Early market holiday greetings as I've gotta go to watch E march with her fellow Girl Scouts this morning (she's promised to throw me some candy). Here we go...
Top of the Morning
Funko, an Everett, Wash.-based maker of pop culture consumer products, has filed for a $100 million IPO. It plans to trade on the Nasdaq under ticker symbol FNKO, with Goldman Sachs listed as left-lead underwriter. The company was acquired by Acon Investments in late 2015, and reports around a $10 million net loss on $204 million in revenue for the first half of 2017.
- Why it's the BFD: Because this company is generating nearly a half-billion dollars in annual revenue by selling big-headed plastic figurines that kinda-sorta look like pop culture icons. Plus, there are unconfirmed reports that a Funko-made "B.A. Baracus" sits on the home office desk.
- Bottom line: "The company hopes to take its products global, noting that though three quarters of global box-office receipts come from outside the U.S., international markets accounted for just 19 percent of Funko's sales last year." — Matt Day, Seattle Times
Venture Capital Deals
Private Equity Deals
• Belgian Post Group (a.k.a. bpost) has acquired King of Prussia, Penn.-based e-commerce fulfillment company Radial (f.k.a. eBay Enterprise) from Sterling Partners for $820 million. http://tcrn.ch/2kyPdjV
• GIC has acquired a minority equity stake in Swedish home alarms maker Verisure Midholding from majority owner Hellman & Friedman, according to Dow Jones. No financial terms were disclosed. http://on.wsj.com/2yzX7zD
• Icahn Enterprises has acquired American Driveline Systems, a Horsham, Penn.-based franchisor of transmission repair chains AAMCO and Cottman, from Transom Capital Partners. No financial terms were disclosed. http://axios.link/ejkY
• Accor (Paris: AC) has bid around A$1.18 billion to acquire Australian hotel chain Mantra Group (ASX: MTR). http://reut.rs/2y2UcPv
• Honeywell (NYSE: HON) "plans to spin off non-core assets and create at least two new publicly listed companies," according to Reuters. The moves are not expected to include a spinout of Honeywell's aerospace unit, which has been called for by activist investor Third Point. http://reut.rs/2hYbUgv
• OneMain Financial (NYSE: OMF), the Evansville, Ind.-based subprime lender spun off by Citigroup after the financial crisis, is in talks to sell itself, as first reported by the WSJ. The company has a current market cap of around $3.9 billion. http://on.wsj.com/2gotFBW
• Rio Tinto Group may launch a sale process for the largest aluminum smelter in Europe, the Dunkerque smelter based in northern France, according to Bloomberg. https://bloom.bg/2y5hUKo
⛽ Sinopec is seeking buyers for its Argentina oil assets for upwards of $1 billion, according to Reuters. http://reut.rs/2yzz6sC
• Sycamore Partners is targeting $4 billion for its third retail-focused buyout fund, according to Bloomberg. The firm currently is investing out of a $2.5 billion second fund raised in 2014. https://bloom.bg/2xtptXy
• Vertex Ventures, a VC unit of Singapore's Temasek Holdings, has raised $210 million for a new fund focused on southeast Asian and Indian startups. http://reut.rs/2gnwao8
- More from Preqin: "With a record fundraising quarter seen in Q2 2017, it was unsurprising that momentum did not continue into Q3: fundraising activity is historically lower in the third quarter of the year, with many managers choosing to close their vehicles in the fi nal quarter. Despite this slowdown, 2017 is still on track to see fundraising levels surpass 2016 to set a new post-Global Financial Crisis record."