Author: Iris Dorbian

AirWatch said on Thursday that it has received $25 million from Accel Partners. AirWatch is a mobile security provider that is based in Atlanta with offices worldwide.

PRESS RELEASE

ATLANTA–(BUSINESS WIRE)–AirWatch®, the global leader and innovator in mobile security and the largest Enterprise Mobility Management (EMM) provider, announced a $25 million investment by Accel Partners. The funding will help AirWatch accelerate global growth, scale their research and development team and support the innovation and adoption of their content collaboration solution, Secure Content Locker™.

“Both firms have been collaborative, and we look forward to leveraging Insight’s resources and Accel’s network and expertise as our rapid growth presents new opportunities for the business.”

The AirWatch platform, featuring industry-leading mobile device management and application management, also incorporates the most secure content management solution. These solutions can be used stand-alone for unique BYOD requirements or as a comprehensive, highly scalable enterprise-grade mobility platform.

“Accel Partners and Insight Venture Partners recognize the massive potential of this space, and we are excited to partner with the best growth investors from both coasts,” says John Marshall, president and CEO, AirWatch. “Both firms have been collaborative, and we look forward to leveraging Insight’s resources and Accel’s network and expertise as our rapid growth presents new opportunities for the business.”

“We are proud to have partnered with both Insight Venture Partners and the best management team in mobile enterprise at AirWatch,” says Ryan Sweeney, partner, Accel. “We believe that enterprise mobility currently represents the next big secular technological shift we will encounter, and AirWatch has emerged as the dominant company in this increasingly important category.”

As companies continue to deploy mobile devices, applications and content in record numbers, AirWatch has established itself as the trusted partner of choice for global companies including Delta, Lowe’s, United Airlines, Bureau of Alcohol Tobacco, Firearms and Explosives (ATF), Skanska, PepsiCo, Henry Ford Health System, Mount Sinai Medical Center, Best Buy and Abbott Laboratories. The company currently secures more than 500 new clients per month, and oversees mobile management for businesses that rank among the world’s best, including:

• Four of the top five global Fortune companies

• The top four global energy companies

• Six of the top 10 global airlines

• Six of the top 10 global pharmaceutical companies

• Seven of the top 10 global consumer product companies

• Five of the top 10 global luxury goods companies

• Two of the top three global hotel groups

• Nine of the top 10 U.S. retailers

• Three of the top five U.S. medical device companies

Along with an experienced management and leadership team with decades of understanding mobile complexities, AirWatch retains the most feature-rich EMM platform. The AirWatch EMM platform features integration with leading technology partners focusing on network access control, identity and certificate management, enterprise wireless LAN management, enterprise architecture integration, managed service providers and unified communications. AirWatch’s notable partnerships include Aruba Networks, BMC Software, Cisco, Dimension Data, IBM Global Technology Services, Jeppesen (a Boeing company), Juniper Networks and Siemens Enterprise Communications.

Accel Partners aims to identify and support companies that are leveraging technological disruption to define and own new categories. Accel Partners has been fortunate to partner with Facebook (social web), Cloudera (Hadoop for big data solutions), Atlassian (software development and enterprise collaboration), Qualtrics (real-time enterprise feedback), and other innovators who have defined their industries. Accel has also actively invested in the growth of the mobile ecosystem through support of companies like MetroPCS, Lookout, Braintree, AdMob, MoPub, Spotify, Supercell, and Rovio.

About AirWatch

AirWatch is the world’s largest mobile security and enterprise mobility management provider with more than 6,500 customers and more than 1,200 global associates. The largest customer base, combined with the largest research and development team in the industry, allows AirWatch to provide the broadest functionality at the lowest cost. The AirWatch platform, featuring industry-leading mobile device management and application management, also incorporates the most secure content management solution, Secure Content Locker™. These solutions can be used stand-alone for unique BYOD requirements or as a comprehensive, highly scalable enterprise-grade mobility platform.

© 2013 AirWatch LLC. All rights reserved. AirWatch® and the AirWatch logo are trademarks of AirWatch, LLC. All other brands and trademarks mentioned in this press release are the property of their respective owners.

About Accel Partners

Founded in 1983, and managing over $9.6 billion in capital, Accel Partners has a long history of partnering with outstanding entrepreneurs and management teams to build world-class businesses. Accel today invests globally using dedicated teams and market-specific strategies for local geographies, with offices in Palo Alto, California, New York City, London, and Bangalore, as well as in China via its partnership with IDG-Accel.

Accel has helped entrepreneurs build over 300 successful technology companies, many of which have defined their categories, including 99designs, Actuate, AdMob, Agile Software, Alfresco, Angry Birds (Rovio), Atlassian, BBN, Bonobos, Braintree, Brightcove, Cloudera, ComScore, Diapers.com (Quidsi), Dropbox, Etsy, Exclusively.in, Facebook, Flipkart, Fusion-IO, Gameforge, GlamMedia, Groupon, Imperva, Infinera, Interwoven, IronPlanet, JBoss, Kayak, Lookout, Macromedia, metroPCS, MoPub, Myntra, OPOWER, Polycom/PictureTel, Playfish, Portal Software, QlikTech, Rapt, Real Networks, Redback, Responsys, Riverbed, Spotify, Squarespace, SunRun, Trulia, UUNet, Veritas, Walmart.com, Webroot, Wonga, XenSource and Zimbra.

The post AirWatch Receives $25 Mln from Accel Partners appeared first on peHUB.

BitPay said Thursday it raised an additional $2 million in seed financing led by Founders Funds, which includes three founders of PayPal. Heisenberg Capital also participated. BitPay is a payment service provider that specializes in e-commerce and enterprise solutions for virtual currencies.

PRESS RELEASE

ATLANTA — May 16, 2013 –BitPay Inc, the world’s leading payment processor for bitcoin, announces it has raised an additional $2M in seed round financing led by Founders Fund, which includes three founders of PayPal.

