MidMarketREWIND
December 6, 2010
So Groupon was just teasing Google. It didn't stop other deal sites from selling out on the buzz, as LivingSocial secured a sizeable investment from Amazon.com, while VC-backed WhaleShark Media acquired RetailMeNot. The LivingSocial deal was valued at around 2x forward looking revenues. It's only half of what Google was offering for Groupon's projected sales, which seemed a bit ambitious. That's a lot of pressure for Andrew Mason.
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The SPACs are apparently back, as JW Childs last week priced a $125 million blank check offering, while RLJ Companies followed suit, registering with the SEC for a proposed $125 million IPO that will be targeting an investment in the consumer product or retail segment. SPACs haven't had the best track record, if you consider the travails of American Apparel or the long list of abandoned deals. Recent offerings, also coming from Tom Hicks and LLM Partners, seem to highlight the importance of track record. Also, recent changes to SPAC terms, eliminating the shareholder vote, make the structure more palatable for deal pros like John Childs or Robert Johnson, who don't have the desire to spin their wheels on an investment only to have the shareholders strong arm concessions out of them to pass the deal.
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Motorola Mobility appears to be building scale ahead of its planned January spinout. It's just a hunch, but I wouldn't be surprised if the 4Home deal is just the first of many.
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There was an interesting acquisition from TPG Capital-backed Axcan last week. It's $1.3 billion deal for Eurand follows disappointing news from earlier this year, when Axcan did not recieve FDA approval for its new drug application of its coated PEP, Ultrase. The development had an impact on Eurand, as the company licenses, manufactures and supplies Ultrase capsules to Axcan. You have to wonder how much of a discount that meant for Axcan on this deal.
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In fundraising news, JMI held an impressive final close on its latest fund. It's probably just a coincidence, but the final close came about a week after the Securities and Exchange Commission put a definition of "venture capital." When JMI first launched the fund, as Mergers & Acquisitions reported earlier this year, the firm designated the vehicle as a VC fund in its Form D filing. The new vehicle was billed as a growth equity fund in the firm's marketing materials, ostensibly a concession that the firm would not be able to sidestep registration.
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Posted by: CHEN M | January 14, 2012 2:56 AM
a VC fund in its Form D filing. The new vehicle was billed as a growth equity fund in the firm's marketing materials, ostensibly a concession that the firm would not be able to sidestep registration.Wholesale Tablet PC
Posted by: Knife M | December 7, 2011 9:19 PM
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