Pat Maio

CBB Bancorp Extends Employment Contract for CEO Joanne Kim

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.

Private Equity Firms Platinum, Gores Group, Sell Data Blue to Court Square Capital Partners

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.

Integrated Capital Raises $30M for Debut Fund

Disney family’s Shamrock Holdings provided seed money for early investments

Integrated Capital raises funds from Disney family’s investment vehicle.

Preferred Finds Local Profits

FINANCE: Bank leads on equity return, data shows

Preferred Bank takes road less traveled.

ManifestSeven Merges With P&P Ventures, Moves Closer to Public Listing

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.

Hanmi Chairman Joseph Rho to Retire in May

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.

B. Riley FBR to Begin Trading Blank Check IPO

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 Leads Financing for Babcock & Wilcox

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.

Ares, Crescent Take Over US Thrift Store Chain

Private equity firms to assist retailer in restructuring

Ares, Crescent find secondhand isn’t second best with thrift store chain buyout.

Ares, Oaktree Moves Highlight PE’s Wild Year

SPECIAL REPORT: PRIVATE EQUITY

Changes in corporate structure, M&A deal signal desire for growth at LA firms

Cache Creek Industries Buys Automated Business Power

Century City-based private equity firm Cache Creek Industries partnered with Rockmont Capital Partners of Denver to purchase a Maryland-based defense electronics company.

Highview Capital Buys Frontier Fire Protection, Gears Up for Major Expansion

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 Receives Credit Line for Growth

Downtown-based MediaAlpha has received an undisclosed amount of credit to help accelerate the marketing technology company’s growth plans.

Private Equity Firms Ares, Crescent Buy Savers Thrift-Store Chain

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.

Ares Bets Big on HVAC Provider Growth

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.

Fledgling VC Outfit Takes Flight

FINANCE: Unicorn Venture Partners to seed local tech

Unicorn focused on L.A. startup scene.

RISE IN RISK?

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.

Fund Launches to Target Next-Gen Internet Tech

55 Catalyst Capital to be led by BCG Ventures founder Jeff Schumacher

Jeff Schumacher turns to next generation startups with 55 Catalyst Capital.

Ares Management to Provide Financial Muscle for CoolSys Growth Strategy

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.

Clearlake Capital-Backed Gravity Oilfield Buys Water Disposal Company Assets

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 to Hire 300 Bankers in Los Angeles Region

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.

Crescent Launches $250M Blank Check Co.

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.

B. Riley Financial May be Partially on Hook for $126.5M Merger Breakup Fee

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.

Levine Leichtman Capital Partners Sells Fastsigns

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.

Brookfield to Buy Majority $4.7B Stake in Downtown-Based Oaktree Capital Management

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.

PUSHING FOR PERFECTION

BUSINESS LEADERS OF THE YEAR

Union Bank’s Bita Ardalan leads by example

Platinum Equity’s Lonza deal finalized

$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

Crescent Acquisition Corp. Begins Trading on Nasdaq

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.

CTBC Bank CEO Joins FDIC Panel on Supervision Modernization

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.

Platinum Equity Completes $630M Acquisition of Lonza Water Care Business

Beverly Hills-based private equity firm Platinum Equity completed the acquisition of Lonza's water care business for $630 million.

SBA Jitters for K-Town

FINANCE: Ethnic banks see red flags on small biz loans

Bankers throughout Koreatown are seeing warning signs on small business lending.

Dalton Urges Korean Stock Exchange Reform

Market underperforming due to poor governance, according to public letter

Dalton demands changes to South Korean exchange.

MUFG Bank Enters Into Consent Order With US Regulator to Correct Bank Secrecy Act Compliance

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.

Pasadena-Based East West Bancorp Takes $54 Million Hit Tied 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 Wednesday that it has a $53.9 million exposure related to a potential Ponzi scheme identified by the FBI.

Platinum Equity Purchases Multi-Color Corp. for $2.5 Billion

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.

Super League Shares Fall 23 Percent in IPO Debut

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 Hires New CFO

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 Private Equity Firm K1 Invests $150M in GoCanvas

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.

Songtradr Buys Big Sync Music

Santa Monica-based music licensing platform Songtradr Inc. has purchased Big Sync Music Ltd

B. Riley Deals Roil Unit

FINANCE: Wunderlich, FBR integration drives up costs

Growing pains for B. Riley Financial after 2017 acquisitions.

Skylar Body Sniffs Out $8 Million Series A

Playa Vista perfumer lands funding from Upfront, Amplify and other locals

Sweet smell of success for Skylar Body after latest funding round.

Herbalife Sees Uptick in Revenue, Cites Rising Demand

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.

Arrowroot Capital Leads $13M Series B Funding for ParkHub

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 Purchases Big Sync Music

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.

Partners Bank of California Expands to Beverly Hills, First Time Outside Orange County

Mission Viejo, Calif.-based Partners Bank of California announced plans to open a branch in Beverly Hills, its first outside of Orange County.

Colony Capitulates, Gets Two New Directors

Tom Barrack-led real estate investment firm adds board members at activist’s request

Colony Capital adds two directors to board.

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