“ECommerce companies see the tremendous value that frictionless international payments bring to their businesses as they expand into emerging markets. BitPay’s ambitions have been global from the outset, and at Founders Fund we have been impressed with the company’s tremendous growth as they sign up hundreds of new customers a day, turning the potential for opportunity into a reality,” said Brian Singerman a Partner at Founders Fund.

Also joining this round is Max Keiser’s fund Heisenberg Capital, a London-based fund focused on bitcoin companies. The terms of the seed round were not disclosed, although 100% of the existing seed shareholders exercised their pro rata rights to maintain their ownership percentage in BitPay.

“We were not looking to raise any capital until later this year, but we could not ignore the opportunity to have Founders Fund involved with BitPay,” says Tony Gallippi, co-founder and CEO of BitPay. “There’s no single investment firm we would rather have on our team right now than Founders Fund.”

BitPay added over 1,900 new merchants during the month of April, and they continue to dominate the bitcoin payments space by signing up over 100 new merchants per day. Through BitPay’s service, around $5 million per month worth of bitcoins are spent on goods and services with merchants around the world. Businesses selling electronics, precious metals, and other low-margin products over the internet are seeing a large increase in profitability by accepting bitcoin payments.

BitPay continues to hire Software Engineers for its Atlanta-based headquarters, with two positions open now for experienced node.js developers who are excited about bitcoin, as well as a Senior UX Designer. The company continues to add resources to product development and engineering of its world-leading bitcoin payment platform.

About BitPay

BitPay is a Payment Service Provider (PSP) specializing in eCommerce, B2B, and enterprise solutions for virtual currencies. Visithttps://bitpay.com.

The post BitPay Raises $2 Mln Seed Round Led by Founders Fund appeared first on peHUB.

Merex Group, a Dubin Clark portfolio company, has named Christopher R. Celtruda as its new CEO. Merex is based in Camarillo, Calif., and is a provider of defense platforms.

PRESS RELEASE

CAMARILLO, Calif.–(BUSINESS WIRE)–Merex, a Dubin Clark Portfolio Company, is pleased to announce the appointment of Christopher R. Celtruda to the role of Chief Executive Officer. Mr. Celtruda will be responsible for the Merex Group of businesses headquartered in Camarillo, California, including the recently acquired ALCO aircraft equipment repair and overhaul business located in Livermore, California. He succeeds President and CEO Andy Shams, who will act as Chairman of the Board and continue to serve in a business growth role.

“Total Support“ approach of providing spares/components, repair/overhaul management, and project management of systems upgrades has been instrumental in the company’s success in this growing market. The Merex Group is headquartered in Camarillo, California, and is a Dubin Clark Portfolio Company. Further information is available at www.merexinc.com.”

Celtruda has over 20 years of experience managing complex businesses in the aerospace, defense and industrial markets. He is an accomplished leader with expertise in business and operations leadership, engineering, M&A, restructuring, and business development.

He was most recently engaged as Managing Principal at Destiny Equity Partners, LLC providing advisory services to public and private equity backed firms for strategy, business management, transactional M&A and investment in manufacturing enterprises.Celtruda served as President and Corporate Officer for the $1.2 Billion Gardner Denver (NYSE:GDI) Industrial Products business unit. Prior to joining Gardner Denver, Celtruda was the Group Executive and Corporate Officer who led the formation of the global CIRCOR Aerospace division of CIRCOR International (NYSE:CIR) through acquisitions of a number of companies recognized for their proprietary technology in fluid control, landing gear systems and electro-mechanical control. During his tenure as the CIRCOR Aerospace Group Vice President, he deployed strategies for growth through strategic acquisitions and new product development as well as profit expansion through lean manufacturing, business consolidation and leverage of a global, low cost supply chain. He led the executive team to the successful closing of six acquisitions and the awarding of significant new program wins on the Airbus A350 and F-35 Joint Strike Fighter.
Celtruda spent more than 12 years in a variety of roles of increasing responsibility in the aerospace market vertical with Honeywell International (NYSE:HON) and the former AlliedSignal. These assignments included Operating Director for the $600M Engine Systems business unit and General Manager for the $250M Honeywell Aerospace Fuel Systems. He also held a variety of roles with the former AlliedSignal Aerospace in product management, factory repositioning, operations, sales and new product development.
Celtruda began his career with the General Dynamics Corporation and is a Six Sigma Black Belt. He holds a Bachelor of Science degree in Mechanical Engineering from the University of Maine and an M.B.A. from the W.P. Carey School of Business at the Arizona State University, with studies in International Management at Ecole Superieure de Commerce in Toulouse, France.
He is a life member of each of the following: the Association of the United States Army (AUSA), the United States Air Force Association (AFA) and the United States Naval League.
He is also a member of the International Society of Transport Aircraft Trading (ISTAT), National Business Aviation Association (NBAA), National Defense Industrial Association (NDIA) and the Los Angeles Chapter of the Association for Corporate Growth (ACG).
“Chris hails from a long history of high profile roles for key defense and aerospace entities where he has successfully led executive teams in achieving strong organic growth objectives. His wealth of experience and new perspective make Chris well suited to forge a similar growth path for Merex. He is the right person at the right time. I look forward, as Chairman, to assisting Chris in realizing our goal of becoming the industry leader in international legacy platform support,” offered Andy Shams, Merex Group Chairman.
About Merex:
The Merex Group is a global provider of comprehensive support for U.S. manufactured legacy defense platforms including aircraft, helicopters and their respective engines. Supporting more than 35 armed forces worldwide that operate legacy defense platforms, Merex’s “Total Support“ approach of providing spares/components, repair/overhaul management, and project management of systems upgrades has been instrumental in the company’s success in this growing market. The Merex Group is headquartered in Camarillo, California, and is a Dubin Clark Portfolio Company. Further information is available at www.merexinc.com.
About ALCO:
ALCO operates as a Maintenance, Repair and Overhaul (MRO) facility for servicing auxiliary power units (APUs), engine driven compressors (EDCs) as well as a variety of other components for hydraulic, pneumatic, fuel and electrical systems. ALCO supports military aircraft including: C-130, P-3, F-18, F-16 and F-15 as well as commercial aircraft including: 737, 757 and 767. ALCO currently maintains FAA Open Class I, II, III, Accessory and Limited Instruments Ratings. Further information is available at www.alco.aero.
About Dubin Clark & Company:
Dubin Clark & Company is a private equity investment firm founded in 1984 exclusively on purchasing and cultivating businesses into profitable enterprises, all the time working alongside the businesses’ preexisting management. The organization has a philosophy of “Maintaining each company’s values, independence and culture; our goal is to build on what has already been achieved.” Further information is available at www.dubinclark.com.

