Author: Luisa Beltran

Cloudant closed a $12 million Series B funding round from Devonshire Investors, Rackspace Hosting and Toba Capital. Current investors including Avalon Ventures, In-Q-Tel, Samsung Venture Investment Corp. also purchased additional shares. Boston-based Cloudant is a provider of distributed database-as-a-service.

PRESS RELEASE

BOSTON, May 14, 2013 /PRNewswire/ — Cloudant, provider of a globally distributed database-as-a-service (DBaaS), today announced $12 million in series B funding from Devonshire Investors, the private equity firm affiliated with Fidelity Investments; Rackspace Hosting, the open cloud leader; and Toba Capital. The company also announced that current investors — Avalon Ventures, In-Q-Tel, Samsung Venture Investment Corporation — purchased additional shares. The funding will be used to support Cloudant’s global expansion and grow the company’s support, service, and go-to-market strategies.
(Logo: http://photos.prnewswire.com/prnh/20120509/NE04144LOGO )
“The market opportunity for managed, hosted databases is large, and the NoSQL model is where major mobile and Web applications are moving,” said David Jegen , managing director at Devonshire Investors. “We’re seeing that shift accelerate across the industry with Cloudant in the sweet spot of this market, adding big customer names with a highly scalable and durable DBaaS.”
In addition to today’s funding news, Cloudant is also announcing the opening of a new office in San Francisco. Market demand recently drove the company’s expansion into the U.K. with an office in Bristol, and both new locations complement Cloudant’s Boston headquarters and Seattle office. Cloudant will use its new presence to strengthen its relationships with the Web and mobile application development communities and to build its brand in the enterprise software market. Momentum in the enterprise market has also helped the company court new investors like Vinny Smith at Toba Capital, the former CEO of Quest Software, which he led to IPO and a $2.4-billion acquisition by Dell.
“Enterprises are quickly realizing that they want a cloud that isn’t one size fits all. They want to scale their app without having to customize it to fit within a third-party cloud,” said Vinny Smith , founder of Toba Capital. “Spending on cloud infrastructure is no longer an IT line-item; it’s now a major line-of-business concern. With strategic support from Rackspace, Cloudant is providing a clearer path for businesses to run large production workloads in the hybrid cloud.”
“We hear all the time from customers that dealing with the complexities of large-scale systems infrastructure just slows them down,” said Pat Matthews , senior vice president of corporate development at Rackspace. “Developers want control of their infrastructure, but they don’t want to have to manage it 24×7. Cloudant is the natural extension of this idea at the database layer. We’re partners that share a commitment to delivering the highest level of customer support, which is why investing in Cloudant works so well from a Rackspace perspective.”
Cloudant’s extremely scalable, managed NoSQL DBaaS is based on a globally distributed network of secure, high-performance data centers that provide high availability and low-latency access to data. Around-the-clock expert monitoring and administration allow customers to offload the administrative burden of operating and scaling distributed databases.
About Cloudant
Cloudant provides the world’s first globally distributed database-as-a-service (DBaaS) for loading, storing, analyzing, and distributing operational application data for developers of large and/or fast-growing Web and mobile applications. Cloudant’s DBaaS is a managed service that helps developers eliminate the delays, costs, and distractions inherent in working with databases and their administrators, while providing unmatched scalability, availability, and performance. This capability accelerates time-to-market and time-to-innovation because it frees developers from the mechanics of data management so they can focus exclusively on creating great applications. Cloudant is privately held and backed by top-tier investors including Avalon Ventures, Devonshire Investors, the private equity firm affiliated with Fidelity Investments, In-Q-Tel, Rackspace® Hosting, Samsung Venture Investment Corporation, Toba Capital, and Y Combinator. For more information, visit www.cloudant.com.

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Tollgrade Communications has appointed James Andrus as Vice President of Global Smart Grid Sales. Cranberry Township, Pa.-based Tollgrade, which is backed by Golden Gate Capital, provides service assurance solutions to electric utilities and telecommunications providers.

PRESS RELEASE

RESTON, Va., May 14, 2013 /PRNewswire/ — Tollgrade Communications, Inc., a global leader in providing service assurance solutions to the world’s largest electric utilities and telecommunications providers, announced today the appointment of James F. Andrus as Vice President of Global Smart Grid Sales. In this role Jim will be responsible for leading Tollgrade’s Smart Grid sales strategies and account management for Tollgrade’s LightHouse® offerings worldwide. Andrus will report to Tom Kolb , COO of Tollgrade.
“Jim’s background and experience is a tremendous addition to our management team and comes at an important time for Tollgrade,” said Ed Kennedy , President and CEO, Tollgrade Communications, Inc. “He is an energy industry veteran with 25 years of experience driving sales at market leading smart grid companies such as ABB, Itron, Elster and ACLARA. His extensive experience and success in Latin American markets in particular will be a great complement to our global expansion strategy.”
“I am very excited to join Tollgrade, a company that is redefining the standard for reliability at utilities worldwide,” said James F. Andrus , Vice President of Global Smart Grid Sales. “Improving grid reliability is a mission-critical objective of all utilities worldwide. Tollgrade technology takes the Smart Grid to the next level of reliability and efficiency.”
Before joining Tollgrade Andrus was Vice-President of the Americas at Echelon Corporation. Prior to this he held executive sales management positions at ABB, Itron, Elster and ACLARA. He has served on numerous industry association committees and boards and is the past President of Utilimetrics (formerly Automatic Meter Reading Association). Andrus has frequently published articles on issues relating to utility automation strategies and technology and is a featured speaker for many utility organizations and associations in North and South America. Andrus holds a BA from the University of Hartford and an MBA from Rensselaer Polytechnic Institute.
About Tollgrade
With a global footprint and over 25 years of experience providing cutting-edge service assurance solutions, Tollgrade Communications, Inc, has built a reputation for improving the reliability and operational efficiency at the world’s largest utilities and broadband service providers, allowing operators to reduce customer downtime and recover lost revenue. Named one of the Top 13 Smart Grid Companies to Watch in 2013, Tollgrade is part of the Golden Gate Capital portfolio – a San Francisco‐based private equity firm with more than $12 billion of capital under their management. Learn more about the company at www.tollgrade.com

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AbilTo said Tuesday it closed a $3 million round of Series A financing led by .406 Ventures. New York-based AbilTo provides behavioral health programs to help adults overcome mild and moderate depression associated with major medical events.

PRESS RELEASE

AbilTo, Inc., a company that delivers proven behavioral health programs to help adults overcome mild and moderate depression associated with major medical events, announced today the completion of a $3 million round of Series A financing to fund the expansion of the Company’s proprietary programs and technology platform. The financing round was led by .406 Ventures. AbilTo works through health plans and employers to provide remotely delivered behavioral health programs via phone or secure video link. Current offerings address depression associated with cardiac events, diabetes, chronic pain, breast cancer diagnosis and childbirth.

“We are very excited to be partnering with AbilTo. The company’s combination of great outcomes for patients and meaningful savings for health plans and employers is the magic combination that we seek when investing in healthcare technology companies.” said Liam Donohue, Co-Founder and General Partner of .406 Ventures.

Each AbilTo program is tailored to the unique challenges caused by a particular medical event and helps a patient learn new skills that positively impact mental and medical health over the course of eight-weeks. In 2011, AbilTo began collaborating with Aetna, starting with the Cardiac Health Forum to improve patient outcomes after major heart-related events.

“In the two years since we implemented AbilTo’s approach, participating Aetna members have experienced, on average, a 70-80% reduction in depression. Today, we offer six AbilTo programs and are pleased that so many of our plan sponsors are choosing to offer them to their employees,” said William Gillis, Psy.D., Head of Behavioral Health Program Design and Product Support, Aetna.

“With the support of .406 Ventures, we are well positioned to expand our provider network, enhance our platform capabilities and increase our program offerings, allowing us to reach additional populations who can benefit from AbilTo’s unique approach” said Michael Laskoff, CEO, AbilTo.

