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Pat Maio

Stories by Pat

MedMen Expands to Florida with First Retail Store

Culver City-based cannabis company MedMen Enterprises Inc. has expanded to Florida with the opening of its first retail location in West Palm Beach.

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LA Firms Buy Press Ganey

Ares, Leonard Green bring health care firm into fold

Ares Management and Leonard Green team up to buy health care provider Press Ganey.

CHANGE FACTOR

Sunnie Kim and Hana Financial look to revitalize a flagging industry

Hana Financial looks to move toward transportation factoring as garment industry transforms.

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Angeles Equity Shoots for Three

SaMo PE firm locked up three deals last week, including APCT Inc. buy

Angeles Equity goes on spending spree with three new acquisitions.

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Brasa Capital Closes Debut Real Estate Fund at $120M

Century City-based real estate investment firm Brasa Capital Management raised $120 million for its debut real estate fund.

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Transom Capital Nabs Surveillance Firm Pelco

El Segundo PE firm has been buying and selling rapidly

Transom Capital Group acquired maker of video surveillance systems.

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Stone Canyon Buys Reddy Ice

Holding company bolsters product offerings with deal

Stone Canyon Industries buys Reddy Ice.

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Dismay on Pay

Data shows vast gender pay gap for public company CEOs in LA

Gender pay gap at public companies in L.A.

Diversis Launches $255M Fund

Finance: Former ‘fundless sponsors’ plan to focus on middle-market software firms

Diversis Capital Management has closed an inaugural $255 million fund.

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Median CEO Pay Rises

Mercer analysis shows 4.7% jump, biggest gain in five years

National CEO pay reaches a five-year high.

MedMen CFO Slashes Costs

RETAIL: More layoffs, spending freeze for pot retailer

Cannabis retail chain MedMen’s new CFO tries to snuff out financial woes.

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True Religion Taps Apparel Consultant as Interim CEO

Vernon-based clothing company True Religion said consultant Farla Efros has been named interim chief executive officer.

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Hana Financial lines up $100M factoring credit line

Downtown-based Hana Commercial Finance Inc., a factoring and trade finance subsidiary of Hana Financial Inc., established a new factoring credit line through the issuance of $100 million in note borrowings.

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MedMen Cuts Executive Salaries

RETAIL: Company looks to reduce expenses as losses continue to widen

Culver City-based MedMen Enterprises Inc., said it was cutting executive salaries by nearly 96% as losses in its latest fiscal quarter continued to widen.

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ABB Faces Suit From Ex-CFO

BANKING: Whistleblower claims she was forced out

Suit claims American Business Bank CFO was forced out for whistleblowing.

Platinum Makes Move For Customs Broker

Livingston deal gives PE firm presence in cargo industry

Platinum Equity buys Toronto customs brokerage.

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MedMen Gets Infusion

Gotham Green Partners sets $80 million investment

Gotham Green infuses cannabis retailer with $80M.

Armanino Unveils Pot Practice

Accounting firm will work with range of cannabis clients

Accounting firm Armanino jumps into pot market.

B. Riley Buys Wunderlich Warrants

Firm pays $2.8M to stop potential stock dilution

B. Riley shells out $2.8M for Wunderlich warrants.

Kim Takes Chairman Mantle

Hope consolidates leadership positions with chief executive

Hope Bancorp names new chairman.

MedMen Trims CEO, President Salaries as Losses Widen in 2019 3Q

Culver City-based cannabis retailer MedMen Enterprises Inc. said it was cutting executive salaries as losses in its latest fiscal quarter continued to widen, according to a company statement.

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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 Execs Move to Denver

FINANCE: BH bank to grow in Rocky Mountain market

PacWest executives relocate to Colorado with thoughts of expansion.

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Canada Woos Pot Companies

FINANCE: Exchanges fight to list LA cannabis stocks

Canada’s stock exchanges are courting L.A. cannabis firms.

Clearlake Capital Doubles Down on Dubs

PE firm adds MHT Luxury Wheels to Wheel Pros portfolio company

Clearlake’s Wheel Pros combines with luxury wheel company.

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Cedars Credit Union Merges

Hospital CU folds into Credit Union of SoCal

Hospital CU folds into Credit Union of SoCal

B. Riley Sells Broadsmart

Firm fetches $7.4 million for communications company

B. Riley Financial to sell Broadsmart Global.

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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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.

Bridge Lenders Flood SoCal

FINANCE: Growth attracts buyers, squeezes margins

L.A. becomes a hotbed for unregulated bridge loans.

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Senior Executives Depart MedMen

RETAIL: Resignations follow lawsuit, exodus of 100 staff

MedMen loses staff, executives amid legal turmoil.

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Former CU Exec Admits to Fraud

FINANCE: Rostohar embezzled more than $40M; agrees to forfeit assets

Former credit union chief pleads guilty in $40 million fraud suit.

Diamond Eagle IPO lists at $10

Hollywood veterans raise $400M with fifth blank check offering

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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Senior Execs Exit MedMen, Former CFO Files Wrongful Termination Suit

Three senior executives of Culver City-based MedMen Enterprises Inc. have departed in recent weeks amid the backdrop of nearly 100 employees who have left the cannabis retailer since January, according to filings.

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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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Parsons IPO Raises $500M for Engineering Firm

Initial offering comes on heels of move to Virginia to be closer to client base

Parsons IPO raises $500 million.

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Banks Embrace Stock Buybacks

FINANCE: Repurchases seen as way to boost share prices

Banks buying back stocks to boost share prices.

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.

Clearlake Capital Acquires Dude Solutions

Santa Monica-based private equity firm Clearlake Capital Group has agreed to purchase software management firm Dude Solutions from Warburg Pincus, a New York City-based private equity firm.

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Cathay General Bancorp Adopts New Share Repurchase Program

Downtown-based Cathay General Bancorp, parent of the $17.1 billion-in-asset Cathay Bank, announced plans to repurchase up to $50 million of its stock.

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Taxi Loans Sting Credit Unions

FINANCE: Medallion debt hits First Entertainment

L.A. credit unions take a hit as Lyft and Uber shake up taxi industry.

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Smith-Cooper Merges with Anvil International

Company will be majority owned by PE firm Tailwind Capital; Hild to remain CEO

Smith-Cooper merges with Anvil International.

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Tinder Offers New App Experience to Meet People at Music Festivals

Tinder, a West Hollywood-based mobile dating app that allows users to locate other singles in their geographic area, has launched a new user experience highlighting music festival destinations.

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B. Riley Sees 77.8% Profit Growth in 2019 First Quarter

Woodland Hills-based B. Riley Financial Corp. said profit nearly doubled in the first quarter of the year over the same year-earlier period, fueled partly by two acquisitions made last year.

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