| | | Trump administration wants US control of TikTok | |  | White House economic adviser Larry Kudlow said Wednesday that US officials are in a "deep review process" of the TikTok deal.
(Alex Wong/Getty Images) | | | The Trump administration is looking to give American investors a majority stake in TikTok, after concerns that Oracle's proposed partnership with the video app would not satisfy the administration's demands, according to The Wall Street Journal.
TikTok's parent company, ByteDance, has reportedly tried to keep its majority share of the business in its arrangement with Oracle. That has stoked the administration's national security concerns over China's potential access to US user data. And the proposed technology partnership fails to meet Trump's expectations for a full sale of the US business, the report said.
Under the new structure sought by the administration, all of ByteDance's assets would go to the newly created company, with Oracle and Walmart also becoming investors. That would bring total US investor ownership to over 50%, according to the report. US officials and investors could also seek a public listing of the new company to push that stake even higher.
Trump has said he does not approve of ByteDance's majority ownership of TikTok and won't make a decision until he knows more about the deal, the report said. | | | | | | | | | | US middle-market deal value dove 18.5% in the first half | | In the US, private equity investors completed less than $200 billion worth of middle-market transactions during the first half of the year, marking an 18.5% decline from H1 2019. It was perhaps the starkest sign of how the pandemic has transformed the US middle market, forcing firms to look for alternatives to the status quo.
PitchBook's Q2 2020 US PE Middle Market Report, sponsored by Antares Capital and presented in partnership with ACG, has more details and data on the depressed dealmaking environment in the middle market, plus other key trends from the first half of the year, including: - Through Q2, middle-market exit count is on pace for its lowest total since the global financial crisis
- Middle-market fundraising was more resilient than deal and exit rates, with $44.3 billion raised in H1
- The frequency of due diligence processes picked up near the end of H1, a sign deal activity could be set to increase
| | | | | | | | | | A message from TBM Consulting | | | | Unlock value creation and optimize opportunity in a COVID-19 world | | Many portfolio companies are dealing with dramatically different supply, demand and/or internal capacity than they were six months ago. That means the opportunity to create value has shifted, too.
PE firms that hope to maintain their original exit dates and achieve or exceed their value creation targets will need to follow these three steps to align value creation plans with their portfolio companies' new normal: - Determine how the opportunity has changed and where the value now lies.
- Adjust the value creation levers accordingly.
- Identify and assess new risks.
For more, download the article, Rethinking Your Value Creation PlayBook, or contact Gary Hoover, Vice President and Global Private Equity Practice Leader, at ghoover@tbmcg.com. | | | | | | | | | | US investors eye London SPAC IPO | |  | | (Chris J. Ratcliffe/Getty Images) | | | The recent spate of special-purpose acquisition companies going public continued Wednesday with news of the UK's first SPAC IPO of 2020, according to Reuters. Mariposa Capital founder Martin Franklin and Viking Global Investors executive Brian Kaufmann are said to be behind the new vehicle, which is expected to raise $750 million on the London Stock Exchange.
Franklin's son Robert will be involved, alongside the former's longtime partners James Lillie and Ian Ashken. The vehicle will target a consumer company with a significant presence in North America.
Once a niche strategy for small investment firms, SPACs have seen a massive uptick in volume in 2020, as continued volatility caused by the pandemic deterred some businesses from going public. These vehicles have so far this year raised gross proceeds of over $38 billion, according to SPAC data company SPACInsider. Bill Ackman's SPAC, Pershing Square Tontine Holdings, was one of the most notable vehicles, raising $4 billion in July in what's believed to be the biggest SPAC IPO on record.
