Credit: Axios Visuals
President Trump this morning tweet-proposed a fundamental change to U.S. corporate governance and transparency:
"In speaking with some of the world’s top business leaders I asked what it is that would make business (jobs) even better in the U.S. 'Stop quarterly reporting & go to a six month system,' said one. That would allow greater flexibility & save money. I have asked the SEC to study!"
It's too early to know how serious Trump is about this, as this was just one of six morning tweets, but some quick thoughts:
• Initial Congressional Offering: Rep. Warren Davidson (R-Ohio) just sent out invites for a Sept. 25 forum on Capitol Hill to discuss what he calls "light-touch" regulation on initial coin offerings (ICOs), Axios has learned.
• Even more DC (sorry): FCC chair Ajit Pai yesterday told a Senate committee that top White House lawyer Don McGahn reached out to ask about the FCC's review of Sinclair Broadcasting's attempted purchase of Tribune Media.
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Inspire Brands, the Roark Capital-backed owner of Arby's and Buffalo Wild Wings, has purchased a 12.3% ownership stake in itself from Wendy's (Nasdaq: WEN) for $450 million.
• DoorDash , a San Francisco-based food delivery company, raised $250 million in Series E funding co-led by Coatue Management and DST at a $4 billion post-money valuation. Yes, this is just five months after the company raised $535 million at a $1.4 billion valuation, in a SoftBank-led round. More here.
• Cargomatic, a Venice, Calif.-based freight-load matching platform, raised $35 million in Series B funding led by Warburg Pincus. http://axios.link/esST
• SOFX, a cyptocurrency platform for institutional investors, raised $22.7 million in Series A funding. Tribe Capital and Social Capital co-led, and were joined by Nathan Blecharczyk, Y Combinator, Danhua Venture Capital and Digital Currency Group. http://axios.link/JRCm
• Threads, a London-based luxury fashion e-commerce platform that operates within chat apps, raised $20 million from C Ventures and Highland Europe. http://axios.link/0Puw
• Instaclustr, a Palo Alto-based “open-source-as-a-service” platform, raised $15 million from Level Equity. www.instaclustr.com
• Rhumbix, a San Francisco-based productivity tracking platform for construction projects, raised $8 million in funding led by Autodesk (Nasdaq: ADSK). www.rhumbix.com
• Lucidity, developer of a digital advertising blockchain protocol, raised $5 million from 3Rodeo, CoinUs, Cypher Group, YouBi Capital and Pithia. www.lucidity.tech
• Room, a New York-based modular office furniture startup, raised $2 million in seed funding led by Slow Ventures. http://axios.link/fWOz
• Excelero, a San Jose, Calif.-based software-defined block storage startup, raised an undisclosed amount of strategic funding from Western Digital (Nasdaq: WDC). It has raised $35 million overall. www.excelero.com
• Mafengwo, a Chinese travel site backed by Temasek, is seeking to raise $300 million at a valuation of between $2 billion and $2.5 billion, per Reuters. http://axios.link/N5fE
• Cava Group agreed to buy fast-casual restaurant chain Zoe’s Kitchen (NYSE: ZOES) for around $300 million in cash, or $12.75 per share (33% premium to yesterday’s closing price). Shareholders in Washington, D.C.-based Cava Group include Revolution Growth, Swan & Legend Venture Partners and Invus Group.
• EQT has acquired a 40% stake in Shine, a Chinese provider of building cleaning, maintenance and facility management services. The company expects around $30 million in 2018 sales. www.zxchinashine.com
⛽ Guzman Energy, a wholesale power provider and energy trading company with offices in Denver and Coral Gables, Fla., raised $130 million from Vision Ridge Partners and ZOMA Capital. www.guzmanenergy.com
• Keter, a Dutch portfolio company of BC Partners, has agreed to buy Adams Manufacturing, a Portersville, Penn.-based maker of resin garden furniture. www.adamsmfg.com
• LightBay Capital acquired a majority stake in Boardroom, operator of 30 men’s salons in Texas, Oklahoma, Georgia and Tennessee. www.boardroomsalon.com
🍷 Resource Label, a Franklin, Tenn.-based portfolio company of First Atlantic Capital and TPG Growth, has acquired Paragon Label, a White Bear Lake, Minn.-based provider of labeling solutions for the premium wine market. www.paragonlabeling.com
• Stagwell Group, a digital marketing firm founded by ex-Clinton advisor Mark Penn, raised $260 million from AlpInvest. http://axios.link/A0up
• Tech Air, a Danbury, Conn.-based portfolio company of CI Capital Partners, has acquired Speed Industrial Supply, a Kemeh, Texas-based distributor of industrial and welding supplies. www.techair.com
• CooTek, a Chinese maker of keyboard software for smartphones, filed for a $100 million IPO. It plans to trade on the NYSE (CTK) with Credit Suisse as lead underwriter. Shareholders include Qiming Venture Partners (18.2% pre-IPO stake) and Sequoia Capital (17.9%).
• Aeronautics, a listed Israeli maker of military drones, rejected a $117 million takeover offer from state-owned Rafael Advanced Defense Systems. http://axios.link/EsrQ
• Campbell's Soup Co. (NYSE: CPB), under pressure from activist Dan Loeb, has hired Goldman Sachs to explore strategic options, per CNBC. http://axios.link/GGN3
• Intel (Nasdaq: INTC) has acquired Vertex.ai, a Seattle-based developer of “deep learning for every platform.” http://axios.link/QAsL
🐔 Tyson (NYSE: TSN) agreed to buy Keystone Foods, a poultry provider to McDonald’s, from Brazil’s Marfrig Global Foods for $2.5 billion, per Reuters. http://axios.link/27Hb
• Falcata Capital, a Houston-based private equity firm focused on enterprise software and tech-enabled services, raised $1 billion for its debut fund. The firm is led by Robert Burnett, former head of corp dev for Reynolds & Reynolds Co. www.FalcataCapital.com
• VIG Partners plans to seek upwards of $800 million for its fourth Korea-focused mid-market private equity fund, per PE International. http://axios.link/hY3A
• Chase Edmonds and Karan Sabharwal joined Waud Capital Partners as VPs of healthcare and biz/tech services, respectively. Edmonds previously was with Comvest Partners, while Sabharwal was with Golden Gate Capital. www.waudcapital.com
• Vishal Shah joined Hudson Sustainable Investments as a partner. He previously was with Deutsche Bank as a managing director focused on cleantech and sustainable investing. www.hudsoncep.com
• Tiberius Vadan (ex-KPMG) joined private equity consultant Accordion as a managing director. www.accordion.com
Tesla CEO Elon Musk gave a lengthy interview to the NY Times, in which he acknowledges that he's spread way too thin. But it was the Times reporting vs. what Musk said that was most notable:
CNBC also reports that Tesla is in talks with three potential financial advisors: Lazard, Evercore and Centerview.
Go deeper on USA vs. Musk: A primer on how we got here.
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