Monthly Archives: January 2022

Expungement of Criminal Convictions – California Style

Some states allow a defendant convicted of a crime to apply for a court order limiting public access to the conviction record or to restore rights and remove disabilities caused by the conviction. This type of order is commonly referred to as an expungement; however, the qualifications for obtaining an expungement and the effect of the expungement vary among the states that allow expungements.

California has an expungement procedure set forth in Penal Code 1203.4. If a defendant meets the qualification of Penal Code 1203.4, the court will allow the defendant to withdraw a plea of guilty or no contest, to reenter a plea of not guilty, and to have the case dismissed. The defendant is also relieved from many of the negative consequences of a criminal conviction.

When reviewing California criminal records showing a conviction, it is important to note if there is also a reference to a Penal Code 1203.4 dismissal because this can impact whether the record is reportable in a background check for a California employer. For example, California law does not allow the reporting of criminal records that result in a non-conviction in employment-purpose reports. Even though the record shows a conviction, the Penal Code 1203.4 dismissal effectively means the conviction never happened.

The reference to the code section will typically be found on the case docket, dated a year or so after the conviction date.

January 26th, 2022|Compliance Corner|

The Scherzer Deal Report: January 18-22, 2022

Here is this week’s Deal Report for private equity and venture capital activity for US-based PE and VC firms and portfolio companies, brought to you by Scherzer International and and Lucas and Associates, LLC.

PE and VC Firms

$67M
Second fund
 
$1B+
BDC-structured fund that will lend to large corporations
 
$8.75B
Fourth capital opportunities fund
 
$200M+
Decarbonization fund
 
$500M
Tenth VC fund
 
$2B
VC fund
 
$41M
Second fund
 
$1.95B
Second communications infrastructure fund
 
$1.1B
Fourth private equity fund
 
$567M
Third growth equity fund
 
$293M
Third growth equity fund
 
$35M
Debut fund

Private Equity Deals

EIG
$400M
Los Angeles, CA-based solar energy project and storage company
 
L Catterton
Undisclosed
Stamford, CT-based acquirer, and operator of veterinary hospitals for companion animals
 
Incline Equity Partners
Undisclosed
Azusa, CA-based provider of environmental remediation and indoor air quality services
 
Olympic Forest Products of Cleveland
Undisclosed
Nyack, NY-based national industrial pallet broker, and wholesaler
 
Kidd & Co.
Undisclosed
Houston, TX-based specialty construction services firm focused on micro-tunneling
 
Arsenal Capital Partners
Undisclosed
Warren, MI-based industrial automation solutions provider
 
FTV Capital
$60M
Tampa, FL-based nurse staffing platform
 
Arsenal Capital Partners
Undisclosed
Bolton, MA-based maker of hyperspectral imaging systems and other optical components
 
Revelstoke Capital Partners
Undisclosed
Tampa, FL-based provider of core administrative processing solutions to healthcare payors
 
Wynnchurch Capital
Undisclosed
Frederick, MD-based warehouse retailer with over 300 locations
 
KKR
Undisclosed
Austin, TX-based provider of short-term mortgage products
 
SkyKnight Capital
Undisclosed
Charlotte, NC-based provider of financial services to accredited investors
 
Stellex
Undisclosed
Auburn, WA-based plumbing services platform
 
Susquehanna Private Capital
Undisclosed
Middletown, PA-based youth soccer training franchisor
 
Nautic Partners
Undisclosed
Milwaukee, WI-based provider of care solutions to post-acute pharmacies and pharmacy benefit managers
 
Satori Capital
Undisclosed
San Leandro, CA-based flavors company

Venture Capital Deals

Blue Owl, MSD Partners, SoftBank, B Capital Group, Franklin Templeton, Insight Partners, Tiger Global
$600M
San Francisco, CA-based predictive intelligence platform
 
Andreessen Horowitz
$52M
Menlo Park, CA-based computer vision startup focused on building security
 
Alkeon Capital Management, Silverton Partners, Insight Partners, Pacific Western Bank, Colorcon Ventures
$100M
Jersey City, NJ-based pharma manufacturing execution platform
 