About AbilTo

AbilTo, a privately held company based in New York, NY, delivers proven protocols to help adults overcome issues caused by prevalent behavioral health disorders and life transitions. The AbilTo platform delivers fixed-duration programs with measurable behavioral health improvements and reduced health expenditures. All services are delivered remotely, using a secure video link or telephone. For more information, please visit www.abilto.com.

About .406 Ventures

About .406 Ventures: .406 Ventures is an early-stage venture capital firm that invests in innovative information technology and services companies founded by the finest entrepreneurs. .406 Ventures is led by a veteran team of industry entrepreneurs, operators and investors who apply real-world experience, deep industry knowledge and networks, and strong company-building skills to create value for entrepreneurs and investing partners. .406 Ventures is typically the lead, first institutional investor, in early-stage and de novo investments in market-changing IT security and infrastructure, with a particular focus on healthcare IT, Big Data, cloud and mobile software companies.

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Disruptor Capital said Tuesday it has invested in Bills Khakis. Financial terms weren’t announced. Reading, Pa.-based Bills Khakis designs and markets branded men’s sportswear, including pants, shorts, jeans, shirts, sweaters, knits, belts and outerwear.

PRESS RELEASE

LEBANON, Va. — At a Tuesday afternoon press conference in Lebanon, Va., Disruptor Capital CEO Pete Snyder and Bills Khakis CEO Bill Thomas announced a major investment by Virginia-based Disruptor Capital in Bills Khakis, a made-in-America, manufactured-in Virginia apparel brand.

The investment will help support 160 jobs in Russell County, Va., where LACorp—a family-owned cut-and-sew operation—manufactures approximately 120,000 pairs of Bills Khakis pants per year.

“Bills is a classic American brand and a true entrepreneurial success story. At a time when many manufacturing jobs flocked to Southeast Asia, Bills bet on the talented and hardworking people of Southwest Virginia—and the quality shows,” said Disruptor CEO Pete Snyder, who also joined the Bills Khakis Board of Directors. “We’re excited to make this investment in a great American business and good Virginia manufacturing jobs.”

“We are thrilled to have an entrepreneur of Pete Snyder’s caliber join our Board,” Bills Khakis CEO Bill Thomas added. “Pete’s strategic investment in Bills will help us take our brand to the next level, and will help secure existing jobs and create new jobs right here in Virginia.”

Disruptor Capital (http://www.disruptor.com/), an angel and seed capital investment company, was founded in January 2012 by Virginia-based entrepreneur Pete Snyder. Snyder’s last venture, New Media Strategies, which he founded in 1999, led to the creation of the booming social media marketing industry. New Media Strategies, the first social media marketing company, remains the largest player and market leader in that field. Snyder sold the company to Meredith Corporation, a publicly traded media company, in 2007. He stepped down as CEO in December 2011 but remains affiliated with the company as Founder and Senior Adviser. Snyder has twice been named a Technology Titan by Washingtonian Magazine and led New Media Strategies to Inc. Magazine’s list of the 500 Fastest Growing Companies in America three years in a row.
Bills Khakis (http://www.billskhakis.com), based in Reading, Pa., is a leading designer and marketer of premium, branded men’s sportswear, including pants, shorts, jeans, shirts, sweaters, knits, belts and outerwear. All Bills Khakis products are cut and sewn exclusively in the U.S.A. The Company sells its products wholesale to premium men’s specialty retail stores throughout the United States, and retail direct-to-consumer through catalog and internet marketing. Bills Khakis has been named to Inc. Magazine’s “Inner City 100” five times as one of America’s 100 fastest-growing inner city businesses.
LACorp (http://www.lacorpusa.com), based in Lebanon, Va., was founded in 1968 as a cut and sew operation and is still owned and operated by the same family. One of the last remaining American companies of its kind, LACorp’s commitment to innovation and customer service has earned the company recognition as one of the top sewing plants in the US by Apparel Industry Magazine.

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Third Rock Ventures announced several appointments and role changes. The VC firm appointed James Geraghty to the role of entrepreneur-in-residence while Steven Paul, M.D., will be increasing his capacity as a venture partner. Daniel Lynch was named venture partner to support the commercial and business development of existing portfolio companies while John Maraganore, Ph.D., has joined as a venture partner.

PRESS RELEASE

Third Rock Ventures, LLC, a venture capital firm focused on building healthcare companies, today announced that it has expanded and strengthened its team with several appointments and role changes. These additions allow Third Rock to continue to support the launch of new companies focused on disruptive areas of science and medicine, the maturation and development of its current portfolio companies, and the overall strategy and direction of the firm.

To aid in the development of new companies, Third Rock appointed James Geraghty, a 20-year veteran of Genzyme Corporation, to the role of entrepreneur-in-residence, and Steven Paul, M.D., the former president of the Lilly Research Laboratories of Eli Lilly and Company and director of the Helen & Robert Appel Institute for Alzheimer’s Research at Weill Cornell Medical College, is increasing his capacity as a venture partner. Daniel Lynch, former CEO of ImClone Systems, who joined Third Rock in 2011 as an entrepreneur-in-residence, has been named venture partner to support the commercial and business development of existing portfolio companies. John Maraganore, Ph.D., chief executive officer of Alnylam, has joined the firm as a venture partner, where he will participate in a limited capacity focusing on guiding strategy for Third Rock and its portfolio companies.

“With the recent close of Fund III, we are excited to welcome these proven industry stars to our team,” said Robert Tepper, M.D., partner at Third Rock Ventures. “These leaders have demonstrated – through decades of experience – their ability to integrate science and business. The depth of their expertise across commercial, business development, R&D, drug discovery and product development will be invaluable to Third Rock as we focus on translating scientific innovation into exceptional companies that make a difference for patients.”

New Additions to the Team

Having helped Genzyme launch rare disease therapies around the world, Mr. Geraghty will assist the firm in creating companies focused on rare genetic diseases and support existing portfolio companies in related spaces. Prior to joining Third Rock, Mr. Geraghty served as senior vice president, North America strategy and business development, at Sanofi. Before Sanofi, Mr. Geraghty spent 20 years at Genzyme Corporation, most recently as senior vice president and an officer. While at Genzyme, his roles include president of Genzyme Europe and general manager of Genzyme’s cardiovascular business.

“During the last 20 years, I have had the opportunity to participate in the development and commercialization of important new medicines that transformed patient care,” said Mr. Geraghty. “Third Rock’s hands-on approach to launching, building and supporting exceptional companies is uniquely aligned with my desire to contribute to shaping the next generation of great companies.”

Prior to joining Alnylam in 2002, Dr. Maraganore served as an officer and a member of the management team at Millennium Pharmaceuticals, Inc. As senior vice president, strategic product development for Millennium, Dr. Maraganore was responsible for the company’s product franchises in oncology, cardiovascular, inflammation and metabolic diseases.

Role Changes within the Team

As venture partner, Mr. Lynch will focus on guiding the strategic vision and business development efforts for Third Rock and its portfolio companies. Mr. Lynch has more than 25 years of experience serving in management positions in the biotechnology and pharmaceutical industries. He currently serves as executive chairman of Blueprint Medicines and is on the board of directors for bluebird bio and Ember Therapeutics. Mr. Lynch spent nearly five years at ImClone Systems, serving as chief executive officer and chief financial officer. As CEO, he led ImClone through a significant turnaround, helping to restore the company’s reputation and to secure FDA approval of ERBITUX® (Cetuximab), a novel cancer treatment.

With Dr. Paul’s increased time commitment, he will play a more significant role in the ideation and development of new companies, serving in key management roles as appropriate. Prior to his appointment at Weill Cornell, Dr. Paul spent 17 years at Eli Lilly, during which time he held several key leadership roles, including vice president of neuroscience (CNS) research and group vice president of discovery research (all therapeutic areas). In his most recent role, he was responsible for the company’s overall research and development efforts – helping to expand Lilly’s R&D efforts in oncology and biotechnology – resulting in a pipeline of approximately 70 new molecular entities.

“The ongoing commitment from Dan and Steve and their intention to spend more time collaborating with Third Rock are testaments to the team we have assembled,” said Kevin Starr, partner at Third Rock. “We recognize that people are our most valued asset, and we rely on the experience, passion and dedication of our team to build these innovative healthcare companies.”