The post Merex Group Names New CEO appeared first on peHUB.

Airware has received a $10.7 million round of financing led by Andreessen Horowitz. Google Ventures also participated. Also, Chris Dixon, a partner at Andreessen Horowitz, will join Airware’s board. Airware, which is based in Newport Beach, Calif., which develops autopilots for drones.

PRESS RELEASE
Newport Beach, Calif., May 15, 2013 – Airware, creators of a universal development platform for commercial drones, today announced a $10.7 million Series A round of financing. The funding will enable Airware to meet increasing customer demand in the rapidly growing global market of commercially-operated drones. The round was led by Andreessen Horowitz with Google Ventures also participating. Chris Dixon, partner at Andreessen Horowitz, will join the company’s board.

“Airware’s technology fulfills an immense need for a universal operating system and platform enabling the use of drones for commercial enterprises, which we believe is a global market with huge potential,” said Airware founder and CEO Jonathan Downey. “This funding and the addition of Chris to our board will allow us to continue to expand our team, meet existing customer and market demand and scale for future growth.”

Airware democratizes the use of drones without compromising safety for companies of all sizes, from small start-ups to big corporations and non-profit organizations. Airware is currently integrating their technology into drones produced by commercial companies for uses including the prevention of rhino poaching in Kenya, vaccine delivery to remote areas in Africa and Southeast Asia, skier search and rescue, and open air mining

“As investors, we try to back brilliant founders pursuing audacious ideas,” said Chris Dixon, General Partner at Andreessen Horowitz. “Robotics has long been a field that overpromised and under delivered. We think drones are the most likely way to rectify that, and Jonathan is the person to make it happen.”

Airware is a graduate of both Lemnos Labs and Y Combinator incubators. Previous to the Series A round, Airware raised seed financing from First Round Capital, Firelake Capital, RRE Ventures, Shasta Ventures, Promus Ventures and several Y Combinator partners.

Airware created a universal platform for professional grade, customizable autopilots for micro to mid-size fixedwing, helicopter, multiple-rotor, and custom configuration unmanned aerial systems.  Founded in 2011 and headquartered in Newport Beach, CA, the company’s platform comprises on-board hardware, software, and a flexible API. For more information, go to: http://www.airware.com.

The post Airware Raises $10.7 Mln Round led by Andreessen Horowitz, Google Ventures appeared first on peHUB.

Avenue Capital Group said  Wednesday it has provided a loan to support H.I.G. Europe’s buy of Freedom Finance Nordic. Avenue Capital also made a minority equity investment in Freedom. The debt facilities provided by Avenue closed in early May.  H.I.G. Europe announced yesterday it had acquired Freedom, a prime consumer loan broker operating in Sweden, Norway and Finland

PRESS RELEASE

LONDON, May 15, 2013 /PRNewswire/ – Avenue Capital Group, a global investment firm focused on the private and public debt, equity and real estate markets in the U.S., Europe and Asia, today announced it has acted as sole lender and agent in connection with the debt financing of the acquisition of Freedom Finance Nordic, the largest prime consumer loan broker operating in Sweden, Norway and Finland, by H.I.G. Europe .  Avenue also has made a minority equity investment in Freedom Finance Nordic alongside H.I.G. Europe , the European arm of global private equity firm H.I.G. Capital.  The debt facilities provided by Avenue consist of a unitranche acquisition facility and a revolving credit facility. They closed in early May 2013.

“Avenue is very pleased to have been able to provide the debt facilities to Freedom Finance Nordic, which, under the stewardship of H.I.G. Europe , is expected to continue its rapid growth in serving the consumer loans market in Scandinavia,” said Marc Lasry , the Chairman and CEO of Avenue Capital Group.   ”This financing was the first completed by our recently formed direct lending team, which provides an alternative source of debt financing predominantly to mid-sized European corporate borrowers with limited access to traditional lines of credit following the financial crisis.”

Peter Lockhead , who joined Avenue from Bank of America Merrill Lynch, is the Portfolio Manager leading the firm’s direct lending initiative in Europe.  The team also includes Luis Mayans , who joined Avenue from GE Capital’s Leveraged Finance team in London, and Cliff Wagner , who was previously with Cerberus European Capital Management in London.

Avenue’s Europe Strategy is led by Senior Portfolio Manager Richard Furst , who oversees a team of 22 dedicated investment professionals in London and Munich.  Mr. Furst also serves as Avenue’s Chief Investment Officer.

About Freedom Finance
Freedom Finance is the leading Nordic unsecured consumer loan broker with operations in Sweden, Norway and Finland. Founded in 2003, the company today markets, processes, and distributes loan applications for all unsecured borrowing uses such as loan refinancing, vehicle purchase, holiday financing and home refurbishments. Through its co-operation with more than 20 lenders, Freedom Finance is able to provide highly competitive terms for borrowers across a broad range of credit profiles, thereby providing a free, rapid and effective comparison service to the benefit of potential borrowers. The Company is headquartered in Angelholm (Sweden) with offices in Bergen (Norway) and Espoo (Finland) and currently employs more than 100 fulltime employees.