Andreessen Horowitz, Kleiner Perkins, Lightspeed Venture Partners, 01A
$170M
Santa Monica, CA-based NFT platform
 
Third Point Ventures, SIG, Alter Venture Partners, Shasta Ventures, Unusual Ventures
$30M
San Francisco, CA-based provider of zero-trust network access solutions
 
VenBio Partners, Qiming Venture Partners, PXV Fund, Bristol Myers Squibb, Janus Henderson, Affinity Asset Advisors, Boxer Capital, LifeSci Venture Partners
$75M
Hillsborough, NJ-based RNA therapeutics startup
 
Blackstone Growth, Light Street Capital, Maverick Capital, B Capital Group
$225M
Sunnyvale, CA-based revenue operations platform
 
Coatue, Atlassian Ventures, Accel, Greylock Partners, Bain Capital Ventures
$45M
San Francisco, CA-based time management and calendar too
 
BuildGroup, Capital Creek, RTP Global, CEAS, Poplar Ventures
$36M
Boston, MA-based provider of software to solar energy providers
 
Jackson Square Ventures, Homebrew, Bee Partners, UC Berkeley’s House Fund, Harrison Metal, PacWest
$22M
Berkeley, CA-based low-code app development platform
 
Revolution Growth, Kayne Partners, Masco Ventures, Camber Creek, Comcast Ventures, Brick & Mortar Ventures, Second Century Ventures
$65M
Potomac, MD-based pay-at-closing home improvement platform
 
Durable Capital Partners, Telesoft Partners, Green Cow VC, Warburg Pincus
$100M
Baltimore, MD-based provider of financial planning benefits for employees
 
Mercedes, Stellantis
$200M
Woburn, MA-based maker of solid-state batteries
 
Coatue, Valiant Peregrine Fund, Base10
$200M
San Francisco, CA-based career network for U.S. college students
 
Camber Creekled, The BAM Cos, Berger Rental Communities, Bonaventure, CA Ventures, Continental Realty, Embrey Partners, Klein Enterprises, Koman Group, Mark-Taylor, Masco Ventures, Pier 88, Standard Communities, Strata Equity Group, Vesta Ventures, Wermers Cos
$52M
San Francisco, CA-based rental property condition data platform
 
Joyy Inc., Engage Capital, Source Code Capital, ZhenFund
$40M
San Francisco, CA-based provider of print-on-demand apparel design and manufacturing
 
VenBio Partners, Foresite Capital, Decheng Capital, Surveyor Capital, OrbiMed, Novartis, RMGP, Bukwang Pharma
$111M
Camarillo, CA-based developer of cancer CAR-T cell therapies
 
Franklin Templeton, Bond, YC Continuity, Emergence, Lux, Haystack, Accel, Sequoia Capital
$150M
San Francisco, CA-based digital contracting platform
 
Insight Partners, Clearlake, Obvious Ventures, J&J, Eli Lilly, Breyer Capital
$150M
Cambridge, MA-based developer of GI disease software
 
Left Lane Capital
$125M
Long Beach, CA-based platform for buying cryptocurrencies via IRAs
 
Thrive Capital, Elad Gil, Dragoneer, Tiger Global, Founders Fund, HighSage Ventures, Shasta Ventures, Fuel Capital, and Khosla Ventures
$175M
San Francisco, CA-based employee management platform
 
Dragoneer, Coatue, Emerson Collective, Salesforce Ventures
$235M
Burlingame, CA-based provider of mental health care benefits for employers
 
GreatPoint Ventures, VMG Catalyst, Rally Ventures, Tribe Capital, Green Visor Capital, Compound Ventures, Clocktower Technology Ventures
$41M
New York, NY-based work management platform
 
GGV Capital, First Round Capital, Coatue, Upfront Ventures, American Express, Indeed, Kraken Ventures, Franklin Templeton
$50M
New York, NY-based payroll API
 
Felicis Ventures
$20M
Boston, MA-based growth platform for wholesale distributors
 