“Having worked with Third Rock since 2010, I respect and appreciate the firm’s approach to creating companies around disruptive areas of science and medicine,” said Dr. Paul. “With this additional time commitment, I look forward to not just launching companies, but to helping our portfolio companies grow, advance pipelines to the clinic and launch meaningful new products for patients.”

About Third Rock Ventures

Third Rock Ventures is a leading healthcare venture firm focused on investing and launching companies that make a difference in people’s lives. The Third Rock team has a unique vision for ideating and building transformative healthcare companies. Working closely with our strategic partners and entrepreneurs, Third Rock has an extensive track record for managing the value creation path to deliver exceptional performance. For more information, please visit the firm’s website at www.thirdrockventures.com.

Current Third Rock Portfolio Companies

Ablexis, Afferent Pharmaceuticals, Agios Pharmaceuticals, Alcresta, Allena Pharmaceuticals, Alnara Pharmaceuticals (acquired by Eli Lilly & Co. in 2010), bluebird bio, Blueprint Medicines, Cibiem, Constellation Pharmaceuticals, CytomX Therapeutics, DC Devices, Edimer Pharmaceuticals, Eleven Biotherapeutics, Ember Therapeutics, Foundation Medicine, Global Blood Therapeutics, Igenica, Jounce Therapeutics, Kala Pharmaceuticals, Lotus Tissue Repair (acquired by Shire plc in 2013), MyoKardia, NinePoint Medical, PanOptica Pharmaceuticals, Rhythm Pharmaceuticals, SAGE Therapeutics, Seventh Sense Biosystems, Taris Biomedical, Topica Pharmaceuticals, Warp Drive Bio and Zafgen.

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High Road Capital Partners and Charter Oak Equity will acquire The Crown Group from the Baer family. Crown is a coating solutions provider headquartered in Warren, Michigan. Quarton Partners provided financial advice to Crown in this transaction. No financial terms were disclosed.

PRESS RELEASE

BIRMINGHAM, Mich., May 14, 2013 /PRNewswire/ — Quarton Partners is pleased to announce that High Road Capital Partners has partnered with management and Charter Oak Equity to acquire The Crown Group, Inc. (“Crown”) from the Baer family, founders of Crown. Crown is a leading provider of high-quality coating services and solutions to the transportation, agriculture and general industrial end markets. Quarton Partners acted as the exclusive financial advisor to Crown in this transaction.
“Crown’s disciplined and systematic operational approach, including the ability to seamlessly integrate itself in its customer’s supply chain and provide value-added logistics services, is highly valued by its customers for whom avoiding business interruption or delays is paramount,” said William Connell , High Road Partner. “We are excited to work with Crown’s outstanding management team and Charter Oak to drive multiple growth initiatives.”
Frank Knoth , President of The Crown Group, said, “With the capital and operating support of High Road and Charter Oak, the management team looks forward to growing the business and continuing to provide best-in-class coating services to our customers.”
Crown (www.thecrowngrp.com) is a leading provider of high quality coating solutions to industrial end markets. Crown is headquartered in Warren, Michigan and currently operates from seven manufacturing facilities in Shelby, Detroit, and Livonia, Michigan; Fort Wayne, Indiana; Portland, Tennessee; Greenville, South Carolina and Waterloo, Iowa. Crown’s range of coating technologies include electro-coating (“e-coating”), e-coating with powder coating topcoat and water-based wet painting.
High Road Capital Partners (www.highroadcap.com) is a private equity firm focused on buying and building leading companies at the smaller end of the middle market. High Road Capital Partners was formed in 2007 and currently manages over $335 million of committed capital.
Charter Oak Equity (www.charteroak-equity.com) is a private equity firm specializing in investments in middle market companies. Charter Oak Capital Partners is based in Westport, Connecticut.
ABOUT QUARTON PARTNERS
Quarton Partners (www.quartonpartners.com), headquartered in Birmingham, Michigan, is a premier middle market investment banking firm, serving privately held and publicly traded companies, as well as private equity firms. Quarton Partners assists its clients with mergers and acquisitions, private capital raising, restructurings, valuations and other financial advisory services. Its principals have successfully completed hundreds of engagements in a variety of industries across the U.S. and throughout the world. Quarton Partners is an affiliate of Spearhead Capital, LLC.

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EnCap Flatrock has invested $200 milllion in Cardinal Midstream. Cardinal Midstream is an oil producer in Dallas. Also, Mark Ward is joining Cardinal Midstream as vice president and COO.

PRESS RELEASE

DALLAS–(BUSINESS WIRE)–Cardinal Midstream II, LLC (“Cardinal”) announced today that the company has secured a $200 million equity commitment from EnCap Flatrock Midstream (“EnCap Flatrock”) of San Antonio to support the continued growth and development of the company’s core business. The company will pursue midstream development opportunities, in both conventional and unconventional resource plays across North America with an emphasis on areas where the management team has significant experience including Texas, Louisiana, Oklahoma and New Mexico.

Cardinal was founded in 2008 with an initial $75 million equity commitment from EnCap Investments L.P. and EnCap Flatrock Midstream. In 2010, the equity commitment to Cardinal was increased to $280 million. Cardinal acquired and developed a substantial natural gas gathering, treating and processing system in the Arkoma Woodford Shale, and in 2012 the company sold all of its midstream assets and its natural gas contract treating business to Atlas Pipeline Partners, L.P. (NYSE: APL) for $600 million.

With this new commitment, Cardinal is led by CEO Doug Dormer and President Marc Lyons. The company’s senior leadership team has been directly involved in the development and operation of more than $1 billion in midstream assets. Cardinal is focused on natural gas and crude oil gathering, compression and centralized production facilities, condensate stabilization, vapor recovery, and natural gas treating and processing.

Management Perspective

“We are very pleased to have EnCap Flatrock’s continued support and confidence. With a highly experienced core team already in place and a very successful operational track record, we have established a solid platform and are well-positioned for growth,” said Doug Dormer. “Our number one commitment is always to our customers: rapidly meeting producers’ needs for midstream facilities and providing services that will enable them to meet their own business objectives.”

“We’ve built our company on a foundation of uncompromising commitment to excellence, putting our customers first and providing producers with lasting value,” added Marc Lyons.

Comments from EnCap Flatrock Midstream

“The key component of our strategy is to invest in exceptional and highly experienced management teams. Doug, Marc and the rest of the Cardinal team are uniquely qualified. They are seasoned midstream executives with deep understanding of upstream and midstream landscapes combined with an outstanding record of success. We are proud to partner with them again and look forward to this exciting new chapter in Cardinal’s growth story,” said EnCap Flatrock Managing Partner and Cardinal Midstream board member, Dennis Jaggi.

Mack Matheson & Marchesoni PLLC served as legal counsel to Cardinal Midstream with Thompson & Knight LLP advising EnCap Flatrock Midstream.

Mark Ward joins Cardinal Midstream as Vice President & COO

Cardinal also announced that Mark Ward has joined the company as Vice President and Chief Operating Officer. Mr. Ward has more than 30 years of engineering, operations and project management experience in both the upstream and midstream segments of the oil and gas industry. Mr. Ward will lead the company’s operations and engineering efforts and provide support to Cardinal’s project development and commercial activities.

In 2005 Mr. Ward established Natural Gas Consultants, LLC focusing on providing both production and midstream companies with efficient natural gas and crude oil gathering systems as well as production, liquids handling and compression facilities. Prior to forming Natural Gas Consultants, LLC, Mr. Ward was manager of business development for American Central Gas Technologies, providing rapid expansion for the company’s East Texas assets. Mr. Ward began his career with Mitchell Energy Corporation in Fort Worth as a drilling, production and reservoir engineer. His deep experience in midstream also includes gas supply engineer, and plant and project manager for Delhi Gas Pipeline.

About Cardinal Midstream

Headquartered in Dallas, Cardinal Midstream provides oil and gas producers with a full suite of midstream services including natural gas and crude oil gathering, compression and centralized production facilities, stabilization, vapor recovery, and natural gas treating and processing. Members of the senior management team include Doug Dormer, Marc Lyons, Mark Ward, Tim Roberts, Larry Connors and Mack Lawrence. Cardinal Midstream is backed by private equity commitments from EnCap Flatrock Midstream and is pursuing midstream opportunities across North America. Visit http://www.cardinalmidstream.com for more information.

