Illustration: Sarah Grillo/Axios
Global economic concerns eating into the leveraged loans market, thus making it more difficult for private equity to close deals.
The leveraged loan market's real test will come after Labor Day, when the spigot turns significantly to the left.
• New firm alert: Michelle Noon has quietly stepped down as a general partner with Boston-based private equity firm Riverside Partners, where she has been since 2008, in order to launch a tech-focused shop called ClearHaven Partners.
• I did a CNBC hit yesterday on the WeWork IPO, during which Andrew Ross Sorkin asked if I thought the whole thing could get called off. I hadn't previously considered it, but replied that it's all systems go (save for a macro shock). That still feels right to me, but I'm interested in your thoughts...
🎵 Last month we dug into Taylor Swift's anger over how her back catalog was purchased by Scooter Braun's Ithaca Holdings in a $300 million deal sponsored by The Carlyle Group. This morning she told Good Morning America that she'll rerecord her old albums next year, which she says is contractually allowed.
Hasbro (Nasdaq: HAS) agreed to buy Entertainment One (LSE: ETO), the studio behind children's TV show Peppa Pig, for around $4 billion.
• Industrious, a New York-based flexible workspace provider, raised $80 million in Series D funding from Riverwood Capital Partners, Brookfield Properties Retail, TF Cornerstone, Granite Properties, Equinox, Wells Fargo Strategic Capital, Fifth Wall Capital, and CPPIB. http://axios.link/cILO
🚑 Finch Therapeutics, a Somerville, Mass.-based microbiome therapeutics startup, raised $53 million in Series C funding. OCV Partners, SIG, Symbiosis LLC, and the Trans-Pacific Technology Fund were joined by return backers Avenir Growth Capital, Morgan Noble, Shumway Capital, and Willett Advisors. http://axios.link/nVaz
• SpotHero, a Chicago-based parking reservation service, raised $50 million in Series D funding. Macquarie Capital led, and was joined by Union Grove Venture Partners and return backers Global Founders Capital, AutoTech Ventures, and Insight Venture Partners. http://axios.link/tNzy
• Zenoti, a Bellevue, Wash.-based provider of cloud software for the spa and salon market, raised $20 million from Steadview Capital. http://axios.link/649l
• Capacity (fka Jane.ai), a St. Louis-based corporate data search platform, raised $13.2 million in Series B funding from undisclosed Midwestern individuals.
🚑 The CareVoice, a Shanghai-based health insurance software startup, raised $10 million in Series A funding. LUN Partners Group led, and was joined by DNA Capital, SOSV, and Artesian Capital. http://axios.link/JL5s
• Molecula, an Austin, Texas-based data virtualization startup, raised $6 million in seed funding from Seraph Group, Lontra Ventures, Velar Capital, and Capital Factory. http://axios.link/Wwon
• Crimson Education, a New Zealand-based ed platform for improving admission chances to top schools, raised $5 million at a $240 million pre-money valuation from Solborn Investment. Existing backers include Tiger Global. http://axios.link/maZh
• Tastemakers, a New York-based Africa tourism platform, raised $1.4 million in seed funding led by Precursor Ventures. http://axios.link/6DPQ
• IguanaFix, an Argentine online platform connecting homeowners with service providers, raised an undisclosed amount of funding from Stanley Black & Decker (NYSE: SWK). http://axios.link/HvLa
• TriEye, an Israeli “low visibility” auto sensor startup, raised an undisclosed amount of funding from Porsche. http://axios.link/pgW5
• Cambium Learning, a Dallas-based portfolio company of Veritas Capital, acquired student assessment group AIR Assessment from the American Institutes for Research. www.cambriumlearning.com
• Fortress Investment Group, a unit of SoftBank, is the only remaining bidder for Japanese hotel chain Unizo Holdings (Tokyo: 3258) after Japanese travel agency H.I.S. (Tokyo: 9603) dropped out, per Nikkei. Fortress had offered $1.3 billion. http://axios.link/JAiD
• Mayfair Equity Partners reportedly is in talks to buy the Irish corporate business of BT Group (LSE: BT) for more than €300 million. http://axios.link/3IjA
• Meridian Adhesives Group, a Dalton, Ga.-based portfolio company of Arsenal Capital Partners, acquired Epoxies Etc., a Cranston, R.I.-based resin formulator of epoxies, urethanes and silicones. www.meridianadhesives.com
• Serent Capital invested in Davisware, a West Dundee, Ill.-based provider of ERP software for field services businesses. www.davisware.com
• TSG Consumer Partners agreed to buy a majority stake in Joe Hudson’s Collision Centers, operator of 110 auto body repair shops in the Southeast, from Carousel Capital. http://axios.link/uuzi
• Ping Identity, a Denver-based identity management software company owned by Vista Equity Partners, filed for an IPO. It plans to trade on the Nasdaq (PING) with Goldman Sachs as lead underwriter, and reports a $3 million loss on $113 million in revenue for the first half of 2019. Ping says it plans to raise $100 million, but that's most likely a placeholder. http://axios.link/8dqY
• Silver Spike Acquisition, a blank check acquisition company targeting the cannabis market, raised $250 million in an IPO. It’s led by former Taconic Capital portfolio manager Scott Gordon, and is the year’s third cannabis-focused SPAC to go public. http://axios.link/aOft
• KKR is seeking a buyer for Epicor Software, an Austin, Texas-based ERP software company that could fetch nearly $5 billion (including debt), per Reuters. http://axios.link/1NQt
• Amazon (Nasdaq: AMZN) agreed to buy a 49% stake in Future Coupons, an Indian gift and loyalty card group that is majority owned by retail giant Future Retail. http://axios.link/BzQO
• MGM Resorts International (NYSE: MGM) acquired a 50% stake in Sydell Group, operator of NoMad hotels, from Yucaipa Cos. http://axios.link/U7aA
• VMware (NYSE: VMW) said it will buy Pivotal Software (NYSE: PVTL) for $2.7 billion. Both companies are controlled by Dell Technologies (NYSE: DELL). VMWare also said it will pay around $2 billion in cash to buy Carbon Black (Nasdaq: CBLK). http://axios.link/UhLZ
• Pemberton raised €3.2 billion for a new direct lending fund focused on the mid-markets. http://axios.link/Or0y
• TPG cut the fundraising target for its new TPG Rise impact investing fund from $3 billion to $2.5 billion, following the college admissions scandal-related departure of group founder Bill McGlashan, per the WSJ. http://axios.link/qBos
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