Pat Maio
Stories by Pat
NMS Capital Group Sells Stake in Banking Unit, Saliba Stepping Down
Beverly Hills-based NMS Capital Group, a private equity, merchant banking and advisory firm, has agreed to sell all equity and rights to NMS Capital Advisors, which is made up of private investors.
Madera Raises $20.9M From Breakwater
Company plans to expand restaurant chains
Expansion in the cards for Madera Group after $20.9M funding round.
Hanmi Harbinger: Texas Deal Collapse has Ethnic Bank Rethinking Growth Plans
Banking & Finance Special Report
Hanmi banking on Texas for growth.
Asset Outflows for LA Funds
October data shows dip for money managers
Market volatility giving some the jitters.
Landec Corp. Spends $80M On Yucatan Foods
Fresh-food co. plans growth with ramped up production from Yucatan’s new facility
Delicious deal as Landec buys guacamole-maker.
Nuorder Lands $15M Series C
Los Angeles-based NuOrder Inc., a business-to-business wholesale e-commerce platform, closed on a $15 million Series C financing round.
MedMen Names Former Apple Retail Executive as New CFO
MedMen Enterprises Inc., a cannabis company based in Culver City, has named veteran finance executive Michael W. Kramer as its chief financial officer, nearly three weeks after his predecessor abruptly resigned from his post.
NuOrder Closes on $15M Investment
Company plans to to grow B2B platform between businesses
Los Angeles-based NuOrder, a B2B wholesale e-commerce platform, closed on a $15 million Series C financing round, led by Radnor, Pa.-based venture capital firm NewSpring and joined by existing investors Upfront Ventures of Santa Monica and Argentum of New York City.
L.A.-Based Platinum Equity’s Vertiv Buys MEMS Power Maintenance Business
Los Angeles private equity firm Platinum Equity announced that its portfolio company Vertiv completed the purchase of the maintenance business of MEMS Power Generation, a privately-owned company headquartered in the United Kingdom that specializes in temporary power solutions.
Landec Acquires Guacamole Maker Yucatan Foods for $80M
Los Angeles-based guacamole company Yucatan Foods was acquired by fresh food firm Landec Corp for $80 million in a move that bolsters the California firm’s natural foods market position.
Skyview Bets on Cold Brew
Finance: Private equity firm backs Shark Tank reject
After reality TV cold shoulder, coffee startup gets funding jolt.
Gallagher Acquires Long Beach Brokerage
Deal for R.T. Beers adds more than 400 clients to firm’s growing roster
Arthur J. Gallagher expands in SoCal with R.T. Beers acquisition.
The Madera Group Raises $20.85M From Breakwater to Fund Restaurant Expansion
West Hollywood-based hospitality firm the Madera Group completed a round of equity funding with a $20.85 million capital raise that will help expand three of its healthy-leaning, Mexican-themed restaurant chains throughout the United States.
Sole Source Capital Buys Individual FoodService, Plans Partnership With South Gate Food Distributor
Santa Monica private equity firm Sole Source Capital has acquired Individual FoodService, a Bell, Calif.-based food distributor.
Ares Management Converts to Corporation From Limited Partnership
Los Angeles–based global alternative asset manager Ares Management Corp. announced completion of plans to convert to a corporation as part of a move to increase trading liquidity in its stock and broaden stock ownership among institutional and retail investors.
MJIC Plans Public Offering in 2019
Cannabis distributor heads to Canada
Commerce-based MJIC Inc. plans to raise millions in a private placement before the end of the year and file for a public listing on the Canadian Securities Exchange early next year, the company’s top executive said in an interview.
Cooking Up Cash: Kitchen United Sees Fortunes Rise With Food Delivery Boom
Innovation Special Report
Pasadena-based Kitchen United offers its clients a place to cook.
Boxwood Merger Raises $200 Million in IPO
Santa Monica-based firm plans to buy technical, industrial services companies
Santa Monica-based investment fund Boxwood Merger Corp. has closed on a $200 million public offering of its stock.
Planting Their Flag: Fifth Wall Ventures Connects Legacy Real Estate Firms With Tech Startups
Innovation Special Report
Fifth Wall Ventures co-founder Brendan Wallace is an advocate for new technologies and not just in his professional life as the managing partner of a venture capital firm focused on real estate technology.
Boxwood Trades First Day on Nasdaq, Raises $200M in IPO
Santa Monica-based Boxwood Merger Corp, led by the former COO of Los Angeles-based engineering services giant Aecom, raised roughly $200 million on its first day of trading Friday.
Santa Monica’s Balmoral Funds Invests in Modular Building Firm
Santa Monica private equity firm Balmoral Funds and senior managers of Vesta Modular, a provider of rentable modular buildings, purchased the ownership interests of the Birmingham, Mich.-based company’s initial investors.
Wiley Move for Pair of L.A. Wildcatters?
L.A. investors spend $14M for Wiley Energy Services, plan for $500M revenue
L.A. investors look to tap into water services for the fracking industry.
ACS Builds Portfolio
American Construction Source, created in September by Santa Monica-based private equity firms Clearlake Capital Group and Angeles Equity Partners, bought its fourth building materials supplier in less than two months.
ServiceTitan Secures $165M From VC Group
Funding round values company at $1.65 billion
Expansion in the cards as ServiceTitan secures more funding.
