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From:

"Dan Primack"

Name:

Dan Primack

Email Address:

Dan_Primack@fortune.chtah.com

Subject:

Term Sheet -- Wednesday, Nov. 10

Date:

10-11-2010 14:52:46
Message

Fortune Finance Street Sweep Term Sheet Economics Tech Wall Street Washington

The Term Sheet by Dan Primack

Wednesday -- November 10, 2010
Email Dan | Follow Dan on Twitter | Subscribe

Want a summer intern?

Greetings from the home office, where its good to be back after paternity leave. Emma is doing
well, although she stubbornly refuses to believe that nighttime is for sleeping. Ill just take that
as a sign that she really wants to attend college
*** Eight years ago, a friend asked if I knew of any private equity firms in need of a summer
intern. She was a first-year MBA candidate at the time, and in search of groups that might not
have done a campus visit.
My response was to launch a summer internship drive for first-year MBAs, which became a biannual event over at my old haunts (helping to place hundreds of students, some of whom are
now principals at the firms at which they interned). Since vacation/interview season is right
around the corner, I think we should try keeping the practice alive here at the Term Sheet.
So: If you are looking for a summer intern from the current crop of first-year MBA candidates,
please let me know via email (dan_primack@fortune.com). All types of firms are welcome VC,
private equity, hedge, i-banks, consulting, funds-of-funds, etc. All geographies too.
In your emails, please include your firm name, job location, type of business (i.e., VC, bank, etc)
and a contact email address. You also may include up to 125 words of additional information.

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Your firm name will be disclosed, unless you specifically request it to be kept anonymous (which
about one-quarter of firms have historically requested). If you do wish to remain anonymous,
try to create a gmail-type contact address for applicants. Once compiled, the listings will be
posted in both the Term Sheet email and on our blog.
There is no charge for this service.

Please pass information about the internship drive onto your friends at other firms (or
colleagues at your own shop), as they might not all (yet) receive Term Sheet emails.
If you are an MBA candidate, please do not send me your CV or anything else like it.
Ill let you know when the listings are available. Like I said above, however, you can let
your classmates know to sign up for The Term Sheet (ditto for faculty):
http://bit.ly/dycn9r

*** Personnel scoop: Lisa Reeves has stepped down as a general partner with Vista
Ventures, in order to join Citrix Online, a unit of Citrix Systems. She will serve in the newlycreated role of VP/GM of access and cloud. She had joined Vista in 2007, after having been a
partner with SAP Ventures.
*** Last week I wrote a profile of Andreessen Horowitz partner Brad Horowitz, who has
mostly played Teller to Marc Andreessens Penn (read it here). Two notes that didnt make it
into the final version:
1. One of Horowitzs defining characteristics is a genuine effort not to waste his own time. I
dont mean on bad deals, but rather things like meetings without specific agendas or
meandering blog posts. The former he once mentioned in a blog post, decrying how VCs
sometimes ask to meet for coffee in order to just shoot the breeze. The latter he told me,
in explaining why he rarely uses Twitter or posts slap-dash items to his own blog (My
feeling about dialog on the Web is that most of it is kind of low-grade.).
2. Horowitz often handles portfolio companies with operational issues, while Andreessen
handles those with vision/product issues. His quote: I would say that Marc is much more
of an accomplished investor than I am, and Im a more accomplished operating executive
than he is. Thats just who we are. Sometimes Marc gets CEO offers, and I think they
dont understanding him that well... his motivations or his skill set.
*** Big thanks to Katie Benner for filling in while I was out. Just a fantastic job

5 things you should read @Fortune.com

Pre-Marketing, including how to handle VC cold calls, a guide to merger agreements, Hugh
Hefner's bid remains and the revived gold standard debate.

Colin Barr: Enough already about dollar debasement

Dan Mitchell: PayPal's cashless utopia
Duff MacDonald: Blame Canada (no more)
Brian Dumaine: Can electricity storage really work?