SoftBank, General Atlantic, Celesta Capital, Premji Invest, Chiratae Ventures
$100M
Burlingame, CA-based cloud marketing platform
 
8VC, Nexus Venture Partners, Matrix Partners India
$18M
Walnut, CA-based customer onboarding platform
 
Xerox Ventures, SIP Global Partners, Capricorn, True Ventures, Porsche Automobil Holding SE, Maniv Mobility
$21M
Wilmington, MA-based 3D metal printing company
 
Energize Ventures, Andreessen Horowitz, NEA
$24M
Mountain View, CA-based API developer platform for connected vehicles
 
Insight Partners, YC, Moment Venture
$16.5M
New York, NY-based SaaS for CPG formulations
 
J&J, Novo Nordisk, GV, Merck, Casdin Capital, Brook Byers, THVC, Breyer Capital
$150M
San Francisco, CA-based database for drug and medical device development
 
Lightspeed Venture Partners, Tiger Global, Coatue, Salesforce Ventures, CRV, Tusk Venture Partners, Silverton Partners
$150M
Austin, TX-based virtual healthcare recruiting platform
January 25th, 2022|Scherzer Deal Report|

The Scherzer Deal Report: January 10-14, 2022

Here is this week’s Deal Report for private equity and venture capital activity for US-based PE and VC firms and portfolio companies, brought to you by Scherzer International and Lucas and Associates, LLC.

PE and VC Firms

$1.8B
20th flagship venture capital fund ($800M) and second select fund ($1B)
 
$1.01B
Fifth flagship fund ($640M), second opportunities fund ($270M), SPVs ($100M)
 
$1.3B
Debut fund
 
$300M
Fourth VC fund

Private Equity Deals

Apollo, Motive Partners, Franklin Templeton
$225M
New York, NY-based alternative investment platform
 
Marlin Equity Partners
Undisclosed
Jacksonville, FL-based provider of continuing education management and license verification software to the healthcare sector
 
Audax Private Equity
Undisclosed
West Bridgewater, MA-based wireless telecom infrastructure services provider
 
Sequoia Capital, Paradigm
$1.15B
Chicago, IL-based electronic trading firm
 
Godspeed Capital
Undisclosed
Linthicum Heights, MD-based provider of IT solutions to federal agencies
 
Court Square Capital Partners
Undisclosed
Salt Lake City, UT-based provider of 3D design and additive manufacturing solutions
 
Bayview Asset Management
Undisclosed
Dallas, TX-based real estate investment franchisor
 
Bregal Partners
Undisclosed
Fort Myers, FL-based provider of commercial landscaping services
 
Battery Ventures
Undisclosed
La Jolla, CA-based provider of multi-channel content authoring and publishing software
 
Entrepreneurial Equity Partners, Mubadala Capital
Undisclosed
Modesto, CA-based provider of freeze-dried fruit and vegetable ingredients
 
Arlington Capital Partners
Undisclosed
Fall River, MA-based provider of outsourced services to the med device and pharma markets
 
Topspin Consumer Partners
Undisclosed
Mamaroneck, NY-based provider of cooling solutions for sports, outdoor, and job-site applications
 
Leonard Green & Partners
Undisclosed
Minneapolis, MN-based provider of outsourced analytical testing to life sciences
 
Core Industrial Partners
Undisclosed
Grayslake, IL-based additive manufacturing services provider
 
Water Street Healthcare Partners
Undisclosed
Irvine, CA-based provider of medical equipment maintenance and management services
 
Sentinel Capital Partners
Undisclosed
Dalton, GA-based surf-racing products maker
 
Lee Equity Partners
Undisclosed
Fernandina Beach, FL-based physical therapy services provider

Venture Capital Deals

Eldridge Industries, Deer Park, Marshall Wace, MS&AD Ventures, Altamont Capital Partners
$190M
Atlanta, GA-based insurance risk exchange
 
Tiger Global, Aglaé Ventures, Maple VC, Twelve Below, Box Group, Red Sea Ventures, Ground Up Ventures, Good Friends, Silas Capital Ventures
$25M
Middletown, DE-based “save now pay later” startup
 
