Fortune Termsheet By Dan Primack.
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September 20, 2016

Random Ramblings

Some items to kick off your Tuesday...

Coming attractions:혻Tintri,혻a Mountain View, Calif.-based provider of VM-aware storage for virtualization and cloud environments, has filed confidential IPO docs with the SEC, according to multiple sources. Word is that current plans are for an early 2017 offering.

The company ?빧쟷hich is a bit similar to upcoming IPO issuer Nutanix ?빧쟦as raised around $260 million in equity funding, most recently a $125 million Series F round in July 2015 at a $785 million post-money valuation. Shareholders include혻Silver Lake Kraftwerk,혻Insight Venture Partners, Lightspeed Ventures, Menlo Ventures and New Enterprise Associates. A혻Tintri혻spokesman declined comment, natch.

Well, that was unexpected: Unilever yesterday announced that it will acquire Seventh Generation,혻a Vermont-based maker of "green" household products like laundry detergent and diapers. A handful of notes on this one:

1. No financial terms were혻disclosed, but two혻sources familiar with the deal says that Unilever is paying between $600 million and $700 million in cash.

2. This was inbound interest rather than an auction, with Seventh Generation not engaging in takeover talks with any other company.

3. Seventh Generation has been around for over 30 years, and혻currently has private equity backing from such firms as Catamount Ventures, Generation Investment Management and Schooner Capital.

4. The timing is downright bizarre, given the recent reports that Unilever has been in talks to buy Honest Company. And I'm pretty sure the only people who know what's really going on are on the Unilver deal team (of which there is only one in North America). For starters, a source close to혻Seventh Generation says that Unilever never told it혻about a possible Honest Company deal (which would be a strange omission at the beginning of a partnership). Moreover the source doesn't believe a Unilever/Honest deal makes much sense, given that Unilever already just shelled out for a direct-to-consumer platform with Dollar Shave (7G mostly sells via retail partners). On the other hand, multiple sources familiar with Honest insist that there have indeed been serious negotiations about a tie-up (perhaps as part of a "corner the market" strategy from a product perspective). Got to wonder how much of what's going on might be banker posturing...

That's fine: First Reserve is the latest private equity firm to settle with the SEC over inadequate fee disclosures to its limited partners (plus some conflict of interest misdeeds), agreeing to pay out혻$3.5 million.

Recommended reading: We've written a lot about the appalling lack of women in decision-making roles within the U.S. venture capital and private equity industries.혻But the same problem is not true of China (at least within VC). Bloomberg's Shai Oster and Selina Wang have the story.

Fraudsters:혻I'm still reporting out the Sienna Ventures scam혻but, in the interim, feel obliged to혻offer up혻the following warning: If you receive an email from anyone at Sienna Ventures, Renaissance Recruiting or Prelude Recruiting, do not engage with them. They are not who they say they are. And if you have received such a message, please let me know (your confidentiality is assured). From what I can tell, this one is a bigger problem than "Asenqua Ventures."

STUFF TO READ AT FORTUNE.COM

Inside Wall Street's Greatest Feud: Icahn vs. Ackman By Michelle Celarier
Jack Ma's Grand Ambitions By Alan Murray
The FDA Just Made Its Most Controversial Drug Approval of the Year By Sy Mukherjee
Brexit Won't Be So Bad If the U.S. Strikes This Trade Deal By Alan Wolff
How Apple Is Pushing Its Suppliers to Use Clean Energy By Katie Fehrenbacher

THE BIG DEAL

혻Grab, a Singapore-based ride-hailing company, has raised $750 million in new equity funding led by Softbank. Read more.

VENTURE CAPITAL DEALS

혻Vlocity, a provider of혻cloud software for specific industries like insurance and telecommunications,혻has raised $50 million in new VC funding. Sutter Hill Ventures led the rund, and was joined by Salesforce Ventures, New York Life Insurance and return backer Accenture. Read more.

