Follow the Money: Predictive Fitness Nets Almost $800K, Jacobs Completes Nuclear Acquisition

In this weekly roundup of funding, merger, and acquisition acitivity involving companies in North Texas, you'll also find news from StackPath, MedProperties, Naya Ventures, and Charter Health Care Group.

funding

What companies are finding funding or having a big exit? From startup investments to grants and acquisitions, Dallas Innovates tracks what’s happening in North Texas money every Thursday. Sign up for our e-newsletter to stay in the loop.

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Predictive Fitness raises nearly $800K in equity offering

Southlake-based Predictive Fitness has raised $799,999 of a $2 million equity offering, according to a filing with the U.S. Securities and Exchange Commission.

Predictive Fitness uses big data, advanced analytics, and biometrics to impact athletic and fitness performance in positive ways, according to its website. It says it takes the guesswork out of training and performance for endurance athletes and quantifies a person’s individual level of fitness on a “dynamic 100 point healthy lifestyle index.”

The company’s triathlon training service, TriDot, is meant to help athletes perform their best via technology that helps coaches “do what coaches do best—guide, educate, and motivate athletes.”

StackPath’s Series B round raises its total funding to $396M

StackPath, a Dallas-based edge computing innovator, announced it raised a Series B equity funding round, which it plans to use to accelerate growth in product development, engineering, and go-to-market activities.

We told you earlier this week that the new funding brings StackPath’s total equity raised to $396 million, including an earlier Series A round led by Abry Partners.

The amount of the round is reported to be $200 million and was led by California-based Juniper Networks and Atlanta-based Cox Communications. Barclays Capital and PJ Solomon were lead placement agents; Barclays Capital Inc., PJ Solomon, and DH Capital acted as financial advisers; and DLA Piper acted as the legal adviser.

“We’ve laid the technology and operational foundation for StackPath to be the default edge-computing platform. Juniper and Cox join us at the beginning of the next phase of our strategy—which is to deliver more on our foundation and move it even closer to end users and devices,” Wen Temitim, StackPath’s CTO, said in a statement.

Edge computing allows data produced by IoT devices to be processed closer to where it was created, instead of sending it over long distances to data centers or clouds.

MedProperties plans to raise $150M in third fund

Dallas-based private equity firm MedProperties Realty Advisors hopes to raise roughly $150 million in its third fund, reports the Dallas Business Journal.

MedProperties, which invests in healthcare real estate, has a regulatory filing showing it has raised roughly $45 million from investors so far.

MedProperties’ Roman Kupchynsky told the DBJ that the firm was originally targeting a close on the fund by the end of April, but that could be subject to change because of “macroeconomic conditions” such as the COVID-19 pandemic, turbulence on Wall Street, and the Federal Reserve’s interest rate cuts.

Regardless, Kupchynsky told the DBJ that the firm plans to deploy the fund within the next 24 to 36 months.

Naya Ventures leads CoreStack’s $8.5M Series A round

Irving-based Naya Ventures led an $8.5 million Series A funding round for CoreStack, a Seattle-based venture-backed startup enabling enterprises to achieve continuous and autonomous cloud governance.

Naya Ventures’ Manu Sharma told Dallas Innovates in an email that the Irving firm invested $4 million. Through the investment, Naya Ventures’ managing director Dayakar Puskoor will join the startup’s board of directors.

The Series A funding brings CoreStack’s total funding to $13 million. It is expected to help CoreStack aggressively expand its sales and marketing efforts and accelerate product development.

MERGERS & ACQUISITIONS

Jacobs completes Wood Nuclear acquisition

Dallas-based global engineering firm Jacobs has completed its acquisition of Wood Nuclear, a part of John Wood Group, for an enterprise value of roughly $325 million.

Jacobs said in a statement that the deal enhances its position as a global leader of total lifecycle nuclear services and technology-enabled solutions by providing strategic support to clients’ mission-critical defense and clean energy priorities, nuclear clean-up and decommissioning, environmental restoration, and operational support.

Clive White of Wood Nuclear is expected to lead the new combined business as SVP of Critical Mission Solutions – International (CMS-I), and will report to Dawne Hickton, executive vice president and COO of Critical Mission Solutions.

In November, Jacobs announced a global branding overhaul representing a shift from engineering and construction to becoming a tech-forward solutions company. The company also changed its name from Jacobs Engineering Group Inc. to Jacobs Solutions Inc.

FoodMaven acquires Arlington food service provider

Arlington-based Jana Food Services has been acquired by FoodMaven, the Denver-based socially-conscious surplus food startup FoodMaven.

The acquisition will provide FoodMaven with facilities and logistics capabilities to serve the broader Dallas-Fort Worth region, Foodmaven said in a statement.

No terms of the deal were release. Last year, we reported that the family office of Fort Worth’s Sasha and Ed Bass invested in a $15.3 million Series B funding round to support the growth and expansion of FoodMaven into Dallas-Fort Worth.

“This is an important milestone for FoodMaven as it will be our first market outside of Colorado,” FoodMaven CEO Ben Deda said in a statement. “We are confident that FoodMaven’s business model will be success in Dallas-Fort Worth and that we can bring sustainable and local food offerings to our new community in Texas.”

Started in 1995 by Nader Ahmad, Jana Food Services was a family-owned and operated food service provider.

Pharos’ Charter Health Care buys two hospice providers

Charter Health Care Group, a post-acute care provider platform of private equity firm Pharos Capital Group, has acquired two hospice service providers, St. Luke’s Home Hospice LLC and Arizona Select Hospice LLC.

Both providers were part of the VeraCare Hospice system. No financial details of the deal were released.

Southern California-based Charter is a provider of post-acute care services. It offers programs including hospice, home health, complex care management, and palliative care services.

Las Vegas-based St. Luke’s and Phoenix-based Arizona Select provide end-of-life hospice care along with palliative care services for adult patients with life-limiting illnesses. Both management teams will remain with their organizations. Pharos first invested in Charter in October 2018.

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