Anthemis Group
$40M
Fayetteville, AR-based farmland investing platform
 
Partners Investment, Murex Partners
$15M
West Hollywood, CA-based virtual reality concert platform
 
Advent International, Insight Partners
$190M
Mountain View, CA-based autonomous ops platform
 
BlackRock, Schonfeld, Invus Opportunities, CreditEase, H.I.G. Growth, Activant Capital, Moore Strategic Ventures
$355M
San Francisco, CA-based e-commerce checkout experience company
 
Top Tier Capital Partners
$40M
South Francisco, CA-based tech career guidance platform
 
Index Ventures, Bee Partners, Stage 2 Capital, 1984 Ventures
$30M
San Francisco, CA-based AI scribe service for healthcare
 
Brookfield Growth, BAM Elevate, Seven Seven Six, Triple Point Capital, Elad Gil, Menlo Ventures, Andreessen Horowitz, Initialized Capital, Haystack
$111M
San Francisco, CA-based flexible workspace platform
 
Animoca Brands, Delphi Digital, Gemini Frontier Fund, 6th Man Ventures, Jump Crypto, Red Beard Ventures, Spartan Capital, NGC Ventures, Lightspeed Venture Partners, Talis Capital, Verizon Ventures, Correlation Ventures, Basecamp
$40M
Los Angeles, CA-based pro sports leagues in which fans make key decisions
 
March Capital
$15M
San Mateo, CA-based provider of cloud-native payments orchestration solution
 
B Capital Group, D1 Capital Partners, Iconiq, Madrona Venture Group, Salesforce Ventures, Sapphire Ventures, Tiger Global
$248M
Seattle, WA-based provider of salesperson efficiency software
 
Thomas Tull, Franklin Templeton, Fidelity, First Light Capital Group
$130M
New York, NY-based beauty brand
 
Matrix Capital Management, General Catalyst, Andreessen Horowitz, Woodline Partners, Casdin Capital, City Hill Ventures, Foresite Capital, Driehaus Capital Management, Moore Strategic Ventures, Terra Magnum Capital Partners, NS Investments
$190M
South Francisco, CA-based startup focused on translating genetic insights into new medicines
 
Rose Park Advisors, Andreessen Horowitz, Bow Capital, Govtech Fund, Experian Ventures, Spike Ventures, InState Capital, Collier Fund, Metaplanet Holdings
$50M
Millbrae, CA-based digital credentialing platform
 
Stripes, Valar Ventures, Crosslink Capital, Rainfall Ventures, BoxGroup
$90M
Miami, FL-based neobank for SMBs
 
Menlo Ventures, Sequoia Capital, Acrew Capital
$35.6M
San Francisco, CA-based data visualization platform for developers and engineer
 
Addition, Keyframe, RET Ventures, Brookfield Growth, Era Ventures, A/O PropTech
$34M
Salt Lake City, UT-based autonomous building platform
 
Josh Buckley, WndrCo, Lachy Groom, MMC Technology Ventures, Fifth Wall Ventures, Array Ventures
$100M
Walnut, CA-based location data analytics startup
 
TPG, Thoma Bravo, Goldman Sachs, Emergence Capital, Insight Partners, Chicago Ventures, Generation Investment Management, Sapphire, Sozo Ventures
$240M
Chicago, IL-based supply chain logistics company
 
General AtlanticRoad
$70M
Pittsburgh, PA-based waste management company
 
Tiger Global
$115M
Seattle, WA-based enterprise hiring platform
 
Elephant, Access Capital, Seamless Capital, Kemmons Wilson Companies
$56M
Austin, TX-based western footwear and apparel brand
 
Vista Equity Partners
$300M
Santa Monica, CA-based healthcare communications software provider
 
Level One Fund
$19M
Denver, CO-based hiring platform for the cannabis market
 
Atalaya Capital Management, Elm Park Capital Management, HighBar Partners, Benhamou Global Ventures
$73M
San Jose, CA-based provider of hybrid cloud monitoring solutions
 
NewRoad Capital Partners, Prologis Ventures, FirstMark Capital, Social Capital, Quiet Capital, Latitude Ventures, Engage VC
$25M
San Francisco, CA-based HR platform for supply chain companies
January 19th, 2022|Scherzer Deal Report|

Decoding Criminal Case Dispositions

A “disposition” is the final outcome of a case, regardless of what it is called. Here is a list of typical criminal case dispositions.

