Bleary-eyed greetings from the home office, after a series of canceled and delayed flights out of D.C. Some notes before naptime...
Top of the Morning
Schroders PLC (LSE: SDR) has agreed to acquire Swiss private equity firm Adveq Management, which has around $7 billion in assets under management, for an undisclosed amount.
- Why it's the BFD: Private equity has been one of the few missing strategies at Schroders, a FTSE 100 investment management company with a whopping $465 billion in AUM. So this helps it fill out the asset cupboard, while also helping Adveq expand well beyond its mostly Swiss and German client base (Adveq is expected to keep its entire team and global investment strategy). It's also the latest in an accelerating trend of private equity firms becoming acquisition targets themselves, either for total control of minority stakes.
Venture Capital Deals
Private Equity Deals
• American Securities has completed its previously-announced purchase of Colorado-based medical helicopter operator Air Methods for around $2.5 billion, or $43 per share.
• Insight Venture Partners has acquired Spanning Cloud Apps, an Austin, Texas-based provider of SaaS data protection, from Dell EMC for an undisclosed amount. http://bit.ly/2oPOZoJ
• Marketo, a portfolio company of Vista Equity Partners, has agreed to acquire ToutApp, a San Francisco-based email management and analytics platform for sales, according to Fortune. No financial terms were disclosed. ToutApp raised just over $20 million in VC funding from firms like Andreessen Horowitz, Jackson Square Ventures, Founder Collective and Launch Fund. http://for.tn/2pIU7cK
• Creador said that it has fully exited its remaining stake in Somany Ceramics, a listed Indian ceramic tile-maker, adding that its total three year-old investment generated a 5.3x return and 77% IRR. http://bit.ly/2p2tHVh
• Insight Venture Partners has hired Evercore Partners to run a sale proves for SmartBear, a Somerville, Mass.-based software testing company that is expected to generate more than $30 million in 2017 EBITDA, according to a WSJ newsletter. http://on.wsj.com/2owThhn
• Microsoft (Nasdaq: MSFT) is in talks to acquire Israeli cloud storage analytics company Cloudyn for between $50 million and $70 million, according to a local media report. Cloudyn has raised over $20 million in VC fundiung from firms like Infosys, Carmel Ventures, Titanium Investment, RDseed and Rafael Development Corp. http://tcrn.ch/2ouoyBq
• Optimizely, a San Francisco-based experimentation platform for customer experience, has acquired Experiment Engine, a Buda, Texas-based conversion optimization platform. No financial terms were disclosed. Optimizely has raised over $150 million in VC funding, while Experiment Engine was seeded by Corsa Ventures, Founder Collective, Mercury Fund and Right Side Capital Management. http://tcrn.ch/2pB0NMU
• Unilever (LSE: ULVR) has agreed to acquire Sir Kensington's, a New York-based ketchup brand, for an undisclosed amount. Sellers include Verlinvest. http://nyti.ms/2oODT32
• BP (LSE: BP) is thinking about selling its stakes in three Canadian oil sands projects, according to Reuters. http://bit.ly/2oR9aT0
• Kindred Healthcare (NYSE: KND) is exploring a sale, according to Reuters. The Louisville, Ky.-based home health and hospice provider closed trading yesterday with a market cap of around $767 million. http://reut.rs/2owc5xe
• SNC-Lavalin Group (TSX: SNC) has agreed to acquire UK-based engineering and consulting firm WS Atkins (LSE: ATK) for US$2.67 billion. http://reut.rs/2pXgBG4
• Anacapa Partners, a San Mateo, Calif.-based lower middle-market private equity firm, is raising upwards of $100 million for its third fund, per an SEC filing. www.anacapapartners.com
• DFJ Growth has closed its third fund with $535 million in capital commitments. http://tcrn.ch/2pWk5Zm
• Growth Street Partners, an "early growth" venture firm led by ex-Mainsail Partners investors Stephen Wolfe and Nathan Grossman, has raised $70 million for its debut fund, per an SEC filing. www.growthstreetpartners.com
• Integral Group, a Japanese mid-market buyout firm, has closed on its third fund with around $670 million in capital commitments. http://bit.ly/2oQMoLk
• Top Tier Capital Partners is raising up to $200 million for its second "velocity" fund, which targets 2/3 venture secondaries and 1/3 co-investments, per an SEC filing. It already has closed on over $100 million. www.ttcp.com