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| Pandemic-proof tech listings bring life to slow UK IPO market | |  | | Deliveroo is said to be preparing its IPO after an increase in demand during the pandemic. (Jack Taylor/Getty Images) | | | The £1.9 billion (around $2.5 billion) London debut of ecommerce company The Hut Group has signaled a rebound for an IPO market hard hit by the coronavirus pandemic and Brexit. And more listings are expected in the coming months.
When compared to the US IPO market, recovery in Europe has been slower, but some industry experts are hopeful that those companies successfully weathering the pandemic could lead a revival: | | | | | | | | | | Uber looks beyond ridehailing with $500M freight business boost | |  | | (Courtesy of Uber) | | | More than six months after the pandemic devastated Uber's core ridehailing business, the company's future continues to take shape.
Uber Freight has raised $500 million—its first external funding—led by private equity firm Greenbriar Equity. The deal underscores Uber's plan to diversify its business away from ridesharing by accelerating the growth of its end-to-end delivery network: | | | | | | | |
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| Japan's NEC to buy PE-backed Swiss fintech business Avaloq | | Japanese tech giant NEC has agreed to buy Swiss banking software business Avaloq for 2.05 billion Swiss francs (around $2.2 billion), making an exit for its PE-backer Warburg Pincus. NEC is understood to have beat rival bids from the likes of Apax Partners, Motive Partners and Nordic Capital. Warburg Pincus, which had reportedly been looking to exit the business since as early as November 2019, acquired a 35% stake in Avaloq in 2017, which it later increased to 45%.
Founded in 1985, Avaloq provides cloud computing to banks and wealth managers by offering business processes as a service and SaaS products. The deal, which is set to be completed in April, will see NEC jump on a growing trend for digitalization in the banking sector. The company has undergone several years of restructuring as it looks to both shed unprofitable operations and move into new business areas. Its last European deal was in Feb. 2019, when it acquired Danish software company KMD for €1.23 billion. | | | | | | | | | | Crowdfunding startup Crowdcube buys Seedrs | | UK equity crowdfunding business Crowdcube has agreed to buy its rival Seedrs. The two companies say the deal will create one of the world’s largest private equity marketplaces. Both were hit hard by the pandemic. In June, Crowdcube saw investments on its platform were down 10% compared to May 2019. Meanwhile, Seedrs made salary cuts and furloughs in June.
Shareholders in Crowdcube—which raised over £35 million from investors including Draper Esprit and Balderton Capital, according to the PitchBook platform—will hold 60% of the combined group, which will be run by Seedr’s current CEO Jeff Kelisky. Seedrs has secured more than £30 million in funding. It is backed by VCs including Augmentum, Bluebird Partners and LC Ventures.
Since 2011, over 1,500 companies have received more than £2 billion across both business’ platforms. Payments group Revolut and beer maker Brewdog are among those to have used their crowdfunding services. The merger is expected to complete by the end of the year of early 2021. | | | | | | | | | | Navigating cash flows and capital at risk during a crisis | |  | | (Orbon Alija/Getty Images) | | | Over the past 15 years, steadily falling interest rates have driven yield-hungry allocators to shift trillions of dollars into the private markets. For the LPs managing all those commitments, the coronavirus crisis has caused a number of new strains—including the risk for some overexposed allocators that portfolio holdings could lose significant unrealized value.
Even with months passing since the start of the crisis, the waters are still murky for LPs. Our latest Quantitative Perspectives research looks back to the global financial crisis to present a data-driven picture of what LPs should expect in the months to come in terms of managing cash flows, plus a new framework that can help investors better evaluate their capital at risk. Key takeaways include: - LPs should expect capital calls to outpace fund distributions while the crisis persists
- GPs who entered the crisis with much of their capital called down and little in realized distributions may struggle the most
- Preliminary data suggests private fund valuations have fallen materially in 2020 for many vintages
| | | | | | | | | | Trevor Milton resigned last month as executive chairman at Nikola after the company he founded was accused of misleading investors. It wasn't the first time the serial entrepreneur made promises he failed to keep. [The Wall Street Journal]
Actis built a reputation among private equity firms as a pioneer in emerging markets. But now, amid a broader industry pullback, the UK-based investor is changing tack. [Bloomberg]
So-called collab houses are popping up across Southern California, as teenagers from across the US follow the decades-old dream of moving to Hollywood to make it big. And where they go, drama follows. [Vox] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 65 Deals | 219 People | 44 Companies | | | | | | |
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| Roark wraps up $1.55B pact with ServiceMaster | | | Roark Capital has completed a deal to acquire the ServiceMaster Brands franchise business from pest control company ServiceMaster Global for $1.55 billion. ServiceMaster Global will now change its name to Terminix and begin trading on the Nasdaq under the symbol TMX. ServiceMaster Global received $1.1 billion in net proceeds from the transaction, which it will use to pay off roughly $800 million in debt. | | | | | | | | Kohlberg to take over Parts Authority | | | | | | |
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| Goldman Sachs to pay $2.5B for GM credit card business | | | Goldman Sachs has agreed on the outline of a deal to buy the General Motors credit card business for $2.5 billion, according to The Wall Street Journal. The investment bank reportedly beat out Barclays for the unit, which will mark its second foray into the credit card space, following the launch last year of a co-branded card with Apple. Goldman and Capital One, the GM card issuer since 2012, are expected to finalize an agreement in the coming weeks. | | | | | | | | Calumet considers sale of lubricants unit | | | Hydrocarbon products producer Calumet has begun working with advisers on a potential sale of its finished lubricants business, a deal that could garner as much as $500 million, according to Bloomberg. Private equity firms have expressed interest in the Indianapolis-based business, the report said. | | | | | | | | Smart thermostat maker Ecobee eyes SPAC merger | | | Ecobee, a maker of smart-home devices, is looking to go public via a merger with a Canaccord blank-check company, according to Bloomberg. A deal could reportedly value the combined company at $490 million, including debt. In 2018, Toronto-based Ecobee said its total fundraising had surpassed C$200 million (about $150 million at today's conversion rate). Its backers include the Amazon Alexa Fund, Caisse de dépôt et placement du Québec and Relay Ventures. | | | | | | | | Blue Wolf unloads pharmaceutical company for $225M | | | | | | |
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"Per the global norm, software startups dominate VC activity in Israel. ... Healthcare has been another strong sector in Israel for several years, particularly the devices and equipment space. The industry has been pushed to the forefront due to the coronavirus pandemic as supplies have been stretched. Although Israel's robust pipeline of healthcare startups operate in different niches, we could see greater consideration from international investors in Israel-based startups solving healthcare challenges in the future."
Source: PitchBook's 2020 Israel Private Capital Breakdown | | | | | |
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اللباس التقليدي الحضرمي للرجال مرحبا بكم في سلسلة اللباس التقليدي الحضرمي .. لنتعرف معا على تراثنا ...وربما أن بعض هذه الملابس لم تعد مس...
الغرف برس / خاص عقد قسم البرامج التعليمية بجمعية السبيل الاجتماعية الخيرية يوم الأحد 18 فبراير 2018 م لقاءا بأئمة المساجد المكفولين...