The Big Deal

BJs Wholesale Club Inc. (NYSE: BJ) is planning to hire an advisor to explore strategic
alternatives, including a possible sale, according to the NY Post. Existing BJs shareholder
Leonard Green & Partners is listed as a possible buyer for the wholesale retailer, which could
fetch upwards of $3 billion.
This would be a big deal due to the reported price tag alone, which would represent more than
a 30% premium to yesterday's closing trades.

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More importantly, however, the NYP suggests that Leonard Green might go hostile, after
becoming frustrated with management "dawdling." Not only would this be a departure for
Leonard Green -- typically a management-friendly buyout firm -- but also would represent an
unusually activist role for a PE firm that holds less than 10% of a public company via a mutuallyagreed upon PIPE transaction.

VC Deals
Talend, a Palo Alto, Calif.-based provider of open source data integration software, has raised
$34 million in fifth-round funding. Silver Lake Sumeru led the round, and was joined by return
backers Baldterton Capital and IDInvest Partners. The company previously raised around $28
million. In related news, Talend has acquired Sopera, a German provider of open-source SOA
and middleware platforms. www.talend.com
23andMe Inc., Mountain View, Calif.-based provider of personalized genomics, has raised $22
million in Series C funding. Johnson & Johnson Development Corp. led the round, and was
joined by return backers New Enterprise Associates and Google Ventures. The company
previously raised nearly $37 million. www.23andme.com
Zuora, a Redwood, Calif.-based provider of subscription billing services, has raised $20 million
in Series C funding. Redpoint Ventures led the round, and was joined by return backers
Benchmark Capital, Marc Benioff, Shasta Ventures and Tenaya Capital, also participated. The
company previously raised $21.5 million. www.zuora.com
Nirvanix, a San Diego-based provider fully-managed secure cloud storage services,has raised
$10 million in new VC funding. Return backers include Intel Capital, Mission Ventures, Valhalla
Partners and Windward Ventures. www.nirvanix.com
Open English, a Miami-based provider of an online English language school for the Latin
American market, has raised $6 million in Series A funding led by Flybridge Capital Partners.
www.openenglish.com
Lot18, an online private sales club for buyers of fine wines, has raised $3 million in Series A
funding, according to TechCrunch. FirstMark Capital led the round, and follows an earlier
$500,000 seed round. Company co-founder Philip James previously launched Snooth.com.
Movieclips.com, a Venice, Calif.-based video site for licensed movie clips, has raised $3 million
in first-round funding. Backers include Shasta Ventures and First Round Capital, Jeff Clavier,
Aydin Senkut and Naval Ravikant. www.movieclips.com
SenseLogix, a UK-based provider of retrofit energy reduction products, has raised 1 million in
Series A funding. Beringea and North Star Equity Investment Partners co-led the round, and
were joined by The Welsh Assembly Government. www.senselogix.com

Private Equity
Clayton Dubilier & Rice has agreed to acquire the electrical and metals unit of Tyco
International. The deal is valued at approximately $720 million, including around $306 million
in equity. www.cdr-inc.com
GB Merchant Partners has acquired Ashley Stewart, a Secaucus, N.J.-based retailer and
brand for the plus-size fashion industry. No financial terms were disclosed.
www.gordonbrothers.com

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GI Partners has merged portfolio companies SoftLayer Technologies, a Dallas-based provider

