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News Article | April 21, 2017
Site: www.reuters.com

(Reuters) - U.S. private equity firm KKR & Co LP and Japanese government-backed fund, Innovation Network Corp of Japan (INCJ), will submit a joint offer for Toshiba Corp's memory chip unit, the Nikkei business daily reported on Friday.


News Article | April 26, 2017
Site: tech.eu

French spend and procurement management software company Ivalua has raised $70 million from private equity firm KKR. Ivalua’s cloud-based software, like its Source-to-Pay (S2P) platform, is used by companies to manage spending and procurement in one platform. Its customer base includes large clients such as Honeywell, the City of New York, and Deutsche Telekom. “The spend management software market is undergoing a huge transformation, coming out from under the shadow of better-known SaaS sectors. Ivalua is a success story in this strategic market,” said David Khuat-Duy, CEO of the company, which is now headquartered in California. The investment from KKR will accelerate the company’s software development as well as help improve its reach into other markets. The market for spend management software is worth nearly $25 billion, said Lucian Schoenefelder, director at KKR. “The market is currently at an interesting inflection point away from really niche solution providers to more full suite providers like Ivalua; at the same time away from legacy on-premise ERP linked software towards more flexible cloud solutions,” he told Tech.eu. KKR will assist Ivalua with its growth in Europe and the US with an eventual push into the Asian market as well as provide business connections for its software. “We have a big portfolio of around 120 companies, mostly PE-backed companies, that are large and profitable and have significant spend,” explained Schoenefelder. These are all companies that need to manage their procurement costs and may use Ivalua, he added. Ivalua previously raised €3 million from Ardian (formerly Axa Private Equity) in 2011, who remain shareholders in the company.


News Article | April 28, 2017
Site: tech.eu

This week, Tech.eu tracked 10 technology M&A transactions and 72 tech funding deals totalling €821.9 million in Europe, Turkey and Israel. Like every week, we listed every single one of them in our free weekly newsletter, along with interesting news regarding fledgling European startups, tech investors old and new, a number of good reads published elsewhere, government and policy news, as well as an overview of interesting lists, facts and figures from a wide variety of sources. You can subscribe to our newsletter below to receive all this information in your inbox every Friday afternoon for free, but here’s an overview of the 10 biggest European tech news items for this week: 1) Spotify has acquired US blockchain startup Mediachain Labs, though no terms were disclosed. Mediachain Labs, headquartered in Brooklyn, has created a solution called the Mediachain protocol, via the blockchain, that links a creator’s content online with information about the creator. 2) Uber is offering more security for UK drivers who rely on its app to make a living, with an insurance plan that gives cover if they’re sick or injured. Drivers who have completed at least 500 Uber journeys to date can pay £2 a week, or £104 a year, for the benefits package, which covers them if they’re sick, injured or on jury duty. 3) Germany’s Delivery Hero, the food delivery marketplace, has announced its latest revenue figures which show a 71% increase in revenue in 2016, with the company tipped for an IPO. 4) Rocket Internet increased sales and shrank losses at some of its biggest startups, bringing the company closer to a target of having three of its main investments break even by the end of this year. 5) French spend and procurement management software company Ivalua has raised $70 million from private equity firm KKR. 6) LoveCrafts, a social platform for crafts, has raised £26 million in a round led by Scottish Equity Partners (SEP) with participation from previous investors Balderton and Highland Europe. 7) UK medtech startup Babylon Health has raised $60 million for its AI-based medical advice app. The investment comes from NNS holdings, Vostok New Ventures, and existing investor Kinnevik. 8) UK EdTech startup Gojimo has been acquired by the Telegraph Media Group for an undisclosed sum. The startup, founded by George Burgess at the age of 17, had raised $3 million in funding to date. 9) UiPath, a Romanian-founded automation software firm, has announced a $30 million Series A round led by Accel. Earlybird Venture Capital, Credo Ventures, and Seedcamp also participated in the round. 10) Fintech startup Token has announced a Series A round of $15.7 million for its banking platform that helps financial services stay in line with EU regulations. The funding round comes from Stockholm’s EQT Ventures, London’s Octopus Ventures, and Helsinki’s OP Financial Group. Bonus link: Tech.eu has released its combined European Tech Funding and Exits Report for Q1 2017


