Good Monday Morning,
Daylight – I thought Entrepreneurs cornered the market on pyrotechnical exits and firings, but Trump/Comey raises the bar in a Tub-thump routine where everybody losses between the leader and an ex-employee.
Live Rounds – What if Trump said on Comey’s book – We don’t comment on ex-employees – actually says a lot more than “slimeball” and the tirades. The greatest HR director ever, Harriet McCormick, pulled me into the office as a very young CEO and said, “We don’t have to give them going away parties, but we don’t want them to leave here mad.” Instead of firing them, McCormick would tell those who didn’t make the cut – You are really more sophisticated than we are – As she said, Get ‘em out the door – we have a business to run. SHRM Shrugs.
M&A – Credly, a digital credentials firm, acquired Pearson’s Acclaim badging business.
General Assembly has agreed to be acquired by the workforce company Adecco for $412.5 million.
Goldman Sachs has bought Clarity Money, a personal-finance app.
Shire agreed to sell its oncology unit to Servier for $2.4 billion, potentially throwing a wrench into Takeda’s plans to buy the drug maker.
ChemChina is closing in on a deal to buy a stake in the trading firm Mercuria.
HCL Technology and Sumeru Equity Partners agreed to acquire Actian Corp, a data management platform, for $330 million.
Smarte Carte acquired Aviation Mobility, a provider of wheelchairs for the commercial aviation sector.
ICP Construction acquired Pli-Dek Systems, a maker of speciality coatings for the building industry.
Investcorp acquired KSI Trading Corp, an aftermarket auto body parts supplier.
Style – David Shula has been an Entrepreneur running the family business of 26 steakhouses named after his dad Don Shula, the winningest coach ever in the NFL where also David got his first head coaching job at age 32 and quickly fired after racking up 50 losses faster than any coach in NFL history. He is about to exit the business to take a job as an assistant wide receiver coach at Dartmouth, his alma mater. Age 59.
Word of the Day: Tub-thump [tuhb-thuhmp] verb
promote something or express opinions vociferously.
Economics – We heard about the Goldilocks Economy – How about the Harry Potter economy – 500 million books sold and $7.7 billion in worldwide film grosses.
Here’s another one: “Harry Potter and the Cursed Child,” a two-part Broadway show now in previews and opening April 22, will cost about $68.5 million to bring to the stage. (That pays for an extensive overhaul of the theater, an unusually large cast and crew and an elaborate set, among other things.) It’s a huge bet in a flop-prone industry, but also a seemingly safe one – predicated on the expectation that “Cursed Child” will become the biggest nonmusical hit ever on Broadway.
Buzzard’s Roost – There’s only one remaining herd of southern mountain caribou in the lower 48 states, a group that hangs out in northern Idaho. In 2009, the herd numbered around 50.
Hot – Doctor Orders – Take two apps and call me in the morning is a big push into digital medicine like the prescription of Rest, first mobile medical app to help treat substance-use disorders through the coaching of behavior change than a pill.
Dr. Corey McCann is CEO of Pear Therapeutics which is right now the forerunners of this new medical category. Get this – Reset is FDA approved. Blockbuster.
Culture – A proposal to split California into three states has gained enough signatures to qualify for the ballot in November.
Investment Banking – Stoic Holdings, a lower-middle market private equity firm, acquired Arctic Industries, a walk-in cooler manufacturer.
Hedge Funds – PeakEquity Partners invested over $40 million in Xeeva, a sourcing software firm.
IPO – With Dropbox and Spotify successfully going public, tech investors are confident that a bonanza of initial public offerings lies ahead.
Ceridian HCM Holding, a maker of human resources software, said it plans to raise $420 million in an IPO of 21 million shares priced between $19 to $21.
Venture Capital – Enterprise Therapeutics, a biopharma company developing respiratory disease treatments, raised $41 million.
Checkr, a background check firm, raised $100 million.
Onapsis, a cybersecurity and compliance firm, raised $31 million.
Zaius, a CRM for marketers, raised $30 million.
Honest Buildings, a project management platform for commercial real estate owners, raised $25 million.
Punchh, a restaurant platform, raised $20 million.
Kadena raised $12 million.
empow, a security firm, raised $10 million.
East Meet East, a dating app for Asians, raised $4 million.
Local Crate, a meal kit delivery firm, raised $1.4 million.
Spotlight – Forbes/Wharton Sirius Radio Show with Oxford Entrepreneurs will be June 24.
And that’s what’s ahead, Cliff
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