Capital Group shakeup part of private investment company’s unorthodox structure
Capital Group Cos. reshuffled scores of its portfolio managers and analysts assigned to its three major equities business units this summer as the downtown–based investment giant seized upon an accelerating inflow of cash from investors shifting to its safe-haven mutual funds, according to an analyst with fund tracker Morningstar Inc. who was familiar with the shakeup.
Economy: Revenues among top earners up 7.5 percent
The largest private companies based in Los Angeles show growth.
Manufacturing software maker FactoryFour, which recently opened a new Culver City office, received a $5 million round of funding led by Menlo Park, Calif.-based venture capital firm August Capital, with participation from Refactor Capital.
Glendale-based Produce Pay Inc., a company that provides short-term financing for farmers raised a $14 million Series B round.
Los Angeles-based Intrepid Investment Bankers, a regional middle market investment banking firm involved in providing merger and acquisition and capital raising services, was acquired by San Francisco-based MUFG Union Bank, the two companies announced.
Tastemade, a Santa Monica-based digital video company raised $35 million in a Series E round, the company announced Oct. 17.
The Los Angeles city economy boomed last year, registering more than 2 percent job growth over the previous year, a 25 percent jump in the valuation of building permits and a 7.5 percent increase in business gross receipts taxes, according to a report released Oct. 17 from Beacon Economics.
Los Angeles-based private equity firm Transom Capital Group has acquired Gene Juarez Salons & Spas, a Seattle fashion and beauty brand, from private equity firm Evergreen Pacific Partners.
The Flex Co., a Venice-based medical device firm specializing in women’s health, announced Oct. 16 it had raised $3.6 million from investors while acquiring Keela, the designer of a menstrual cup.
Westwood-based investment firm Shamrock Capital announced Oct. 16 that it has acquired the song writing and production catalog of Stargate, a duo that has worked for years with Rihanna, and also penned hits for Beyonce and Katy Perry.
Four of the top 15 companies that the Pepperdine Graziadio Business School selected as the “most fundable” companies as part of an analysis of thousands of early-stage U.S. companies are based in the Los Angeles region.
More in mind under 2020 timeline for ambitious growth goal
EP Wealth Advisors adds a Denver-area firm.
Kitchen United, a Pasadena-based startup that wants to help restaurants open to new markets without investing in additional real estate, raised $10 million in a series A round of funding led by Alphabet’s venture capital arm GV, with participation from Los Angeles investors Harry Tsao and John Miller.
Annual inflation rate remains steady at 3.9 percent
Consumer prices in the Los Angeles area rose 0.5 percent in September, but the annual inflation rate held steady at 3.9 percent, according to data released Oct. 11 from the U.S. Bureau of Labor Statistics.