Coastal Projects Picks 26% In Italian Tunnel Engineering Firm

Coastal Projects Limited, Hyderabad-based tunnel engineering company with a turnover of over Rs 1,300 crore, has announced that it has acquired 26% stake in SELI (Societa Esecuzione Lavori Idraulici S.p.A), one of the world’s most experienced tunneling contractors based in Italy, for a total consideration of EUR 17.85 million (approx. Rs 108 crore).

Italy-based SELI has established operations across the world including India. SELI also designs & builds hard rock and soft ground tunnel boring machines and auxiliary equipments in its manufacturing facility in Italy. SELI has completed more than 520 km of tunnels with the use of mechanized excavation systems and has completed 68 projects around the world.

Coastal has completed over 75 km of tunnelling work and presently has 250 km under execution. The company is backed by prominent global private equity investors like Baring, Sequoia Capital, Fidelity and Deutsche Bank and has an order book of over Rs 7,500 crore.

Coastal Projects and SELI have also agreed to work together in South Asia. With increased number of tunneling projects in India expected to be implemented using Tunnel Boring Machines (TBMs), Coastal Projects stands to benefit from its association with SELI as it also designs and builds hard rock and soft ground tunnel boring machines and auxiliary equipment.

Coastal Projects already owns three TBMs in India and SELI’s global expertise in operations and manufacturing of these machines will be a key differentiator at the time of bidding and execution of projects.

Motilal Oswal Investment Advisors Pvt Ltd acted as the financial advisor to Coastal for this transaction.

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Investor Profile: SABAN Ventures

Richard Yen, Director, SABAN Ventures


Richard Yen is a Director at Saban Ventures, where he focuses on venture investment opportunities in the digital media, mobile, and consumer Internet sectors for the firm. Richard also works actively with the firm’s private equity portfolio companies and advises them on their digital media strategies.



Prior to joining Saban Ventures, Richard was a Principal at Blueprint Ventures in San Francisco where he established the firm’s digital media and Internet investing practice. He led early-stage investments and was an active Board member at several leading digital media start-ups. Prior to that, Richard was at Rustic Canyon Partners, an early-stage technology venture capital firm in Southern California where he focused on software infrastructure and wireless investments.

Richard participated in the FundingPost event: Silicon Valley Venture Capital Conference
on Thursday, March 5, 2009 in CA

SABAN Ventures

Saban Ventures is the venture capital investment arm of Saban Capital Group, Inc. (SCG), a private investment firm founded by Haim Saban in 2001 and specializing in the media, entertainment, and communications industries. Saban Ventures was formed by SCG in 2008 to invest in early-stage to mid-stage start-ups in digital media, mobile, and consumer Internet with an emphasis on companies that can add value to SCG’s global media investments.



The Saban Ventures team brings significant investment, operations, and industry experience in the digital media, mobile, and consumer Internet spaces. The firm seeks to partner with ambitious, market-changing entrepreneurs and invest in companies where the Principals can add value through their expertise and strategic network. The firm actively partners and collaborates with its portfolio companies to help them achieve breakout success.



Saban Ventures targets initial investments of $1-5 million as a lead or co-lead investor in start-up financings. The firm plays an active role on the Board of Directors and frequently syndicates investments with like-minded venture firms or strategic investors. The firm seeks to invest in start-ups

Some Previous Investments:

Next New Networks

is the leading independent new media company that creates and produces online television networks for targeted communities including: autos, fashion, entertainment, humor, and current news/politics. Next New Networks brings together elements of traditional TV networks with Internet functionality, inviting viewers to contribute, share and distribute content across both their branded URLs and their vast and growing network of partner platforms. The company super-distributes their unique content across multiple platforms including YouTube, MySpaceTV, AOL-Video, iTunes, and Veoh.

Skydeck

is the first service in the world that allows consumers to keep track of all of their mobile phone calls, all of their text messages, and all the people that they call and text. Skydeck’s secure software combines your call records with your address book to create a complete history of all your mobile phone conversations, revealing your true social network: the people that you talk to and text most often. Skydeck reminds you who called you last week, who you need to call next, and who never calls you back. The company was founded in 2007 by Jason Devitt and Mike Wells and is based in San Mateo, CA.

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Investor Profile: Security Growth Partners

Elad Yoran, CEO and Founder, Security Growth Partners


Elad Yoran is the CEO and founder of Security Growth Partners, a private equity fund focused on investments in homeland security solutions. Prior to founding SGP, Mr. Yoran co-founded, managed, and led Riptech, Inc. (Riptech), a leading managed security services provider. Ernst & Young recognized Mr. Yoran for his success with the “Entrepreneur of the Year” award in 2001. Symantec Corporation (NASDAQ: “SYMC”) acquired Riptech for $145 million in 2002, ranking in the top 2% in transaction value of all technology merger and acquisition transactions of that year. From 2002 to 2003, Mr. Yoran served as Vice President, Global Business Development at Symantec. Prior to Riptech, Mr. Yoran served as Vice President at Broadview International, an investment bank that focuses on mergers and acquisitions in the technology industry. Mr. Yoran is a MBA graduate of the Wharton School of the University of Pennsylvania and holds a BS with honors from the United States Military Academy at West Point.

