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From: Name: Email Address: Subject: Date:
"Dan Primack" Dan Primack Dan_Primack@fortune.chtah.net Term Sheet -- Wednesday,
January 2 02-01-2013 16:19:42 Message
Term Sheet Private Equity Venture Capital Banking Tech Hedge
Term Sheet by Dan Primack
Wednesday -- January 2, 2013 Email Dan | Follow Dan on Twitter | Subscribe | Sen
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Random Ramblings
Today's big deal is that Avis Budget Group has agreed to buy listed car-sharing
company Zipcar for approximately $500 million in cash, or $12.25 per share (49%
premium over Monday's closing price). A couple quick thoughts: * One of the big
expected synergies here is fleet optimization. Avis usually sees peak usage at m
id-week, and often has idle supply on the non-holiday weekends. Zipcar, on the o
ther hand, is busiest on the weekend and relatively slow during the week. The co
mbination is expected to help even out those peaks and valleys a bit. * Expect t
he deal to seriously expand zipcar into airports, including one-way usage to and
from airports. * Zipcar will continue to be operated by its existing management
team out of Boston. * There appears to be no go-shop agreement, nor is there an
y indication in the regulatory filings that ZipCar will be listening to rival bi
ds. * When ZipCar priced its IPO in April 2011 at $18 per share, and finished th
e day up around 70% at an enterprise value of approximately $1.1 billion. * Prio
r to going public, Zipcar had raised over $38 million in VC funding, from Revolu
tion Living, Benchmark Capital, Greylock Partners, Smedvig Capital and Globespan
Capital Partners. I've still got to look up the total returns, but worth noting
that Revolution, Benchmark and Greylock continue to have board representation.
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16-12-2015

and 51 VC-backed companies raised $10. job mark et for 2013 Michael Gaiss: 7 new VC initiatives worth watching Dan Primack: KKR' s rifle retailer Stephen Gandel: High-yield market may be running out of steam M ohamed El-Erian: Economy isn't the real beneficiary of fiscal cliff deal The Big Deal Avis Budget Group Inc. a German maker of living room-s tyle kitchens. what we all learned in 2012. a Boston-based big data startup for hospitals and health systems.kyruus.7 billion in 2011. No financial terms we re disclosed. No financia l terms were disclosed. www. Carried interest not addressed.5 billion by goin g public on U. and sequestration totally punted. Oh. This compares to 488 M&A exits in 2011 with $24 billion in disclosed value.com · Pre-Marketing: Behind the scenes of cliff deal. the dollar total falls below both 2010 a nd 2011 totals. and was joined by Fidelity Biosciences and return backers Venrock and Highland Capital Partners . or $12.S.S.com Private Equity Deals Advanstar Global LLC has completed its previously-announced acquisition of fashi on event organizer ENK International LLC from Forstmann Little & Co.25 per share (49% premium to Monday's closing price). For context. vis-à-vis the VC and PE mark ets. Lux Capital led the round. Stuff to read @Fortune.advanstar. www.com VC Deals Kyruus. has ra ised $11 million in Series B funding. (Nasdaq: CAR) has agreed to acquire Boston-based car-shar ing company Zipcar Inc.eu file:///C:/Users/srinivas/AppData/Local/Temp/tmp. capital gains and dividend tax rates rise t o 20% for those making more than $400k per year (or $450k as a family) and the p ayroll tax cut was not extended (probably the most salient short-term econ impac t of deal).zipcar. In terms of M &A exits. from AFG Arbonia-Forster Group (SWX: AFGN). Kurt Wagner : 10 IPOs to look for in 2013 Nin-Hai Tseng: 3 bright spots in the U.com CoBe Capital has acquired Warendorfer Küchen GmBh. New York Life Capital Partners and Citigroup Private Equity. thanks almost entirely to the $16 billion Fac ebook offering. British buyout boom and social graph multiplicity. 68 VC-backed companies raised $7.tmp 16-12-2015 . Advanstar shareholders include Veronis Suhler Stevenson. SImpson-Bowles reax.Page 2 of 4 *** Exit signs: 49 venture capital-backed companies raised $21. If you remove Facebook. www. *** Fisc al cliff deal: No big surprises in last night's deal.warendorf. the 2012 figures came out to 435 sales for around $21. (note: disclosed value is very different from actual value). according to data released this morning by T homson Reuters and the National Venture Capital Association. exchanges in 2012. (Nasdaq: ZIP) for approximately $500 million in cash.46 billion in di sclosed value. That represents the largest dollar amount since 2000. www.6 billion via IPOs in 2010.