혻Vroom, a Grand Prairie, Texas-based online platform for used car purchases, has raised $50 million in Series E funding. T. Rowe Price led the round, and was joined by Altimeter Capital, Foxhaven Asset Management and return backers L. Catterton, General Catalyst Partners and Allen & Co. Read more.

혻4C Insights Inc., a Chicago-based provider of "data science and media technology with solutions for multi-screen convergence," has raised $26 million in Series C funding. Kayne Partners led the round, and was joined by return backers Jump Capital and Prime Ventures. www.4cinsights.com

혻Bitmovin, a Palo Alto, Calif.-based online media streaming platform, has raised $10.3 million in Series A funding led by Atomico. www.bitmovin.com

혻StarOfService, a French search platform for local services (i.e., Thumbtack for Europe), has raised $10 million in new VC funding from ENERN Investments, Point Nine Capital, Andrea Piccioni and Silvio Pagliani. Read more.

혻FoodCheri, a French food preparation and delivery startup, has raised €6 million in Series A funding from 360 Capital Partners, Breega Capital and Samaipata Ventures. Read more.

혻ACV Auctions, a New York-based wholesale purchasing platform for used-car dealers, has raised $5 million in Series A funding. Tribeca Venture Partners led the round, and was joined by SoftBank Capital NY, Armory Square Ventures and Rand Capital. The company also named George Chamoun, founder of Synacor (Nasdaq: SYNC), as CEO. www.acvauctions.com

혻Fauna Inc., a San Francisco-based developer of an adaptive operational database, has raised $4.5 million in seed funding. Charles River Ventures led the round, and was joined by Data Collective, Quest VP, the Webb Investment Network, Ulu Ventures and individual angels like Scott McNealy. www.fauna.com

혻Vestwell, a New York-based혻white-labeled retirement platform for the RIA community, has raised $4.5 million in new VC funding. FinTech Collective led the round, and was joined by F-Prime Capital, Primary Venture Partners and Commerce Ventures.

혻Solar Analytics, an Australian developer of residential smart solar management products, has raised A$4.4 million in new VC funding from backers like AGL Energy Ltd., David Griffin and John Clifford. Read more.

혻Cornami, a Santa Clara, Calif.-based high performance computing startup, has raised $3 million in Series B funding led by Impact Venture Capital. www.cornami.com

혻Insider, Turkey-based unified online marketing platform, has raised $2.2 million in Series A funding. 212 led the round, and was joined by Wamda Group, Oncu GSYO and return backer Galata Business Angels. Read more.

혻AdStage, a San Francisco-based cross-channel advertising suite, has raised $2 million in new VC funding from existing backer Verizon Ventures. www.adstage.io

혻Hostmaker, a London-based provider of hospitality management software, has raised $1.1 million in new VC funding. Initial Capital led the round, and was joined by DN Capital and DSG Consumer Partners. www.hostmaker.co

혻IRYStec Software Inc., a Montreal-based provider of perceptual display processing technology, has raised an undisclosed amount of Series A funding from firms like BDC Capital, Purple Angels Tandemlaunch. www.irystec.com

혻Norsk Titanium AS, a Norwegian provider of structural titanium components, has raised an undisclosed amount of VC funding from혻Applied Ventures. www.norsktitanium.com

PRIVATE EQUITY DEALS

혻Apollo Global Management reportedly may have interest in acquiring the assets of Community Health Systems Inc. (NYSE: CYH), a $1.4 billion U.S. hospital chain that said it is exploring strategic options that could include a sale. Read more.

혻General Electric (NYSE: GE) has received three private equity bids for its 43% stake in Hyundai Card, a South Korean credit card joint venture, according to a local media report. The deal could be valued at more than $535 million. Bidders include Affinity Equity Partners and PAG, with Goldman Sachs and Morgan Stanley managing the process. Read more.

