Term Sheet

The latest on private equity, M&A, deals and movements — from Wall Street to Silicon Valley

M&A and IPOs

September 27, 2013: 11:41 AM ET

Arbor Investments has agreed to sell Trudeau Foods LLC, a Burnsville, Minn.-based distributor of natural, organic and specialty food products, to United Natural Foods Inc. (Nasdaq: UNFI). No financial terms were disclosed. www.trudeaudistributing.com

GTCR has hired BoA Merrill Lynch to find a buyer for Franklin, Tenn.-based hospital operator Capella Healthcare, according to Reuters. The sale could be valued at less than $1 billion. www.capellahealth.com

Ford Motor Co. (NYSE: F) has agreed to acquire Livio, a Ferndale, Mich.-based maker of software for smartphone/car connectivity. The deal reportedly is valued at less than $10 million. www.ford.com

Devon Midstream Partners LP, a midstream gas asset MLP being spun out of Devon Energy (NYSE: DVN), has filed for a $400 million IPO. It plans to trade on the NYSE under ticker symbol DVNM, with BoA Merrill Lynch and Barclays serving as lead underwriters. www.devonenergy.com

Enzymotec Ltd., an Israel-based nutritional ingredients and medical foods company, raised $62 million in its IPO. The company priced 4.4 million shares at $14 per share (below $16-$18 range), for an initial market cap of approximately $292 million. It will trade on the Nasdaq under ticker symbol ENZY, while BoA Merrill Lynch and Jefferies served as lead underwriters. The company reports $4.7 million in net income on $28.7 million in revenue for the first half of 2013. Shareholders include XT Hi-Tech Investments (19.2% pre-IPO stake), Millennium Materials Technologies Fund (10.4%), Arancia International (6.8%) and BIP Venture Partners (6.3%). www.Enzymotec.com

RingCentral, a San Mateo, Calif.-based provider of cloud business phone systems and services, raised $98 million in its IPO. The company priced 7.5 million shares at $13 per share (high end of range). It will to trade on the NYSE under ticker symbol RNG, while Goldman Sachs, J.P. Morgan and BoA Merrill Lynch served as lead underwriters. The company reports a $24 million net loss on $73 million in revenue for the first six months of 2013, compared to a $19 million net loss on $52 million in revenue for the year-earlier period. RingCentral has raised around $55 million in private funding from Sequoia Capital (17.2% pre-IPO stake), Khosla Ventures (16.7%), DAG Ventures (7.7%), Scale Venture Partners, Cisco and Silicon Valley Bank. www.ringcentral.com

Violin Memory
, a Mountain View, Calif.-based flash storage company, raised $162 million in its IPO. The company priced 18 million shares at $9 per share (middle of $8-$10 range), for an initial market cap of approximately $736 million. The company will trade on the NYSE under ticker symbol VMEM, while J.P. Morgan, Deutsche Bank and BoA Merrill Lynch served as lead underwriters. Violin reports a $59 million net loss on $51 million in revenue for the first half of 2013, compared to a $49 million net loss on $30 million in revenue for the year-earlier period. The company raised $50 million in VC funding this past March at a valuation north of $800 million. Backers include SAP Ventures, Highland Capital Partners, Toshiba and Juniper Networks. www.violin-memory.com

Pattern Energy Group, a San Francisco-based wind energy company with eight projects in the U.S., Canada and Chile, raised $352 million in its IPO. The company priced 16 million shares at $22 per share (above $19-$21 range). It will trade on both the Nasdaq and TSX under ticker symbols PEGI and PEG, respectively. BMO Capital Markets, RBC Capital Markets and Morgan Stanley served as lead underwriters. Shareholders include The Carlyle Group and Riverstone Holdings. www.patternenergy.com

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About This Author
Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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