In Europe, the SPAC phenomenon has yet to fully arrive, but the launch of Franklin's vehicle may signal that more could follow. Franklin has long been active in the space, having founded several blank-check companies. In 2006, he set up Justice Holdings, which eventually merged with fast-food chain Burger King six years later. Franklin also listed J2 Acquisition Ltd., which raised $1.25 billion in a London IPO in 2017. Last year, J2 completed the acquisition of commercial life safety services business APi. | | | | | | | | | | She wanted to escape her marriage. He wanted to escape his life sentence. Together, they embarked on a canine-aided journey neither could have ever predicted. [The Atlantic]
Cameo emerged as a curious place to pay for C-list shoutouts. During the pandemic, though, the startup has assumed an increasingly prominent place in the pop culture economy. [The New Yorker]
Decades ago, billionaire businessman and private equity baron Chuck Feeney promised to give away nearly his entire fortune. Today, at 89 years old, he's succeeded. [Forbes] | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 316 Deals | 1630 People | 406 Companies | 14 Funds | | | | | | | | | | | | | | | | | | Warburg Pincus to fund new software platform | | | Warburg Pincus has pledged to provide up to $1 billion in funding to support future investments by MLM II, a newly formed platform focused on the information services and software sectors. MLM II is led by a trio of longtime executives in those spaces, including Mason Slaine and Jay Nadler, both of whom were previously executives at MLM Information Services, a prior platform backed by Warburg Pincus. | | | | | | | | GTCR to back $413M surgical deal | | | Corza Health, a portfolio company of GTCR since last year, has agreed to buy the rights to the TachoSil surgical patch from Takeda Pharmaceuticals for €350 million (about $413 million) in cash. The TachoSil patch, which is used to control bleeding, generated roughly $160 million in net sales during its most recent fiscal year. The deal is the latest step in Takeda's ongoing divestiture program. | | | | | | | | TPG, L Catterton negotiate footwear swap | | | TPG Capital is in talks to acquire bootmaker RM Williams from L Catterton Asia in a deal that could value the Australian business at more than A$250 million (about $182 million), as first reported by the Australian Financial Review. L Catterton, which is an affiliate of luxury conglomerate LVMH, has backed RM Williams since 2013. Prior reports surfaced last year that the firm was seeking to sell the company for some A$500 million. | | | | | | | | Carlyle plans disinfectant deal | | | The Carlyle Group has agreed to acquire Victory Innovations, a creator of electrostatic sprayers used to disinfect offices, schools and other facilities. Victory is based near Minneapolis and was founded in 2014. Carlyle's investment will come from its latest flagship fund, an $18.5 billion vehicle. | | | | | | | | Clearlake supports preop screening software add-on | | | Provation, a provider of procedure documentation and other clinical productivity software, has purchased ePreop, a California-based provider of preoperative screening software. Clealake Capital Group has owned Provation since 2018, when it bought the company for $180 million from Wolters Kluwer. | | | | | | | | | | Grail could forgo IPO for $8B Illumina deal | | | Grail, a cancer detection unicorn that filed for an IPO last week, is in talks to sell itself to genetic sequencing specialist Illumina in a deal that could be worth more than $8 billion, compared with $6 billion in prior private transactions, according to Bloomberg. Illumina helped found Grail. The Menlo Park-based startup has since raised more than $2 billion from Arch Venture Partners, Bezos Expeditions, Hillhouse Capital Group and several other investors and healthcare companies, according to PitchBook data. | | | | | | | | Sennder secures $1.1B freight deal with Uber | | | Berlin-based freight forwarding startup Sennder has purchased Uber's freight business in Europe in an all-stock transaction, with Bloomberg reporting the deal values the division at less than €900 million (nearly $1.1 billion). Sennder raised $100 million in venture funding during 2019 alone from backers including Accel and HV Holtzbrinck Ventures, according to PitchBook data. | | | | | | | | VCs to offload Portworx for $370M | | | Publicly traded cloud storage specialist Pure Storage has agreed to pay about $370 million in cash to acquire Portworx, a data services startup that helps enterprises run applications in containers in production environments. Portworx has raised more than $55 million in venture backing from GE Ventures, Mayfield Fund, Sapphire Ventures and others, reaching a $137 million valuation last year, according to PitchBook data. | | | | | | | | | | | | | | Who's in the newsletter today? | | People | | | | Investors | | | | Companies | | | | | | | | | |
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