혻Graphite Capital has acquired Beck & Pollitzer, a UK-based provider of industrial machinery installation and relocation services, from Bridgepoint Development Capital. No financial terms were disclosed. www.beck-pollitzer.com

혻JenCap Holdings LLC, a New York-based insurance brokerage platform backed by The Carlyle Group, has agreed to acquire M. J. Kelly Co., a Springfield, Mo.-based managing general agency and wholesale insurance brokerage. No financial terms were disclosed. www.jencapholdings.com

혻New Mountain Capital has invested in Island Medical Management LLC, a Hauppauge, N.Y.-based provider of outsourced healthcare practice management services to emergency departments, hospitalist programs and hospital-based urgent care centers. No additional terms were disclosed. www.immh.com

혻Patricia Industries, a portfolio company of혻Investor AB, has completed its previously-announced acquisition of LaborieMedicalTechnologies, an Ontario-based provider of혻medical혻devices for urological, pelvic health and gastrointestinal applications. No financial terms were disclosed. The seller was혻Audax Private Equity.혻www.laborie.com

혻Reimagine Holdings Group, a New Canaan, Conn.-based holding company focused on consumer insights and marketing services companies, has secured an undisclosed amount of new equity funding from BV Investment Partners. www.bvlp.com

혻Thomas H. Lee Partners has agreed to acquire System One, a Pittsburgh-based provider of specialized workforce solutions and integrated services, from MidOcean Partners. No financial terms were disclosed. www.systemoneservices.com

혻Wendel has agreed to acquire South Africa-based Tsebo Solutions Group, a pan-African facilities services provider, for approximately €331 million. Sellers include Rockwood Private Equity. www.wendelgroup.com

IPOs

FulgentGenetics Inc., a Temple City, Calif.-based provider of genetic testing services, has set its proposed IPO terms to 4.6 million shares being offered at between $12 and $14 per share. It would have an initial market cap of around $227 million, were it to price in the middle of its range. The company. The company plans to trade on the Nasdaq under ticker symbol FLGT, with Credit Suisse and Piper Jaffray serving as lead underwriters. The company reports a $5 million net loss on $7.4 million in revenue for the first six months of 2016.혻www.fulgentgenetics.com

Tabula Rasa HealthCare Inc., a Moorestown, N.J.-based provider of patient-specific medication management technology, has set its proposed IPO terms to 4.3 million shares being offered at between $13 and $15 per share. It would have an initial market cap of around $217 million, were it to price in the middle of its range. The company plans to trade on the Nasdaq under ticker symbol TRHC, with Wells Fargo and UBS serving as lead underwriters. Tabula Rasa reports a $77,000 net loss on $42.6 million in revenue for the first half of 2016. Shareholders include Originate Ventures (18% pre-IPO stake), Radius Ventures (11.5%) and Emerald Stage2 Ventures (6.2%). www.tabularasahealtcare.com

TradeDeskInc., a Ventura, Calif.-based self-serve digital ad platform, has increased its proposed IPO price range from $14-$16 per share to $16-$18 per share. It still plans to offer 4.67 million shares, and now would have initial market cap of approximately $650 million, were it to price in the middle of its range. The company plans to혻trade혻on the Nasdaq under ticker symbol TTD, with Citigroup serving as left lead underwriter.혻Trade혻Desk혻reports $6.6 million of net income on $76 million in revenue for the first six months of 2016, compared to 5.7 million of net income on $42 million in revenue for the year-earlier period. Investors include IA Ventures (19.8% pre-IPO stake), Founder Collective (14.1%), Wellington Management (11.5%) and Highwind (7%). www.thetradedesk.com

EXITS

Bow River Capital Partners has sold Professional Pediatric Home Care, a provider of home care services and therapy to medically fragile children and their families in Colorado, to Atlanta-based PSA Healthcare. No financial terms were disclosed. www.psahealthcare.com

혻Columna Capital has hired Evercore to find a buyer for Datamars, a Swiss animal tagging company that could be worth over $300 million, according to Reuters. Read more.