The report Strategic Trends in Private Equity and Venture Capital Funding for Healthcare provides a comprehensive analysis on emerging investment trends within the healthcare industry. Private equity (PE) and venture capital (VC) funds have been important participants in a wide range of industries for many decades - particularly the healthcare industry. Completed global healthcare private equity deal values exhibited a negative compound annual growth rate (CAGR) of 11.8% from 2010 to 2015, with 2010 recording a total of $33.9 billion, falling to $18.1 billion by 2015. In 2007, the total value of completed global healthcare Private Equity deals was USD 66.2Billion. This plummeted by 81% to USD 12.6 Billion in 2008. In 2010, the market showed signs of recovery when deal values reached an aggregate of USD 33.9 Billion, an increase of 170.3% from 2008. However, recent years have witnessed a steady decline, with 2015 and 2014 being the exception. Deal values exhibited a negative compound annual growth rate (CAGR) of 11.8% from 2010 to 2015, with 2015 recording a total of USD 18.1 Billion. Despite the recent uptick, 2015 values were nowhere near pre-crash levels. For example, PE deal values recorded totals of USD 53.6 Billion and USD 66.2 Billion in 2006 and 2007, respectively. The continued decline in R&D productivity is one of the most important challenges the healthcare industry is facing at a global level. Blockbuster therapies, for example, have become increasingly rare, and many drugs continue to face reimbursement challenges in key markets, resulting in declining revenues for companies. 1 Table of Contents 1.1 List of Tables 1.2 List of Figures 2 Introduction 2.1 Overview of Private Equity and Venture Capital 2.2 The Significance of Private Equity and Venture Capital in the Healthcare Industry 2.2.1 The Venture-Backed Healthcare Innovation Model 2.2.2 Critical Factors to Consider when Selecting a Venture Capital Firm 2.2.3 What Are the Types of Private Equity Firms Operating in the Healthcare Industry? 3 Global Trends in Private Equity and Venture Capital Investments in the Healthcare Industry 3.1 Is R&D Productivity in Healthcare Still Declining? 3.2 What is Causing the Increase in the Cost of Bringing Medical Interventions to Market? 3.3 Global Healthcare Private Equity Deal Trends: Volume and Value, 2006-2015 3.4 Regional Healthcare Private Equity Deal Trends: Volume and Value, 2006-2015 3.5 Which Therapy Areas Are Receiving Noteworthy Private Equity Investment? 3.6 Top 10 Healthcare Private Equity Deals, 2015 3.7 Top 10 Healthcare Venture Capital Deals, 2015 3.8 Are New Companies in the Healthcare Industry Living in a Post-VC Era? 3.9 What are the Risks if Investments in the Healthcare Industry Decrease Significantly? 3.10 New Funding and Investment Models Emerging in the Healthcare Industry 3.10.1 The Role of Crowdfunding in Early-Stage Healthcare in the Post-VC Era 4 US Private Equity and Venture Capital Industry Dynamics 4.1 Immediate Aftermath of the 2008 Global Financial Crisis on the Value of Capital Commitments to Private Funds in the US 4.2 Venture Capital Fundraising Trends in the US: Volume and Value of Funds, 2006-2015 4.3 US Venture Capital Investment Trends 4.4 Is Biotechnology Still Playing Second Fiddle to the Software Sector? 4.5 Trends in Seed Stage VC Financing in the US by Volume and Value, 2015 4.6 US Venture-Backed Exits, Volume and Value, 2006-2015 4.7 US Venture-Backed Healthcare Acquisitions 2006-2015 5 Equity Offerings in the Healthcare Sector, Value and Volume, 2006-2015 5.1 US Venture-Backed Initial Public Offerings in Healthcare, 2006-2015 5.2 Company Profiles and Initial Public Offer Details 5.2.1 Axovant Sciences (Stock Symbol: AXON) 5.2.2 NantKwest (Stock Symbol: NK) 5.2.3 Adaptimmune Therapeutics (Stock Symbol: ADAP) 5.2.4 Spark Therapeutics (Stock Symbol: ONCE) 5.2.5 Aimmune Therapeutics (Stock Symbol: AIMT) 5.2.6 Blueprint Medicines (Stock Symbol: BPMC) 5.2.7 RegenxBio (Stock Symbol: RGNX) 5.2.8 ProNAi Therapeutics (Stock Symbol: DNAI) 5.2.9 Seres Therapeutics (Stock Symbol: MCRB) 5.2.10 Global Blood Therapeutics (Stock Symbol: GBT) 6 Private Equity Firms, Company Drill-Downs 6.1 TPG Capital 6.2 The Carlyle Group 6.3 Apax Partners 6.4 KKR & Co 6.5 Warburg Pincus 6.6 Bain Capital Private Equity 7 Venture Capital Firms, Company Drill-Downs 7.1 New Enterprise Associates 7.2 OrbiMed Advisors 7.3 Kleiner Perkins Caufield & Byers 7.4 Flagship Ventures 7.5 Third Rock Ventures 7.6 Versant Ventures 8 Future Outlook 8.1 What Factors will Drive Investment in Healthcare Industry in Coming Years? 8.2 Will New Financing Models Provide Sustainable Growth for Early-Stage Healthcare Companies? 8.3 Which Geographical Markets will Drive Investment in Healthcare in Foreseeable Future? 8.4 How will Venture Capital Firms React to Increasing Competition in Healthcare Sector? 9 Conclusions 10 Bibliography 11 Appendix Companies Mentioned - Adaptimmune Therapeutics - Aimmune Therapeutics - Apax Partners - Axovant Sciences - Bain Capital Private Equity - Blueprint Medicines - Flagship Ventures - Global Blood Therapeutics - KKR & Co - Kleiner Perkins Caufield & Byers - NantKwest - New Enterprise Associates - OrbiMed Advisors - ProNAi Therapeutics - RegenxBio - Seres Therapeutics - Spark Therapeutics - TPG Capital - The Carlyle Group - Third Rock Ventures - Versant Ventures - Warburg Pincus For more information about this report visit http://www.researchandmarkets.com/research/mcgznj/strategic_trends To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/strategic-trends-in-private-equity-and-venture-capital-funding-for-healthcare---research-and-markets-300443446.html


