Appia, a venture capital-backed app sales platform, is set to merge with mobile solutions company Mandalay Digital Group in a deal worth at $65 million.

Appia’s current venture capital backers include Trident Capital, Venrock, Wakefield Group, Relay Ventures and Eric Schmidt’s TomorrowVentures.

Mandalay is set to buy Appia shares for around $3.40 each and will assume around $10m of Appia’s debt, which the buyer expects to refinance.

Appia stockholders will receive approximately 19 million shares in the new entity, representing pro forma ownership of the combined company of approximately 33 per cent.

The deal is expected to close in the first quarter of calendar 2015.

Appia had unaudited revenues of $30m for the twelve months ended September 30, 2014.

The combined company reckons it could save up to $14m in revenue synergies during the fiscal year ending March 31, 2016.

Source: AltAssets

 

Tags: Venture Capital, Venture Capital Firm, Venture Capital Group, Venture Capital Industry, Venture Capital Investment, Venture Capital Investor, Venture Capital Fund, VC Funding, VC, Appia, App Sales Platform, Mandalay Digital Group, Trident Capital, Venrock, Wakefield Group, Relay Ventures, Eric Schmidt, TomorrowVentures.

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Private equity executive Hiromichi Mizuno to be appointed by Japan’s government as the first chief investment officer of the nation’s $1.1 trillion public pension fund this week.

The government will name Hiromichi Mizuno, currently a partner with London-based private-equity firm Coller Capital, to the new role at the Government Pension Investment Fund, the people said.

The appointment would put the 49-year-old from central Japan in control of the world’s biggest fund of its kind as the GPIF tries to increase its returns by investing more aggressively.

Mr. Mizuno would be a big catch for the fund, which has struggled to attract outside talent because of low salaries and a small budget. Despite its size, the GPIF’s roughly 80 employees are squeezed into one floor of a 1970s office building in downtown Tokyo. Most of its investments are managed by outside asset-management firms.

Mr. Mizuno was educated in the U.S. and speaks fluent English, which addresses concerns among foreign investment firms that have had trouble working with GPIF.

After starting as a banker at Japan’s Sumitomo Trust and Banking Co., Ltd., Mr. Mizuno joined Coller Capital in 2003.

Source: Wall Street Journal

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Japan, Japan Private Equity, Japan’s Public Pension Fund, Hiromichi Mizuno, London, London Private Equity, Coller Capital, Government Pension Investment Fund, Tokyo, US, United States, Sumitomo Trust and Banking Co., Ltd.

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Bain Capital Buys Majority Stake in Richard Branson’s Virgin Cruises

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Two Private Equity Firms are Buying Kremers Urban Pharmaceuticals for $1.525B in Cash

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Riverwood Capital Raises $1.25B for Its Fund II

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