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Abraaj Capital is one of private equity's most active and influential investors in emerging markets like the Middle East, with $13.6 billion in capital under management and a portfolio of more than 200 companies. It also appears to be falling apart.
Why it matters: Private equity firms promise to help grow businesses via operational expertise. But if a firm doesn't even have its own house in order, how can it credibly make its case to prospective portfolio companies?
Here's the chronological rundown, all from the past two months:
Bottom line: Limited partners rarely raise a stink over accounting issues but, if they do, it reflects that the general partner's problems likely go a lot deeper than calculations.
The Carlyle Group and GIC have agreed to acquire the specialty chemicals unit of Akzo Nobel (Amsterdam: AKZA) for €10.1 billion (including debt).
• Intercom, a maker of software for communicating with customers, has raised $125 million in Series D funding at a valuation of $1.3 billion. Kleiner Perkins led, and was joined by return backers like GV. http://axios.link/PdIR
🚑 Adagene, a Chinese antibody discovery and development company, raised $50 million in Series C funding. Sequoia Capital China led, and was joined by New World TMT, AVIC Trust, King Star Capital and Gopher Asset Management. http://axios.link/dLY9
• Mydream+, a Chinese co-working space company, raised $48 million in Series B funding. Ocean Link led, and was joined by return backers Joy Capital and M31 Management Fund. http://axios.link/tGVT
• Wizeline, a San Francisco-based online platform for outsourced product development, raised $43 million in Series B funding led by Apax Digital. www.wizeline.com
• Canopy, a Lehi, Utah-based provider of cloud software for tax and accounting practice management, raised $30 million in new funding. NEA led, and was joined by Wells Fargo Strategic Capital, Pelion Ventures, University Growth Fund and EPIC Ventures. www.canopytax.com
🚑 Calm, a San Francisco-based meditation app, is raising over $25 million at around a $250 million valuation, per CNBC. Insight Venture Partners is leading. http://axios.link/m7uQ
🚑 HealthPlus, a Nigerian pharmacy chain, has raised $18 million from Alta Semper Capital. www.healthplus.com.ng
• Myriota, an Australian startup focused on nano-satellite IoT connectivity, raised US$15 million in Series A funding. Main Sequence Ventures and Blue Sky VC co-led, and were joined by Boeing HorizonX Ventures, Singtel Innov8 and Right Click Capital. www.myriota.com
• Spring Labs, a blockchain-based data exchange network, has raised $14.75 million in seed funding. August Capital led, and was joined by Victory Park Capital, GreatPoint Ventures, and Pritzker Group Venture Capital, Multicoin Capital, Wavemaker Genesis and Jump Capital. www.springlabs.com
• Opentrons, a New York-based lab automation startup, raised $10 million in seed funding. Khosla Ventures led, and was joined by Lerer Hippeau, YC Continuity Fund and Jeff Kindler. www.opentrons.com
• Nebenan, a German social network for neighborhoods, raised €16 million in Series A funding. BurdaPrincipal Investments led, and was joined by seed backers Lakestar, Deutsche Telemedien, NWZ and PD Ventures. www.nebenan.de
• Gores Group has acquired TurbineAero, a Chandler, Ariz.-based aerospace component MRO service provider. www.turbineaero.com
🚑 Manipal Health Enterprises, an Indian hospital chain backed by TPG Capital, has made an unsolicited offer to acquire rival Fortis Healthcare. http://axios.link/kevS
• Marlin Equity Partners has acquired Roaring Penguin, an Ottawa-based provider of email security solutions. www.roaringpenguin.com
• Narrow Gauge Capital has acquired Class Appraisal, a Birmingham, Mich.-based provider of real estate asset valuation and appraisal management solutions to the residential mortgage industry. ICG Strategic Equity and Aberdeen Standard Investments co-invested. www.classappraisal.com
• Polaris Private Equity has acquired a majority stake in Danish interior design company Menu. www.menu.as
• Silver Oak Services Partners has sponsored a recap of Brilliant Staffing, a provider of temp and permanent IT, finance and accounting professionals in the Chicago and South Florida markets. www.brilliantfs.com
• Southeastern Grocers, a Lone Star Funds-backed operator of supermarket chains Winn-Dixie and Bi-Lo, filed for Chapter 11 bankruptcy protection. http://axios.link/GQ1B
• TCV has agreed to acquire a control stake in Watermark, a provider of assessment software for higher education. www.watermarkinsights.com
🚑 Thompson Street Capital Partners has agreed to acquire Transnetyx, a Memphis, Tenn.-based automated genotyping company. www.transnetyx.com
🚑 Aslan Pharmaceuticals, a Singapore-based oncology therapeutics developer, filed for an $86.25 million IPO. It plans to trade on the Nasdaq under ticker ASLN, with Leerink Partners as lead underwriter. The company already is listed in Taipei with a market cap of around $193 million.
• Smartsheet, a Bellevue, Wash.-based SaaS platform for managing and automating collaborative work, filed for a $100 million IPO. It plans to trade on the NYSE under ticker SMAR, with Morgan Stanley as lead underwriter. The company reports a $49 million net loss on $111 million in revenue for 2017, and has raised around $120 million from firms like Insight Venture Partners (32.1% pre-IPO stake), Madrona Venture Group (28.4%), Sutter Hill Ventures (5.4%) and Summit Partners. http://axios.link/ljbB
• YETI Holdings Inc., an Austin, Texas-based maker of branded coolers and other outdoor and recreational products, has withdrawn its IPO registration (originally filed in 2016). The company is owned by Cortec Group.
• American Express (NYSE: AXP) last year paid around £10 million to quietly acquire Cake Technologies, a British mobile payment app, per TechCrunch. http://axios.link/gTJe
• CEFC China Energy is seeking a buyer for its entire global property portfolio, valued at over $3.2 billion, per Bloomberg. http://axios.link/0Bm0
🚑 GlaxoSmithKline (LSE: GSK) has agreed to buy out Novartis’ (Swiss: NOVN) 36.5% stake in their joint consumer health business, which includes such OTC products as toothpaste brands Aquafresh and Sensodyne, for $13 billion. http://axios.link/SxiB
• Foxconn has agreed to acquire Belkin, a Los Angeles-based maker of connectivity devices, for $866 million in cash. http://axios.link/Yl3j
⛽ Green Investment Group, a unit of Macquarie Group (ASX: MQG), has acquired a 25% stake in British offshore wind farm Westermost Rough from Marubeni (Tokyo: 8002). http://axios.link/LTNu
• JLL (NYSE: JLL) has acquired Stessa, a San Francisco-based SaaS platform for real estate asset management. www.stessa.com
• MariaDB, a Finland-based open-source database development company, has acquired Bulgaria-based business analytics company MammothDB. MariaDB recently raised €22.9 million in funding led by Alibaba, while MammothDB backers included 3TS Capital Partners. http://axios.link/jrdg
• Harrison Metal has closed its fifth seed-stage fund with $68 million. http://axios.link/xviL
• Lightspeed Venture Partners is raising up to $1.8 billion for a pair of new funds, per SEC filings.
• SeaLink Capital Partners, an Indian mid-cap private equity firm, closed its debut fund with $315 million. www.sealinkcap.com
• Deutsche Bank reportedly is seeking to replace CEO John Cryan. http://axios.link/4dAC
• Ryan Flanders has joined Monroe Capital as a VP of investor relations and marketing. He previously led private debt products for Preqin. www.monroecap.com
• Paul Sagan, former CEO of Akamai, is now a general partner with General Catalyst. He had originally joined the firm as an XIR partner.