completed its acquisition of its smaller rival Pet's Choice Inc. for $60 million in cash. The transaction will boost earnings starting in the first quarter of 2006, the L.A.-based animal healthcare services company said. Bellevue, Wash.-based Pet's Choice runs 46 animal hospitals in five states. The acquisition brings VCA's veterinary hospitals to 365 locations in 37 states.
- Reliance Steel & Aluminum Co. completed its $111 million acquisition of Chapel Steel Corp. Los Angeles-based Reliance paid $94.2 million in cash, plus the assumption of $16.8 million of debt for all outstanding common stock of Chapel, a privately held metals services company based in Spring House, Pa. The acquisition will be immediately accretive to Reliance's earnings. PNC Capital Markets, Inc. acted as financial advisor to Chapel Steel Corp. and its shareholders in the transaction.
- MDB Capital Group LLC , a Santa Monica-based investment banking and securities firm, and Hong Kong-based Guotai Junan Securities Ltd (GTJA) agreed to establish joint co-operations to facilitate the investment in Hong Kong Stock Exchange- listed securities by U.S. investors. As part of the agreement, GTJA will execute trades on behalf of MDB and its institutional customers on the Hong Kong Stock Exchange. GTJA will be the Hong Kong underwriter and MDB will act as the U.S. underwriter on joint-managed transactions. MDB will also distribute GTJA's research in the U.S.
- Jeantex Inc. was bought by Lexor Holdings, Inc., Huntington Beach-based Lexor Holdings said Tuesday. The purchase price was not disclosed. According to the terms of the deal, which closed on June 29, Lexor Holdings acquired all of the shares of L.A.-based apparel firm Jeantex and will issue 56.4 million new shares in connection with the transaction. Lexor Holdings submitted paperwork with the State of Florida to change its corporate name to Jeantex Group, Inc. and will also change its stock trading symbol to reflect the new business focus.
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