About EnCap Flatrock Midstream

EnCap Flatrock Midstream provides value-added private equity capital to proven management teams focusing on midstream infrastructure opportunities across North America. Founded in 2008 by EnCap Investments L.P. and Flatrock Energy Advisors, the firm is based in San Antonio and led by Managing Partners William D. Waldrip, William R. Lemmons Jr. and Dennis F. Jaggi. With more than 100 years of midstream experience, the principals at EnCap Flatrock manage a dedicated professional staff and midstream-focused investment commitments of nearly $3 billion from a broad group of prestigious institutional investors. EnCap Flatrock is currently investing out of EnCap Flatrock Midstream Fund II, a $1.75 billion fund. Visit www.efmidstream.com for more information.

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Babson Capital Management said Tuesday that it has formed Babson Capital Finance, which will provide loans to middle-market companies and specialized industries globally. Mike Hermsen, Managing Director of Babson Capital Management, was named CEO of BCF.

PRESS RELEASE

CHARLOTTE, N.C.–(BUSINESS WIRE)–Babson Capital Management, a global investment management firm with over $180 billion in assets under management, today announced the formation of Babson Capital Finance (BCF) as an operating subsidiary that will provide financing to middle-market companies and specialized industries globally. Mike Hermsen, Managing Director of Babson Capital Management, has been named as CEO of BCF, and will report to Tom Finke, CEO and Chairman of Babson Capital Management. Mr. Finke will also serve as chairman of BCF’s Board of Directors.

Babson Capital Management has a proven 25-year history of providing capital solutions to middle-market companies, and the formation of BCF consolidates the firm’s existing global middle-market leveraged finance and energy finance investment teams into one unified platform. This strategic realignment, combined with a balance sheet backed by its parent corporation, Massachusetts Mutual Life Insurance Company (MassMutual), enables the firm to expand its origination and investments in a broad range of products, including middle-market senior and second-lien loans, unitranche, subordinated debt and private equity co-investments. In addition, BCF will manage funds and customized separate accounts for clients seeking private finance solutions for their investment portfolios.

“We plan on establishing Babson Capital Finance as a leading global finance company serving middle market companies, especially those backed by financial sponsors and in certain specialized industries,” said Mr. Finke, who notes that many regional banks and other traditional financiers have either reduced their activity levels or withdrawn completely from the leveraged finance market in recent years due to increasing financial regulations and changing economic conditions. According to Mr. Hermsen, “As these traditional providers reduce their footprint in the leveraged finance market it presents a unique opportunity for Babson Capital Finance. As a global business with teams located in the U.S., Europe, Asia and Australia, we are well positioned to fill that void.”

About Babson Capital Management LLC

Babson Capital Management LLC is a leading global investment management firm with over $180 billion in assets under management as of March 31, 2013. Through proprietary research, analysis and a focus on investment fundamentals, the firm and its subsidiaries develop products and strategies that leverage our broad expertise in global fixed income, equities, alternatives, structured products, debt financing for corporations and debt and equity financing for commercial real estate. Based in Boston and Springfield, Mass., and Charlotte, N.C., with offices in New York City, Chicago, and Los Angeles, the firm’s subsidiaries include Babson Capital Europe Limited in London, Babson Capital Australia Pty Ltd in Sydney, Cornerstone Real Estate Advisers LLC in Hartford, Conn., and Wood Creek Capital Management, LLC in New Haven, Conn. Babson Capital is a member of the MassMutual Financial Group. Learn more at www.BabsonCapital.com.

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Confie Seguros has acquired Texas State Low Cost Insurance Agency of Austin. Financial terms were not disclosed. Confie Seguros is backed by ABRY Partners.

PRESS RELEASE

NEW YORK, May 14, 2013 – Confie Seguros, a rapidly growing national provider of personal lines insurance, today announced the acquisition of Texas State Low Cost Insurance Agency of Austin, providing a strong distribution network in Texas beyond the company’s current locations in San Antonio and Houston.

Texas State Low Cost Insurance was founded by Hal and Reba Cooper in 1978. Michael Morris joined the firm in 1993 and took over as CEO/President in 2000. Under his leadership the company has grown to one of the most established retail agencies in the state of Texas. The company has a strong footprint on the fast growing Texas I-35 Corridor, a group of metropolitan areas that include Austin, as well as West Texas and East Texas. The company offers personal and commercial insurance from its 43 locations. Mr. Morris will continue as President of Sales and Kelly Myers will continue in her role as General Manager.

Joe Waked, CEO of Confie Seguros, said, “Texas State Low Cost Insurance is one of the premier agencies in the state and a very well-run company. We are pleased that Mike and Kelly will continue with Confie in leading management positions to help us further build our presence throughout Texas. In addition to providing additional scale to our Texas operations, Texas State Low Cost has a long-standing reputation that will provide opportunities for us to identify strategic fill-in acquisitions throughout the state of Texas.”

Confie Seguros expects to complete a number of important transactions in the second half of the year as it continues to build its national presence.

Mr. Morris, said, “This transaction represents a great fit for our employees, and Confie will be a great partner with the resources to help us grow both organically and through additional acquisitions. The Confie management team and I share the same vision of providing affordable insurance to a broader group of customers throughout Texas.”

Confie Seguros has built a national portfolio of regional auto insurance brokerages. The company was rated among the top 10 in revenues in Insurance Journal’s latest top 100 ranking of insurance agencies and in Best’s Review’s 2012 Top 20 Global Insurance Brokers.

 

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Betfair and CVC Capital Partners have ended takeover discussions after the private equity firm said it would not make a third revised offer for the online gambling company, Reuters reports.

(Reuters) – Betfair and CVC Capital Partners have ended takeover discussions after the private equity firm said it would not make a third revised offer for the online gambling company.

CVC and its consortium partners Richard Koch and Antony Ball had raised their offer twice from the 880 pence per share it proposed on April 22.

Betfair said it received a revised offer of 920 pence on May 10 which it rejected. Then on May 12, CVC again increased its offer to 950 pence per share, valuing the company at 988 million pounds ($1.52 billion).

Betfair’s board rejected the revised proposal that evening, but indicated it would consider an improved proposal.

“The Board has spent considerable time assessing the various proposals, including detailed discussions with the Co-offerors,” Gerald Corbett, Chairman of Betfair said in a statement.

“The Board concluded that none of the proposals represented adequate value or acceptable execution risk.”
CVC had been given an extra 24 hours to commit a firm bid after a 1600 GMT Monday deadline lapsed, but said on Tuesday morning that it would not be making a revised offer.

“The Consortium confirms it has been unable to agree financial terms with the board of Betfair and as a result has no intention of making an offer for Betfair,” it said in a statement.

Betfair’s technology allows gamblers to bet online against one another at their own prices. It is also offering more conventional sports betting with odds set centrally to compete with rivals in an expanding yet highly competitive sector.

Since Betfair listed in 2010, the stock has tumbled from its debut price of 13 pounds. Analysts said the company had failed to clearly identify whether it was a technology or gambling business.

Under Chief Executive Breon Corcoran, who joined from Irish bookmaker Paddy Power last year, Betfair has withdrawn from markets such as Greece and Germany, where regulations are not clear cut or tax rates are punitive, and has cut 500 jobs to help save 30 million pounds in costs.

Betfair stock, which was trading at 700 pence before CVC said on April 15 it was considering a bid, closed on Monday at 895 pence.

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CompuCom has promoted Anthony Doye to the role of CEO. Doye joined CompuCom as Divisional CEO in November. CompuCom, an IT outsourcing specialist, also said that Thomas H. Lee Partners has completed its acquisition of the company.

