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FinanceTerm Sheet

Deals of the day: Trinseo sets IPO terms

By
Dan Primack
Dan Primack
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By
Dan Primack
Dan Primack
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June 2, 2014, 11:30 AM ET
International
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Venture Capital Deals

Concurrent Inc., a San Francisco-based enterprise data application platform company, has raised $10 million in Series B funding. Bain Capital Ventures led the round, and was joined by return backers Rembrandt Ventures and True Ventures. Www.concurrentinc.com

Fortscale Security Ltd., an Israeli provider of cyber-attack protection solutions, has raised $10 million in VC funding. Intel Capital and Blumberg Capital co-led the round, and were joined by return backer Swarth Group. Www.fortscale.com

Commerce Guys
, developer of an ecommerce platform, has raised $7.3 million in Series B funding. Hi Inov led the round, and was joined by return backers ISAI, Alven Capital and Open Ocean Capital. Www.commerceguys.com

Sente Inc.
, a San Diego-based developer of medical skincare products, has raised $5 million in Series C funding. No investor information was disclosed. Www.sentelabs.com

DefiniGEN Ltd., a UK-based provider of stem cell life science products and services, has raised £1 million in Series A funding. Cambridge Enterprise and 24 Haymarket co-led the round, and were joined by LBA, Wren Capital, Ranworth Capital, Abcam PLC, Providence Investment Company and Cambridge Capital Group. Www.definigen.com

Private Equity Deals

AEA Investors and the Ontario Teachers’ Pension Plan has completed their acquisition of San Ramon, Calif.-based health club chain 24 Hour Fitness Worldwide Inc. No financial terms were disclosed.

The Carlyle Group has agreed to acquire a controlling stake in Oyatsu Company, the Japanese maker of Baby-Star brand ramen snacks. No financial terms were disclosed, but local news reports put the price-tag at approximately $194 million. Www.carlyle.com

First Reserve is partnering with China-listed Zhenghe Industrial Group Company Ltd. To pursue oil and gas investment opportunities in China and Central Asia. No financial terms were disclosed. Www.firstreserve.com

Francisco Partners has acquired a majority stake in  PayLease, a San Diego–based online payments provider for the property management and home owner association industry. No financial terms were disclosed, except that existing shareholder Mainsail Partners will retain an ownership position (as will PayLease’s founders and management). Www.paylease.com

GTCR has completed its previously-announced take-private acquisition of  Vocus Inc., a Beltsville, Md.–based provider of cloud marketing software. The deal was valued at  approximately $446.5 million in cash, or $18 per share. Www.vocus.com

HighWire Press, an auxiliary unit of Stanford University Libraries that provides technical services to scholarly publishers, has raised an undisclosed amount of private equity funding from  Accel-KKR. Www.highwire.org

Industrial Magnetics Inc., a Boyne City, Mich.-based portfolio company of River Associates Investments, has acquired Prater-Sterling Inc., a Bolingbrook, Ill.-based maker of particle processing equipment and control systems. No financial terms were disclosed, except that the deal was backed by $32.5 million in senior secured credit facilities arranged by Abacus Finance Group. Www.magnetics.com

Montagu Private Equity and Astorg Partners have agreed to acquire Sebia, a French in-vitro diagnostics protein testing business, from Cinven. No financial terms were disclosed. Www.sebia.com

Palladium Equity Partners has acquired Q’Max Solutions Inc., a Calgary–based oilfield services company with operations in Latin America, North America and Asia.  No financial terms were disclosed. Sellers include Banyan Capital Partners. Www.qmaxsolutions.com

Sentinel Capital Partners has acquired  PlayCore, a Chattanooga, Tenn.–based maker of playground and recreational equipment, from Irving Place Capital. No financial terms were disclosed. Www.playcore.com

IPOs

Pacific Equity Partners said that it is considering flotation for Australian toiletries maker Asaleo Care Ltd. That could raise up to A$690 million. Www.pep.com.au

Trinseo SA, a Berwyn, Penn.-based specialty polymers and plastics company owned by Bain Capital, has set its IPO terms to 10 million shares being offered at between $17 and $19 per share. It would have an initial market cap of around $851 million, were it to price in the middle of its range. The company plans to trade on the NYSE under ticker symbol TSE, with Goldman Sachs listed as left lead underwriter (12 banks listed overall). Trinseo reports a $22 million net loss on $5.3 billion of revenue for 2013, compared to $30 million in net income on $5.45 billion in revenue for 2012.

M&A

Aduro BioTech has agreed to grant Janssen Biotech Inc., a subsidiary of Johnson & Johnson(NYSE: JNJ), an exclusive global license to certain prostate cancer-focused immunotherapy product candidates, for upwards of $365 million in upfront license fees and milestone payments. Aduro BioTech is a Berkeley, Calif.-based immunotherapy developer that has raised over $30 million in VC funding from such firms as Morningside Ventures. Www.adurobiotech.com

Dai-ichi Life Co., a Japanese life insurance company, is in “advanced talks” to buy Birmingham, Ala.-based Protective Life Corp. (NYSE: PL) for more than $5 billion, according to Reuters. Protective Life closed trading Friday with a market cap just north of $4.1 billion. Read more.

GlaxoSmithKline (LSE: GSK) has entered into a strategic collaboration and licensing agreement with UK-based Adaptimmune Ltd. To further develop and commercialize a cancer treatment focused on strengthening white blood cells. The deal could be worth upwards of a $350 million. Www.adaptimmune.com

Marathon Oil Corp. (NYSE: MRO) has agreed to sell its Norwegian business for around $2.1 billion to Det norske oljeselskap ASA (Oslo: DETNOR). The deal is expected to close in Q4. In other Marathon news, the company said that it will no longer pursue a sale of its UK North Sea business, after not receiving an “acceptable offer.” Www.detnor.no

Roche  has agreed to acquire Genia Technologies, a Silicon Valley developer of a single-molecule, semiconductor-based DNA sequencing platform, for upwards of $350 million. The deal includes $125 million in cash plus up to another $225 million in milestone payments. Www.geniachip.com

LGV Capital has sold British pub chain Amber Taverns in a management buyout sponsored by BlueBay Asset Management and MxP Partners. No financial terms were disclosed, but various press reports put the price-tag at around £80 million. Www.ambertaverns.co.uk

Nokia
 has acquired Desti, a Menlo Park, Calif.-based travel planning app, for an undisclosed amount. Desti was a spinout from SRI International, which also had raised a small amount of funding from Carmel Ventures and Horizons Ventures. Nokia will merge the Desti assets into its HERE mapping business. Www.nokia.com

TrueBlue (NYSE: TBI) has agreed to acquire SeatonCorp, a Chicago-based provider of recruiting and outsourcing solutions, from Leeds Equity Partners. The deal is valued at approximately $310 million in cash, and is expected to close in early Q3. Www.trueblueinc.com

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