Guilty or Conviction: This is the worst possible disposition if you are the defendant. It means that the case was heard and decided against you. With a conviction, the court will impose a sentence that may include jail time, probation, and paying a fine and court fees.

Not Guilty: The case actually proceeds to a trial, where a jury (or a judge in certain types of cases) decides that the evidence against the defendant was insufficient for a conviction. It does not mean the defendant was innocent – just that the case was heard and decided in the defendant’s favor.

Dismissal: A dismissal is entered when the court determines that the case should not move forward for some reason. There are many reasons for dismissals. For instance, there can be procedural errors, a lack of proper jurisdiction over the type of case, or the prosecutor decides to dismiss the charges (see below).

Nolle Prosequi or Nolle Prosse: A Latin phrase meaning “no more prosecution.” This is another way of saying that a case is dismissed by the prosecutor. This approach is often used when a defendant may agree to plead guilty to a lesser offense that guarantees the prosecution a conviction for a related offense, in exchange for the prosecutor “dismissing” the more serious charge.

January 12th, 2022|Compliance Corner|

The Scherzer Deal Report: January 3-7, 2022

Here is this week’s Deal Report for private equity and venture capital activity for US-based PE and VC firms and portfolio companies, brought to you by Scherzer International and Lucas and Associates, LLC.

PE and VC Firms

$557M
First-ever opportunities fund
 
$4B
Second growth opportunities fund
 
$36M
Second fund
 
$1.16B
Seventh flagship fund

Private Equity Deals

Trilantic North America
Undisclosed
Chicago, IL-based staffing services and consulting firm
 
EagleTree Capital
Undisclosed
Kentwood, MI-based maker of flow control products
 
Percheron Capital
Undisclosed
US-based veterinary dermatology group with locations in 12 states
 
Corsair
Undisclosed
Tempe, AZ-based provider of payment solutions to SMBs
 
BPOC and Five Arrows Capital
Undisclosed
Baltimore, MD-based benefits administration software provider
 
Vista Equity Partners
Undisclosed
Boston, MA-based customer data platform
 
MidOcean Partners
Undisclosed
Richmond, UT-based manufacturer, and supplier of branded and co-packed frozen novelty products
 
Variant Equity
$305M
Indian Land, SC-based technology managed services provider and product reseller
 
TPG
Undisclosed
Fremont, CA-based medical device contract manufacturer
 
Clearlake Capital Group
Undisclosed
Hamilton, NJ-based provider of data and other market intelligence to the commercial construction market
 
Crestview Partners
Undisclosed
Salem, NH-based electronics manufacturing services provider
 
Littlejohn & Co.
Undisclosed
Portland, OR-based supply chain management company
 
Gemspring Capital
Undisclosed
Houston, TX-based energy marketing exchange platform
 
Reverence Capital Partners
Undisclosed
Lenoir City, TN-based provider of cloud software and services for churches and ministries
 
Crosslake Technologies
Undisclosed
Chicago, IL-based boutique advisory focused on IT
 
Gryphon Investors
Undisclosed
Burbank, CA-based provider of services for plumbing companies
 
Stonepeak
Undisclosed
Phoenix, AZ-based warehousing, and logistics company focused on the gas and chemicals markets
 
One Equity Partners
Undisclosed
Springfield, OR-based maker of engineered wood products
 
Vista Equity
$2.3B
Atlanta, GA-based sales engagement software company
 
WindRose Health Investors
Undisclosed
Annapolis, MD-based closed-door pharmacy focused on patients with mental illness, substance abuse disorders, or intellectual and developmental disabilities
 
Post Oak Energy Capital
Undisclosed
Houston, TX-based E&P that will focus on the Southern Delaware Basin
 