of on-demand data services, with IT hosting group The Planet. The combined company will
operate under the SoftLayer brand. www.softlayer.com
Global Infrastructure Partners has acquired a 99-year lease for the Port of Brisbane, from
Australias Queensland state government. The deal is valued at A$2.3 billion. Joining GIP were
QIC Ltd. and a unit of the Abu Dhabi Investment Authority. Rival bidders had included Morgan
Stanley Infrastructure Partners.
IK Investment Partners has agreed to acquire EPiServer Group AB, a Swedish provider of
software to drive online engagement. Sellers include Amadeus Capital, Martin Bjringer,
Monterro Holdings and Northzone Ventures. www.ikinvest.com
Petro Vietnam Gas Corp., a state-owned energy company in Vietnam, is planning to auction
between a 15% and 20% stake in the company, according to Reuters. The deal would be
designed to raise around $600 million, and serve as a precursor to an IPO. Possible suitors
include PTT (Thiland), The Blackstone Group, KKR, ConocoPhillips and Oil and Natural Gas Corp.
(India).
TA Associates has acquired a minority position in MedSolutions, a Nashville, Tenn.based
provider of medical management services for commercial, Medicare and Medicaid payors. No
financial terms were disclosed. Existing MedSolutions backers MedCare and Ridgemont Equity
Partners will retain a portion of their stakes. www.ta.com

IPOs
Ikaria Inc., a Clinton, N.J.-based biopharma company, has cut the number of shares being
offered in its IPO from 10 million to 8 million. It still plans to price at between $15 and $17 per
share, with with Goldman Sachs and Morgan Stanley serving as co-lead underwriters.
Shareholders include New Mountain Capital (50.98% pre-IPO position), Linde (17.1%), ARCH
Venture Partners (10.13%), Venrock (10.1%), 5AM Ventures, Alexandria Equities, Altitude Life
Science Ventures and Washington Research Foundation. New Mountain and Linde joined in
2007, when New Mountain invested $200 million to fund Ikarias $670 million acquisition of
gaseous drugmaker INO Therapeutics from Linde. www.ikariainc.com
Rules-Based Medicine Inc., an Austin, Texas-based multiplexed biomarker testing laboratory,
has withdrawn registration for a $90 million IPO, due to market conditions. It originally filed
for the offering in late 2009, with Jefferies & Co. serving as lead underwriter. Rules-Based
Medicine raised a $25 million Series A round in 2007 led by Equity Group Investments, with
Cross Creek Capital and Stephens Capital Partners also participating. www.rbmmaps.com

Exits
3i Group is in talks to sell Dutch hydraulics company Hyva to Chongqing Machinery &
Electric Co. (HK: 2722), according to The Financial Times. A deal could be worth around $830
million. www.3i.com
Express, a Columbus, Ohio-based retail apparel brand and retailer, filed for a secondary public
offering of 11.5 million shares. The company closed trading yesterday at $14.59 per share.
Selling shareholders include Golden Gate Capital and Limited Brands Inc. The company raised
$272 million via an IPO this past May. www.express.com

Other Deals

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KBM Group, a unit of WPP Group, has agreed to acquire I-Behavior, a Louisville, Colo.based
provider of consumer business transaction data. No financial terms were disclosed.
Towers Watson (NYSE: TW) has agreed to acquire EMB, a London-based provider of actuarial
and business consultancy and software. No financial terms were disclosed.
www.towerswatson.com

Firms & Funds

The CapStreet Group, a Houston-based private equity fund focused on the lower-middle
markets, has closed its third fund with $178 million in capital commitments. Approximately 30%
of the fund is already invested. www.capstreet.com
Canada Pension Plan Investment Board disclosed that its assets under management
increase by nearly 7% in its second fiscal quarter, to C$138.6 billion. www.cppib.ca
Shasta Ventures is looking to raise $250 million for its third fund, according to peHUB.
www.shastaventures.com

Moving In, Up and On

Robert Hertzberg has joined Pacific Capital Group as a venture partner. He is the former
Speaker of the California State Assembly, and will continue to work as senior partner at law firm
Mayer Brown LLP. www.pacificcap.com
Robert Kamen has joined Third Rock Ventures as an entrepreneur-in-residence. He is a
former executive in residence with Oxford Bioscience Partners, and president of Abbott
Bioresearch Center. www.thirdrockventures.com
Panorama Capital has promoted Shankar Chandran and Gaurav Aggarwal to partner.
Chandran leads the VC firms efforts in the core technology sector, while Aggarwal focuses on
life sciences companies. www.panoramacapital.com

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