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In today's Daily Pitch, you'll find: - Europe's IPO boom is cooling as a series of PE-backed companies have shelved plans to go public.
- Robotic boat startup Saildrone has landed new funding, as ocean data companies seek novel ways to confront climate threats.
- Our Global Real Estate Report explores the state of private investment funds in the first half of 2021.
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| European private equity's IPO exit boom cools off as deals are shelved | |  | | (Chris J. Ratcliffe/Getty Images) | | | The wave of IPOs that has characterized much of this year's exit activity seems to be losing momentum. Last week, UK roofing company Marley and fitness chain Pure Gym became the latest PE-backed companies to shelve plans to go public.
Continental listings have also been put on ice. Dutch ecommerce company Cool Blue has postponed its IPO plans, just as Bain Capital-backed Parts Holding Europe did back in June.
Is this a sign that the tide is turning, or are investors just biding their time as the economy enters a new phase of pandemic recovery? | | | | | | | | | | Real estate funds dip after decade of growth | | Global property investment is still reeling from pandemic-era changes to how people use real estate and government-led efforts to support the market.
Our latest Global Real Estate Report assesses the state of private investment funds in the first half of 2021. Key takeaways include: - The pool of private capital targeting real estate deals shrank for the first time since 2011, led by drops in debt, distressed and opportunistic funds.
- The market looks dramatically different depending on where you stand: Industrial real estate and self-storage, for instance, have flourished amid the disruption, while retail and residential have been more volatile.
- Fears of inflation have not sent private investors flocking to real estate, which is often seen as an inflation hedge, but that could change if prices continue to rise.
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| A message from CohnReznick | | |
| ESG strategy: Eight ways to create value for private equity firms | | Private equity firms are in a unique position to impact financial and social value creation. Each functional component—fund operations, investment acquisition and management, and portfolio management—offers the opportunity to positively impact and deliver outstanding value to stakeholders. Applying an ESG lens when sourcing investments and throughout due diligence can expose ESG-related risks and opportunities. Developing, implementing and monitoring ESG strategy throughout the portfolio is key to sustainable value creation. Reporting ESG metrics against strategy will buoy relationships with investors and regulatory agencies. Assessing a firm's ESG objectives, including what has been implemented so far and what the next steps should be, is a sensible starting place.
Learn more in our new infographic: "ESG Strategy: 8 Ways to Create Value for Private Equity Firms" | | | | | | | |
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| Startups enter uncharted waters—with help from VCs | |  | Saildrone's robotic boats gather data from the oceans.
(Courtesy of Saildrone) | | | Investors believe that precision maps made with far-flung sensors can turn profits, as climate threats call for novel ways to monitor a changing planet. - Ocean data startup Saildrone has raised a $100 million Series C led by Bond Capital, with participation from XN, Standard Investments, Emerson Collective and Crowley Maritime.
- The California startup made waves recently when one of its solar- and wind-powered drones captured video from inside Hurricane Sam and survived the voyage. The company's data is used for defense applications, climate and weather forecasting, and monitoring of fisheries and wind farms.
- Saildrone has emerged as an apparent leader, but competitors abound. Bedrock and Terradepth offer ocean data collected by unmanned submarines, and Xocean is building out a surface fleet.
- In space, a similar robotic armada is being employed for Earth monitoring. Satellite data companies Planet and Spire both struck SPAC deals to go public this year, with the former valued at around $2.8 billion.
| | | | | | | | | | Aristocrat's $3.7B Playtech bid underscores appetite for sports betting | |  | | (dhmig photography/Getty Images) | | | UK-listed betting-software company Playtech has accepted a £2.7 billion (about $3.7 billion) takeover bid from Aristocrat, an Australian maker of slot machines and gaming content. The deal would create one of the largest B2B betting companies in the world. - This year has seen an uptick in deal activity for the sports-betting sector—and the gaming industry overall—as more US states allow betting across sports from baseball to boxing.
- Last month, DraftKings offered £16.4 billion to acquire London-listed rival Entain, doubling an earlier offer from MGM. In April, Caesars Entertainment acquired William Hill for $4 billion, and last December, Flutter Entertainment picked up DraftKings rival FanDuel for $4.17 billion.
- Founded in 1999 and based on the Isle of Man, Playtech develops platforms and content for the global gambling industry. The all-cash merger aims to boost Aristocrat's presence in online gaming and sports-betting, particularly in North America, and give it the ability to operate across several European markets.
