Monthly Archives: September 2009

Mid-Atlantic Deal Review September 2009

September 2009 Mid-Atlantic Deal Review from Chessiecap, Inc. Editor’s Note: Welcome to the Inaugural Edition of the Mid-Atlantic Deal Review, a periodic review of transaction activity in the D.C.-Maryland-Virginia-West Virginia region. Measure real activity in the region.  Entertain and Inform.  Pull no punches. Get beneath the surface of deals, news and trends.  Participate. Stat Notes: […]

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Deal Data September 2009

Private Placements: Biotech had a busy month in September. Ten of the 25 private placements and 42% of private placement volume were Biotech related.  Sleep Solutions, which raised $20M and works structurally with sleep apnea, is classified Healthcare.  If you combine these two related categories, Healthcare-Biotech was the overwhelming recipient of dollars in September. 

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Deal Notes September 2009

VirtuStream Inc., 9/1/09 private placement. Columbia Capital and Florida based Blue Lagoon Capital put some big second round money ($25 million) behind this Bethesda IT services company…

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ICF International, 9/14/09 public shelf filing.  ICF International filed a Shelf Registration for $200 million.  Very interesting for a number of reasons. 

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Smithfield Foods, Inc., 09/16/2009 follow-on offering. Here is a something you don’t see often.  A Smithfield Foods (Smithfield, VA) director resigned because he disagreed with the $300 million follow-on offering that the company completed in September. 

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CEL-SCI Corporation, 9/16/2009 PIPE.  PIPE stands for “Private Investment in Public Equity.”  In current times, PIPE investors are often private equity funds of various stripes, including ones with the misnomer “hedge funds.” 

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Iridium, Iridium, 9/29/2009 sale of company & IPO. In a somewhat complicated deal (we’ve seen worse), a Greenhill (investment bank) sponsored SPAC (Special Purpose Acquisition Company) acquired the up and down (yes, a pun) satellite company Iridium for $539M (a unique Chessiecap calculation). 

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SkyTerra Communications, Inc., 9/23/2009 sale of company.   This is another buyout of another local satellite company for approximately the same transaction value as Iridium—all in the same week. 

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Mini-Notes.   Sleep Solutions (SSI) (9/22/2009) raised a respectable $20M led by new money from Quaker BioVentures near Baltimore.  SSI is developing technologies for the sleep apnea market,

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News Notes September 2009

American Capital Ltd (Nasdaq: ACAS) is one of the most unheralded and downright ignored finance stories in the Mid-Atlantic.  In the past decade, American Capital has added scores of middle market acquisitions and investments to its portfolios,

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Columbia Capital, since 1989, has been one of the premier private equity funds and citizens in the Mid-Atlantic.   People have often wanted Columbia to be more than it is and have come away disappointed when Columbia sticks consistently to its knitting

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CalPERS stands for California Public Employees’ Retirement System.  It is one of the powerhouses of investing in America, placing tens and hundreds of millions of dollars at a throw in only the largest and best known private equity firms

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Commentary September 2009

Investment Bankers as Heroic Figures.  You may have heard recently that the BBC Radio has produced a fictionalized dramatic account of the attempt to save Lehman Brothers with top actors playing former Treasury Secretary Henry Paulson and Lehman CEO Richard Fuld.  I had to laugh on several levels.  I was a junior officer at Drexel […]

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