series B funding. Menlo Ventures led the round, and was joined by return backers U.S. Venture
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PE-backed IPOs
There is no IPO news today.
Exits
Darwin Private Equity has agreed to sell Maxinutrition, a UK-based maker of protein-enhanced
nutritional products, to GlaxoSmithKline. The deal is valued at approximately 162 million in cash
(including repayment of existing debt). www.gsk.com
Endologix Inc. (Nasdaq: ELGX) has completed its acquisition of Nellix Inc., a Palo Alto, Calif.-based
developer of minimally-invasive treatments for aortic disorders. The deal was valued at up to $54 million,
including a $15 million up-front stock payment. As part of the deal, Endologix received a $15 million
investment from Essex Woodlands Health Ventures, the majority shareholder of Nellix. www.endologix.com
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Reckitt Benckiser Group PLC has agreed to acquire Paras Pharmaceuticals Ltd., an Indian maker of
personal care products. The deal is valued at approximately $725 million. Sellers include Actis (63%
ownership strake), Sequoia Capital and the founding Patel family. www.rb.com
Other Deals
Dubai Aerospace Enterprise has filed Deutsche Bank to help sell aviation services group StandardAero,
according to Reuters. DAE bought and merged StandardAero and Landmark Aviation from The Carlyle
Group in 2008 for $1.7 billion. It later sold its airport services unit for $435 million. www.standardaero.com
Dell Inc. (Nasdaq: DELL) has agreed to acquire data storage company Compellent Technologies Inc.
(NYSE: CML) for approximately $900 million (including $80m in cash on hand). The $27.75 per share offer
represents a 3% discount to Fridays closing price for Cmpellent shares, but more than a 40% bump since
press reports of a possible deal began circulating in October.
GE said that it will offer to acquire Wellstream Holdings PLC (LSE: WSM), a maker of flexible pipeline
products for oil and gas transportation, for approximately $1.3 billion. www.ge.com
Thermo Fisher Scientific (NYSE: TMO) has agreed to acquire Dionex (Nasdaq: DNEX), a sunnyvale,
Calif.-based maker of ion chromatography systems, for approximately $2.1 billion. The $118.5 per share
offer represents a 21% premium to Fridays closing price for Dionex stock.
Lentuo International Inc., a Beijing-based automobile retailer, raised around $52 million in its IPO. The
company priced 6.5 million American depository shares at $8 per share ($8-$10 range). It will trade on the
NYSE under ticker symbol LAS, while Cowen and Co. and HSBC Securities served as co-lead
underwriters.
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