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Pat Maio

Stories by Pat

Colony Capital Plots Revivalt

FINANCE: Investment firm will sell assets, shift strategy

INVESTORS After missteps, Colony Capital Inc. is selling assets and overhauling its strategy in a turnaround effort.

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LA Financial Credit Union to Merge with Ventura County Credit Union

Pasadena-based L.A. Financial Credit Union has agreed to merge into the Ventura County Credit Union, creating an institution with $1.3 billion in assets and serving 120,000 members in California and Arizona.

Crescent Capital BDC Buys Alcentra Capital for $142 Million

West Los Angeles-based Crescent Capital BDC, a business development company focused on originating and investing in debt of private companies, has purchased Alcentra Capital for $142 million in cash and stock.

Boxwood Merger Corp. Buys Austin-Based Atlas Intermediate Holdings

Boxwood Merger Corp., which raised $200 million in a public offering in November, has purchased an Austin, Texas-based professional and technical services business that could capture future federal dollars for infrastructure development.

Nedl, Nurtured at Sip & Sonder, Pitches Mark Cuban

Ayinde Alakoye, co-founder of Santa Monica mobile radio app Nedl, is looking to capitalize on the growing podcast market.

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Platinum Equity Buys Wesco Aircraft for $2B

A portfolio company of Beverly Hills-based private equity firm Platinum Equity has paid $1.9 billion to buy Wesco Aircraft Holdings Inc., a Valencia-based aerospace parts and supply chain services provider.

Colony Capital Sees Losses Widen in Second Quarter, Plans to Sell Industrial Unit

Colony Capital Inc., a downtown-based real estate investment firm undergoing a difficult turnaround following its acquisition of NorthStar asset management and realty finance in early 2017, saw wider losses in its second quarter.

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Entertainment Payroll Company to Pink Slip 82 Workers

Following its acquisition by TPG Capital, payroll and software company Entertainment Partners will lay off 82 employees.

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Regent Buys Accell Group's North America Cycling Business

Beverly Hills-based private equity firm Regent, which last month acquired French cycling company Mavic from Amer Sports, has purchased the North America cycling business of Dutch-based Accell Group.

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Private Equity Firm Lovell Minnick Sells Stake in Worldwide Facilities

Manhattan Beach-based private equity firm Lovell Minnick Partners has sold its position in Worldwide Facilities, a downtown-based wholesale insurance brokerage.

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Lido Advisors Expands Wealth Management Business

Century City-based Lido Advisors purchased a Maryland wealth advisory business as it pushes to build out its national footprint.

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B. Riley, Brigade Capital Infuse $218 Million into Bankrupt Barneys

New York-based luxury retail chain Barneys New York Inc., which filed for Chapter 11 bankruptcy protection on Tuesday, has received $218 million in new financing from lending arms of Woodland Hills-based B. Riley Financial and Brigade Capital Management.

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City National Buys Financial Software Firm Catered to Entertainment Businesses

Beverly Hills-based City National Bank has purchased FilmTrack Inc., a Studio City-based company that tracks payments, contracts and a range of other financial transactions for the entertainment and media industries.

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Inglewood Meeting Place Fosters Startups

FINANCE: Sip & Sonder builds businesses, community

Inglewood’s Sip & Sonder offers a hub or networking with venture investors — and a strong cup of coffee.

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Ecommerce Attracts Sage

M&A advisory firm helps internet-born brands to grow

Sage Group launches a new practice to help internet-born brands grow.

ServiceTitan Makes Canadian Push with CUC Software Acquisition

Glendale-based software firm ServiceTitan Inc. has purchased CUC Software Inc., a Billings, Mont.-based business software firm whose customers are based largely in Canada.

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Barrack to Step Aside as Chief Executive at Colony Capital

FINANCE: Firm announces $800M worth of investments in energy, communications

Thomas Barrack steps aside as Colony Capital makes major investments.

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Chief Executive of CVB Financial to Step Down

Christopher Myers, president and chief executive officer of CVB Financial Corp., the Ontario-based parent of Citizens Business Bank, plans to retire effective March 15, 2020.

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Colony Capital to Invest Up to $500 Million in Oil Field in Central CA

Downtown real estate investment firm Colony Capital Inc. is putting an initial $320 million toward a joint venture with Chatsworth-based energy exploration California Resources Corp.

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Ares Management Invests in Wine Club and Restaurant Group Cooper’s Hawk

Century City-based private equity firm Ares Management Corp. has invested in Cooper’s Hawk Winery & Restaurants of Illinois, a top wine club and restaurant group, taking over a minority position.

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K-Town’s Hanmi Delays 2Q Financial Reporting Over Loan Loss Issues

Hanmi Financial Corp., parent of the $5.5 billion-in-asset Hanmi Bank, is delaying the release of its 2019 second quarter financial statement in order to review loan losses related to a “single credit relationship.”

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Banks Post Mixed Results

Finance: Interest rate cuts could increase profitability

Hope Bancorp, PacWest Bancorp and Preferred Bank report earnings.

Oaktree Capital Forms New Blank Check Company, Aims to Raise $175M

Downtown-based global asset management firm Oaktree Capital Group formed a “blank check company” that plans to raise $175 million. The company began trading July 18.

