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Pat Maio

Stories by Pat

Intrepid Advises on Sale of Electric Vehicle Maker Artisan

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.

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Skyview Capital Completes Acquisition of Customer Care Assets of Conduent

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.

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CBB Announces Resignation of CFO

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.

Krost Adds West L.A. Accounting Firm to Roster

Deal for Gaynor & Umanoff gives Pasadena-based firm first Westside outpost

Location, location, location factor in Krost buy of Gaynor & Umanoff.

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Colony Credit RE ups Credit Line to $560M

Real Estate Inc. has increased its credit line to $560 million to accommodate future growth

Family Ties Bind Bank

FINANCE: Farmers & Merchants maintains growth

Farmers & Merchants Bank keeps it in the family.

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UPDATED: CVB Financial to Close 10 Branches Through May

Ontario-based CVB Financial Corp., parent of Citizens Business Bank, which just pushed to a nearly $12 billion-in-asset banking behemoth following its August purchase of Community Bank in Pasadena, recently disclosed that it is in the beginning stages of a branch consolidation affecting 14 percent of its brick-and-mortar locations.

Downtown-Based Luxury Cannabis Firm Beboe Purchased by Green Thumb Industries

Beboe, a downtown-based luxury cannabis company created by For Success Holding Company, was purchased by Chicago-based cannabis cultivator and dispensary operator, Green Thumb Industries Inc.

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Colony Credit Real Estate Raises Credit Line to $560M

Downtown-based Colony Credit Real Estate has increased its credit line to $560 million to accommodate future growth, the second time for a hike since late last year.

TriLinc Global Invests $18M in South America Projects

Manhattan Beach-based TriLinc Global Impact Fund has approved $18 million in trade finance to three South American borrowers.

OpenGate Accelerates Deal Pace

Private equity firm announces lock-maker acquisition, zinc co. bolt-on

Century City-based private equity firm OpenGate Capital reported a substantial pick up in transaction activity in January.

March Capital Closes $300 Million Fund

Second fund for venture capital firm comes after exits from $240M vehicle

March Capital Partners closes $300M fund.

Chiang Moves to Private Sector

FINANCE: Former state treasurer racks up board appointments, joins law firm

John Chiang finds footing in private sector after stint as state treasurer.

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Gores Metropoulos Files for $375 Million IPO

Latest is Gores' fourth blank check company

Beverly Hills-based Gores Metropoulos Inc., a blank check company formed by the Gores Group, plans to raise $375 million by offering 37.5 million units at a price of $10.

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Oaktree, Hartree to Invest $735M in Bulk Liquids Storage

Funds managed by downtown-based alternative investment firm Oaktree Capital Management and New York-based Hartree Partners agreed to invest up to $735 million to form a bulk liquids storage company.

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March Capital Partners Closes $300M Fund II, Adds Two Partners

Santa Monica-based venture capital firm March Capital Partners closed on its second fundraise of $300 million.

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OpenGate Backs EverZinc’s Add-on Acquisition of G.H. Chemicals Ltd. and Microzinc

Century City-based private equity firm OpenGate Capital said that its portfolio company, EverZinc, a European specialty zinc chemical business, has purchased G.H. Chemicals Ltd., and Microzinc Inc., a Canadian manufacturer and exporter of zinc oxide products.

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PacWest Looks for Next Move

FINANCE: Bank probes options after Q4 deal nixed

PacWest not cowed by cancellation of El Dorado acquisition.

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Morrow-Meadows Adds Pacific Data Electric

Deal for energy storage firm is largest acquisition for electrical and data co.

Marrow-Meadows to make electric acquisition.

Coffey Takes Reins at City National

Former JPMorgan exec. begins new era at storied bank

End of an era at City National as Kelly Coffey prepares to take over.

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Car Leasing Firm Fair Closes on $50 Million Credit Line With Silicon Valley Bank

Car leasing and financing provider Fair closed on a $50 million credit line from Silicon Valley Bank to buy cars for its users.

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MJIC Secures $24 Million in Real Estate Funding for Expansion

Commerce-based MJIC Inc., a cannabis logistics company building a network of distribution hubs in California, said its real estate investment unit has secured an initial $24 million funding commitment that will accelerate the expansion of its licensed cannabis operations.

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Santa Monica-Based Clearlake Capital Backs Perforce’s Buy of Rogue Wave

Santa Monica-based private equity firm Clearlake Capital helped back a portfolio company’s purchase of Rogue Wave Software in Colorado.

Booth Foundation’s $5M Gift to Petersen is Museum’s Largest Publicly Disclosed

The Petersen Automotive Museum has received a $5 million gift from the Otis Booth Foundation, considered the largest publicly disclosed charitable gift to the Mid-Wilshire-based museum.

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Emerald Textiles Names New CEO to Oversee Expanded Laundry, Linen Service

El Segundo-based private investment firm Pacific Avenue Capital Partners and Hermosa Beach-based Highland Avenue Funds deepened the management team of its portfolio company Emerald Textiles with the appointment of Richard Bott as CEO.

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Farmers & Merchants Bank, Ares Management Name Directors to Boards

A commercial bank and global alternative asset manager in L.A. County named a total of three directors to their boards on Tuesday.

