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Show me the money! Use of M&A adjustments is on the rise

As the M&A market evolves, more and more parties are using adjustments to boost the value of companies up for sale, according to a report from KPMG. Ten years ago, M&A deals rarely featured adjustments. Buyers would show up to processes and conduct their own due diligence, said Joe Hartman, co-head of the private equity […]

Sunstone Partners Fund II raises $475 mln

Sunstone Partners said Oct. 16 that its second fund closed at its $475 million hard cap. Sunstone, of San Mateo, seeks to invest $25 to $75 million of equity in software and technology-enabled services companies that have annual revenue of at least $10 million. Sectors include Cloud, cybersecurity, healthcare IT and marketing services.

Goldman leads DiligenceVault Series A

DiligenceVault said Oct. 23 that it raised a Series A round led by Goldman Sachs. Existing investors participated in the round. Financial terms weren’t announced. DiligenceVault, of New York, provides a digital diligence platform for investment managers, asset owners and allocators.

Blackstone, CVC to take Paysafe public: Reuters

Blackstone and CVC are looking to hire underwriters for an IPO of Paysafe Group, Reuters reported Oct. 23. Blackstone and CVC will interview bankers next month for the IPO that would value Paysafe at more than $10 billion, the story said. Mergermarket, which first reported the Paysafe listing, said the IPO would come in 2020.

Fabric raises $110 mln

Fabric, which was formerly known as CommonSense Robotics, said Oct. 23 that it raised $110 million in a Series B round led by Corner Ventures. Participating in the round were from Aleph, Canada Pension Plan Investment Board (CPPIB), Innovation Endeavors, La Maison, Playground Ventures and Temasek. Fabric, of New York, provides a logistics platform for retailers.

Core International merges with Javelina Oilfield

Rock Hill Capital Group said Oct. 23 that its portfolio company, Core International LLC, has merged with Javelina Oilfield Inc. Financial terms weren’t announced. Core, of Houston, supplies engineered rubber components and supply chain solutions to a variety of industrial end-users while Javelina distributes engineered rubber and metal components to the oil and gas market.

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No, GIACT Systems isn’t on the block…yet

GIACT Systems, one of the most coveted fintech businesses, is not up for sale, two sources said. GIACT hired Raymond James in 2018 to handle interest in the company, but no party is actively conducting due diligence, one of the people said. “The business is performing very well but there is no active process underway,” […]

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Peter Thiel’s Founders Fund raising $3 bln: Wall Street Journal

Peter Thiel’s venture capital firm is raising $3 billion for two funds, including its first dedicated pool for late stage companies, the Wall Street Journal reported. Founders Fund typically backs early-stage companies but as the firm’s biggest winners are staying private longer, the VC is looking to make larger investments at later stages of a company’s lifetime to maintain comparable stakes and a say in company operations, the story said.

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Arlington Capital to buy majority of AEgis Technologies

Arlington Capital Partners said Oct. 22 that it agreed to buy a majority of AEgis Technologies. Financial terms weren’t announced. AEgis Technologies, of Huntsville, Alabama, provides advanced engineering and technology expertise to customers in the National Security community.

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Coty puts professional beauty, hair brands up for sale

Coty Inc said Oct. 21 that as a result of a strategic review it will focus more intently on its fragrance, cosmetics and skin care businesses. Coty said it is launching a process to explore strategic alternatives for its Professional Beauty business and associated nail and hair brands, including Wella and Clairol, as well as the company’s Brazilian operations, including a divestiture.  Credit Suisse is advising on the process. JAB Holdings is Coty’s largest shareholder.

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Private equity firms bid for KKR-backed LGC Group: Reuters

Private equity firms including Cinven, Blackstone, Advent and Leonard Green are bidding for LGC Group, a British scientific measurement and testing company backed by KKR, Reuters reported. LGC is expected to sell for 2 billion pounds to 2.25 billion pounds, including debt, the story said.

Callahan joins Bridge Growth Partners

Bridge Growth Partners LLC said Oct. 22 that Don Callahan has joined the firm as an executive partner. Callahan is the former global head of technology, operations and shared services of Citigroup.

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TSSP Capital Solutions Fund raises $2.2 bln

TPG Sixth Street Partners said Oct. 22 that its first Capital Solutions fund closed on about $2.2 billion of total third-party commitments. Capital Solutions makes non-control investments in growth-oriented companies. The fund can invest from $25 million to over $500 million in companies.

Anacapa Partners invests in I4PRO Informática

Anacapa Partners closed a growth investment in I4PRO Informática LTDA. Financial terms weren’t announced. I4PRO Informática, of São Paulo, Brazil, provides a suite of products designed for insurance workflow processes, including selling, underwriting and administering policies, collecting premiums, and processing claims.

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Ares Management sells Meade Pipeline stake to NextEra Energy

Ares Management Corp said Oct. 22 that agreed to sell a 22.5 percent stake in Meade Pipeline Co LLC to NextEra Energy Partners LP for about $286 million. Meade owns about 39 percent of Central Penn Line, an 185-mile pipeline that originates in Susquehanna County, Pennsylvania, and extends to Lancaster County, Pennsylvania.