PRESS RELEASE

DALLAS–(BUSINESS WIRE)–CompuCom Systems, Inc. (“CompuCom”), the leading IT outsourcing specialist, today announced the promotion of Anthony (Tony) Doye (“age: 56”) to the role of Chief Executive Officer (CEO). Doye joined CompuCom as Divisional CEO in November, responsible for the executive leadership of all sales and support functions including Services, Hardware and Software. The Company previously announced he would succeed Jim Dixon, who will transition to his role as Executive Chairman of CompuCom after more than 20 years of dedicated service to CompuCom, its clients and associates.

Dixon led the transformation of the company from a national reseller of hardware to an IT services leader. Doye will continue to solidify CompuCom as the leading provider of IT outsourcing services and products to North American enterprise organizations, while driving the Company’s expansion into emerging areas which require platform expertise and management, including mobile device management and cloud services.
“I am delighted to announce Tony’s promotion to CEO,” said Jim Dixon. “This is the culmination of the succession plan we laid out in January. Tony’s drive and track record of success are vital to CompuCom’s continued growth. Since joining CompuCom, he has shown a commitment to creating value for our clients and helped to reshape the strategic direction of the company.”
Prior to joining CompuCom, Doye served as President and CEO at Fujitsu North America where he was responsible for the North American Outsourcing portfolio generating well over a billion dollars in revenue that spanned all Fujitsu International Business activities in the United States, Canada and Caribbean regions. Doye also successfully integrated diverse business units and led the launch of a full range of cloud solutions and outsourcing services growth programs.
“Jim has done a phenomenal job in growing the CompuCom business as CEO,” said Doye. “I am honored to have been given this opportunity and I’m excited to lead the organization into its next chapter of growth, as we work closely with our clients to develop and roll out the technology-enabled solutions that will truly enhance their businesses.”
Doye has extensive experience in creating and delivering solutions that improve client service levels and nurture innovation. His professional background includes more than 30 years of IT industry experience in positions of increasing responsibility with companies including Computer Sciences Corporation (CSC), Unisys and IBM.
This management change coincides with the completion of the acquisition of CompuCom by a leading private equity firm, Thomas H. Lee Partners L.P. (THL). THL’s investment in CompuCom is consistent with its long history of investing in businesses with compelling value propositions that help their customers save money, improve their businesses and provide essential services.
About CompuCom Systems, Inc.
CompuCom, the leading IT outsourcing specialist, delivers IT your way. Our clients like working with us because they know that, with CompuCom, it’s all about them. Our unique ITSM strategy blends your data center, cloud, and end-user computing environments in an innovative fashion. This radically simplifies your IT, allowing you to focus on growing your business and serving your customers. We are highly regarded around the world for our balance of industry-leading tools, a pragmatic approach to best practices, and our highly skilled workforce. We are the perfect alternative to address the revolutionary IT transformations facing you today and in the future. More than a trusted advisor, CompuCom is your trusted doer. To learn more, visit www.CompuCom.com.
About Thomas H. Lee Partners
Thomas H. Lee Partners, L.P. (“THL”) is one of the world’s oldest and most experienced private equity firms. The firm invests in growth-oriented global businesses, headquartered principally in North America, across three broad sectors: Consumer & Healthcare, Media & Information Services and Business & Financial Services. THL’s team of investment and operating professionals partner with portfolio company management teams to identify and implement business process improvements that accelerate sustainable revenue and profit growth. Since its founding in 1974, THL has raised approximately $20 billion of equity capital and invested in more than 100 businesses with an aggregate purchase price of more than $150 billion. THL strives to build great companies of lasting value and generate superior investment returns. For more information, please visit www.thl.com.

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Rightware closed a $5.2 million series B round with participation by Inventure, Nexit Ventures and Finnish Industry Investment. Rightware, of Espoo, Finland, provides user interface technology for the mobile, automotive and other embedded industries.

PRESS RELEASE

ESPOO, Finland–(BUSINESS WIRE)–Rightware, the leader in embedded user interface (UI) software and performance benchmarking tools, announced today that is has closed a $5.2M Series B round with Inventure, Nexit Ventures, and new investor Finnish Industry Investment. The investment will be used to further expand global sales and continue the development of the Kanzi UI Solution, which continues to gain traction within the automotive sector and consumer electronics companies in Europe, USA and Asia.

The Kanzi UI Solution is already widely adopted by premium car manufacturers such as Audi AG, tier-1 suppliers such as Visteon (NASDAQ: VC) and is supported by leading semiconductor companies such as Freescale® Semiconductor, Inc (NYSE: FSL). During the few last months, Rightware has achieved several yet-to-be-announced major design wins with companies from consumer electronics and automotive industries. In Q1 2013, User Interface business revenues were more than double compared to Q1 2012 and the company forecasts the growth to further accelerate towards the end of the year.
“Rightware leads the embedded UI industry with its innovative technology and market penetration. The company promotes next-generation applications where integrated 2D & 3D graphics deliver better and faster user experiences,” said Jussi Hattula, Team leader of Growth Capital at Finnish Industry Investment Ltd. “We are excited to be part of this round and to work with the company to fulfill its vision.”
Rightware recently extended its market reach and momentum announcing a partnership RKS design, and a significant update to the Kanzi UI Solution. The recent equity investment will enable Rightware to further expand aggressively into automotive and consumer electronics and start addressing new and emerging markets including, entertainment, mobile, tablet, smart TVs and other embedded verticals.
“Rightware is at a fast-growth stage as companies and designers begin to use photorealistic and immersive graphical user interfaces in their products,” said Jonas Geust CEO of Rightware. “Our commitment is to continue providing UI designers and programmers leading solutions that can be leveraged across industries. As the embedded market continues to grow, we will be working closely with our customers as they push the boundaries and provide ever better user experiences.”
About Rightware
Rightware® is the market leader in User Interface technology, serving mobile, automotive and other embedded industries with its patent pending Kanzi® solution for rapid 3D and 2D user interface design and deployment. Rightware also develops industry leading system performance analysis tools and its renowned product portfolio includes the Basemark® product family for various benchmarking purposes, including industry standard benchmarks for OpenGL ES, OpenVG, OpenCL, Android, Linux, and Windows Mobile performance measurement. Rightware is headquartered in Espoo, Finland and has offices in Saratoga, CA, Shanghai, Taipei and Munich. More information:
www.rightware.com
www.facebook.com/Rightware
www.linkedin.com/company/rightware
About Finnish Industry Investment
Finnish Industry Investment Ltd is a government-owned investment company. It invests in venture capital and private equity funds and directly in growth companies, always together with private investors. With investments and commitments amounting to € 720 million, Finnish Industry Investment is an investor – directly or through funds – in altogether 510 companies. For further information, please visit www.industryinvestment.com.
About Inventure
Inventure is a technology investor in early stage companies, actively supporting growth oriented entrepreneurs to internationalize Nordic success stories. Inventure’s entrepreneur driven team works actively with the portfolio companies and brings their knowledge and network’s support. Founded in 2005, Inventure manages funds with over EUR 53 million in total capital base. Examples of Inventure’s portfolio companies are e.g. Canatu, Thinglink, Conmio, Freespee, Beneq and Silex Microsystems. For further information, please visit www.inventure.fi.
About Nexit Ventures
Nexit Ventures is a venture capital firm focused on mobile and wireless innovation. Leveraging its extensive network in the global marketplace, Nexit invests primarily in Nordic and US-based early stage companies with products and services for global market. Nexit has offices in Helsinki, Stockholm and Silicon Valley and has realized several successful exits of its portfolio companies in the United States, the world’s leading M&A market for technology ventures. For further information, please visit www.nexitventures.com.
Rightware and Kanzi are trademarks or registered trademarks solely owned and controlled by Rightware Oy and are protected by applicable trademark law, and may not be used to any extent without the express prior written consent of Rightware Oy in each instance. Freescale and the Freescale logo are trademarks of Freescale Semiconductor, Inc., Reg. U.S. Pat. & Tm. Off. Other product and company names mentioned herein may be the trademarks of their respective owners.

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GraphLab said Tuesday it raised $6.75 million Series A funding led by Madrona Venture Group and NEA. Seattle-based GraphLab provides a machine learning analytics engine for graph datasets.

