FINANCE

Stone Canyon Industries Snaps Up Reddy Ice

Stone Canyon Industries Holdings acquired the largest manufacturer and distributor of packaged ice in the United States, Reddy Ice Holdings, from New York private equity firm Centerbridge Partners.

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Culver City-Based MedMen Lands $80M Credit Advance From Gotham

Culver City-based MedMen Enterprises Inc. has been advanced an $80 million investment from marijuana industry investor Gotham Green Partners.

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PacWest Bank Moves Top Executives to Denver, Seeks Acquisitions in Rocky Mountain Market

Beverly Hills-based PacWest Bancorp. is relocating three of its top executives to Denver and looking to make acquisitions in the Rocky Mountain region in what the company says is part of a plan to establish a beachhead in that market.

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Fika Ventures Completes $76 Million Raise

West Los Angeles-based investor Fika Ventures announced May 23 it completed the raise of a $76 million fund, the VC’s second since its 2017 launch.

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Leonard Green Takes Stake in Catalent, Adds Board Member

Sawtelle-based Leonard Green and Partners plans to place an executive on the board of Catalent Inc., a Somerset, N.J.-based company involved in technology and development for drugs, biologics and consumer health products.

Romeo Power Raises $88M

Electric vehicle battery maker Romeo Systems Inc., also known as Romeo Power Technology, raised $88 million in a funding round, according to a May 20 filing with the Securities and Exchange Commission.

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Cedars-Sinai Federal Credit Union Merges with Anaheim Institution

West Hollywood-based Cedars-Sinai Federal Credit Union has merged into Credit Union of Southern California in Anaheim on May 1.

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Santa Monica Private Equity Firm Clearlake Forms Largest Custom Wheel Company

Santa Monica-based private equity firm Clearlake Capital’s Wheel Pros business in Colorado has combined with Rancho Dominguez-based MHT Luxury Wheels Inc. to form what the companies claim is the largest automotive aftermarket wheel platform in the world.

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Former Credit Union CEO Admits to Taking $40M in Plea Agreement

The former head of the CBS Employees Federal Credit Union in Studio City, who committed one of the credit union industry’s largest ever embezzlements, signed a plea deal with federal prosecutors in which he admitted to taking more than $40 million over the past two decades.

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ManifestSeven Delays Public Listing on Canadian Securities Exchange Until September

Commerce-based ManifestSeven, formerly known as MJIC Inc., a cannabis logistics company building a network of distribution hubs in California, plans to delay the timing of its listing on the Canadian Securities Exchange until September.

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Platinum Equity to Sell Artesyn’s Embedded Power Business to Advanced Energy

Beverly Hills-based private equity firm Platinum Equity agreed to sell the Embedded Power business of portfolio company Artesyn Embedded Technologies Inc., to Advanced Energy Industries Inc., in a transaction valued at $400 million.

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Clearlake, Cove Hill Invests in NetDocuments

Santa Monica-based private equity firm Clearlake Capital Group partnered with Cove Hill Partners to become a minority investor in NetDocuments, a cloud-based software services platform to manage document and email flow for law firms and compliance departments of big corporations.

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Phyn Water Management System Raises $12M

Smart water management software developer Phyn Inc. announced May 9 it received a $12 million investment from its parent companies, Playa Vista-based wireless technology firm Belkin International and Helsinki-based water delivery provider Uponor.

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Pasadena-Based East West Bancorp Takes $7M Charge Related to Solar Ponzi Scheme

East West Bancorp., parent of East West Bank, the largest independent bank headquartered in Southern California, disclosed in a regulatory filing May 8 that it has written off some tax credit investments related to exposure to a potential solar Ponzi scheme identified by the FBI back in February.

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Hollywood Veterans Prepare to Take Diamond Eagle Public in IPO Debut

Diamond Eagle Acquisition Corp., a Century City-based blank check company formed by two Hollywood veteran executives, plans to raise $350 million by offering 35 million units at a price of $10.