LOS ANGELES, April 19, 2017 (GLOBE NEWSWIRE) -- Great American Capital Partners, LLC (GACP) and KKR Capital Markets LLC announced that they have entered into an agreement with Sears Canada, Inc. (TSX:SCC) to provide a C$300 million senior secured term loan. The first tranche of C$125 million was drawn at closing and the second delayed draw tranche is up to C$175 million. Proceeds from the loan will be used for general corporate purposes. GACP is a wholly owned subsidiary of B. Riley Financial (NASDAQ:RILY). Sears Canada Inc. operates over 200 stores under five different banners, including Full-line Stores, Outlet Stores, Home Stores, Hometown Stores and Corbeil Stores. The Toronto-based department store chain sells apparel, appliances, home décor products and various other goods. "GACP is pleased to work with Sears Canada and provide it the capital to achieve its operating plan,” said Robert Louzan, Managing Director of GACP. “This transaction is another example of GACP’s ability to provide creative solutions to the challenging retail environment.” “Sears Canada is a longstanding brand with a household name. We are pleased to support the company’s reinvention and its focus on offering Canadian consumers a variety of shopping options to meet their needs,” said George Mueller, Director, KKR Credit Advisors. “We are pleased to have the support of GACP and KKR as Joint Lead Arrangers,” said Brandon G. Stranzl, Executive Chairman, Sears Canada Inc. “Sears Canada’s reinvention is well underway and we look forward to sharing our progress on new initiatives with Canadians as we move through 2017.” About Great American Capital Partners, LLC GACP, a division of B. Riley Capital Management, an SEC Registered Investment Advisor and a wholly owned subsidiary of B. Riley Financial, Inc. (NASDAQ:RILY), originates and underwrites senior secured loans across a wide array of industries. GACP is dedicated to providing opportunistic and responsive capital to the underserved middle market. B. Riley Financial, Inc. is a publicly traded, diversified financial services company which takes a collaborative approach to the capital raising and financial advisory needs of public and private companies and high net worth individuals.