Heyday Begins LA Rollout
RETAIL: $8M investment boosts digital-native spa
A New York-based chain of facial spas for the digital generation has established its first location in Southern California and plans to open more with the help of an $8 million funding round led by Venice-based Fifth Wall Ventures.
Venice’s Fifth Wall Ventures Participates in Hippo $70M Funding
Hippo, a Mountain View, Calif.-based tech-enabled home insurance startup, raised $70 million from a venture capital group led by Felicis Ventures and Lennar Corp., with Venice’s fledgling venture capital firm Fifth Wall Ventures also participating.
Platinum Eagle Merges Texas Lodging and Hospitality Firms
Century City-based Platinum Eagle Acquisition Corp., which was formed by veteran Hollywood executives Jeff Sagansky and Harry Sloan last year, announced plans Nov. 14 to combine with Texas-based Target Logistics Management and Austin-based RL Signor Holdings.
American Construction Buys Fourth Materials Supplier
American Construction Source, created in September by Santa Monica-based private equity firms Clearlake Capital Group and Angeles Equity Partners, bought its fourth building materials supplier in less than two months.
ServiceTitan Secures $165M From Venture Capital Group to Expand
Glendale-based ServiceTitan Inc. has secured $165 million in funding from a venture capital group to build out its home services software firm through acquisitions and moves into new markets.
Heyday Begins West Coast Expansion Plan With $8M, Fifth Wall's Backing
A skincare chain in New York City with big hopes of disrupting the industry has established its first location in Southern California and plans to spread throughout region with the help of $8 million in funding from an investment group led by Venice-based Fifth Wall Ventures.
Hankey Riding High: Billionaire Founder of Westlake Financial Sees Record Revenues
Fastest-Growing Private Companies 2018
Westlake Financial’s success
SBA Going MIA
Improved economy necessitates fewer government-backed small-business loans
SBA loans drop in L.A.
ServiceTitan Adds Software Unit to Firm
Glendale home-services software platform deploys some of $161M funding haul
ServiceTitan buys JaRay Software.
Cornerstone Buys Grovo Learning for $24M
Santa Monica-based Cornerstone OnDemand Inc. has acquired privately held Grovo Learning Inc., a New York City-based technology company.
R4 Capital Provides $60 Million for Housing Preservation in LA
Asset manager R4 Capital has arranged $17.3 million of equity and $43 million in tax exempt financing for housing preservation in Los Angeles.
Chicago School of Professional Psychology Relocates L.A. Campus in Downtown L.A.
The Chicago School of Professional Psychology has signed a lease to relocate its Los Angeles campus to a 62-story office building in Downtown L.A.
L.A. Expansion CBC Priority
FINANCE: Meruelo-backed bank makes northward push
CBC Bancorp, the holding company for the newly private Commercial Bank of California, has big growth plans for Los Angeles County.
VMG, Hillhouse Form $100M Investment Fund
Partnership will focus on consumer brands; closes Little Freddie investment
VMG Partners, a private equity firm with major offices in Century City and San Francisco, has set up a $100 million fund with Hillhouse Capital,
Assembled Brands Raises $100M From Oaktree
Los Angeles-based alternative investor Oaktree Capital Management agreed to provide $100 million to Assembled Brands, a New York City-based company financing emerging consumer goods.
Banks Gain, Turn Cautious
Finance: Industry growth tempered by rates, volatility
Local banks are prepping for potential economic turbulence.
End of City’s Goldsmith Era
Banking: City National CEO hands reigns to Coffey
City National CEO Russell Goldsmith to step down after 23 years.
$8,640 PSF for Rodeo Drive Retail
$96M for Brioni, Alexander McQueen shops
Rodeo Drive locale goes for $96 million.
Daz Nabbed in Cloud Services Growth Play
El Segundo firm purchased by Accenture to expand Oracle services
Daz-zling deal for cloud services company.
Saros Raises $7M for AI Effort in Finance Industry
Saros raised $7.055 million for its West Hollywood-based private firm that specializes in artificial intelligence in the financial industry, according to a filing with federal securities regulators.
Angeles Equity Recruits Bench Strength With New Managing Director
Santa Monica-based private equity firm Angeles Equity Partners hired Frank Spelman, a former executive with private equity behemoths Apollo Global Management and Kohlberg Kravis Roberts & Co., as a managing director.
City National Bank Names Kelly Coffey CEO, Russell Goldsmith to Remain Chairman
Los Angeles-based City National Bank, which was acquired nearly three years ago by Canada’s Royal Bank of Canada, announced that long-time Chief Executive Russell Goldsmith will be succeeded by JPMorgan’s Kelly Coffey but that Goldsmith will continue to serve as chairman.
Group Project
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.
Transom Capital Buys Into Seattle Spa Scene
Private equity firm will consider opportunities beyond Puget Sound
PE firms gets spas in Seattle.
Danish Modern in Silicon Beach
FINANCE: VC firm aims to build ‘bridging’
Copenhagen-based venture capital firm pursues Silicon Beach expansion plan.
Union Bank Acquires Intrepid
FINANCE: Mid-market M&A specialist new line for SF-based bank
Union Bank buys Intrepid Investment Bankers.
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