About Avenue Capital Group
Avenue Capital Group is a global investment firm focused the private and public debt, equity and real estate markets in the U.S., Europe and Asia.  The firm is headquartered in New York, with offices in London, Luxembourg and Munich, and five offices throughout Asia.  As of March 31, 2013, Avenue oversees approximately $11.5 billion of assets under management, on behalf of a sophisticated global base of institutional investors, the majority of which is pension funds, and also includes family offices, foundations, insurance companies and sovereign wealth funds.  Avenue was founded in 1995 by Marc Lasry and Sonia Gardner and draws on the skills and experience of approximately 200 employees worldwide.

The post Avenue Capital Provides Loan for H.I.G.’s Freedom Finance Buy appeared first on peHUB.

Spire Capital Partners said on Wednesday that it so far collected $100 million for its third fund which has a $375 million target. Spire Capital, which has offices in New York City and Pennsylvania, is a private equity firm that focuses on companies in a variety of sectors that include media, education, information services and communications.

PRESS RELEASE
NEW YORK, May 15, 2013 /PRNewswire/ — We are pleased to announce that we have recently closed on $100 million in limited partnership commitments for Spire Capital Partners III, L.P. towards our $375 million target. Spire III is led by partners Andy Armstrong , Bruce Hernandez , David Schaible and Sean White .

We are now actively investing out of Spire III with a focus on small market lead and control investments in the business services, information services, media, education and communications sectors.

About Spire Capital Partners
Founded in 2000, Spire Capital is an active and experienced private equity firm with an investment focus on companies within the business services, information services, media, education and communications sectors. Spire Capital leads buyout investments in its areas of expertise and leverages its deep industry experience and network of relationships to help its portfolio companies to grow and succeed. For more information please visit www.spirecapital.com.

Note: The offering of LP interests in Spire Capital Partners III, LP was in a private placement exempt from registration under Regulation D. Spire III has filed a Form D with the SEC.

SOURCE Spire Capital Partners

The post Spire Capital Collects $100 Mln for Fund III which has $375 Mln Target appeared first on peHUB.

Funding Profiles said on Wednesday that it has received initial seed investment. The investor is a Facebook executive whose name has not been disclosed. Also, Funding Profiles has been selected to join the VentureChoice Incubation Program, which provides early stage companies with resources and expertise. A provider of financial software solutions, Funding Profiles is based in Sunnyvale, California, and has offices in Seattle, Philadelphia, and Washington D.C.

PRESS RELEASE

SUNNYVALE, Calif.–(BUSINESS WIRE)–Enterprise finance software vendor Funding Profiles announced today that it has been selected to join the VentureChoice Incubation Program (VIP) (http://www.venturechoice.com/portfolio.htm) aiming “towards accelerated business growth and increased exposure to the investment community.” Simultaneously, the company said that it had received initial seed investment.

“We are very pleased with our selection to the VIP program and the caliber of our investor. Through VentureChoice we gain access to valuable resources, exposure and support from experienced industry veterans to build a lasting business of significant value.”

The VentureChoice VIP Program is designed to provide innovative early-stage companies with resources, expertise, and Private Equity investor exposure. The VentureChoice Team evaluates hundreds of technology companies each year to identify those with the strongest potential for success in the marketplace. Companies are selected to join the program based on innovation, marketability, growth potential, funding requirements, and overall value to their customers. These companies are provided with guidance and support designed to assist their growth strategy and increase market visibility.
Funding Profiles also confirmed seed investment from a Facebook (NASD:FB) executive. Madison Laird, CEO of Funding Profiles stated: “We are very pleased with our selection to the VIP program and the caliber of our investor. Through VentureChoice we gain access to valuable resources, exposure and support from experienced industry veterans to build a lasting business of significant value.”
Funding Profiles recently announced public availability of the company’s first software product. With thousands of ready-to-use charts and graphs, The Funding Profile Generator™ helps Finance, Planning and Analysis (FP&A) groups express the results of their work – consolidation, reporting, forecasting, planning, variance explanation, guidance, modeling, etc. – in visual, strategic terms.
About Funding Profiles
Funding Profiles makes solutions for finance departments that want to contribute to an enterprise’s strategy beyond just numbers. Funding Profiles’ solutions integrate with existing business applications and data sources to continuously translate traditional financial metrics into the language of business strategy. Using solutions from Funding Profiles, finance teams can express plans, targets, actuals, forecasts, or scenarios in strategic perspectives any business leader can appreciate. Funding Profiles is based in Sunnyvale, California, and has locations in Seattle, Philadelphia, and Washington D.C.

The post Funding Profiles Receives Angel Investment appeared first on peHUB.

Advent International has named Michael Ming-Yue Zhu as an operating partner. Zhu is country general manager of Solvay China.  Advent has also tapped William Tsao as an industry advisor for China’s chemicals sector. Advent International is a global private equity firm with offices in North America, Latin America, Europe and Asia.

PRESS RELEASE
SHANGHAI – May 15, 2013 – Advent International, the global private equity firm, today announced that it has appointed Michael Ming-Yue Zhu, Country General Manager of Solvay China, to its Operating Partner Program. Mr. Zhu will advise Advent on investment opportunities in the chemicals sector, one of the firm’s core sectors. Advent has also appointed William Tsao, who worked at DuPont for more than 35 years, as an industry advisor in the chemicals sector in China.

