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Hi Reader,

Altitude Edition #021 of is hot off the press from Cirrus Capital Partners.

Here’s a bird's eye view of what we cover:

> Cirrus Updates

> What’s Happening in the World

> Recent Term Sheet and Transactions

> New Resources

> Fresh Fundings

> On My Mind

Every other week, we gain Altitude with the founders, operators, dealmakers, allocators, marketers, and technologists shaping tomorrow.

Cirrus Updates 🙋 Let's welcome a new member to the team... Let’s officially welcome Jacob Gonzalez as a Co-Founder and Partner leading our lender platform business! With over $1B in career financings and M&A, plus $50M raised in credit facilities for specialty finance companies, Jacob brings deep expertise from investment banking, private equity, and fintech startups. A Cornell grad and registered securities professional, he’s ready to drive our next phase of growth. Welcome, Jacob! ​ Also, we just redesigned our "Transactions" page on the website. It's simply much better. See it here 😎 ​ ☕ Where you can find us next: ​DealBook Summit | NYC | December 4, 2024 ​ Learn more » ​ 📌 Tip of the week: The best opportunities are often the ones the crowd overlooks. If the math checks out and it feels contrarian, you might be looking at asymmetric returns.

What's Happening in the World

FTX Sues Binance for $1.76B, Settles with ex Alameda CEO for $70M FTX has filed a $1.76 billion lawsuit against Binance and its CEO, Changpeng Zhao (CZ), alleging fraudulent activities and misconduct in the lead-up to FTX's collapse. Simultaneously, FTX has reached a $70 million settlement with Caroline Ellison, the former CEO of Alameda Research, as it seeks to recover funds for its creditors. The FTX saga continues to reshape the crypto landscape, serving as a cautionary tale for founders navigating high-growth industries. These legal actions highlight the importance of robust governance, transparency, and ethical decision-making. ​More detail »​

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Elliott Management's $5 Billion Stake in Honeywell Elliott Management has acquired a $5 billion stake in Honeywell International, advocating for a division into two separate entities: aerospace and automation. This move underscores a growing trend of activist investors influencing corporate strategies to unlock shareholder value. Business leaders should be aware of such dynamics, as they can lead to significant organizational changes and impact market positions. Read more »

Homebase Saved: The Range Founder Steps in to Rescue 1,600 Jobs Homebase entered administration, putting approximately 2,000 jobs at risk. Chris Dawson, founder of The Range, intervened by acquiring the brand and 70 stores, preserving 1,600 positions. This highlights the importance of strategic acquisitions in maintaining market presence and workforce stability during challenging times. ​Full story »​ ​

Stock Market Rally Post-2024 U.S. Presidential Election Following Donald Trump's victory, the stock market experienced a significant rally, with the Dow Jones Industrial Average reaching new highs. While this surge reflects investor optimism, experts caution about potential economic downturns. Business owners: remain vigilant and consider long-term strategies amidst market volatility. Dive deeper »

Surge in Major U.S. Company Layoffs In 2024, numerous major U.S. companies, including Meta, ExxonMobil, and AMD, have implemented significant layoffs. These reductions are often linked to strategic shifts, cost-cutting measures, and technological advancements like AI integration. Business leaders should assess their operational efficiencies and workforce strategies to adapt to these evolving industry trends. ​See full list on Business Insider »​

Klarna Files for IPO Amidst Operational Streamlining Klarna has confidentially filed for an IPO with the U.S. Securities and Exchange Commission after implementing significant operational changes, including workforce reductions and portfolio adjustments. This move indicates a strategic focus on financial stability and growth. Founders should consider the importance of operational efficiency and market readiness when planning for public offerings.

New Resources

These are pieces of new content that may be worth checking out. Not an endorsement, just a “hey, you might like this.”

Podcast Episode: "Elon Musk Funds Trump — and Owns Twitter. What Does That Mean?"

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How do you lead when you're shaping public discourse, driving innovation, and sparking headlines all at once?

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In the latest Channels with Peter Kafka, Charlie Warzel from The Atlantic dissects Elon Musk's unique position as both a financier of Donald Trump and the owner of one of the world’s most controversial platforms. Musk’s choices highlight how public perception, stakeholder priorities, and ethical dilemmas collide. If you’re building something impactful, this is the same kind of scrutiny you might face.