Elad participated in the FundingPost event: New York Early-Stage Venture Capital Conference
on Thursday, May 27, 2010 in NY

Security Growth Partners

Security Growth Partners’ (SGP) mission is to support companies that provide homeland security solutions for the critical infrastructure market. SGP is more than a fund or typical venture capital organization. Rather than simply invest, we capitalize on both our extensive expertise and experience in the security sector and our strong network of contacts in the critical infrastructure market. We identify desirable opportunities and become extensively involved in the strategy and operations of each company with which we work.

Some Previous Investments:

Riptech

Symantec Corp. (Nasdaq: SYMC) today announced the acquisition of Riptech, Inc. for approximately US$145 million in cash. The combination of the two companies will create the leading provider of managed security services worldwide monitoring and managing the largest number of security devices across the broadest array of solutions.

MediaSentry

On June 2, 2005 SafeNet (NASDAQ: SFNT) announced its intent to acquire MediaSentry; the transaction closed on June 13, 2005. SafeNet develops encryption technologies to protect communications, intellectual property, and digital identities, and offers a full spectrum of products including hardware, software and chips. The combination of SafeNet’s strong security and existing copyright protection products and MediaSentry’s innovative anti-piracy and business management services provides customers with a comprehensive suite of best-of-breed security offerings.

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New York VC and Angel ConferenceMay 27, 2010 Come meet and network with VCs and Angels in NYC!http://www.fundingpost.com/breakfast/reg1.asp?event=171&refer=rss




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FREE Conference Call with VCs and Angel Investors! Available for immediate listening. Hear from 13 VCs and Angel Investors. You can register for the conference call MP3 here:
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Ziff Davis Acquired By Former Time Digital Exec Vivek Shah And Great Hill Partners

Ziff Davis has been in some deep financial trouble over the past few years but today, this may come to an end. The technology publisher has been acquired by former Time Inc. executive Vivek Shah in partnership with Boston-based private equity firm Great Hill Partners. Terms of the deal were not disclosed.

Ziff Davis operates nine properties including PCMag.com, ExtremeTech, GearLog, GoodCleanTech, DL.tv, AppScout, CrankyGeeks, Smart Device Central and TechSaver.com, which the company says reach over 7 million users per month. As a seasoned digital media exec, Shah might be able to breathe life back into the publisher. Shah has an impressive background in media, as helping create CNNMoney.com, overseeing Time.com and SI.com, and also serving as the president of Fortune and Money magazines.

The release indicates that Shah is interested not as much in the editorial assets but in Ziff Davis Labs, a computer testing lab. Thanks to the imploding print and magazine business, Ziff Davis Media has had to move more towards a digital model and succumbed to layoffs. This acquisition by a seasoned digital exec may help bring fresh ideas, new revenue streams and potential turnaround a floundering company.

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StanChart PE Eyes Exit From ITQ Via IPO Route

With the maiden offer market making a comeback of sorts, the exit route for private equity firms is getting clearer.

Standard Chartered Private Equity Ltd (SCPEL), the private equity arm of Standard Chartered Bank, is planning up to three exits this year from its portfolio companies through the IPO route.

SCPEL is looking at an exit from InterGlobe Technology Quotient (ITQ), a travel outsourcing firm–where it invested about $140 million along with Credit Suisse and Singapore’s DBS Group to buy close to 33% stake in 2008–through a proposed IPO to be floated this year. It is learnt that the IPO size would be in the range of Rs 350-400 crore.

Till date in 2010, there have been about five PE exits through the IPO route. The major exits include Credit Suisse from Shree Ganesh Jewellery House ($84 million), Trikona Trinity from IL&FS Transportation Networks ($154 million), ChrysCapital from Hathway Cable ($142 million), JP Morgan Partners and India private Equity Fund from Jubilant Foodworks ($71 million) and Temasek from Infinite Computer Soulutions India ($41 million). In 2009, in comparison, there were two PE exits made through IPOs and one in 2008, according to VCCEdge data.

InterGlobe Technology Quotient (ITQ), a business unit of InterGlobe Enterprises, is the official distributor of Galileo in India & Sri Lanka and Worldspan in nine markets across the Asia-Pacific region. Galileo’s key clients include Cox and Kings, American Express, Thomas Cook, Travel Corporation of India and HRG SITA. Interglobe is run by the owners of Indigo Airlines. When contacted, Kiran Singh, GM – Marketing & Communications, InterGlobe Enterprises Limited, said, "Being a privately held company, we do not share this kind of information with public at large. So, I am afraid, we will not be able to comment on the questions raised". Nainesh Jaisingh, MD, SCPEL, did not respond to the queries at the time of posting this article.

Apart from ITQ, the PE major is planning two more exits this year through IPOs. These exits are from portfolio firms Powerica, a Mumbai-based generator manufacturer, and Endurance, a Pune-based auto-component maker. In Powerica, SCPEL had invested $50 million in 2007, while it invested $33 million in Endurance Technologies in 2006. A mail sent to Bharat Oberoi, Joint MD, Powerica, did not elicit a response. Biswajit Choudhary, spokesperson, Endurance Technologies, did not respond to repeated calls.

SCPEL invests between $50 million and $100 million in companies primarily located in China, India, Korea and South East Asia.  In 2010, SCPEL invested $50 million in Coffee Day Resorts & Hotels Ltd by acquiring about 5% stake. In 2009, it invested over $100 million in a bunch of companies including Ramkay Infrastructure, Firepro Systems, PI Industries, Mahindra & Mahindra Financial Services Ltd, Man Infraconstruction and Indian Overseas Bank.

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