Markets

North Bridge Raises $580M for Second Growth Equity Fund

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Boston-area based North Bridge Growth Equity has raised a second growth equity fund, announcing it has more than $580 million in committed cash to bankroll emerging growth companies that have a technology focus. This brings North Bridge Growth Equity’s total capital under management to more than $1.1 billion. North Bridge Growth Equity II will continue its strategy of investing primarily in privately held, technology and tech-enabled businesses that are entrepreneur owned and managed, and have grown to tens of millions in revenue with little or no outside capital. North Bridge’s growth equity arm launched in 2007 with a $545 million fund. It lists 12 portfolio companies for that fund including publicly traded parts manufacturer Proto Labs (NYSE: PRLB) and Manchester, NH-based Dyn, a provider of online services such as DNS and e-mail delivery.

Deals

Rosenfeld Brings Fourth SPAC to Market with $84M IPO of Quartet Merger Corp.

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SPAC sponsor Eric Rosenfeld has successfully completed the initial public offering of his fourth special purpose acquisition company, with the $84 million offering of the aptly named Quartet Merger Corp. (QTETU) last week. Quartet sold 8.4 million units consisting of a class A common share and one-tenth of a class B share at $10 each. The class B shares convert to an equivalent amount of class A shares upon completion of a merger with an operating company. The unit structure is somewhat unique in that it does not include any warrants, which can significantly dilute common shareholders upon exercise.

Deals
Caliber I.D.

H.C. Wainwright Publicly Marketing $6M PIPE for Medical Equipment Maker

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A medical imaging and diagnostics equipment maker Caliber Imaging & Diagnostics (LCDX) is raising $6 million in a publicly-solicited equity private placement of common stock arranged by H.C. Wainwright & Co., in one of the earliest known attempts to offer PIPE securities via a general solicitation. The Rochester, N.Y.-based company, which has posted its private placement memorandum on its website, announced on Oct. 28 that the offering will be open to accredited investors only. The offering’s pricing and other terms were not disclosed. The company expects existing investors including its entire management team and some board members will join new investors participating in the offering.

Deals

Media IP Protection Company Completes $2M APO

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Rightscorp (RIHT), a company which sells technology to protect media companies from illegal content downloading, went public in a reverse merger and closed a private placement with an investor to raise $2 million. The Santa Monica, Calif.-based company completed the alternative public offering (APO) on Oct. 25, selling 950,000 units at 50 cents each to Hartford Equity. Each unit includes one common share and a five-year warrant to buy an additional share for 75 cents, to raise an initial $475,000. The company concluded an agreement with Hartford to purchase a total of $2 million in common stock and warrants over the next 14 months.