The PE overhang has fallen. Normally, any discussion about the huge amount of dry powder that buyout shops must invest makes me yawn. But I've learned that the so-called overhang dropped to $376 billion in December 2010, according to Cambridge Associates. This is down about 12% from the $425 billion PE firms needed to put to work in late 2009, Cambridge says in a report, "Still Nursing the U.S. Private Equity Hangover."
Buyout shop Vector Capital has completed its $138 million acquisition of RAE Systems Inc., the firm announced Thursday. In connection with the transaction, Vector partnered with CITIC Capital Partners, a China-based private equity firm. RAE Systems, formed in 1991, makes instruments to detect gas and hazardous materials. Silicon Valley Bank provided financing for the deal.
Vacation rental website HomeAway Inc. will price its initial public offering between $24 and $27, the company said Thursday. Austin, Texas-based Homeaway has raised more than $500 million from a slew of top-tier venture firms, including Austin Ventures, Redpoint Ventures, Technology Crossover Ventures, Institutional Venture Partners and Google Ventures. The company operates websites including VRBO and Holiday-Rentals.
New York-based Avista Capital Partners has bought Anthony International, a manufacturer of glass doors for commercial refrigerators, from Los Angeles-based buyout shop Aurora Capital Group. Terms of the deal were not released. Aurora acquired Anthony in 2004. Morgan Stanley acted as financial advisor and Gibson Dunn & Crutcher acted as legal advisor to Aurora Capital. Weil, Gotshal & Manges acted as legal advisor to Avista Capital. Anthony International was formed in 1958 and is based in Sylmar, Calif.
Samsonite International dropped 7.7% Thursday in its trading debut, making the luggage maker the latest in a string of weak Hong Kong IPOs, Reuters reported. The company and shareholders, including private-equity firm CVC Capital Partners and Royal Bank of Scotland Group, sold 671.2 million shares to raise HK$9.73 billion ($1.25 billion), Reuters reported.
#WINNING! The Boston Bruins edge the Vancouver Canucks for the Stanley Cup, hockey fans in Canada respond appropriately While You Were Out… Sen. Grassley asks the S.E.C. “What about those 65 referrals on SAC?” Come Again? Why, on a day when markets tumbled, when we see Pandora shares take off by just under 10%, does anyone call this “calming down” in the IPO market? IPO Time! Carbonite is going public. Not to be confused with Dolemite.
ActivStyle, which is backed by the Riverside Company, has acquired Home Wellness, Inc. & Stay Dry Products, Inc. Financial terms were not disclosed. Cinnaminson, N.J.-based Home Wellness distributes catheters and incontinence supplies. the deal is the fourth add-on for ActivStyle. US Bank provided financing for the deal.
(Reuters) – Silicon Valley venture capitalists are betting big on new technologies to protect computer networks, hoping they will profit from a spate of high-profile cyber attacks on corporate and government bodies. Many security start-ups are focusing on protection at the network level, rather than individual computers or hardware, spurred by the proliferation of mobile […]
Pixim, the Mountain View, Calif.-based startup providing technology for security cameras, will buy Advasense Technologies. Investors in Pixim include Tallwood Venture Capital, Ridgewood Capital, Mayfield Fund and Mohr Davidow. Advasense Technologies investors include Genesis Partners, Giza Venture Capital, CIDC Consultants, BlueRun Ventures and VentureTech Alliance. Specifics on the transaction were not publicized.
Centerfield Capital Partners has raised $59.85 million from 23 investors so far for its third fund, Buyouts reported, citing a recent regulatory filing. It unclear how much the Indianapolis-based firm is seeking to raise for the fund, Centerfield Capital Partners III LP. Centerfield Capital provides subordinated debt and equity to lower mid-market companies for acquisitions, growth financings, recapitalizations, corporate divestitures and other types of transactions. The firm currently manages approximately $200 million, according to its Web site. Centerfield Capital raised $130 million for its previous fund in 2006, according to Capital IQ.