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East West Bank Sees Income Taxes Triple in 2Q, Profit Down 13%

Pasadena-based East West Bancorp, the largest independent bank headquartered in Southern California, saw profits fall 13% to $150 million in its second quarter compared to the same year-ago period.

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Fifth Wall Raises $500 Million Fund to Invest in Tech for Real Estate Industry

Venice-based Fifth Wall Ventures has raised more than a half-billion dollars for a new fund, among the largest raised in Los Angeles.

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Capricor Stock Rises on Positive Results of Muscular Dystrophy Treatment

Capricor Therapeutics Inc., a Beverly Hills-based biotechnology company working on a cell-based therapy to improve the lives of boys diagnosed with a devastating form of muscular dystrophy, reported promising early findings of a clinical trial involving 20 patients.

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B. Riley Financial Names Former Rep. Mimi Walters to Board

Woodland Hills-based financial services firm B. Riley Financial Inc. named former Republican Rep. Mimi Walters from Orange County to its nine-member board.

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Beverly Hills PE Firm Regent Buys French Cycling Company Mavic

Beverly Hills-based private equity firm Regent has purchased French cycling company Mavic from Amer Sports, a Finnish-based headquartered sporting goods company.

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Emmaus Life to Go Public Via Merger

Medical company developed sickle cell disease treatment

Medical company developed sickle cell disease treatment

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Nonprofit Execs See Significant Pay Gap

COMPENSATION: Arts leaders pull in top dollars

COMPENSATION: Arts leaders pull in top dollars

FRONT ROW SEAT

Backstage Capital’s Hamilton targets startup founders with diverse backgrounds

Backstage Capital’s Hamilton targets startup founders with diverse backgrounds

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Transom Buys Hair Care Co.

Private equity firm extends flurry of recent deals

Private equity firm extends flurry of recent deals

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Cannabis Companies Plan Public Listings

Exchanges around the world compete to list US firms

Exchanges around the world compete to list US firms

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Marlin Equity Buys Hospitality Software Companies

Hermosa Beach private equity firm has purchased HotSchedules and Fourth, software platforms that manage labor, inventory and operations for the restaurant and hospitality industries.

London Firm Takes Majority Stake in Fashion Company Reformation

Reformation, a Vernon-based sustainable fashion brand for women, sold a majority stake to London-based private equity firm Permira.

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Emmaus Life Sciences to Go Public Via Merger

Privately held Emmaus Life Sciences, Inc., a Torrance-based company with a major sickle cell therapy under development, plans to go public through a reverse merger with a data analytics company in Orange County.

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SoCal Marijuana Companies Plan Public Listings on U.S., Israel Exchanges

KushCo Holdings Inc. and From the Earth are planning to trade publicly.

Arizona Acquisition Adds New Market for EP Wealth Advisors

Torrance-based financial advising firm EP Wealth Advisors is expanding into the Phoenix market with the acquisition of Pathlight Investors.

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Platinum Equity Acquires Label Making Company

Beverly Hills-based Platinum Equity has purchased Cincinnati-based label-making company Multi-Color Corp.

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MedMen Gets $30 Million Bump to Credit Line, Plans More Store Openings

Gotham Green Partners is partnering with Wicklow Capital to extend $30 million in additional credit to MedMen Enterprises Inc. as the company pursues an aggressive growth strategy.

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Transom Capital Group Buys Salon Products Business from Conair Corp.

El Segundo-based private equity firm Transom Capital Group has acquired a division of Stamford, Conn.-based Conair Corp. that makes hair-care products.

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Levine Leichtman Sells Rail Operator to London PE Firm

Beverly Hills-based private equity firm Levine Leichtman Capital Partners has sold Regional Rail, a short-line railroad operator based in the Mid-Atlantic.

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Preferred Bank Plans $30 Million Stock Buyback

Downtown-based Preferred Bank announced plans to repurchase up to $30 million in stock following approval from the California Department of Business Oversight.

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OpenGate Completes Acquisitions

FINANCE: Flurry of deals part of new institutional fund

FINANCE: Flurry of deals part of new institutional fund

Clearlake Raises $1.4B

FINANCE: Firm will use capital to fuel investments

FINANCE: Firm will use capital to fuel investments

BANKING BUD

Cannabis businesses struggle to find a place to deposit their green

Some credit unions offer banking services to cannabis operators.

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IPO Activity in Los Angeles County Could Slow

There were three IPOs in L.A. County in the first half of 2019, tracking closely with the local trend in recent years.

Clearlake Capital Closes New $1.4 Billion Fund

Santa Monica-based private equity firm Clearlake Capital Group announced June 26 the close of its newest fund, a $1.4 billion opportunity fund that the firm will use to make non-control investments.

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City of Hope to Invest $1B in New Cancer Center in Irvine

Duarte-based medical care provider City of Hope has boosted its investment to $1 billion for a new cancer center at the FivePoint Gateway in Orange County.

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PE Firm Angeles Equity Extends Shopping Spree

FINANCE: Lumenetix buy is fourth deal in two weeks

Angeles Equity Partners has made four deals in the last two weeks.

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