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​Listen on Apple Podcasts »​

Documentary: "Artificial Immortality | Digital 2nd Life | Robotics | Documentary" by Moconomy

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Could you create an immortal version of yourself? Until recently, this question belonged to science fiction, but breakthroughs in AI, robotics, and biotech suggest otherwise. Artificial Immortality dives into cutting-edge innovations like 3D mindclone avatars, brain organoids, and androids designed to understand beauty and meaning.

Featuring thought leaders like Nick Bostrom (Superintelligence), Hiroshi Ishiguro, Ben Goertzel, and Deepak Chopra (creating his own AI twin), this documentary challenges us to consider the ethical and existential questions of merging humanity with machines. Watch it here.

Fresh Fundings

Recent Equity Rounds

1. Ualá raised $300 million in a Series E funding round led by Allianz X and hedge fund manager Alan Howard, bringing its valuation to $2.75 billion. This investment aims to solidify Ualá’s position as a leading financial services provider in Latin America.
2. Canadian fintech firm Neo Financial secured C$360 million in a Series D funding round, comprising C$110 million in equity and C$250 million in debt. The funding is intended to enhance its suite of financial products, positioning it as a strong competitor to traditional banks in Canada.
3. Montréal-based payout platform Trolley raised $32 million CAD ($23 million USD) in Series B growth equity financing to expand the global reach of its payout management software. This funding will support Trolley’s efforts to enhance its platform and broaden its international presence.

Recent Credit Transactions

1. ​Cirrus Capital Partners facilitates credit to an Orlando-based food production facility, securing a $1.5M asset-based loan to fund further expansion and increased production.
2. Crown Partners successfully arranged $30 million of senior financing from a leading U.S. commercial bank for HGS BioScience, enabling growth initiatives for this portfolio company of Paine Schwartz Partners.
3. eCapital completed a $30 million asset-based lending facility for an established energy services company to fund a significant ESOP transaction, marking a pivotal step in its corporate evolution.

Recent M&A

• TA Associates acquired a majority stake in Vee Healthtek for $250 million. This strategic investment aims to accelerate Vee Healthtek’s growth in the healthcare technology sector, enhancing its product offerings and market reach.
• AT&T agreed to acquire spectrum assets from US Cellular Corp. for $1.02 billion. This acquisition is expected to bolster AT&T’s network capacity and coverage, improving service quality for its customers.
• GHO Capital Partners and Ampersand Capital Partners announced the acquisition of Avid Bioservices for $1.1 billion. This deal is anticipated to expand Avid Bioservices’ capabilities in the biopharmaceutical manufacturing industry, supporting its growth and service offerings.

New Businesses for Sale

• SaaS Business - Streaming audio recording software, 12 years old, USA-based, $3,947 monthly profit at 65% margin, 445 active subscribers, 6% churn, priced at 3.7x profit multiple. See on Flippa.
• Robotics & AI Franchise - Established franchise with 10,000+ robots deployed, exclusive partnerships with SoftBank Robotics and LG Robots, national accounts, training and support provided, financing available, small industrial space required. See on BizBuySell.

On My Mind

With Trump’s return to the White House, we're stepping into an era likely to bring significant shifts in economic policy, market sentiment, and regulatory focus. Love him or hate him, one thing is clear: founders need to stay adaptable.

Tax cuts and deregulation efforts are expected to favor startups and small businesses, potentially lowering operational costs and sparking innovation. On the flip side, potential trade tensions or geopolitical moves could create volatility in global markets and supply chains. Founders who anticipate these shifts—and build flexibility into their operations—will be positioned to seize opportunities while others scramble.

Regardless of political leanings, the takeaway is the same: uncertainty is inevitable, but it's also where the best founders thrive. The mission? Stay sharp, embrace the chaos, and find ways to turn disruption into growth.

We’re working hard to make Altitude the #1 newsletter for founders, operators, dealmakers, capital allocators, marketers, and technologists shaping tomorrow. We can only do that if we spread the word.

My only ask if you found this valuable: ⏩ forward it to someone at your company who might also find it useful.

To your growth,

Ryan Ridgway, Founder & Managing Partner

​Cirrus Capital Partners​