Mr. Zhu is a highly respected executive in the Chinese chemicals sector and has over 30 years of industry and government experience. He has recently assumed the position as China Country General Manager of Solvay following its merger with Rhodia, where he has worked since 1994. During his tenure at Rhodia, he has been a driving force behind the company’s growth, including building 12 new factories and acquiring six local Chinese firms. Prior to Rhodia, Mr. Zhu was head of ICI’s Shanghai representative office and was instrumental in setting up three joint ventures for ICI in China.

In the 1980s, Mr. Zhu worked at two government organizations, the Economic Commission of the P.R.C. and the Chemical Industry Bureau of Wuxi, Jiangsu province. He also plays an active role in industry associations and is a Vice Chairman of AICM (Association of International Chemical Manufacturers) and Vice Chairman of ECFIC (Executive Committee of Foreign Investment Corporations).

This is the first appointment made to Advent’s Operating Partner Program in China, following the opening of its Shanghai office in April. Advent’s Operating Partner Program is a long-established and successful element of the firm’s highly operational approach to investing. The Program includes over 60 senior industry executives, a number of whom have been involved in multiple Advent investments. These executives typically assist in activities such as identifying attractive investment opportunities, conducting due diligence and creating and driving value creation plans for Advent’s portfolio companies.

William Tsao, during his long tenure at DuPont, held leadership roles in various disciplines and business units in Taiwan, Singapore, Bangkok and Shanghai. In his last position with the company, he headed up DuPont’s entire Performance Coating business in China.

Filippo de Vecchi, Advent Managing Director and Co-head of Greater China, said: “We are delighted to partner with Mr. Zhu and Mr. Tsao, who bring valuable industry experience and local expertise to Advent globally and to our portfolio companies. The chemicals sector is a core area of focus for Advent in China. We are committed to helping our portfolio companies in this sector achieve expansion and long-term sustainable performance.”

Commenting on his new role, Michael Zhu said: “Advent‘s sector-focused approach and partnership culture is well regarded. It has a proven track record of successfully helping portfolio companies grow and succeed, and I am excited to be part of such a distinguished institution. I look forward to working closely with the Advent team to identify opportunities in leading Chinese companies and help the firm’s global portfolio companies expand in this market.”

Advent has been active in the chemicals industry for more than 25 years and has invested in over 30 companies in the sector globally. The firm has developed a strong track record in carving out these businesses from multinational corporations and enabling them to become successful independent companies. Advent’s recent investments in the chemicals sector include Cytec, H.C. Starck, Maxam, Mondo Minerals, Oxea and Vinnolit.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global investors dedicated solely to private equity. Since inception, the firm has raised $37 billion and invested in more than 280 buyout transactions in 36 countries, achieving over 210 full or partial exits. With offices on four continents, Advent has established a globally integrated team of over 170 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on growth and traditional buyout and strategic repositioning transactions across five core sectors, including business and financial services; healthcare;industrial; retail, consumer and leisure; and technology, media and telecoms. After 29 years dedicated to international private equity, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for portfolio companies.

For more information, visit www.adventinternational.com.

 

The post Advent International Names Zhu Operating Partner appeared first on peHUB.

DeLille Cellars has received “significant” growth capital from Bacchus Capital Management. Financial terms were not disclosed. DeLille Cellars is a winery based in Woodinville, Washington.

PRESS RELEASE
SAN FRANCISCO, May 15, 2013/PRNewswire/ – Bacchus Capital Management, LLC, a San Francisco-based private equity firm providing strategic capital in the wine industry, has made a significant investment of growth capital in DeLille Cellars, Woodinville, Washington. The winery was founded in 1992 by Charles and Greg Lill , Jay Soloff and Chris Upchurch , and is one of the most respected wineries in the US today. Concurrently, Bacchus has acquired the Oregon winery Panther Creek Cellars and has appointed acclaimed winemaker Tony Rynders as Panther’s Consulting Winemaker.

“Our partnership with Bacchus provides DeLille Cellars with the financial backing and growth ability that we could not have accomplished on our own,” stated Greg Lill , DeLille Cellars President and CEO. “We were the first Washington winery, founded over 20 years ago, to focus exclusively on crafting Bordeaux style blends. Our wines have met with much critical acclaim and consumer demand. Now we are at a point where we need additional resources and proven expertise in order to take advantage together of the opportunities ahead.”

“Washington State is a grand cru region that happened 10,000 years ago,” commented Chris Upchurch , DeLille Cellars Winemaker and Co-founder. “It’s our responsibility to take that forward, to exploit the terroir and to make terrific wines. We are on the path of discovery to reach the potential of a great wine region and a great wine brand. With Bacchus as our partner, DeLille Cellars will be able to take advantage of many additional aspects of making and selling our wine for the future.”

“I have been making wine in Oregon for nearly 20 years,” commented Tony Rynders , Consulting Winemaker at Panther Creek Cellars. “This winery has a storied history and I am eager to build on that legacy. I look forward to crafting our own examples of the exceptional regional blends Oregon is known for: Pinot Noir, Pinot Gris and, most recently, Chardonnay. I have always enjoyed the creativity of making wine. The chance to be a part of Panther Creek’s next chapter and to work with a team of proven and committed professionals is an exciting opportunity.”

“Bacchus is focused on supporting talented winemakers and on building family-owned wineries, enabling them to fulfill their potential,” stated Sam Bronfman , Bacchus Co-founder and Managing Partner. “We believe that the Pacific Northwest is an outstanding winemaking region, offering winemakers diverse environments to craft unique and admirable wines. We are proud to partner with individuals regarded both as pioneers and leaders in their field. Working with Chris Upchurch and the team at DeLille, as well as with Tony Rynders and the team at Panther, fulfills a great ambition of ours. With these two accomplished winemakers, and the teams at DeLille Cellars and Panther Creek, our portfolio truly is a ‘string of pearls’.”

