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FinanceTerm Sheet

Term Sheet — Friday, March 27

By
Dan Primack
Dan Primack
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By
Dan Primack
Dan Primack
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March 27, 2015, 10:03 AM ET
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Random Ramblings

Just a few quick notes to finish up our week:

• New firm alert: Healthy Ventures has launched as a San Francisco-based seed investment group focused on digital health. It already has raised $10.7 million for its debut fund (per SEC filing), and its co-founders are Anya Schiess (most recently VP of strategy and biz dev for Cardinal Health) and Enmi Kendall (healthcare-focused angel, founder of Replyforall).

• Update #1: Last week we reported that Doordash, an on-demand delivery service for local restaurants, has raised around $35 million in new VC funding at a valuation of nearly $600 million. Kleiner Perkins was the lead investor, with John Doerr taking the board seat.

The company made it official yesterday, although I was $5m low on the raise ($40m in reality), with all existing investors also participating.

• Update #2: Earlier this year we discussed the status of Kevin Burns with TPG Capital, vis-a-vis his role as interim president and COO of yogurt maker Chobani (which last year received a $750m loan with warrants  from TPG). Multiple sources say that he is now in advanced talks to take the president and COO role full-time, to the point that TPG has named an interim head of the general industrials group that Burns had led.

Chobani continues its lengthy search for a fulltime CEO (it's using an outside headhunting firm), and it's unclear if Burns remains in the mix for that position (I'd say even odds that the fulltime prez/COO role is a trial run for CEO).

• Update #3: Speaking of TPG, there has not yet been any progress in its lawsuit against former spokesman Adam Levine, who stands accused of leaking confidential firm documents. Levine has not yet responded to TPG's January complaint, and early attempts to serve him were unsuccessful. A judge approved TPG's motion for "substituted service," which basically means it could serve the complaint to Levine via three methods: Leaving it with his doorman, sliding it under his apartment door and sending it via email to his personal account. This happened late last week, and Levine now has three weeks to respond.

• Tick-tock: No verdict yesterday in the Pao vs. KPCB trial, although lawyers were called back in a couple of times as the jury requested various testimony transcripts. As I wrote yesterday, this isn't a slam-dunk for either side.

• Well, this is terrible: The Verge is reporting that Amazon is requiring part-time warehouse workers to sign 18-month noncompete contracts. So if you pick items off shelves for Amazon during holiday season, you're contractually prevented from working in another warehouse for the next year and a half! I didn't realize Amazon sold lumps of coal...

• Newsstand: Fortune's new issue is out, and it includes our annual list of the World's Greatest Leaders. The only financial type on there is Jamie Dimon, although VC-backed entrepreneur Travis Kalanick also made the cut. So did Jeff Bezos, which perhaps we should reconsider given the prior item. Anyway, here's the whole grouping for you to laud and criticize.

• Have a great weekend.

THE BIG DEAL

• Builders FirstSource Inc. (Nasdaq: BLDR) is in talks to acquire rival residential building products company ProBuild Holdings Inc. for Devonshire Investors for approximately $1.5 billion (including debt), according to Reuters. Read more.

VENTURE CAPITAL DEALS

• Quickplay, a Toronto-based managed service solution for the distribution of premium media to devices, has raised C$57 million in growth capital funding from Madison Dearborn Partners, Orix Ventures and Difference Capital Financial. www.quickplay.com

• GreenRoad, a San Jose, Calif.-based provider of driver behavior and fleet performance services, has raised $26 million in growth equity funding. Israel Growth Partners led the round, and was joined by return backers Amadeus Capital Partners, Benchmark, DAG Ventures, Generation Investment Management and Virgin Green Fund. www.greenroad.com

• Amplience, a New York-based “big content” platform for marketers and e-commerce providers, has raised $10.5 million in Series B funding. Octopus Investments led the round, and was joined by return backers Northstar Ventures and Silicon Valley Bank. www.amplience.com

• Dream Payments, a Toronto-based mobile payment platform, has raised C$6 million in new VC funding from Blue Sky Capital, Real Ventures and Rouge River Capital. www.dreampayments.com

