Breaking Bad Deal, Love on the Rocks, Send Grid Goes IPO and Plan B Climate Change

Good Thursday Morning,

Daylight – What we do to get a deal done or maybe just an unholy alliance – Koch brothers formed an unlikely deal duo with Meredith, publisher of Better Homes and Garden and Martha Stewart Living to target Time, owner of Sports Illustrated, Time and People magazines. Meredith has already made two previous runs to buy Time. Third time this deal will get done.

M&A – Sodexo will buy Centerplate, a company that provides food and hospitality services at sports, convention and entertainment venues, for $675 million in cash.

Economics – JM Smucker – JM Smucker, maker of Folgers coffee, reports second-quarter earning and has already trimmed its full-year earnings forecast in August, citing weak demand for coffee as retailers placed fewer orders due to the rising cost of coffee.

Live Rounds – Took The Top Off – Da Vinci’s Salvator Mundi sold for $450.3 million with fees after a 90-minute long round of bidding at Christie’s in Manhattan. Salvator Mundi – Latin for “Saviour of the World” – is one of roughly 15 surviving works by Leonardo da Vinci and depicts Jesus Christ in a flowing robe, holding a crystal orb and raising his right hand in benediction.

Style – For the first time, Christie’s shot a pre-recorded video of the painting three weeks ago with art experts’ testimonials on the piece. Art dealers and Russian Oligarchs were the targets of the marketing campaign.

Buzzard’s Roost – New tax bill is on the rocks, but to be safe, both the House and Senate version dropped the new provision that would have taxed stock options when vested. Most business owners would have had to sell their companies to pay their taxes, but the provisions were never meant to last. It was only to simply scare Silicon Valley into giving campaign contributions to both parties instead of just predominantly Democrats. Wall Street plays both sides big time in campaign contributions, so private equity-carried interest is taxed as capital gains rather than ordinary income.

Hot – Federal Communications Commission (FCC) Chairman Ajit Pai sent signals yesterday that he will not support net neutrality, the principle that all web traffic should be treated equally. Pai, a former Verizon lawyer, could announce his new plan to end the free and open web as we know it as soon as November 22 – the day before Thanksgiving – with a vote to follow quickly afterwards.

Culture – And for those looking for a climate-change – Plan B: Astronomers discovered an Earth-size planet near a small red star called Ross 128, right in our galactic neighborhood. It could have conditions favorable for life. Interestingly, Ross orbits a quiet star, which means it does not exude radiation and would kill anything livable on the surface.

Investment Banking – Envision Healthcare Corp, a health-services provider, has attracted buyout interest from Carlyle Group and Onex Corp.

Hedge Funds – Odyssey Investment Partners, LLC acquired TrialCard, a provider of full-service pharmaceutical market access solutions, from Excellere Partners.

IPO – SendGrid, an email marketing company, raised $131 million in an offering of 8.2 million shares at $16 a share.

Venture Capital – Poshmark, an online service that helps people buy and sell clothing, raised $87.5 million.

Built, a Nashville, Tenn.-based technology company construction lending company, raised $21 million.

Spotlight – Moving On Up – Yesterday, Nash Ogden and his company Innoppl backed the transfer trucks up and moved tech and team to a brand new shiny building. How do we keep a Day 1 mentality with this? Nash was in the App Dev business early and also has a team in India.


Deal Stream>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Exits – Siris Capital Group acquired Intralinks, a provider of secure data sharing and enterprise collaboration solutions, for about $1 billion in consideration. The seller was Synchronoss Technlogies Inc.

Venture Capital – EBR Systems Inc, a wireless cardiac pacing system provider for heart failure, raised $50 million.

Collective Medical, a provider of care collaboration solutions, raised $47.5 million.

ImmusanT, a developer of treatments for celiac disease, raised $40 million.

LeanTaaS, Inc., a provider of software for healthcare providers, raised $26 million.

Torque, an immuno-oncology company, raised $25 million.

TrueAccord, a provider of a debt collection platform, raised $22 million.

Quantum Circuits Inc, a quantum computing startup, raised $18 million.

Xtraction Services, a Clermont, Fla.-based maker of an extraction machine created specifically for cannabis, raised $5 million.

Catalia Health, a patient care management company, raised $4 million.

CleanCapital, an online marketplace for clean energy investing, raised $3.7 million., a developer of a cloud-based data privacy and protection platform, raised $3.1 million.

Genialis, a Houston, Texas-based builder of genomics software for biologists, raised $2.3 million.

Inozyme Pharma, Inc., a biotechnology company developing medicines to treat rare diseases of calcification, raised a $49 million.

Locus Biosciences Inc, a Raleigh, N.C.-based developer of a CRISPR-Cas platform for precision antimicrobials, raised $19 million.

Private Equity – Italmatch agreed to acquire Detrex Corp, a maker of high performance specialty chemicals, for $27 per share in cash.

Blackstone agreed to recapitalize Cloverleaf Cold Storage, a cold storage warehousing and food logistics company.

Long Ridge Equity Partners made an investment in Ametros Financial Corp, a provider of post-settlement medical administration solutions.

Silver Oak Services Partners, LLC agreed to acquire the assets of Caring People, an operator as a home health care agency.

Long Ridge Equity Partners made an investment in Ametros Financial Corporation, a post-settlement medical administration company.

The Hilb Group acquired HR Knowledge, a provider of integrated HR services that include payroll, employee benefits and human resources management.

Arlington Capital Partners acquired a majority stake in Grand River Aseptic Manufacturing, a provider of sterile parenteral solutions.

H.I.G. Capital acquired Whitney, Bradley & Brown Inc, a provider of program management and consulting services for the U.S. Department of Defense and other federal agencies.

And that’s what’s ahead, Cliff