| | | On the podcast: Brexit and a pandemic shake up European private equity | | The European private markets were already dealing with the looming impacts of Brexit. And then came COVID-19, causing even more uncertainty among the region's dealmakers.
Dominick Mondesir, a PitchBook analyst focused on private capital in Europe, the Middle East and Africa, joins host Hilary Wiek on the latest episode of "In Visible Capital" to discuss the latest trends from Europe's private equity landscape, including: - Why investor relations teams tasked with fundraising are bracing for a no-deal Brexit scenario
- The push among private equity firms to carry out bridge financings and bolt-on deals even as dealmaking drops across the board
- How federal monetary support has helped sponsors continue to stay aggressive despite the impact of COVID-19
| | | | | | | | | | The lenders leading the way amid a private debt boom | | In the wake of the global financial crisis, new banking regulations caused many traditional sources of credit on Wall Street to vanish. A boom in direct lending unfolded over the ensuing decade to help fill the gap. Between 2010 and 2019, the amount of global dry powder housed in private debt funds more than quadrupled, rising from $60 billion to over $240 billion.
Many of the firms at the forefront of the direct lending gold rush have been busy putting their capital to work in private equity. PitchBook's Q2 2020 US PE Lending League Tables, sponsored by NXT Capital and Corporate Resolutions, take a close look at the lenders who have been most active in backing buyouts and other private equity deal types, broken down by geography, industry and more: | | | | | | | | | | Pandemic pushes automation as AI & ML investment tops $12B in Q2 | | Venture investors poured $12.6 billion into artificial intelligence & machine learning companies in Q2, with mega-deals in late-stage unicorns in the US and China accounting for most of that total. Valuations spiked in H1 relative to full-year 2019, with median valuations at the early and late stages up nearly 45% and 38%, respectively.
The pandemic has driven demand for AI & ML products and encouraged automation across the economy, according to PitchBook's newest Emerging Tech Research report. But budgets aren't rising in tandem, pushing companies to do more with less in order to add AI capabilities. Other takeaways include: - The AI & ML sector is projected to be a nearly $125 billion market in 2023, growing at a CAGR of more than 20%
- Exit activity was sluggish in Q2, with just $2 billion in disclosed deal value across 36 exits
- Autonomous robotics could see renewed investor interest as multiple trends converge in the sector
If you have any questions or feedback about the research, we'd love to hear from you: analystresearch@pitchbook.com | | | | | | | | | | Snowflake, Sumo Logic and JFrog set IPO terms | | A trio of tech unicorns set their IPO terms as a tech market rout continued Tuesday, pushing down all the major US stock indices.
Snowflake's highly anticipated IPO could net the company $2.7 billion in proceeds, with $500 million coming in a private placement with Salesforce Ventures and Berkshire Hathaway. The cloud data company plans to sell 28 million shares for between $75 and $85 each, with a midpoint price valuing Snowflake at $22.3 billion.
Two other Bay Area tech companies, Sumo Logic and JFrog, updated their terms as well. Sumo Logic plans to sell 14.8 million shares for between $17 and $21 per share, while JFrog aims to offer 8 million shares at $33 to $37 apiece. Its existing investors putting another 3.6 million shares on the block. At the midpoint of their respective price ranges, Sumo Logic would be worth nearly $1.9 billion and JFrog would have a $3.1 billion market value.
