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From:

"Dan Primack"

Name:

Dan Primack

Email Address:

Dan_Primack@fortune.chtah.com

Subject:

Term Sheet - -Thursday, October 7

Date:

07-10-2010 14:18:43
Message

Fortune Finance Street Sweep Term Sheet Economics Tech Wall Street Washington

The Term Sheet by Dan Primack


Thursday -- October 7, 2010
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Random Ramblings
Just a few quick notes to kick off your Thursday:
*** Reports are coming in that Alan Hevesi, the former New York State comptroller, today will plead guilty
to felony public corruption. This is part of the noxious pay-to-play scandal involving private equity firms,
"placement agents" and the New York Common State Common Retirement Fund.
Chances are that Andrew Cuomo will hold a conference call later today (per precedent), and I'll be sure to
live-blog it over at Fortune.com. Will inform via Twitter if/when it's set to begin. Or just keep checking the
site...
*** Fund scoop: O'Reilly AlphaTech Ventures (OATV) has quietly closed its second fund with $60 million in
capital commitments. The San Francisco-based firm focuses on early-stage IT opportunities, and its
portfolio includes such companies as Foursquare, Bit.ly and TripIt.
OATV closed its debut fund with $51 million in 2005, and is co-managed by partners Bryce Roberts and
Mark Jacobsen. My understanding was that the new fund was oversubscribed, although Roberts declined
to comment.
*** Quiz Time: Can you name another early-stage VC firm about to raise its second fund, with a fairly

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similar strategy to that of OATV?


*** Yesterday I listened to a talk by Paul Maeder of Highland Capital Partners. Maybe this point has been
made before, but he talked a lot about how the destruction of our domestic manufacturing base is
subsequently destroying our domestic innovation base.
Basically: The less stuff we make, the fewer workers we have who think: "Hey, I could make this better."
Some of this certainly can be applied positively to our service industries, but often not to the same scale...
Anyway, I want to give this all some more thought, particularly vis-a-vis alternative investments.
*** Dow Jones today reported that 266 U.S.-based funds raised $68.8 billion through the third quarter of
2010, compared to $76.7 billion raised by 266 U.S. funds during the first three quarters of 2009. Best gains
were by mezz, distressed debt and industry-specific funds. Biggest drops came from funds-of-funds,
buyouts and secondaries.
*** Next Thursday night, I'll be speaking at a New England Venture Network (NEVN) event called "Using
PR and Social Media to Generate Buzz for Your Startup." More info here: http://bit.ly/9AEjDe.
Based on yesterday's pre-call, we're sure to spend a bunch of time on the issue of "stealth." Here's a hint
for those trying to keep their companies secretive, even after raising venture capital: If you're going to post
a say-nothing website, don't then spill the beans via your LinkedIn or Facebook profiles. Or via your
personal blog.
Yes, we reporters look at those things...

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Roger Ehrenberg: Why venture capital is far from dead


Colin Barr: Treasury tagged for "toxic asset" confusion

The Big Deal


Marathon Oil Corp. (NYSE: MRO) has agreed to sell most of its Minnesota downstream assets to
Northern Tier Energy, a new platform sponsored by ACON Investments and TPG Capital. The deal is
valued at approximately $900 million, including $300 million associated with existing inventories. Marathon
also could receive an additional $125 million via earn-out, or be required to give back around $60 million of
margin support.

VC Deals

IDEV Technologies Inc., a Webster, Texas-based maker of minimally-invasive medical devices for the
cardiology, radiology and vascular surgery markets, has raised $46 million in Series D funding led by PJC
Capital, a merchant banking fund sponsored by Piper Jaffray & Co. Return backers include PTV Sciences,
Bay City Capital, RiverVest Venture Partners and Heron Capital. www.indevmd.com
Symetis SA, a Swiss develpoper of transcatheter aortic valve implantation systems, has raised CHF25

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million ($25.8 million) in new VC funding. Endeavour Vision and NBGI Ventures co-led the round, and were
joined by return backersTruffle Capital, Novartis Venture Fund, Wellington Partners, Vinci Capital Renaissance PME, Banexi Ventures and BiomedInvest. www.symetis.com
Ongo Inc., a Cupertino, Calif.-based developer of a consumer service for reading and sharing digital news
from multiple publishers, has raised $12 million in first-round funding. Backers include The New York Times
Co., Gannett Co. and The Washington Post Co. www.ongo.com
Proferi, a provider of cloud-based enterprise performance management solutions, has raised $6.3 million
in Series A funding. Greylock Partners led the round, and was joined by Andreessen Horowitz and
company co-founder Dave Duffield (former PeopleSoft chairman). www.proferi.com
Iroko Pharmaceuticals LLC, a Philadelphia-based developer of specialty therapeutics, has raised an
undisclosed amount of private equity funding from Kew Capital and Phoenix IP Ventures.