PRESS RELEASE

SEATTLE, May 14, 2013 /PRNewswire/ – GraphLab Inc.(graphlab.com) today announced a $6.75 million Series A funding led by Madrona Venture Group and NEA. GraphLab Inc. is innovating on the popular open source distributed graph computation framework (graphlab.org) that is used millions of times per day to deliver recommendations through popular consumer services.
Founded by leading data scientist and entrepreneur, Carlos Guestrin, who began the GraphLab open-source project five years ago, GraphLab Inc. is building a commercial product for applying advanced machine learning to massive graph datasets.  The company is based in Seattle and will continue to actively support the open source GraphLab project.
“Data has the ability to make our lives better – whether applied to public health, economics, or suggesting the perfect song.  But, as the complexity of data sets grows, the need for entirely new ways of thinking about them has grown as well,” said Carlos Guestrin, CEO.  ”The industry’s response to the GraphLab project has been clear, this is the solution that drives millions of transactions daily and we are excited to build on this success with commercial products that make a difference.” Dr. Guestrin is the Amazon Professor of Machine Learning at the University of Washington.
“Graph data is fundamentally different than other datasets and the analytics solutions that companies are using are time intensive to create and to maintain. There is a significant need for graph-specific solutions to answer some of the bigger questions of our time,” said Matt McIlwain , Managing Director, Madrona Venture Group.  ”Carlos Guestrin is an exceptional talent who brings both business and engineering experience to the table and we are excited to help build this important company with him and his exceptional team.”
Many well-known companies and services rely on GraphLab software to get more out of their data.  ”The software being written by the GraphLab team is second to none. They consistently raise the bar for graph-based machine learning.” – Eric Bieschke , Chief Scientist, Pandora Internet Radio.
“We at WalmartLabs have been following the GraphLab project closely since its inception. GraphLab is amazingly fast compared with other options and is especially well-suited for systems involving large-scale iterative machine learning methods.  An extension of GraphLab makes big data analytics come true even over a laptop.  We are impressed and eager to see what’s next.” – Lei Tang, Data Scientist at Walmart Labs.
Complex data sets such as those describing social media networks are commonly described as graph datasets.  These graphs describe relationships between people, the products they buy, the pages they like, etc.  Graph datasets require novel computational methods, machine learning algorithms, and specialized systems in order to effectively and efficiently analyze outcomes.  GraphLab Inc. will introduce version 2.2 to the GraphLab open source project at the annual GraphLab workshop in San Francisco on July 1st.
As part of the funding, Matt McIlwain of Madrona Venture Group and Greg Papadopoulos of NEA will be joining the board, with Forest Baskett from NEA as an observer.
GraphLab Inc has established an industry Technical Advisory Board which includes:
• Joe Hellerstein – Co-Founder and CEO of Trifacta Inc., and a Chancellor’s Professor of Computer Science at University of California, Berkeley.
• Michael I. Jordan – Michael I. Jordan , a leading researcher in machine learning, is the Pehong Chen Distinguished Professor in the Department of Electrical Engineering and Computer Science and the Department of Statistics at  the University of California, Berkeley.
• Hank Levy  – Chairman and Wissner-Slivka Chair in the Department of Computer Science & Engineering at University of Washington, co-founder of Skytap and Performant (acquired by Mercury Interactive in 2003).
• Kai Li – Co-founder of Data Domain (acquired by EMC for $2.1 billion in 2009), a Paul M. Wythes ’55, P’86, and Marcia R. Wythes P’86 Professor In the Computer Science Department of Princeton University.
• Sujal Patel – Founder and former CEO of Isilon Systems (acquired by EMC for $2.5 billion in 2010).
• Chris Stolte – Co-founder and Chief Development Officer, Tableau Software.
About GraphLab Inc.
GraphLab Inc. is building the fastest machine learning analytics engine for graph datasets. Started in 2009 as an open source project by Carlos Guestrin, the software is used daily for millions of recommendations in popular consumer services.  GraphLab is based in Seattle.
About Madrona Venture Group
Madrona (www.madrona.com) has been investing in early-stage technology companies in the Pacific Northwest since 1995 and has been privileged to play a role in some of the region’s most successful technology ventures. The firm invests predominately in seed and Series A rounds across the information technology spectrum including consumer Internet, commercial software and services, digital media and advertising, networking and cloud computing, and mobile. Madrona manages nearly $1 billion and was an early investor in companies such as Amazon.com, Apptio, Isilon Systems, Sharebuilder, and World Wide Packets.
About NEA
New Enterprise Associates, Inc. (NEA) is a leading venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With more than $13 billion in committed capital, NEA invests in information technology, healthcare and energy technology companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record includes more than 175 portfolio company IPOs and more than 290 acquisitions. In the U.S., NEA has offices in the Washington, D.C. metropolitan area; Menlo Park, California; and New York City. In addition, New Enterprise Associates (India) Pvt. Ltd. has offices in Bangalore and Mumbai, India and New Enterprise Associates (Beijing), Ltd. has offices in Beijing and Shanghai, China. For additional information, visit www.nea.com.

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Medical device maker Theragenics Corp said it had received a takeover offer of $69.9 million to $71.4 million from Juniper Investment Co, representing a premium of 51-54 percent to its closing stock price on Friday.

(Reuters) – Medical device maker Theragenics Corp said it had received a takeover offer of $69.9 million to $71.4 million from Juniper Investment Co, representing a premium of 51-54 percent to its closing stock price on Friday, Reuters said.

The company’s shares rose about 36 percent to $2.03 in early trading on the Nasdaq. Juniper Investments is offering $2.25 to $2.30 per share in cash, Theragenics said.

In a letter dated May 10, Juniper had offered Theragenics $2.05 to $2.10 per share. Theragenics said the latest offer represents a negotiated increase from the initial bid.

It also said it would negotiate exclusively with Juniper through June 11 regarding the acquisition. If the two reach a deal, Theragenics would seek interest from potential suitors through a “go shop” provision, the medical device maker said.

Theragenics is being advised by financial advisor VRA Partners and legal advisor Bryan Cave LLP.

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Emerald Oil also announced it would sell 10 million shares of common stock in a secondary offering. Emerald Oil has agreed to issue and sell 19.9% of common stock, including warrants held by White Deer, to the energy private equity firm. The closing of the White Deer private placement is scheduled occur within 10 days of the public offering. Denver-based Emerald Oil is an independent exploration and production operator.

PRESS RELEASE

Emerald Oil, Inc. (NYSE MKT: EOX) (the “Company”) announced today it has signed a definitive agreement with affiliates of White Deer Energy (“White Deer”), an energy private equity firm, to issue and sell a number of the Company’s shares of common stock that, inclusive of the warrants held by White Deer, equals 19.9% of the Company’s common stock outstanding immediately after the closing of the Company’s previously announced proposed public offering at a purchase price per share equal to the net price per share of the proposed public offering, plus 0.95% of the gross price per share of the proposed public offering. The closing of this private placement is scheduled to occur within ten days business following the closing of the Company’s proposed public offering.

The Company intends to use the net proceeds from this private placement, along with the net proceeds from the proposed public offering, cash on hand, cash flow from operations, proceeds from the sale of assets and additional borrowings under the Company’s credit facility, to fund the Company’s capital budget in 2013 and for general corporate purposes, including working capital.

The shares of common stock offered and anticipated to be sold to White Deer pursuant to the purchase agreement will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

ABOUT EMERALD OIL, INC.

Emerald Oil is an independent exploration and production operator that is focused on acquiring acreage and developing wells in the Williston Basin of North Dakota and Montana, targeting the Bakken and Three Forks shale oil formations. Emerald Oil is based in Denver, CO. More information about Emerald Oil can be found at www.emeraldoil.com or by calling investor relations at 303-323-0008 x200

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The Carlyle Group has acquired a minority stake in Al-Nabil Food Industries Co. Ltd. The founding Rassam family will continue to hold a majority stake. Financial terms of the deal, which closed May 13, were not announced. Nabil produces more than 200 frozen and chilled food products including beef and chicken burgers.

PRESS RELEASE

Amman, Jordan – Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announced that it has established a partnership through which it will hold a significant minority equity stake in Al-Nabil Food Industries Co. Ltd. (Nabil). The founding Rassam family will continue to hold a majority stake. The transaction closed on May 13, 2013. Additional financial details were not released.