“Our private equity model is unique,” commented Peter Kaufman , Bacchus Co-founder and Managing Partner. “We do not have one singular black box approach to investing in wineries. Rather, we invest in businesses and winemakers we believe in; for DeLille Cellars, we have provided growth capital and in Panther’s case, it’s an outright acquisition. Additionally, we continue to leverage our internal talent across the portfolio: we have appointed Oregon veteran Anthony Van Nice , working with us at Wine by Joe, as President at Panther Creek to partner with the highly acclaimed winemaker Tony Rynders . Our goal is to develop customized long term partnerships.”

Bacchus portfolio companies include: Andretti Winery, a well-known Napa winery founded by Mario Andretti ; Madrigal Family Winery, a recognized Napa Valley winery located on Highway 29; Maritime Wine Trading Collective, a leading boutique wine import, production, and distribution company; Qupe, a leading Central Coast winery; Sbragia Family Vineyards, the Dry Creek Valley winery founded by world-class winemaker Ed Sbragia ; Wine by Joe, one of the largest wine producers in Oregon. Bacchus previously had a successful financing with Cameron Hughes Wine , one of America’s fastest growing wine businesses.

About DeLille Cellars

DeLille Cellars is a boutique artisan winery located in Woodinville, Washington. Under celebrated winemaker Chris Upchurch , DeLille Cellars was the first winery in Washington to focus on creating Bordeaux style wine blends. The winery is very prominent on the Red Mountain AVA with its own 20 acre vineyard along with other top sites in the Yakima Valley. DeLille Cellars currently produces six Bordeaux-styled wines including Grand Ciel, Chaleur Estate Rouge, D2, Harrison Hill , Four Flags and Chaleur Estate Blanc. Also produced are the Doyenne wines which include classic northern Rhone Syrah – awarded as one of the great 15 Syrahs of the world; a Roussanne; Metier, as Southern Rhone-style red wine; AIX, a Provence-style red wine and a Bandol-style Rose. Robert Parker Jr. of The Wine Advocate rated DeLille Cellars and Doyenne as two of the top 12 Washington producers, bestowing the title of the “Lafite Rothschild” of Washington State. DeLille Cellars has a traditional “chai” Chateau winery located on the 10 acre Lill Family Estate which overlooks the Woodinville valley floor below as well as its Carriage House tasting room.

For more information, visit www.delillecellars.com

About Panther Creek Cellars

Located in the heart of the Willamette Valley in McMinnville’s historic power station, Panther Creek Cellars has been producing signature Pinot Noir, Pinot Gris and Chardonnay wines since 1986. Founded by the acclaimed winemaker Ken Wright , Panther Creek has been recognized for its signature blends as well as single vineyard designate wines. The winery has been credited by Robert Parker as “producing some of Oregon’s most concentrated and age worthy wines.” From 2013 onward, the Panther Creek wines will be made by the highly acclaimed Tony Rynders .

For more information, visit www.panthercreekcellars.com

About Bacchus Capital Management

Bacchus Capital Management is an investment firm providing strategic capital and making equity investments in United Stateswineries and wine businesses.

For more information, visit www.bacchuswinefund.com

SOURCE Bacchus Capital Management, LLC

The post Bacchus Invests in DeLille Cellars appeared first on peHUB.

Wind Point Partners said Wednesday that two of its portfolio companies, Hearthside Food Solutions and Ryt-way Industries, will be merging in late May. The transaction will create a contract food producer in North America with over $1 billion in sales and 19 facilities in seven states. Based in Downers Grove, Ill., Hearthside Food Solutions is the largest independent bakery in the U.S. Ryt-way, which is in Lakeville, Minn., is a provider of packaging equipment solutions to food and consumer brands.

PRESS RELEASE

Chicago, IL, May 15, 2013 — Wind Point Partners, a Chicago-based private equity firm, today announced plans to merge two of its portfolio companies – Hearthside Food Solutions and Ryt-way Industries. The merger, which will take effect in late May, will create the leading contract food manufacturer in North America, with over $1 billion in sales and 19 manufacturing facilities across seven states.

Wind Point acquired Hearthside in April 2009 and Ryt-way in August 2008. Both companies provide contract manufacturing services to leading food and consumer packaged goods companies in North America. During Wind Point’s ownership, Hearthside and Ryt-way each completed three acquisitions that further diversified each company’s customer base and product portfolio.

Rich Scalise, CEO of Hearthside Food Solutions, will assume the role of CEO for the combined business. Rich is a 35-year veteran of the food industry who most recently served as President of Ralcorp Frozen Bakery Products, a division of Ralcorp Holdings, Inc. (NYSE:RAH). Rich previously spent 18 years with ConAgra Foods (NYSE:CAG) in a number of roles including his last position as President and COO of ConAgra’s $3 billion Refrigerated Foods Division.

“Hearthside and Ryt-way have a complementary customer base and supply chain capabilities. The combined company will be not only significantly larger but also able to deliver a wider array of services,” said Rich.

David Finch, CEO of Ryt-way, added, “This is a great opportunity for our customers. By offering a broader suite of capabilities, Hearthside and Ryt-way will become a one-stop shop for contract manufacturing.”

“Rich and David have done an excellent job driving strong revenue growth, commercializing new products and completing accretive acquisitions at Hearthside and Ryt-way,” said Mark Burgett, a managing director at Wind Point. “By combining two industry leaders, we are able to create significant growth opportunities for the business in addition to value for our investors. Given the similarities between the businesses, we expect to start realizing benefits immediately.”

About Wind Point Partners

Wind Point Partners is a private equity investment firm that manages commitments of approximately $2.5 billion. Wind Point focuses on partnering with top caliber CEOs to acquire middle market businesses where we can establish a clear path to value creation. Additional information about Wind Point is available at www.windpointpartners.com.