LOS ANGELES, April 19, 2017 (GLOBE NEWSWIRE) -- Great American Capital Partners, LLC (GACP) and KKR Capital Markets LLC announced that they have entered into an agreement with Sears Canada, Inc. (TSX:SCC) to provide a C$300 million senior secured term loan. The first tranche of C$125 million was drawn at closing and the second delayed draw tranche is up to C$175 million. Proceeds from the loan will be used for general corporate purposes. GACP is a wholly owned subsidiary of B. Riley Financial (NASDAQ:RILY). Sears Canada Inc. operates over 200 stores under five different banners, including Full-line Stores, Outlet Stores, Home Stores, Hometown Stores and Corbeil Stores. The Toronto-based department store chain sells apparel, appliances, home décor products and various other goods. "GACP is pleased to work with Sears Canada and provide it the capital to achieve its operating plan,” said Robert Louzan, Managing Director of GACP. “This transaction is another example of GACP’s ability to provide creative solutions to the challenging retail environment.” “Sears Canada is a longstanding brand with a household name. We are pleased to support the company’s reinvention and its focus on offering Canadian consumers a variety of shopping options to meet their needs,” said George Mueller, Director, KKR Credit Advisors. “We are pleased to have the support of GACP and KKR as Joint Lead Arrangers,” said Brandon G. Stranzl, Executive Chairman, Sears Canada Inc. “Sears Canada’s reinvention is well underway and we look forward to sharing our progress on new initiatives with Canadians as we move through 2017.” About Great American Capital Partners, LLC GACP, a division of B. Riley Capital Management, an SEC Registered Investment Advisor and a wholly owned subsidiary of B. Riley Financial, Inc. (NASDAQ:RILY), originates and underwrites senior secured loans across a wide array of industries. GACP is dedicated to providing opportunistic and responsive capital to the underserved middle market. B. Riley Financial, Inc. is a publicly traded, diversified financial services company which takes a collaborative approach to the capital raising and financial advisory needs of public and private companies and high net worth individuals.


LOS ANGELES, April 19, 2017 (GLOBE NEWSWIRE) -- Great American Capital Partners, LLC (GACP) and KKR Capital Markets LLC announced that they have entered into an agreement with Sears Canada, Inc. (TSX:SCC) to provide a C$300 million senior secured term loan. The first tranche of C$125 million was drawn at closing and the second delayed draw tranche is up to C$175 million. Proceeds from the loan will be used for general corporate purposes. GACP is a wholly owned subsidiary of B. Riley Financial (NASDAQ:RILY). Sears Canada Inc. operates over 200 stores under five different banners, including Full-line Stores, Outlet Stores, Home Stores, Hometown Stores and Corbeil Stores. The Toronto-based department store chain sells apparel, appliances, home décor products and various other goods. "GACP is pleased to work with Sears Canada and provide it the capital to achieve its operating plan,” said Robert Louzan, Managing Director of GACP. “This transaction is another example of GACP’s ability to provide creative solutions to the challenging retail environment.” “Sears Canada is a longstanding brand with a household name. We are pleased to support the company’s reinvention and its focus on offering Canadian consumers a variety of shopping options to meet their needs,” said George Mueller, Director, KKR Credit Advisors. “We are pleased to have the support of GACP and KKR as Joint Lead Arrangers,” said Brandon G. Stranzl, Executive Chairman, Sears Canada Inc. “Sears Canada’s reinvention is well underway and we look forward to sharing our progress on new initiatives with Canadians as we move through 2017.” About Great American Capital Partners, LLC GACP, a division of B. Riley Capital Management, an SEC Registered Investment Advisor and a wholly owned subsidiary of B. Riley Financial, Inc. (NASDAQ:RILY), originates and underwrites senior secured loans across a wide array of industries. GACP is dedicated to providing opportunistic and responsive capital to the underserved middle market. B. Riley Financial, Inc. is a publicly traded, diversified financial services company which takes a collaborative approach to the capital raising and financial advisory needs of public and private companies and high net worth individuals.