Related read: Asana, Snowflake lead tech company rush to public markets in landmark day | | | | | | | | | | With business booming in the midst of the pandemic, ecommerce enabler Shopify is now worth more than eBay, Best Buy, Etsy, Nordstrom, Macy's, Foot Locker, L Brands and Urban Outfitters—combined. [The Wall Street Journal]
Earlier this year, mysterious seeds from China began showing up in American mailboxes across all 50 states. The government told recipients not to plant them. Not everybody listened. [Vice]
Around the world, philanthropists donate tens of billions of dollars every year to charitable causes. So how come inequality keeps rising? [The Guardian] | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 251 Deals | 1274 People | 426 Companies | 8 Funds | | | | | | | | | | | | | | | | PitchBook Webinar: Impacts to US and European VC valuations in the current climate | | Investors are facing a uniquely opaque future in the private markets. That's why getting an aggregate view of the valuations environment—including the latest data across the US and Europe—is critical. Join our Sept. 16 webinar, where PitchBook VC analysts will discuss the latest valuations trends in more detail: - Many early-stage VCs have been anticipating a drop in pre-money valuations for many red-hot early-stage companies; however, this decline has yet to materialize in the data
- Late-stage VC valuations have seen some strength as investors continue to back the most mature startups to protect value
- Despite an overall slowdown in exits, valuations haven't seen a sharp decline outside of IPOs
- The possible beginnings of an inflection point away from Q1's founder-friendly deal terms may have subsided
RSVP today | | | | | | | | | | | | Warburg Pincus to take stake in Vista's Infoblox | | | Warburg Pincus has agreed to purchase a 50% stake in Infoblox, with Bloomberg reporting the deal values the company at over $3 billion, including debt. The Santa Clara-based business offers IT automation and security services. Vista Equity Partners took Infoblox private in 2016 for some $1.6 billion and will now remain alongside Warburg Pincus as an equal backer. | | | | | | | | Pacific Equity, Navis Capital connect on education SBO | | | Australia's Pacific Equity Partners is finalizing an agreement to pay about A$600 million (about $434 million) to acquire the Australian and New Zealand operations of Modern Star, an educational supplies company backed by Navis Capital, according to The Australian Financial Review. Navis, which is based in Malaysia, put the whole of Modern Star up for sale last September, seeking a price of more than A$800 million, according to Reuters. The firm has backed the business since 2014. | | | | | | | | Apax inks $193M legal software deal | | | Apax Partners has agreed to pay $193 million to acquire the entirety of MyCase, a developer of legal software, from AppFolio, a publicly traded provider of business software and data analytics. Founded in 2010 and based in Goleta, Calif., MyCase creates practice management and payments offerings used by more than 11,000 customers. | | | | | | | | Stone Point becomes Bullhorn's latest PE owner | | | | | | | | | Levine Leichtman lines up smoothie deal | | | Levine Leichtman Capital Partners has partnered with management to purchase Tropical Smoothie Cafe, a restaurant brand with more than 870 locations across the US. Levine Leichtman's investment in the Atlanta-based company came from its sixth flagship fund, a $2.5 billion effort that closed in 2018. | | | | | | | | Pritzker-led firm backs Jacknob add-on | | | E.B. Bradley, a building products company backed by PSP Capital Partners, has acquired Jacknob, a New York-based manufacturer of toilet partition hardware and related products. PSP, which was founded by former US Secretary of Commerce Penny Pritzker, has owned E.B. Bradley since 2014. | | | | | | | | | | PE firms line up $5.2B consumer SPAC deal | | | Advantage Solutions, a California-based provider of outsourced sales and marketing services for the consumer goods sector, has agreed to merge with a special-purpose acquisition company backed by Centerview Capital. The deal will give Advantage an enterprise value of some $5.2 billion. CVC Capital Partners and Leonard Green & Partners have owned the company since 2014, when they conducted a secondary buyout worth a reported $4.2 billion. CVC, Leonard Green and Bain Capital will now invest $200 million more in Advantage as part of a private placement. | | | | | | | | Nikola stock soars in wake of GM deal | | | GM has formed a new partnership with Nikola, including a $2 billion investment that will give GM an 11% stake in the electric vehicle manufacturer. Stock in the Phoenix-based company closed Tuesday up more than 40%. Nikola has been publicly traded since executing a $3.3 billion reverse merger with a special-purpose acquisition company in June. The business now plans to begin production on its Nikola Badger electric pickup by the end of 2022. | | | | | | | | Progress set to buy VC-backed software automation platform | | | Progress, a provider of application development software, has agreed to purchase Chef, the developer of a software automation platform, for $220 million in cash. Seattle-based Chef has raised over $105 million in private financing since it was founded in 2008, reaching a valuation of $360 million in 2015, according to PitchBook data. The company is backed by investors including Battery Ventures, Ignition Partners and Amplify Partners. | | | | | | | | Monkey Knife Fight does fantasy sports deal | | | Monkey Knife Fight has acquired FantasyDraft, combining two companies offering daily fantasy sports services in North America. Monkey Knife Fight is based in San Jose, while FantasyDraft is located in North Carolina. | | | | | | | | | "The ability to claim a stake in a startup can be an ego-boosting endeavor, with the investor having no intention of working hard alongside the company for growth. This diversity of motivations has led us to observe angel participation along all stages of the VC funding cycle. In 2019, individual angel investors were involved in more than 1,000 US VC deals and participated in over $14 billion in deal value across all stages of investment."
Source: PitchBook analyst note on angel investors | | | | | | | | | Who's in the newsletter today? | | People | | | | Investors | | | | Companies | | | | | | | | | | | | | |
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