Recent and archived news stories on: banks, credit unions, mortgage lenders, SBA lenders, stocks/bonds, venture capital, wealth management, investment banks, factors, money managers, economic news and financial sector news

Survey: LA Consumer Sentiment Slips to Four-Year Low

Los Angeles consumer confidence fell to a nearly four-year low during the first quarter as local consumers grew increasingly concerned about future job prospects, according to a survey released April 22.

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Beyond Meat Sets IPO Pricing, Seeks $1.2 Billion Valuation

El Segundo-based Beyond Meat Inc. set the terms of its initial public offering and released more details about its operations in disclosures filed April 22 with the Securities and Exchange Commission.

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CBB Bancorp Extends Employment Contract for CEO Joanne Kim

Koreatown’s CBB Bancorp Inc., parent of Commonwealth Business Bank, entered into a new employment contract with Joanne Kim, who has served as president and chief executive officer over the past eight years.

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Butterfly Buys Bolthouse Farms From Campbell's for $510M

Butterfly Equity acquired Bolthouse Farms, best known for its refrigerated juices, from Campbell Soup Company for $510 million, the Beverly Hills-based firm announced on April 12.

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ManifestSeven Merges With P&P Ventures, Moves Closer to Public Listing

Commerce-based ManifestSeven, formerly known as MJIC Inc., a cannabis logistics company building a network of distribution hubs in California, has agreed to merge with a unit of P&P Ventures Inc.

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Hanmi Chairman Joseph Rho to Retire in May

Koreatown-based Hanmi Financial Corp., parent of Hanmi Bank, announced the retirement of Joseph Rho, its chairman of the board of directors, effective when his term expires at the annual meeting of stockholders in May 2019.

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It’s been a wild year for private equity in Los Angeles as local institutions look for ways to grow and attract investment. PE outsiders have also taken an interest in L.A. businesses, exerting their influence by making acquisitions and using their equity stakes to push the strategic direction of some top local companies. We examine the market in this week’s special report.

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B. Riley FBR to Begin Trading Blank Check IPO

Santa Monica-based B. Riley FBR has formed a “blank check company,” to be called B. Riley Principal Merger Corp., scheduled to begin trading April 8.

B. Riley FBR Leads Financing for Babcock & Wilcox

B.Riley FBR, an investment bank and wholly-owned subsidiary of Woodland Hills-based B. Riley Financial, has entered into a $150 million credit agreement with Ohio-based Babcock & Wilcox Enterprises Inc., a move that is expected to boost the energy services firm’s path to profitability in 2019.

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Cache Creek Industries Buys Automated Business Power

Century City-based private equity firm Cache Creek Industries partnered with Rockmont Capital Partners of Denver to purchase a Maryland-based defense electronics company.

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Church Software Management Firm YourGiving Raises $15 Million

Carthay Circle-based YourGiving Inc., which develops a gifting platform for churches, raised $15 million in a private placement for its business.

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Highview Capital Buys Frontier Fire Protection, Gears Up for Major Expansion

Brentwood-based private equity firm Highview Capital purchased Frontier Fire Protection, a 59-year-old fire sprinkler and fire alarm protection services company based in Denver, and which serves four states in the western United States.

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Hanmi Bank Names Bonita Lee as New CEO and President to Replace C.G. Kum

Koreatown-based Hanmi Financial Corporation, parent of Hanmi Bank, named Bonita I. Lee as its president and chief executive officer effective May 3.

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Downtown-Based MediaAlpha Receives Credit Line for Growth

Downtown-based MediaAlpha has received an undisclosed amount of credit to help accelerate the marketing technology company’s growth plans.

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Private Equity Firms Ares, Crescent Buy Savers Thrift-Store Chain

Private equity firms Ares Management Corp. and Crescent Capital Group have replaced previous private equity sponsors involved in the restructuring of Bellevue, Wash.-based Savers, the biggest for-profit thrift-store chain in the United States.

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