Equity for this investment will come from Carlyle MENA Partners, L.P., a $500 million growth capital and buyout fund focused on the Middle East, North Africa and Turkey. This transaction is part of Carlyle MENA’s ongoing strategy of investing in fast-growing consumer-centric industries in partnership with family groups.

The Rassam family, who founded Nabil Foods in 1945, will continue to hold a majority stake in the local company, which has grown over the years to become a premier producer of a broad range of frozen and chilled food products. Through the company’s agreement with Carlyle MENA, Nabil Foods will retain its existing management and workforce, while benefitting from Carlyle MENA’s experience in transforming family-owned businesses into corporations.

Nabil Founder and CEO Nabil Rassam said, “We at Nabil are very pleased to welcome Carlyle MENA on-board as a partner in our business. Over the years, thanks to the dedication and hard work of our management and employees, we have grown into one of the region’s most recognized and trusted names in the food industry. By joining forces with Carlyle MENA, we hope to further expand Nabil’s presence in the Middle East and Africa in a focused and strategic manner. We are confident that, through this partnership, we will be able to provide the high quality selection of Nabil products to a broader range of customers.”

Firas Nasir, Managing Director and Co-head of Carlyle MENA, said: “Nabil is a household name in Jordan. Its comprehensive offering of high-quality products represents an excellent platform for regional growth.”

Mr. Nasir further added, “This first investment in Jordan is in line with our commitment to the MENA region, its industries and economy. We remain dedicated to our strategy of becoming value-adding partners in family-owned businesses.”

Fuelled by a young and growing population as well as strong GDP and income growth, the Gulf States’ food imports are expected to grow at a compound annual rate of 8 percent between 2010 and 2020, and Middle East and Africa QSR food consumption is expected to grow 11.5 percent during that time, providing encouraging secular trends to support Nabil’s growth platform.

Previous investments made by Carlyle MENA include:

Alamar Foods, the operator of Domino’s Pizza and Wendy’s restaurants throughout MENA and producer of food products for the casual dining restaurant industry
General Lighting Company, one of the largest lighting fixtures manufacturers and suppliers in the Middle East and Africa, based in Saudi Arabia
Medical Park Sağlık Hizmetleri A. Ş., one of Turkey’s largest healthcare services companies with 18 hospitals
Penti, one of the largest manufacturers of hosiery and retailer of women’s hosiery, lingerie and swimwear in Turkey
Bahcesehir Koleji, one of the largest private education providers in Turkey, with 17 campuses

* * * * *

About Al Nabil Company for Food Products
Founded in 1945, Nabil produces over 200 frozen and chilled food products including beef and chicken burgers, chicken strips and nuggets, cold cuts, ethnic foods, pre-cooked meals, and sweets. Nabil sells its products to retail, catering and quick service restaurant customers in over 20 countries throughout the Middle East, Africa and Asia. In 2009, Nabil Foods embarked on significant expansion program that has more than tripled its production capacity.

About Carlyle MENA Partners
Carlyle’s MENA team was established in 2007 to invest primarily in healthy, growing companies. Carlyle’s MENA team targets investments in the Gulf Cooperation Council (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates), the Levant (Lebanon and Jordan), North Africa (Algeria, Egypt, Libya, Morocco and Tunisia) and Turkey. The MENA team applies Carlyle’s global experience in various sectors, including consumer and retail, manufacturing, healthcare, energy, financial services, telecommunication and transportation to its investments in the region, while nurturing local talent and expertise.

About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $176 billion of assets under management in 114 funds and 76 fund of fund vehicles as of March 31, 2013. Carlyle’s purpose is to invest wisely and create value. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Fund of Funds Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,400 people in 34 offices across six continents. The Group is a responsible member of the global community. Carlyle contributes to the local communities that it operates in by way of nurturing top local talent, advancing key industries and contributing to the overall economic environment.

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Renée Beaumont is joining Providence Equity Partners as an MD and Global Head of Business Development effective May 15. Beaumont joins Providence from Goldman, Sachs & Co. where she was most recently as an MD in the firm’s Merchant Banking Division.

PRESS RELEASE

Providence, RI – May 13, 2013 – Providence Equity Partners, a leading private equity firm with $28 billion in commitments, today announced that Renée Beaumont will join the firm as a Managing Director and Global Head of Business Development, effective May 15. She will oversee all business development, marketing and investor relations activities globally across the firm’s private equity and credit funds.

Ms. Beaumont joins Providence from Goldman, Sachs & Co., where since 2004 she has served in a variety of senior positions, including most recently as a Managing Director in the firm’s Merchant Banking Division. She led the bank’s institutional business development efforts in a wide variety of significant markets and managed its co-investment program across multiple funds.

“We regularly add top talent in every area of our business, and we are pleased to welcome such a seasoned leader to our business development team at Providence,” said Jonathan Nelson, Chief Executive Officer of Providence. “Renée’s track record of successful capital raising, strong network of relationships with institutional investors around the world, and her deep understanding of the private capital markets makes her an ideal candidate to lead our business development team. We look forward to her contributions as we continue to grow, expand our private equity and credit product offerings, and meet the rapidly evolving needs of our international base of investors over the long-term.”

Providence manages an array of private equity and credit investment funds, including its global private equity funds focused on growth capital and buyout opportunities in the media, communications, education and information sectors. The firm’s credit investment capabilities include high yield bonds, long-short credit, senior secured debt, private debt/direct lending and structured credit vehicles.

Prior to serving as a Managing Director in the Merchant Banking Division, Ms. Beaumont was Head of the Americas Utility/Power & Communications Investing for the Infrastructure Fund at Goldman Sachs, where she was responsible for sourcing, negotiating and financing infrastructure investments. Prior to Goldman Sachs, Ms. Beaumont was a Senior Corporate Associate at Shearman & Sterling LLP, the international law firm, where she represented and provided legal and business counsel to a wide range of clients, including Fortune 500, multinational and national companies, investment banks and private businesses throughout a range of industries. In addition, she led and negotiated financings, spin-offs, acquisitions, securities and private equity transactions.

Ms. Beaumont earned a Bachelor of Arts degree in Political Science from the University of Victoria (British Columbia, Canada) and a Bachelor of Law from the University of New Brunswick (New Brunswick, Canada).

About Providence Equity Partners
Providence Equity Partners is the leading global private equity firm specializing in equity investments in media, communications, education, and information companies around the world. Providence’s credit investment arm also manages several credit funds and tailored separate accounts. In total, the firm’s principals manage funds with $28 billion in commitments and have invested in more than 130 companies globally since the firm’s inception in 1989. Visit www.provequity.com for more information.

 

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Private equity firm CVC Capital Partners has been given an extra 24 hours to commit to a firm bid for online gambling company Betfair, in what would be the biggest deal taking a British listed company private in more than a year, Reuters is reporting.

May 13 (Reuters) – Private equity firm CVC Capital Partners has been given an extra 24 hours to commit to a firm bid for online gambling company Betfair, in what would be the biggest deal taking a British listed company private in more than a year.

The extension, which required consent from Betfair’s board as well as Britain’s Takeover Panel, signals the two sides are working together on a mutually acceptable offer, instead of CVC pursuing a hostile bid.

“They are not ready to part but they have not reached an agreement yet,” a person familiar with the matter said.

Betfair stock, which was trading at 700 pence before CVC said on April 15 it was considering a bid, closed on Monday at 895 pence. CVC had previously been given 28 days to either make an offer, walk away or extend the deadline.

They now have until 1600 GMT on Tuesday, Betfair said in a statement, an unusually short extension.

“By this time either the co-offerors will announce that they do not intend to make an offer for Betfair or the company will seek a further extension of the deadline,” Betfair said in a statement.

On April 22, Betfair rejected a preliminary offer of 880 pence per share from CVC, saying the price was too low and had too many strings attached.

Betfair’s technology allows gamblers to bet online against one another at their own prices. It is also offering more conventional sports betting with odds set centrally to compete with rivals in an expanding yet highly competitive sector.