| | | | | | | | | | College pipeline programs have helped firms hire more women for junior-level roles. But keeping them and pushing them to the top remains a challenge. [Institutional Investor]
From petrified snacks to out-of-date calendars and plants run amok, many returning office workers have had to confront slightly unnerving time capsules of pre-pandemic life. [The Wall Street Journal]
Some studies suggest that it can take at least 10 years to master a skill. Can MasterClass deliver the same in just a few hours? [The New Yorker] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 447 Deals | 1810 People | 530 Companies | 30 Funds | | | | | | |
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| 2020 Vintage North American PE Funds | | | | | | |
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| | | Zopa has raised $300 million at a roughly $1 billion valuation in a round led by SoftBank's Vision Fund 2, Reuters reported. The UK-based company is the developer of a peer-to-peer lending platform. | | | | | | | | Deel raises $425M Series D | | | Deel has raised $425 million at a $5.5 billion valuation in a round led by Coatue. Based in the Bay Area, Deel operates a platform that helps companies including Coinbase and Shopify manage payroll and onboarding processes for global teams. Deel was valued at $1.3 billion in April, according to PitchBook data. | | | | | | | | | Scribe has raised a $22 million Series A led by Tiger Global, in addition to a previously unannounced $8 million seed round led by Amplify Partners. Based in the Bay Area, Scribe's workflow documentation platform allows users to automatically generate and share step-by-step guides for any process. | | | | | | | | Our Next Energy charges up with $25M | | | | | | | | | | TripleBlind has raised a $24 million Series A co-led by General Catalyst and Mayo Clinic. Based in Kansas City, Mo., the company is a developer of private data sharing solutions intended to help enterprise customers share sensitive data and meet regulatory standards. | | | | | | | | Hunt Club tracks down $10M | | | Chicago-based Hunt Club has raised a $10 million Series A led by Teamworthy Ventures. The company is the developer of an HR tech platform used to identify candidates via internal referrals and recommendations. | | | | | |
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| Blue Owl lands Oak Street Real Estate for $950M | | | Blue Owl Capital has acquired Oak Street Real Estate Capital and its investment advisory business for $950 million. Chicago-based Oak Street was founded in 2009 and employs over 35 people. The transaction is expected to close by the end of the year. | | | | | | | | Silver Lake set to take minority stake in Euroclear for $823M | | | Silver Lake has agreed to purchase a 9.85% stake in Brussels-based Euroclear for €709 million (about $823 million) from Intercontinental Exchange, a publicly traded provider of data, technology and market infrastructure. Euroclear provides collateral management, fund management, data services and more to over 2,000 financial institutions in 50 global markets. | | | | | | | | Gryphon Investors to buy supplement maker Metagenics | | | Gryphon Investors has agreed to acquire Metagenics, a nutritional supplement company, from Alticor. Founded in 1983 and based in Southern California, Metagenics runs facilities in North America, Europe and Australia, providing over 850 products for digestive, immune, neurological health and more. Gryphon executive adviser Steve LaMonte will become executive chairman of the company's board as part of the transaction. | | | | | | | | Harvest Partners acquires packaging solutions company | | | Harvest Partners has acquired Fortis Solutions Group from Main Post Partners. Virginia Beach, Va.-based Fortis is a provider of packaging solutions including label applicators, folding cartons and shrink sleeves. Main Post had backed the company, which serves customers in sectors like food and beverage, retail, and health and beauty, since 2017. | | | | | |
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| Volvo seeking up to $23B valuation in IPO | | | Volvo, the Chinese-controlled Swedish automaker, could be valued at as much as $23 billion in its upcoming IPO. China's Zhejiang Geely Holding Group acquired Volvo from Ford Motor Co. in 2010. This would be Volvo's second stint as a publicly traded company. | | | | | | | | Blackstone mulls Moonbug Entertainment purchase | | | British digital entertainment company Moonbug Entertainment, which owns the children's show "CoCoMelon," is considering a sale or IPO, The Wall Street Journal reported. Moonbug is reportedly seeking a $3 billion-plus valuation. A Blackstone-backed company is said to be among the suitors interested in buying Moonbug, which has reportedly raised $265 million from investors such as Felix Capital, Goldman Sachs and Raine Group. | | | | | | | | CD&R sells Sirius Computer Solutions for $2.5B | | | | | | | | | Softline eyes $1.9B IPO valuation | | | Da Vinci Capital Management- and Zubr Capital-backed Softline is seeking a $1.9 billion valuation in its IPO, Bloomberg reported. The Russian IT services and cybersecurity provider is planning a London listing, followed by a secondary listing in Moscow. | | | | | | | | PE-backed Informatica could raise $928M in upcoming IPO | | | Cloud data management specialist Informatica has revealed plans to sell 29 million shares for between $29 and $32 apiece on the NYSE. The company would raise nearly $930 million at the upper end of the range and be valued at more than $8.7 billion, based on the number of shares outstanding. Informatica was previously a publicly traded company before being taken private by Permira, the Canada Pension Plan Investment Board, Microsoft and Salesforce Ventures in 2015. | | | | | |
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| Alaska Airlines launches venture arm | | | Alaska Airlines has launched its corporate venture arm, Alaska Star Ventures, with plans to invest in emerging technologies that can help the company reach its goal of net-zero carbon emissions by 2040, TechCrunch reported. Its first investment is in UP Partners' $230 million mobility tech-focused venture fund. | | | | | |
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