Private Equity Deals


Austin Ventures and TGF Management have co-sponsored a recapitalization of Entact LLC, a provider
of environmental remediation services. No pricing terms were disclosed. Fifth Third Bank led a senior credit
facility, while Entact was advised by BMO Capital Markets. www.entact.com
Cardinal Midstream LLC, a portfolio company of EnCap Investments, has agreed to acquire certain
natural gas midstream assets in Eastern Oklahoma from Antero Resources for $268 million. Specifically,
it will acquire Antero's 60% interest in Centrahoma Processing LLC, a joint venture with MarkWest Energy
Partners (NYSE: MWE). www.cardinalmidstream.com
H.I.G. Capital has acquired VAS Aero Services, a Boca Raton, Fla.-based provider of aftermarket aviation
component services and distribution. No financial terms were disclosed. www.higcapital.com
Pacific Community Ventures has acquired Zoom Eyeworks Inc., a Berkeley, Calif.-based maker of nonprescription reading glasses and sunglasses. No financial terms were disclosed. www.zoomeyeworks.com
Permira has agreed to acquire Creganna-Tactx, an Irish medical device maker, from Altaris Capital
Partners and the Quinn family. The deal is valued at approximately $305 million, according to Reuters.
www.permira.com
Sverica International has agreed to acquire The Center for Wound Healing Inc. (OTC BB), a Tarrytown,
N.Y.-based operator of wound care treatment centers that utilize hyperbaric oxygen therapy The deal is
valued at approximately $41 million. www.centerwh.com
Warburg Pincus has agreed to invest $150 million into National Penn Bancshares Inc. (Nasdaq: NPBC),
via a direct private placement at $6.05 per share. Following the deal, Warburg Pincus would hold around a
16.4% stake in the Pennsylvania bank holding company. www.warburgpincus.com
ZeniMax Media Inc., a Rockville, Md.-based developer of interactive entertainment content for gaming
consoles, has raised $150 million from existing shareholder Providence Equity Partners. The company
previously raised $300 million from Providence in October 2007. www.zenimax.com

PE-backed IPOs

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Aegerion Pharmaceuticals Inc., a Bridgewater, N.J.-based drug developer focused on cardiovascular and
metabolic diseases, has set its IPO terms to 4.67 million common shares being offered at between $14 and
$16 per share. This would give Aegerion a market cap of approximately $246 million, were it to price at the
high end of its range. Leerink Swan and Lazard Capital Markets are serving as co-lead underwriters.
Aegerion has raised over $44 million in total VC funding, from firms like Index Ventures, Advent
International, Alta Partners, Scheer & Co. and MVM Life Science Partners. This is its third attempt at
an IPO, having twice before filed and withdrawn due to "market conditions." www.aegerion.com

Exits
AAC Capital (f.k.a. ABN Amro Private Equity) is looking to sell Dutch chemicals distributor IMCD,
according to Reuters. UBS is managing the process. IMCD reportedly has nearly 1 billion in annual
revenue. www.aaccapitalpartners.com
TSG Capital Partners has agreed to sell Don Miguel Foods Corp., a provider of frozen and fresh
Mexican food products, to MegaMex Foods LLC, a joint venture between Hormel Foods Corp. and Herdez
Del Fuerte. No financial terms were disclosed. www.hormel.com

Other Deals
Man Group (LSE: EGL) shares rose 4.5% today, on talk that Bank of New York Mellon may be
considering a takeover offer.

Firms & Funds


Cortec Group, a New York-based buyout firm focused on the middle-markets, plans to begin marketing its
fifth fund with a target of between $500 million and $600 million, according to Buyouts newsletter. The firm
raised $411 million for its fourth fund in 2006. www.cortecgroup.com

Moving In, Up and On


Chezard Ameer has joined law firm Gibson, Dunn & Crutcher as a Dubai-based partner, with a focus on
representing private investment funds in Europe, the Middle East and Asia. He previously was with
Ashurst. www.gibsondunn.com
Steven Bandolik has joined Deloitte as a director in the firm's distressed debt and asset practice. He
previously founded workout firm Real Asset Recovery Group and, before that, was a managing director
with Nomura Securities International. www.deloitte.com
Olympus Partners, a Stamford, Conn.-based growth equity and buyout firm, has promoted Evan Eason,
David Haddad and Michael Horgan to principal. It also has promoted Jason Miller and Sean Whiteley to
vice president. www.olympuspartners.com
David Thibodeau has joined merchant bank Partnership Capital Growth, to co-manage the firm's third
fund focused on consumer-oriented wellness products and services. He also will open a new Boston office
for the San Francisco-based firm. Thibodeau previously ran the health, wellness and lifestyle I-banking
group at Canaccord Genuity. www.pcg-advisors.com

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