Deals in which a publicly listed company is taken over by a private entity, typically a private equity fund, helped drive a boom in private equity dealmaking in 2006-2007.

They accounted for around half of private equity-backed mergers and acquisitions in those years, according to Thomson Reuters data, but that fell to just 12 percent of the total last year.

The decline was partly a result of the financial crisis, which made it harder to find financing for such deals. Falling valuations also made it less appealing for company owners to sell.

Since Betfair listed in 2010, the stock has tumbled from its debut price of 13 pounds. Analysts said the company had failed to clearly identify whether it was a technology or gambling business.

Under Chief Executive Breon Corcoran, who joined from Irish bookmaker Paddy Power last year, Betfair has withdrawn from markets such as Greece and Germany, where regulations are not clear cut or tax rates are punitive, and has cut 500 jobs to help save 30 million pounds ($46.6 million) in costs.

Faced with the takeover approach, Betfair raised its profit forecast and cost savings targets earlier this month.

CVC, which is the largest shareholder in Formula One motor racing, believes it could turn Betfair around more quickly by taking it private.
CVC often leaves management in place at companies it has acquired. It has joined forces with Richard Koch and Antony Ball, who own 6.5 percent of Betfair.

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Brentwood Associates said Monday it has completed a dividend recap of two of its portfolio companies: K-Mac Holdings and Paper Source. The K-Mac dividend was financed through excess capacity under the company’s existing $252 million credit facility, Brentwood said. Paper Source, meanwhile, took out a new $50 million loan to finance its dividend, Brentwood said. Brentwood’s stake in both companies remains unchanged. Golub Capital provided financing for the Paper Source recap. Bank of America Merrill Lynch, Wells Fargo Bank, and SunTrust Robinson Humphrey were joint lead arrangers on the senior debt financing for K-Mac.

PRESS RELEASE

Brentwood Associates (“Brentwood”), a consumer-focused private equity investment firm, announced it has completed dividend recapitalizations of two of its portfolio companies, K-Mac Holdings, Corp. (“K-Mac”) and Paper Source, Inc. (“Paper Source”). The K-Mac dividend was financed through excess capacity under the company’s existing $252 million credit facility, and provides a significant return on Brentwood’s original investment in the company. The Paper Source dividend was financed through a new $50 million credit facility, and provides a return that exceeds Brentwood’s original investment in the company. Brentwood’s ownership stake in both companies remains unchanged.

K-Mac is a leading quick-service restaurant franchisee founded in 1964 and headquartered in Fort Smith, Arkansas. The company is the largest Taco Bell franchisee in the country, operating 214 Taco Bell restaurants. K-Mac also operates 18 KFC and 6 Golden Corral restaurants. The company has a regional concentration in the South Central region of the U.S., with restaurants located in Arkansas, Indiana, Missouri, Oklahoma, Tennessee, Texas and Illinois.

Paper Source (www.paper-source.com), based in Chicago, Illinois, is a leading multi-channel retailer of a wide selection of unique paper products in distinctive colors and formats. The company sells specialty paper, invitations, stationery, envelopes, greeting cards, albums, crafting tools, gifts and novelties through its company-owned retail stores. Paper Source has 67 stores across 22 states and the District of Columbia. The company also has a direct-to-consumer business (catalog and e-commerce), and a wholesale business with over 1,000 accounts.

William Barnum, Jr., a Partner at Brentwood and co-founder of the firm’s private equity effort, commented, “Great operating results at both K-Mac and Paper Source, coupled with strong credit markets, have allowed us to return a significant amount of proceeds to our investors, while continuing to maintain financial flexibility at both companies. We are excited about the continued growth prospects at both K-Mac and Paper Source.”

These two transactions cap a highly active twelve months for Brentwood. During this time, Brentwood completed three new portfolio investments, including Sundance Holdings Group, Soft Surroundings, and The Veggie Grill. Brentwood also completed the sale of five portfolio investments, including Ariat International and Chamilia from the firm’s fourth private equity-dedicated fund, and Array Marketing Group, Filson Holdings, and Pacific Island Restaurants from the firm’s third private equity-dedicated fund. Other noteworthy activity included the sale of all of the Texas locations of Brentwood’s portfolio company Spectrum Athletic Clubs, and K-Mac’s add-on acquisition of No Limits, LLC, a Missouri-based Taco Bell franchisee that owns and operates 25 Taco Bell restaurants.

The financing for the Paper Source recapitalization was provided by Golub Capital. Bank of America Merrill Lynch, Wells Fargo Bank, and SunTrust Robinson Humphrey were joint lead arrangers on the senior debt financing for K-Mac.
* * * * * * *

Brentwood Associates

Brentwood Associates is a leading consumer-focused private equity investment firm with over $650 million of capital under management and a thirty-one year history of investing in leading middle-market growth companies. Brentwood focuses on investments in growing businesses where it is able to leverage its extensive experience in areas such as: branded consumer products; consumer services; direct marketing, including direct mail and e-commerce; education; health and wellness; restaurants; and specialty retail. Since 1984, Brentwood’s dedicated private equity team has invested in 41 portfolio companies with an aggregate transaction value of over $5 billion. With significant experience in both investing and brand building, Brentwood is a value-added partner with entrepreneurs and executives building world-class companies. For more information about Brentwood, please visit www.brentwood.com.

 

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Golub Capital said Monday that it provided a $75 million second lien term loan and $4 million in co-investment equity to support Frazier Healthcare‘s buy of AndersonBrecon. AndersonBrecon, which has facilities in Rockford, Ill. and the U.K., provides packaging services.

PRESS RELEASE

CHICAGO, May 13, 2013 /PRNewswire/ — Golub Capital announced today that as Sole Bookrunner, Lead Arranger and Administrative Agent it provided a $75 million second lien term loan and $4 million in co-investment equity to support the acquisition of AndersonBrecon by Packaging Coordinators, Inc. (“PCI”), a Frazier Healthcare (“Frazier”) portfolio company. PCI, a provider of pharmaceutical and biotechnology packaging services, will combine with AndersonBrecon to offer services on a global customer scale.
“We are very pleased to have successfully closed PCI’s acquisition of AndersonBrecon. The merged company is a strong business with terrific growth prospects,” stated Stefano Robertson , a Managing Director at Golub Capital and the head of their Healthcare Finance team. “This is our second deal with Frazier in the past year and we have a high regard for their ability to strategically position their portfolio companies for both organic and acquisitive growth. We look forward to continuing our work together in the future.”
Brian Morfitt , a Partner at Frazier, commented, “Working with both the Healthcare Finance and Capital Markets teams at Golub Capital was a seamless experience. Their leadership throughout the process helped provide strong certainty and facilitated a path to closing.”
About Golub Capital
With $8 billion of capital under management, Golub Capital is a leading provider of financing solutions for the middle market, including one-loan financings (through the firm’s proprietary GOLD, MEGA GOLD and MINI GOLD facilities), senior, second lien, and subordinated debt, preferred stock and co-investment equity. The firm underwrites and syndicates senior credit facilities up to $250 million. Golub Capital’s hold sizes range up to $150 million per transaction.
Golub Capital has been a top 3 Traditional Middle Market Bookrunner each year from 2008 through 2012 for senior secured loans of up to $100 million for leveraged buyouts (according to Thomson Reuters LPC and internal data; based on number of deals). In 2012, Golub Capital was awarded the ACG New York Champion’s Award for “Senior Lender Firm of the Year.” Golub Capital is a national firm with principal offices in Chicago and New York. For more information, please visit the firm’s website at www.golubcapital.com.
About Frazier Healthcare
Founded in 1991, Frazier Healthcare is a leading provider of growth equity and venture capital to high growth and emerging healthcare service and biopharma companies. With over $1.8 billion under management across seven funds, Frazier Healthcare has invested in more than 140 companies across the entire developmental spectrum. From seed stage venture investments to leveraged recapitalizations of cash generating companies, Frazier Healthcare has established itself among entrepreneurs and seasoned executives as a preferred partner to help create and grow successful healthcare companies. For more information about Frazier Healthcare, visit the company’s website at www.frazierhealthcare.com.

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