News Article | April 18, 2017
Site: www.prweb.com

Pelican 1 Owner, LLC, the developer for Mystique, has announced that building development and construction activities continue at the new ultra-luxury high-rise in the exclusive Pelican Bay community in Naples. Pelican 1 Owner, LLC, is an equal partnership between an affiliate of the global investment firm Kohlberg Kravis Roberts & Co. L.P. (KKR) and an affiliate of the Gulf Bay Group of Companies (Gulf Bay). With Mystique’s development activities progressing – subsurface preparation for the structural foundation, including clearing and grading, has been completed, and installation of underground infrastructure, including water, sewage, drainage and fire, has been substantially completed in preparation for the driving of the piles – a Notice of Commencement has been recorded with Collier County. Additionally, Miami-based Coastal Construction Group has been announced as the general contractor. “Coastal Construction has completed numerous world-class projects, and we’re pleased to work with them on Mystique,” said Gulf Bay Group of Companies President Aubrey Ferrao. Established in 1988, Coastal Construction is one of the nation’s leading construction management firms and one of the largest general contractors in the state of Florida. The fifth generation family owned business specializes in building high-end properties including condominium and resort towers as well as luxury homes. With a distinguished roster of both public and private clients, Coastal has completed more than 10,000 residential units and 50 hotels, including world-class properties for luxury brands such as St. Regis, The Ritz-Carlton and Four Seasons. Tom C. Murphy, Coastal Construction co-president, said Mystique represents a new lifestyle in Naples, which will appeal to buyers because of its architecture, residences and amenities. “Mystique is unique within the Naples marketplace, featuring an elegant blend of both a modern and traditional aesthetic,” Murphy said. “We are honored be a part of this project and work alongside this reputable development team.” Located just steps from the beach on one of only two remaining zoned developable land parcels in Naples between The Ritz-Carlton on the beach and Port Royal, the 20-story Mystique offers 68 estate and four penthouse residences with expansive living spaces and beautiful terrace views toward the Gulf of Mexico from most units. Additionally, Mystique offers nine Jardin residences. Mystique’s resort-inspired outdoor recreational amenities include a tropical pool, sun deck with pergolas and lush landscaping, and two Har-Tru tennis courts above the garage deck. Mystique’s exquisite lobby-level amenities include custom-designed interior spaces for socializing, including a club room, parlor, salon, library and solarium/card room. Mystique also offers a theater, billiard room, board room, state-of-the-art health and fitness club with the latest in exercise and wellness equipment, ladies’ and men’s steam rooms and showers, and massage rooms with on-call masseurs and masseuses. Mystique’s building amenities include a 24-hour staffed front desk with a monitored video/electronic closed circuit surveillance system, surveillance cameras at all owner entry accesses, and a two-level parking garage with controlled access. Residents also will enjoy the exclusive and renowned amenities of the prestigious Pelican Bay, including private, beachfront dining, extensive walking and biking trails, chauffeured tram service, and private access to nearly three miles of unspoiled Gulf of Mexico beaches. Estate residences at Mystique range in size from 4,003 to 5,280 square feet of air-conditioned living space and are priced from over $3 million to over $7 million. Penthouses span from 4,431 to 5,703 air-conditioned square feet, and ranged in price from $8 million to $9.5 million. All penthouse residences at Mystique have been sold. Mystique also offers Jardin residences ranging from 1,370 to 2,396 air-conditioned square feet, and priced from $1.2 to $2.2 million. Premier Sotheby’s International Realty, the exclusive listing agent for Mystique, is based out of the on-site sales center. Founded in 1986, Gulf Bay has successfully completed 14 luxury properties along the 1.5 mile stretch of Gulf-front land within Pelican Bay. In addition to its history in Pelican Bay, Gulf Bay’s other award-winning developments include The Brittany on Park Shore Beach; Marco Beach Ocean Resort® on Marco Island; and the 4,000-acre award-winning, master-planned community of Fiddler’s Creek®. The Gulf Bay’s completed and under development build-out market value of luxury residential properties is estimated in excess of $5 billion. KKR is a leading global investment firm that manages investments across multiple asset classes, with over $100 billion in assets under management. For more information about Mystique, call 239-598-9900, stop by the sales center at 6885 Pelican Bay Blvd., or visit http://www.MystiquePelicanBay.com.