About Hearthside Food Solutions

Hearthside Food Solutions, headquartered in Downers Grove, Ill., is the nation’s largest independent bakery and a full service contract manufacturer of high quality grain-based food and snack products for some of the world’s leading premier brands. Hearthside operates 12 food manufacturing facilities in five states. For more information on Hearthside Food Solutions, visit www.hearthsidefoods.com.

About Ryt-way Industries

Ryt-way, headquartered in Lakeville, Minn., is a leading provider of contract manufacturing and high performance packaging equipment solutions to North America’s leading food and consumer products companies. Ryt-way is known for its flexibility, scale and commercialization expertise in dry foods. Ryt-way operates seven production facilities across four states. Additional information about Ryt-way is available at www.rytway.com.

The post Hearthside Food Solutions and Ryt-way to Merge appeared first on peHUB.

Pinebridge Investments has named Wael Aburida as its CIO. Aburida will helm PineBridge’s MENA private equity team. Previously, Aburida was a director of M&A at Waha Capital.

PRESS RELEASE

Manama, Bahrain, May 15, 2013 – PineBridge Investments, a leading global, independent asset manager, today strengthened its growing Middle East, North Africa and Turkey team with the appointment of Wael Aburida as Chief Investment Officer (CIO). Mr. Aburida will lead PineBridge’s MENA private equity and real estate team covering the Middle East, North Africa and Turkey, with responsibility for deal origination, negotiations, execution, portfolio management, and exits. Based in Bahrain, Mr. Aburida will report to Talal Al Zain, Chief Executive Officer at PineBridge Investments Middle East.

Talal Al Zain said: “I am pleased that Wael has joined our expanding regional team of exceptional investment professionals. Wael is an ideal fit for PineBridge, bringing a broad range of global and regional expertise that will help us meet growing client demand for private equity and real estate solutions. We will continue to strengthen our team in order to capitalize on the region’s demand for investment opportunities.”

Mr. Aburida joins from UAE-based Waha Capital where he was Director of Mergers & Acquisitions, and was previously Director of the Global M&A Group for Intel Corporation, based in the California global headquarters. In addition, he was also Managing Director of Nollenberger Capital Partners and DCA Partners, both located in Northern California. During his career Mr. Aburida has amassed approximately 20 years of deal-oriented private equity andinvestment banking experience. He has led private equity and real estate investments across North America, Europe, the Middle East and Asia.

Wael Aburida said: “I am very excited to be joining PineBridge at such a key juncture. While private equity is slowing in some developed markets, there is significant regional demand for proprietary private equity and real estate deals. We will be capitalizing on this demand for high quality direct investment opportunities, rigorous due diligence andactive portfoliomanagement of investments.”

Giving more detail on PineBridge’s regional investment approach, Mr. Aburida said: “With our flexible platform, we can partner with our investee companies to provide them one source of capital to fund their growth needs as well as unlock value in their real estate holdings. Our real estate investment strategy is centered around income-generating assets in the GCC markets.

From a private equity perspective, we are focused on growth investments into business services, social infrastructure and industrial and manufacturing companies serving the growthoriented demographics of the region. In addition, from a global demand perspective, we are targeting oil and gas services as well as downstream opportunities in the oil and gas value chain. With our international network, strong commercial and governmental links in the region and global platform, we will be a value-added partner to our portfolio companies by funding their growth needs, helping them expand and grow their footprint both organically and inorganically and providing advice on both strategic and operational matters.”

In July 2012 PineBridge received a Category 1 License from the Central Bank of Bahrain. PineBridge Investments Middle East B.S.C. (c) is the regional headquarters for the Middle East, North Africa and Turkey, and is well positioned to serve a diverse set of clients in broad ranges of investment categories, including large institutions and private clients looking for differentiated products and competitive risk adjusted return. PineBridge Investments offers world-class investment management services, with a global perspective and a regional focus across four
core areas: private equity, investment management, distribution and real estate.
# # #
About PineBridge Investments
PineBridge is an independent asset manager with over 60 years of experience in developed and emerging markets. We manage US $71.5 billion across our platform for institutional and individual investors worldwide as of 31 March 2013. Our globally integrated investment platform offers innovative, core and specialized alpha-oriented solutions across asset allocation, equities, fixed income, private equity and hedge funds. What differentiates us is our integration of onthe-ground investment teams across asset classes, bringing investors the combined benefits of global perspectives and structured insights.

For additional information on PineBridge Investments, visit www.pinebridge.com.

The post Pinebridge Investments Names New CIO appeared first on peHUB.

The National Venture Capital Association has elected Josh Green to serve as its 2013-2014 chairman of the board of directors. Green is general partner of Mohr Davidow Ventures. Also NVCA added the following as new directors to its board: Scott Kupor, Andreessen Horowitz; Sue Siegel, GE healthymagination; John Backus, New Atlantic Ventures; Art Pappas, Pappas Ventures; Mark Leschly, Rho Capital Partners; and Jim Healy, Sofinnova Ventures. And  NVCA also named Scott Sandell, general partner at New Enterprise Associates, as chair-elect for the 2014-2015 year.

PRESS RELEASE

May 15, 2013, San Francisco, Calif. – The National Venture Capital Association (NVCA) today announced it has elected Josh Green, general partner of Mohr Davidow Ventures, to serve as the 2013-2014 Chairman of the Board of Directors. The appointment was made official at the association’s annual meeting — VentureScape 2013 in San Francisco. Mr. Green’s one-year term begins immediately.

As he assumes leadership of the country’s pre-eminent venture capital association, Mr. Green highlighted the importance of venture capital investment to the economic well-being of the country and to the vibrancy of the start-up world.

