Stories by Pat
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.
Beverly Hills-based private equity firms Platinum Equity and the Gores Group agreed to sell Data Blue, an Atlanta-based provider of information technology services, to Court Square Capital Partners.
Disney family’s Shamrock Holdings provided seed money for early investments
Integrated Capital raises funds from Disney family’s investment vehicle.
FINANCE: Bank leads on equity return, data shows
Preferred Bank takes road less traveled.
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.
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.
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, 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.
Private equity firms to assist retailer in restructuring
Ares, Crescent find secondhand isn’t second best with thrift store chain buyout.
SPECIAL REPORT: PRIVATE EQUITY
Changes in corporate structure, M&A deal signal desire for growth at LA firms
Century City-based private equity firm Cache Creek Industries partnered with Rockmont Capital Partners of Denver to purchase a Maryland-based defense electronics company.
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.
Downtown-based MediaAlpha has received an undisclosed amount of credit to help accelerate the marketing technology company’s growth plans.
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.
CoolSys Inc. plans to use private equity firm’s cash to triple revenue to $1.1 billion
CoolSys looks to heat up with Ares funding.
FINANCE: Unicorn Venture Partners to seed local tech
Unicorn focused on L.A. startup scene.
Some local banks see troubled assets grow as interest rates tick up, economy softens
The banking sector tends to be among the first to spot signs of shifting economic winds, and as 2018 drew to a close, many players in the industry started to feel a breeze.
55 Catalyst Capital to be led by BCG Ventures founder Jeff Schumacher
Jeff Schumacher turns to next generation startups with 55 Catalyst Capital.
Century City-based Ares Management Corp., which has $131 billion in assets under management, said one of its private equity group funds has purchased Brea, Calif.-based CoolSys Inc., a refrigeration and HVAC company, as part of an aggressive “buy and build” strategy to nearly triple the size of the company.
Gravity Oilfield Services, backed financially by Santa Monica-based private equity Clearlake Capital, purchased certain water disposal pipes and related equipment from MBI Oil & Gas.
Bank of America of the Greater Los Angeles Region plans to hire as many 300 bankers across all of its business lines over the next three years, according to the bank’s top executive in the region.
Shares sold at $10 for new venture; will rely on firm’s dealmaking chops
West Los Angeles-based Crescent Acquisition Corp., a blank check company formed by alternative asset manager Crescent Capital Group with more than $24 billion in assets under management, raised $250 million by offering 25 million units at a price of $10 each.
Delaware Chancery Court ruled Thursday that Rent-A-Center Inc., a rent-to-own retail products company in Plano, Texas, could terminate its $1.4 billion agreement to merge with a Florida private equity firm, putting Woodland Hills-based B. Riley Financial Inc. and the private equity firm on the hook to possibly pay a reverse breakup fee of $126.5 million.
Beverly Hills private equity firm Levine Leichtman Capital Partners has completed the sale of Display Holding Co. Inc. to two Santa Monica-based private equity firms, and management with the Carrollton, Texas-based signage company.
Downtown-based Oaktree Capital Group has sold a 62 percent stake valued at $4.7 billion in its global asset management firm to Brookfield Asset Management Inc., a Toronto-based alternative asset management company.
BUSINESS LEADERS OF THE YEAR
Union Bank’s Bita Ardalan leads by example
$630M acquisition is one of several in recent months for private equity outfit
Beverly Hills-based private equity firm Platinum Equity has completed its purchase of Lonza’s water care business for $630 million
West Los Angeles-based Crescent Acquisition Corp., a blank check company formed by alternative asset manager Crescent Capital Group with over $24 billion in assets under management, plans to raise $250 million by offering 25 million units at a price of $10 each.
Noor Menai, president and chief executive officer of downtown-based lender CTBC Bank Corp. (USA), was named by the Federal Deposit Insurance Corp. to a community banking advisory panel looking at ways to adopt better technology and data sources used in safety and soundness examinations in the banking system.
Beverly Hills-based private equity firm Platinum Equity completed the acquisition of Lonza's water care business for $630 million.
FINANCE: Ethnic banks see red flags on small biz loans
Bankers throughout Koreatown are seeing warning signs on small business lending.
Market underperforming due to poor governance, according to public letter
Dalton demands changes to South Korean exchange.
MUFG Bank Ltd., the largest bank in Japan, entered into a consent order with the federal regulator of nationally chartered banks in the United States to fix deficiencies in its Bank Secrecy Act compliance program at branches in Los Angeles, Chicago and New York City.
East West Bancorp., parent of East West Bank, the largest independent bank headquartered in Southern California, disclosed in a regulatory filing Wednesday that it has a $53.9 million exposure related to a potential Ponzi scheme identified by the FBI.
An affiliate of Beverly Hills-based private equity Platinum Equity has agreed to purchase Multi-Color Corp. in a transaction valued at $2.5 billion, including the assumption of $1.5 billion in debt.
Shares of Santa Monica-based Super League Gaming Inc., a cloud-based platform that helps connect online gamers to each other, fell nearly 23 percent Tuesday in its trading debut on the Nasdaq Stock Market.
CBB Bancorp Inc., parent of Commonwealth Business Bank, hired Long T. Huynh as executive vice president and chief financial officer to replace J. Duncan Smith, the former CFO who left earlier this month for a similar position at a bank on the East Coast.
El Segundo-based private equity firm K1 Investment Management invested $150 million in GoCanvas Inc., a privately held provider of mobile applications and forms needed for data collection and sharing.
Santa Monica-based music licensing platform Songtradr Inc. has purchased Big Sync Music Ltd
FINANCE: Wunderlich, FBR integration drives up costs
Growing pains for B. Riley Financial after 2017 acquisitions.
Playa Vista perfumer lands funding from Upfront, Amplify and other locals
Sweet smell of success for Skylar Body after latest funding round.
Citing rising global demand for its nutrition products, downtown-based supplement company Herbalife Nutrition Ltd. reported profit of $48.9 million on revenue of $1.2 billion in its 2018 fourth quarter.
Santa Monica-based growth equity firm Arrowroot Capital has led a $13 million Series B fundraise for ParkHub, a Dallas-based parking technology provider that has the financial backing of the owner of the Dallas Cowboys.
Santa Monica-based Songtradr, the largest music licensing platform, has purchased Big Sync Music Ltd., a London-based agency that provides music licensing and rights management services to major brands for advertising campaigns.
Mission Viejo, Calif.-based Partners Bank of California announced plans to open a branch in Beverly Hills, its first outside of Orange County.
Tom Barrack-led real estate investment firm adds board members at activist’s request
Colony Capital adds two directors to board.
Brentwood-based Intrepid Investment Bankers, a regional middle market investment banking firm, advised on this month’s sale of Camarillo, Calif.-based Artisan Vehicle Systems Inc., a zero-emission electric battery-powered equipment manufacturer.
Century City investment firm Skyview Capital, run by Platinum Equity alum Alex Soltani, closed Feb. 14 on his biggest private equity acquisition ever for the 14-year-old Skyview − a carve out from Florham Park, N.J.-based Conduent Inc.
CBB Bancorp Inc., parent of Commonwealth Business Bank, announced Tuesday that J. Duncan Smith has resigned from his position as chief financial officer, effective Feb. 8, to pursue other interests.
Real Estate Inc. has increased its credit line to $560 million to accommodate future growth