fabrication.-based provider of marine joiner and furniture solutions for U.tmp 16-12-2015 .S.J. plus another 5 0 million in potential earnouts. www. repair and overhaul services focusing on habitability . Calif. The deal is valued at 350 million.nexsan.com US Joiner. No financial terms were disc losed. GESFID.­based maker of sterile injectable products. No financial terms were disclosed.com Warburg Pincus has acquired JHP Pharmaceuticals LLC. an Oklahoma City -based limited partnership that will hold all of New Source Energy's oil and gas assets. Va. from Morgan Stanley Principal Investments. Navy vessels.US Joiner is a portfolio company of J..com Great Point Partners has completed a dividend recap for portfo lio company Health Systems International. N. Exits Imation Corp. It also had filed for an IPO in 2008. has acquired JCI Metal Products Inc.Page 3 of 4 The Gores Group has acquired Therakos Inc.. a Thousand Oaks. an Indianapolis­based provider of outsou rced medical cost management solutions for selfinsured corporations and insuranc e companies.. governmen t and commercial customers.com Unitas Cap ital has agreed to acquire a control stake in Shenzhen ZTE Netview Technology Co . before later withdrawing r egistration due to "unfavorable market conditions. www.us-hsi.-based provider of te chnologies for a leukapheresis-based immunomodulatory therapy called extracorpor eal photopheresis.com PE-backed IPOs No PE-backed IPO news this morning. RRE Ventures and Bee chtree Capital. a Greenwood Village. for $105 million in cash and approximatel y $15 million in stock. from China's ZTE Corp.J. www. Nexsan had raised over $17 million in VC funding since 2 003. from firms like VantagePoint Venture Partners.S. New Source Energy Partners LP. from Ortho-Clinical Diagnostics.jflpartners.-bas ed maker of diskbased storage systems.com Other Deals ArcelorMittal has agreed to sell a 15% stake in ArcelorMittal Mines Canada for $ 1. for approximately $200 million.gtcr." www.1 billion to an investor group that includes South Korea-listed POSCO and Taiw an-listed China Steel.com Iberdrola has agreed to sell 32 ope rating wind farms in France to a consortium that includes GE Energy Financial Se rvices. The deal was valued at $195 million. electrical and piping solutions to U. Sellers include Enhanced Equity Fund and Gemini Investors.­based provider of inmate healthcare services to jails and prisons...F. www.com GTCR has acquired Correctional Healthcare Cos.arcelormittal. www. Lehman & Co. a Crozet .unitascapital. No financial terms were disclosed. a Chinese maker of telecom and video surveillance equipment. www . It plans to trade on the NYSE under file:///C:/Users/srinivas/AppData/Local/Temp/tmp. Colo. (NYSE: IMN) has acquired Nexsan Corp. www.jhppharma. Ortho-Clinical Diagnostics is a subsidiary of Johnson & Johnson (NYSE: JN J). a Raritan. a San Diego­base d provider of maintenance. a Parsippa ny. MEAG and EDF Energies. has filed for a $106 million IPO. No financia l terms were disclosed.gores. N.

in a deal valued at $360 million. He served as interim CE O of Best Buy between April and September 2012.com/services/privacy/ file:///C:/Users/srinivas/AppData/Local/Temp/tmp. or copy and paste this l ink into your browser: http://money. To unsubscribe. www.tmp 16-12-2015 . He previously worked with Russian asset management firm SSCP. and is stepping down from the Be st buy board. cl ick here PRIVACY POLICY Please read our Privacy Policy.qa Firms & Funds No firm or fund news this morning.com Mike Mikan has agreed to join hedge fund manager ESL Investments as president.bestbuy. Georgia 30303 This message has been sent t o you because you are currently subscribed to The Term Sheet. www. www. Moving In.com Qatar Telecom has increased its stake in Tunisian telecom operator Tunisiana from 75% to 90%. with Baird and Stifel Nicolaus serving as co-lead underwrite rs. www.newsource. effective immediately.pe.. Up and On Arthur Akopyan has joined UFG Private Equity as a partner. follow @fortunemagazine Email Administrator One CNN Center Atlanta. The Tunisi an government will retain the remaining 10% position.com Subscribe to Fortune Magazine | Advertising Info Fortune is on Facebook.qtel. Sign up to connect.cnn.ufgam. For real-time analysis from the best in business..Page 4 of 4 ticker symbol NSLP.