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Miracle Mile Advisors Expands to OC

Advisory firm adds Palo Capital, combined AUM checks in at $1.5 billion

Miracle Mile Advisors makes foray into OC with acquisition.

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Microlender Sets Up in LA

FINANCE: SoLo Funds aims to attract talent, raise $15M

Microlender SoLo Funds makes L.A. its new home.

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UPDATED: Skechers Stock Gives Up Gains After Rumors Surface That VF Corp. in Talks to Buy

Manhattan Beach-based Skechers USA Inc. gave up about 1 percent of its gains in trading Friday after a Twitter post the previous day indicated that the lifestyle and performance footwear company was in advanced talks to be acquired by VF Corp. for $40 a share.

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Bank Branch Closures Rise

FINANCE: 2018 numbers worst for L.A. since 2008

L.A. County sees largest number of bank branch closings since Great Recession.

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MJIC Continues Push for Public Listing

FINANCE: Pot logistics co. planning reverse merger

MJIC Inc. has high hopes for plans to go public.

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Pacwest Cancels El Dorado Acquisition

Beverly Hills-based PacWest Bancorp has terminated its previously announced agreement to buy El Dorado Savings Bank...

Executive Shuffle at Herbalife

Herbalife Nutrition Ltd. said Michael Johnson will reassume the role on an interim basis following the resignation of current Chief Executive Richard Goudis.

Commercial Bank Looks To Visa Exec on Fintech

Institution wants to be more active with fintech, incubators and startups

Commercial Bank of California names new fintech exec.

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PacWest Terminates Pending Acquisition With El Dorado Savings Bank

Beverly Hills-based PacWest Bancorp said Wednesday that it terminated its previously announced agreement to buy El Dorado Savings Bank after the latter bank’s shareholders failed to support the transaction, due to a drop in bank values over the past year.

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Herbalife Names Michael O. Johnson as Interim CEO, Replacing Richard Goudis

Downtown-based supplement company Herbalife Nutrition Ltd. said that Michael O. Johnson, currently the executive chairman who led the company from 2003 to 2017 as CEO, will reassume the role as CEO on an interim basis following the resignation of current CEO Richard Goudis, effective immediately.

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MJIC Continues Push for Public Listing

Commerce-based MJIC Inc., a cannabis logistics company building a network of distribution hubs in California, said it’s moving forward with its plans to go public.

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Hope Bancorp Plans Bank Branch Closures

Some layoffs possible as bank implements consolidation strategy

Hope Bancorp to shutter branches.

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Push for Progress

Number of women on S&P 500 boards at record high in 2018

Survey finds progress for board diversity.

Million-dollar Machines

L.A.’s high-end auto market draws the best in restoration

Car guys

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New Report Finds Small Public Companies Not in Compliance With New Board Diversity Law

The author of a gender diversity report that fueled a California law requiring publicly traded companies to have at least one female board member by Jan. 1, 2020, says in a forthcoming study that more than half of the state’s smaller, micro-cap companies are out of compliance with the new law.

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Ares Management Closes Oversubscribed Inaugural Fund With Total Anticipated Capital of $5B

Century City-based global asset manager Ares Management Corp. closed on an oversubscribed fund that raised $5 billion aimed at lending to middle market companies in North America, Ares announced Wednesday.

Hope Bancorp to Close Some Branches, Retain Small Business Loans, as Part of Strategic Initiative

Koreatown-based Hope Bancorp Inc. announced plans to close nearly 10 percent of its branches over a swath of its nine-state territory as well as cease selling off its small business loans into a secondary market as a way to improve its profitability, the company announced Thursday.

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Edgeworth Economics Appoints Jesse David to President; John Johnson Continues Role as CEO

Pasadena-based consulting firm Edgeworth Economics, a provider of economic analysis and expert testimony, appointed Jesse David to president, effective Jan. 1.

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Platinum Equity Completes $1.3B Purchase of Jostens

Beverly Hills private equity firm Platinum Equity has completed the acquisition of Jostens Inc. from Newell Brands Inc. in a transaction valued at roughly $1.3 billion.

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Ares Management Completes Purchase of BP Wind Farms in Texas

Century City-based global asset manager Ares Management Corp. said a fund managed by its Infrastructure and Power Strategy business has closed on the purchase of three wind farms in Texas from BP Wind Energy North America Inc.

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Macquarie Capital Provides $100M in Debt Financing for SoCal Ed Battery Storage

An arm of Australia-based Macquarie Group closed on $100 million in debt financing to build a network of battery storage sites in western Los Angeles and surrounding counties designed for certain electricity-constrained areas in Southern California Edison’s service territory.

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Industry Vets Plan IPO for Uranium Venture

UTC plans public offering in early 2019; cites rising global demand for metal

Uranium Trading Co. planning IPO after surge in metal’s price.

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SBA Veteran Loans Scarce

FINANCE: Gov.-backed lending drops in L.A.

Just a few years ago, U.S. Army veteran John Palmer and his 5-year-old son were living out of a car in El Cajon.

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Variant Equity Buys Bus Co. for $271M

FINANCE: Company operates more than 2,000 buses

Variant Equity gets ticket to ride with $271M deal for Stagecoach’s North American division.

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