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The Big One
A breakdown on the day’s biggest Inno story.
Alchemy Raising $1M to Expand to Uptown and Denver
Local gym Alchemy is no stranger to the Twin Cities startup scene. It was founded by veteran tech and fitness entrepreneurs and has been involved with groups like Bunker Labs, The Coven and Twin Cities Startup Week since it was founded three years ago.
Now, the gym is getting in on the startup action itself, raising its first formal round of capital to add its fifth Minneapolis gym and open its first out-of-state location in Denver, Colorado.
Alchemy is close to closing a $1M round of convertible debt to build its next two locations, CEO Mike Jones told Minne Inno. The Syndicate Fund, a group led by Techstars Farm to Fork director Brett Brohl, is Alchemy’s lead investor, Jones said.
Jones co-founded Alchemy with his wife Andrea Jones, along with Scott Jagodzinski, managing director of GoKart Ventures and several other partners. The first location opened in the North Loop in 2015. Since then, Alchemy has added three additional locations in Edina, Highland Park and Northeast Minneapolis.
The locations in Highland Park and Edina and both less than a year old. Jones said Alchemy hopes to continue scaling at this rate, and aims to eventually open 100 locations. (READ MORE)
Inside the people, companies and organizations making moves today.
Oracle’s Minneapolis Office Slashed Amid Company Shakeup
Oracle‘s Minneapolis office is shrinking as the tech company shakes up its operations across the country. The Redwood, Calif.-based company is trying to sublease two of its seven floors in Oracle Center. Oracle’s lease expires in just under two years, and the future of its Minneapolis office beyond that is unclear. The company is growing elsewhere, spending $1B on real estate expansion last year, the Biz Journal reports. It began moving thousands of employees to a new campus in Austin, Tex. and recently posted ads for hundreds of job openings in Seattle.
Full story from the Biz Journal here. [subscriber content]
Let’s run through a couple local private equity deals…
Provation Medical Purchased by California Firm
Santa Monica, Calif.-based Clearlake Capital has acquired Provation Medical, a Minneapolis-based provider of procedure documentation, from Dutch firm Wolters Kluwer. Provation will continue to be led by its current CEO David Del Toro, who will join Clearlake’s board of directors. Provation was founded in 1994 as cMore Medical and uses software to automate patient records. It had been owned by Wolters Kluwer since 2006.
Eagan Recycling Business Acquired by Energy Capital Partners
Gopher Resource has been acquired by New Jersey-based private equity firm Energy Capital Partners. Gopher Resources provides recycling and other environmentally-sustainable solutions. Terms of the deal were not disclosed, but Gopher’s CEO, Jeffrey Jacobson, previously stated in a release that he expects no immediate changes in the company’s leadership team or among employees.