Security Innovation, a Wilmington, Mass.-based provider of cybersecurity solutions for enterprise applications, has raised $4 million in new VC funding led by Brook Venture Partners. www.securityinnovation.com

PRIVATE EQUITY DEALS

• Insight Venture Partners has completed its previously-announced take-private acquisition of E2open Inc., a Foster City, Calif.-based provider of cloud solutions for collaborative planning and execution across global trading networks. The $8.60 per share deal valued E2open at approximately $273 million. www.e2open.com

• Kohlberg & Co. has acquired AM Conservation Group, a Charleston, S.C.–based provider of energy and water efficiency programs and services. Sellers include GrowthWorks and Trivest Partners. No financial terms were disclosed. www.amconservationgroup.com

• Nordic Capital has acquired Resman AS, a Norway-based oil and gas services company, from Verdane Capital and Statoil Technology Invest. No financial terms were disclosed, but media reports suggest that Verdane generated an 8x return from its original investment. www.resman.no

• company of H.I.G. Europe, has acquired Monal Group, a French provider of technical consulting services for media industry. No financial terms were disclosed. www.tres60grupo.com

• Victory Park Capital and Boathouse Capital have sponsored a management buyout of KBP Foods, an Overland Park, Kansas-based operator of approximately 220 restaurants under the KFC, Taco Bell and Long John Silver’s brands. No financial terms were disclosed. www.kbp-foods.com

• Wind Point Partners has acquired Gehl Foods, a Germantown, Wis.-based maker of dairy products. No financial terms were disclosed, except that Gehl Foods generated nearly $250 million in revenue last year. www.gehlfoods.com

IPOs

• SolarEdge Technologies, an Israel-based provider of distributed solar power harvesting and monitoring solutions, raised $126 million in its IPO. The company priced 7 million shares at $18 per share (high end of $16-$18 range), for an initial market cap of approximately $685 million. It will trade on the Nasdaq under ticker symbol SEDG, while Goldman Sachs and Deutsche Bank served as lead underwriters. SolarEdge reports nearly $6 million in net income on $140 million in revenue for the second half of 2014. Shareholders include Opus Capital (14.64% pre-IPO stake), Genesis Partners (14.64%), Walden International (14.64%), Lightspeed Venture Partners (11.52%), Norwest Venture Partners (10.56%), Vertex Venture Capital (5.94%) and ORR Partners (5.47%). www.solaredge.com

• Valeritas Inc., a Bridgewater, N.J.-based maker of insulin delivery devices for Type 2 diabetics, has postponed its planned IPO, according to Renaissance Capital. The company had planned to offer 5 million shares at between $14 and $16 per share (market cap of $237m if it priced in the middle). Piper Jaffray and Leerink Partners were serving as lead underwriters. Valeritas reports nearly a $65.5 million net loss for 2014 on $13.5 million in revenue. Shareholders include Welsh Carson Anderson & Stowe, Onset Ventures and Pitango Venture Capital. www.valeritas.com

EXITS

• Output Services Group, an Englewood, N.J.-based provider of outsourced transactional communication management solutions, has acquired DoublePositive Marketing Group, a Baltimore-based lead generation firm, for an undisclosed amount. DoublePositive had raised VC funding from New Enterprise Associates, Southern Capitol Ventures, Hamilton Investment Partners and Slate Venture Group. Read more.

OTHER DEALS

• Amazon (Nasdaq: AMZN) is in talks to buy online luxury retailer Net-a-porter for around €2 billion, as first reported by Women’s Wear Daily. Read more.

• Royal Bank of Scotland (LSE: RBS) has agreed to sell the non-UK business of private banking group Coutts to Switzerland-based Union Bancaire Privée. No financial terms were disclosed. Read more. 

.

FIRMS & FUNDS

• American Industrial Partners is pre-marketing a sixth private equity fund that could target between $1.5 billion and $2 billion, according to peHUB. Read more.

MOVING IN, UP, ON & OUT

• Sunil Patel, a multi-organ transplant surgeon at the University at Buffalo, has joined NIN Ventures as a venture partner, with a focus on investments in the 3D printing space. www.nin.vc

Share today's Term Sheet:
http://fortune.com/2015/03/26/term-sheet-thursday-march-26

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