“It is a privilege to lead the NVCA at a time when we can have a significant impact on a truly dynamic startup ecosystem,” said Green. “We have much work to accomplish, and an outstanding story to tell.  The venture capital industry is committed to the long-term global competitiveness of our country and, with our startup company partners, we are in this game to change the world. In the coming year, the NVCA will remain focused on harnessing our industry’s collective voice to advocate, inform and educate on policies that support these critical efforts.”

Josh Green is preceded by Ray Rothrock, general partner at Venrock, who in his role as NVCA chair led the association through the 2012 presidential elections and helped build membership at a time when the industry continues to consolidate.

“Ray’s energy, acumen, and drive have been a tremendous asset to the venture capital industry,” said Mark Heesen, president of NVCA.  “His nuanced leadership has been instrumental in skillfully navigating the legislative and regulatory landscape, while simultaneously looking out on the horizon to the future of the industry and the association. His legacy will be carried forward by Josh Green, whose expertise and vision is poised to serve NVCA very well as we enter a year of change. As we celebrate Ray’s accomplishments, we look forward to Josh setting a course laden with purpose and success.”

In addition to installing a new chairman, the NVCA appointed six new directors to its Board.  This year the association welcomes Scott Kupor, Andreessen Horowitz; Sue Siegel, GE healthymagination; John Backus, New Atlantic Ventures; Art Pappas, Pappas Ventures; Mark Leschly, Rho Capital Partners; and Jim Healy, Sofinnova Ventures.  Each director will serve a four-year term.

The NVCA also named Scott Sandell, general partner at New Enterprise Associates, as chair-elect for the 2014-2015 year.  Mr. Sandell joins Green, Anne Rockhold of Accel Partners, Jonathan Leff of Deerfield Management, Bruce Evans of Summit Partners; and Jon Callaghan of True Ventures on the NVCA Board Executive Committee.

Retiring from the Board of Directors after four years of outstanding service are: Jason Mendelson, Foundry Group; Michael Greely, Flybridge Capital Partners; Michael Elliot, Noro-Moseley Partners; Sherrill Neff, Quaker Partners; Jim Marver, Vantage Point Capital Partners; and Ray Rothrock, Venrock.

About Josh Green
Josh Green joined Mohr Davidow’s team in 2006, and has been instrumental in developing a cross-discipline practice that includes a wide range of startups – including those focused on LED lighting, biochemical, Lithium production and healthcare. Today, he is focused primarily on the nexus of cleantech and information technology.

Mr. Green graduated magna cum laude from UCLA in 1977 and the UCLA School of Law in 1980 where he was on the Law Review. He helped to build two of Silicon Valley’s pre-eminent law firms to 150 lawyers each over 25 years. He is a founder of the UCLA Venture Capital Fund and serves on the Board of Visitors of the UCLA Department of Economics and the Advisory Board of the Lowell Milken Institute for Business Law and Policy. Mr. Green was the undergraduate commencement speaker at UCLA in 2001. For eight years, he coached high school basketball.

About NVCA

Venture capitalists are committed to funding America’s most innovative entrepreneurs, working closely with them to transform breakthrough ideas into emerging growth companies that drive U.S. job creation and economic growth. As the voice of the U.S. venture capital community, the National Venture Capital Association (NVCA) empowers its members and the entrepreneurs they fund by advocating for policies that encourage innovation and reward long term investment. As the venture community’s preeminent trade association, NVCA serves as the definitive resource for venture capital data and unites its 400 plus members through a full range of professional services. For more information about the NVCA, please visit www.nvca.org.

The post NVCA Elects Josh Green as Chairman of the Board appeared first on peHUB.

IdX has received a $35 million loan from LBC Credit Partners. IdX, a portfolio company of ACON Investments, is a producer of retail display fixtures. It is based in St. Louis, MO.

PRESS RELEASE

PHILADELPHIA, May 14, 2013 /PRNewswire/ — LBC Credit Partners (“LBC”), a leading provider of financing solutions to middle market companies, announced the completion of a $35.0 million senior secured term loan to idX, a portfolio company of ACON Investments (“ACON”). The financing was used to refinance existing debt and will provide support for idX to continue the execution of its strategic growth plan, including acquisitions and investments in its domestic and offshore operations.
idX is a privately held company that specializes in retail display fixture manufacturing, logistics and project management. With over 20 years of experience working in domestic and international markets, idX has played an integral role in helping leading companies achieve their brand vision. The Company maintains seventeen facilities and offices worldwide housing over 2.5 million square feet of manufacturing and warehousing space, and over 1,000 dedicated idX employees.
ACON and idX approached LBC Credit Partners for financing that would allow idX to invest in the infrastructure and enable idX to expand its position as a market leader in customized fixture solutions. LBC served as the Sole Lead Arranger, Sole Bookrunner and Administrative Agent for this transaction. With much expertise in both retail products and manufacturing markets, as well as in supporting growth, LBC’s knowledge of industry challenges and opportunities was integral to helping structure the deal. Additionally, idX appreciated LBC’s flexibility and ability to move quickly.
With offices in Washington, Los Angeles, Madrid, Sao Paulo and Mexico City, ACON Investments is an international middle market private equity investment firm with over $2.5 billion of capital under management. ACON, founded in 1996, pursues a theme-based investment strategy by focusing on industries or businesses at key inflection points in their development and pursues these opportunities in close partnership with established management teams. Among ACON’s investors are some of the largest institutional investors in private equity, including major public pension funds and sovereign wealth funds.
About LBC Credit Partners
LBC Credit Partners is a leading provider of middle market financing solutions including senior term, unitranche, second lien, junior secured and mezzanine debt and equity co-investments supporting sponsored and non-sponsored transactions. With over $1.25 billion of committed capital, LBC has made investments in companies located throughout North America across a wide range of industries and is committed to a long-term approach to debt investing. Headquartered in Philadelphia, LBC has offices in New York City and Chicago.

The post IdX Receives $35 Mln Loan from LBC Credit Partners appeared first on peHUB.