Highview Capital
Undisclosed
Schaumburg, IL-based facility services company
 
Barbri Global
Undisclosed
Saint Paul, MN-based publisher of casebooks and other legal educational materials

Venture Capital Deals

Advance Venture Partners, Unusual Ventures, Acrew Capital, Alpha Edison, Foundation Capital, Gaingels, Coinbase Ventures
$40M
Nashville, TN-based platform that lets individual investors add alternative assets to their IRAs
 
Franklin Templeton, RX3 Ventures, SteelBridge Laboratories, Steelpoint Capital Partners, Walter Cruttenden
$20M
Newport Beach, CA-based embedded finance platform
 
Sageview Capital, Valor Equity Partners, S3 Ventures
$80M
Austin, TX-based business-focused streaming TV service
 
tbd
$850M
Miami, FL, and UAE-based ghost kitchen startup
 
T. Rowe Price, Baillie Gifford, Healthcor Management, eureKARE, Irving Investors, Coatue, Catalio Capital, Fidelity, Columbia Threadneedle Investments, Casdin Capital
$200M
San Francisco, CA-based on-demand DNA printing company
 
T. Rowe Price, CPP Investments, EcoR1 Capital, UC regents, ADIA, StepStone Group, Soros Capital, Schroders Capital, General Catalyst, Harel Insurance, Hartford HealthCare Endowment, AME Cloud Ventures, The Column Group, Foresite Capital, Innovation Endeavors, Lux Capital, Horizons Ventures
$518M
Hayward, CA-based live-cell microscopy startup
 
Hillsven, Pelion, Goodyear Ventures, Thursday Ventures, Ericsson, Picus Capital, Holman Strategic Ventures
$18M
San Francisco, CA-based robot fleet management platform
 
Andreessen Horowitz, Coinbase Ventures, SV Angel, Blocktower, Bill Ackman, Heli-cap
$25M
Walnut, CA-based DeFi credit platform focused on developing market
 
WestCap, NightDragon
$100M
New York, NY-based cybersecurity company focused on sophisticated bot attacks
 
WestCap
$50M
New York, NY-based fintech platform for alternative investing
 
Vive Collective
$16M
San Francisco, CA-based remote pediatric patient monitoring startup
 
Eventide Asset Management, Fidelity, Invus, Point72, Verition Fund Management, Monashee Investment Management, Sixty Degree Capital, Atlas Venture, NEA, Wu Capital, Qiming Venture Partners USA, Surveyor Capital, Cormorant, MP Healthcare Venture Management, Alexandria Venture Investments
$116M
Cambridge, MA-based RNA editing company
 
SoftBank, Snowpoint Ventures, Databricks, B Capital Group, Andreessen Horowitz, Cathie Wood
$110M
San Francisco, CA-based training data platform for enterprise machine learning apps
 
Science Inc., Live Nation, PowerPlant Partners, Access Capital, Nomad Ventures
$75M
Los Angeles, CA-based canned water company
 
CRV, Torch Capital, Vast Ventures, Hinsdale, Boxgroup, Able, Carrie Penner Walton, G9, Springbank Collective
$22M
San Francisco, CA-based digital mental health startup for kids and their families
 
Alan Howard, Tiger Global, Digital Currency Group, Northzone, Warburg Serres
$20M
New York, NY-based decentralized video streaming platform
 
Iconiq, Accel, Atlassian, Dragoneer, GIC, Salesforce Ventures, TCV
$400M
San Francisco, CA-based virtual whiteboards platform for workplace collaboration
 
Tarsadia Investments, Valar Ventures, CUNA Mutual, Encore Bank, Volery Capital Partners, Gopher Asset Management, RiverPark Ventures, Afore Capital, Gaingels
$140M
New York, NY-based credit card startup
 
GordonMD Global Investments, EPIQ Capital Group, Fidelity, T. Rowe Price, D1 Capital Partners, SymBiosis, the Cystic Fibrosis Foundation, the Foundation Fighting Blindness
$115M
Cambridge, MA-based gene coding startup
 
Fanatics
$500M
New York, NY-based trading cards and collectibles business
January 11th, 2022|Scherzer Deal Report|
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