Upstate Deals and Doings – January 3, 2019 PDF Print Email

Upstate Deals and Doings
January 3, 2019

Deals, news and events for the investment community across Upstate New York.

The Upstate Capital Association of New York is hosting its second event focused on women, money and business. Cultivating relationships between entrepreneurs and capital providers is a pillar of a successful entrepreneurial ecosystem, and encouraging women to start businesses and to invest in them increases the visibility of women throughout the vibrant investment community across New York state, ultimately contributing to narrowing the gender gap in finance and entrepreneurship. The event is in partnership with Cornell University. Register today - all are welcome!

DEAL HIGHLIGHTS
Here are some highlights from the most recent deals done in Upstate New York

  • Ioxus, an Oneonta-based Manufacturer of premium performance ultracapacitor technology and energy storage products designed for use in transportation, industrial and energy applications, raised $8.60 million of Series DD venture funding from Cayuga Venture Fund and other undisclosed investors

  • Four Sigmatic, a Scarsdale-based provider of an online platform intended to provide mushroom based drinks, raised $5.38 million of venture funding

  • ACV Auctions, a Buffalo-based provider of an online auction platform intended to help dealers to purchase wholesale vehicles, raised $93 million of Series D venture funding in a deal led by Bessemer Venture Partners and Bain Capital Ventures

  • CleanFiber, a Buffalo-based producer of cellulose-based insulation material, raised $4.93 million of Series A1 venture funding from Keiretsu Capital and other undisclosed investors

  • Tactiva Therapeutics, a Buffalo-based operator of biotechnology company developing adoptive T-cell therapy solutions, raised $35 million through a combination of debt and Series A and Series A1 venture funding in a deal led by Panacea Healthcare Partners

  • Latham Pool Products, a Latham-based manufacturer of inground residential swimming pools and components, received an undisclosed amount of debt financing in the form of a lien from CT Corporation System

  • International Imaging Materials, an Amherst-based manufacturer of printing, imaging, and marking consumable products for logistics, retail, medical, chemical, automotive, and durable goods industries, was acquired by ACON Investments

  • Cricket Valley Energy Center, a Dover-based 1,100 megawatt (MW), natural gas-fired power plant, received an undisclosed amount of financing from Showa Shell Sekiyu

  • JGB Enterprises,  a Liverpool-based manufacturer and supplier of hoses and hose assemblies designed to serve the industrial, hydraulic, fire protection, food and petroleum industries, was acquired by HCI Equity Partners

  • The Wladis Companies, a Syracuse-based provider of insurance brokerage services, was acquired by OneDigital Health and Benefits, via its financial sponsor New Mountain Capital

  • IMSWorkX, a Rochester-based provider of a multi-protocol network application, designed to deliver safe, reliable, and comprehensive infrastructure for every generation of communication networks, was acquired by REDCOM Laboratories

  • RMS Medical Products, a Chester-based developer and manufacturer of medical devices and supplies intended to make quality healthcare a reality for everyone, sold 11,101,697 shares of the Company to an undisclosed investor for $13.3 million

  • Bruin Sports Capital, a White Plains-based provider of media, sports, marketing and branded lifestyle services intended to help companies establish their businesses, raised $12.53 million of financing

  • Mcneil & Company, a Cortland-based provider of risk management and insurance services, was acquired by Arch Capital Group

  • Al's Maintenance, a Rochester-based provider of waste management and outdoor maintenance services, was acquired by Casella Waste Systems

  • GKG CPAs, a Chestnut Ridge-based provider of accounting and financial services to the manufacturing, distribution, transportation, food, not-for-profit, and real estate industries, was acquired by PKF O'Connor Davies

  • JCL Capital Partners, a White Plains-based provider of loans on residential and commercial properties in the United States, was acquired by Tradex Global Advisors

  • Wallwork Brothers, an Albany-based distributor of HVAC equipment for residential and commercial clients, was acquired by Ferguson Enterprises

  • ZetaGen Therapeutics, a Syracuse-based provider of a molecule-based osteo-inductive platform technology designed to transform the treatment of bone-related injuries, raised $2.73 million of convertible debt financing

  • Cormint Data Systems, a Syracuse-based company currently operating in Stealth mode, raised $2 million of convertible debt financing

                       *Have a deal you'd like to share? Submit your deal here.

INDUSTRY NEWS

  • New York State provided more than $188 million in direct and facilitated loans to small businesses in 2018, and that over 80 percent of those loans went to minority and women-owned businesses. The businesses that received loans from the State generated more than $1.5 billion in economic impact, created approximately 6,000 jobs and retained approximately 10,000 jobs this year. In addition, 927 businesses expanded and 624 businesses launched. Read more.

  • GENIUS NY, a business accelerator program at CenterState CEO’s Tech Garden, announced the five finalists companies selected for its third round. These startup drone companies will participate in the year-long program and will compete for a total of $3 million in direct investment, with one grand prize of up to $1 million and four $500,000 awards.

  • ThinkDutchess extended the deadline for applications for its 2nd entrepreneurial pitch competition: Innovation Challenge. Applications are being accepted from HV residents who have an new established business or a pre-venture startup looking to locate in Dutchess and seeking to gain knowledge, support and prizes to further develop your business.

UPSTATE CAPITAL EVENTS

  •  February 13 - Ithaca - Women, Money and Tech - The Upstate Capital Association of New York is hosting its second event focused on female founders and investors. Cultivating relationships between entrepreneurs and capital providers is a pillar of a successful entrepreneurial ecosystem, and encouraging women to start businesses and to invest in them increases the visibility of women throughout the vibrant investment community across New York state, ultimately contributing to narrowing the gender gap in finance and entrepreneurship. Register today!
  • April 25 - 26 - Albany - E^3 Conference - Upstate Capital is hosting the Northeast region's leading event for new and experienced angel and seed investors, entrepreneurs and entrepreneurial ecosystem builders. The event will feature "Pathways Through Entrepreneurship", an exhibition of incubators, accelerators, investment funds and resources for entrepreneurs of all ages, Angel investor education and networking, entrepreneurs and ecosystem builders discussing how to continue developing the startup ecosystem, and the intercollegiate business plan competition featuring up to 120 teams from all 10 regions across New York State (details at NYBPC.org)
  • August 7 - 8 - Saratoga Springs - Saratoga Forum - Mark your calendars. Next year’s premier investor event of the season is booked! The Forum is an exclusive event with great content for venture capitalists, middle market debt & equity investors, limited partners, venture-backed and second-stage entrepreneurs & angel investors. Members and invited guests will join us at the Saratoga Race Course. Watch the horses and place your bets with Upstate New York's most active investors.

COMMUNITY EVENTS

  • January 16 - 17 - Albany - 2019 Economic Developer’s Conference - The NYSEDC conference provides economic developers with key insights, ideas, best practices, and opportunities in economic development. Upstate Capital's Executive Director, Noa Simons, will be leading a panel on the NYBPC on Wednesday. 
  • January 30 - Latham - CEO Connect: Economic Outlook - Join Albany Business Review and Siena College Research Institute for a discussion with top business leaders sharing their outlook on 2019 and beyond.