NEW YORK--(BUSINESS WIRE)--Q1 2017 global upstream oil and gas M&A transaction value was $61 billion, the strongest first quarter in the past ten years and almost half the $130 billion in 2016, according to oil and gas information provider 1Derrick. US M&A deal activity for the quarter remained strong at $23 billion, at par with the prior two quarters. The $23 billion included 20 deals above $100 million, 5 of which were over $1 billion. Fourteen of the top twenty US deals were transacted in the Permian Basin, including the three largest. ExxonMobil acquired Delaware Basin assets in New Mexico from the Bass brothers for $5.6 billion, Noble Energy announced the $3.2 billion purchase of Delaware Basin focused Clayton Williams, and Parsley Energy acquired $2.8 billion in acreage in Midland Basin from private equity (PE) backed Double Eagle Energy. For deals valued over $100 million in Permian, 9 were in Delaware Basin versus 5 in Midland Basin. The metrics for undeveloped acreage (adjusted for the value of production) in the Delaware Basin touched a high of $35,000/Acre in Marathon’s $700 million acquisition of Black Mountain’s acreage. The acreage metric for deals focused on Reeves county ranged $28,000 – $32,000 per Acre during the quarter. Midland basin acreage saw a high of $38,000/Acre in the Parsley-Double Eagle deal. The acreage metrics were admittedly high, but did not cross the peaks of $46,000/Acre in the RSP Permian-Silver Hill deal ($2.4 billion, Oct-2016) in the Delaware Basin and $58,000/Acre in the QEP-RK Petroleum deal ($600 million, Jun-2016) in the Midland basin. PE backed companies were involved in half of the US top 20 deals, monetizing assets in the Permian and buying into the Eagle Ford Shale. Significant PE divestitures include Post Oak Energy Capital exiting Double Eagle and BC Operating; Riverstone Holdings exiting Carrier Energy and Trail Ridge Energy Partners II. On the buy side, Blackstone together with Sanchez, KKR backed Venado and Warburg Pincus backed Hawkwood Energy bought into Eagle Ford assets. “Permian deals continued to dominate the US M&A market, reaching a new quarterly record at $17 billion in deal value. Buyers were clearly scrambling to get their hands on what they could in the best tight oil play in the world before all opportunities got taken up” commented Ajit Thomas, Managing Director, 1Derrick. Outside the US, Canadian transactions accounted for $25 billion, or 65%, of the $39 billion in international activity, driven by two mega oil sands transactions. ConocoPhillips divested oil sands and Deep Basin gas assets to Cenovus for $13.3 billion and Shell sold bitumen projects to Canadian Natural Resources for $8.5 billion. Three North Sea transactions were among the top ten deals, including Shell’s $3 billion sale of UK properties to Chrysaor, backed by Harbour and EIG Global, and ExxonMobil’s $ 1 billion divestment of operated Norwegian Continental Shelf fields to HitecVision backed Point Resources. “Private Equity became active. Internationally deals crossed the finishing line with transaction structures that included payments contingent on milestones and oil prices and kept some decommissioning liabilities with the sellers.” Said Mangesh Hirve, COO of 1Derrick. Other significant transactions were in Africa. ExxonMobil acquired 25% working interest in Area-4, Mozambique from Eni and Shell divested Gabon assets to Carlyle Group backed Assala Energy. Tullow divested interests in Lake Albert project, Uganda to China’s CNOOC and French Major Total. 1Derrick/Derrick Petroleum Services (www.1derrick.com) is an independent oil and gas research firm with offices in Houston, New York, London, Singapore and Bangalore. For more information on its industry leading databases and reports on M&A, business development strategy, new ventures, and exploration, please contact Ajit Thomas at Ajit.Thomas@1Derrick.com or 1.646.284.8661.

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