OTHER DEALS

혻Etsy (Nasdaq: ETSY) has acquired Blackbird Technologies, an AI and machine learning startup focused on search. No financial terms were disclosed. Read more.

혻Facebook (NYSE: FB) has acquired Nascent Objects, a San Carlos, Calif.-based modular electronics platform, for an undisclosed amount. Read more.

혻Renault and Nissan Motor have agreed to acquire혻French software development company Sylpheo혻for an undisclosed amount. Read more.

혻Tech Data Corp. (Nasdaq: TECD) has agreed to acquire the Technology Solutions business of Avnet Inc. (NYSE: AVT) for approximately $2.6 billion (including $2.4 billion in cash). Read more.

혻Twilio (NYSE: TWLO) has acquired the "proprietary WebRTC media processing technologies developed by the same team that also originally built the혻Kurento혻open source혻WebRTC media server," per TechCrunch, which adds that it also has hired the team. No financial terms were disclosed. Read more.

FIRMS & FUNDS

혻Dundee Venture Capital, an Omaha-based seed-stage VC firm, has closed its third fund with $20 million in capital commitments. www.dundeeventurecapital.com

혻Mubadala Development Co., a sovereign wealth fund in Abu Dhabi, has hired Campbell Lutyens & Co. for a strategic review that could include "moving some of its $2 billion private equity portfolio to another vehicle as part of the creation of an investment fund," according to Bloomberg. Read more.

혻Spectrum 28, a Menlo Park, Calif.-based VC firm co-founded by Kent Ho (ex-Harbor Pacific Capital) and Lyon Wong (ex- Lightspeed Venture Partners) has closed its debut fund with $170 million in capital commitments. www.spectrum28.com

혻Walgreens Boots Alliance혻(Nasdaq: WBA) reportedly has shuttered its corporate venture capital arm, B&B Investment Partners.

혻Wasserstein & Co. has closed its fourth mid-market private equity fund with $790 million in capital commitments.

MOVING IN, ON & UP

혻Rich Boyle and Joydeep Bhattacharyya have joined Canaan Partners as San Francisco-based partners. Boyle previously was an operating partner with Khosla Ventures, and before that was CEO of LoopNet.com. Bhattacharyya last was a principal with Shasta Ventures. www.canaan.com

혻Great Hill Partners has promoted Nick Cayer, Rafael Cofino and Peter Garran to partner. Cayer joined in 2006 and serves on the boards of AffiniPay, Chrome River, NMI, Vanco, and BlueSnap. Cofino joined in 2012 and serves on the boards of Qualifacts and RxBenefits. Garran came in 2008 and sits on the boards of CliqStudios, PuppySpot, Momondo, YogaWorks, The Shade Store and Educaedu. www.greathillpartners.com

혻Amit Jain has joined Frazier Healthcare Partners as an operating partner on the firm's growth buyouts team. He previously was an SVP and head of business operations at Omnicare Inc. www.frazierhealthcare.com

혻Robert Swan, the former eBay CFO who has been serving as an operating partner with private equity firm General Atlantic, has joined Intel Corp.혻(Nasdaq: INTC) as chief financial officer. Swan will replace Stacy Smith, who will remain with Intel is a new role leading sales, manufacturing and operations. Read more.

혻Marshall Taylor has joined Houlihan Lokey as a Dallas-based managing director and national healthcare leader for transaction advisory services. He previously was with Alvarez & Marsal. www.hl.com

혻Frank Witney has joined Ampersand Capital Partners as an operating partner. He previously served as president and CEO of genomics and cell biology products company Affymetrix (acquired earlier this year for $1.3 billion by Thermo Fisher Scientific). www.ampersandcapital.com

혻Paul Yang has joined KKR has head of Greater China, effective January 2017. He currently serves as president and CEO of China Development Financial Corp. www.kkr.com

혻Craig Zaph has joined Cowen Group as head of debt capital markets. He previously spent 18 years with Jefferies, most recently as a managing director and head of energy and shipping leveraged finance. www.cowen.com

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