TARP: East West Bancorp Inc., owner of the county’s second largest bank by assets, said it has fully repaid more than $306 million to the U.S. Treasury Department under the Troubled Asset Relief Program. The Pasadena bank holding company said that it used cash on hand to repurchase preferred stock and pay a final dividend of $1.8 million. East West also plans to repurchase outstanding warrants that would have allowed the U.S. Treasury to purchase 1.5 million shares of its common stock.
ACQUISITION: Teledyne Technologies Inc. in Thousand Oaks has signed a $336 million deal to buy Dalsa Corp., a Waterloo, Ontario, maker of high-performance digital imaging and semiconductor products. Teledyne, which makes electronic components and subsystems, said it will pay Dalsa stockholders a 26 percent premium over the company’s closing price the day before the deal was announced Dec. 22.
LABOR WIN: The Los Angeles City Council has approved a five-year, $2 billion project labor agreement that requires contractors on nearly 100 current and future public works projects to hire workers through union halls. The agreement, the largest in L.A. city history and one of the biggest of its kind in the nation, also requires contractors to hire 30 percent of their project workers from local communities. The deal applies to infrastructure projects, such as sewer and street repair. The agreement represents a blow to nonunion contractors who have been trying to stop the spread of such labor agreements.
JOBLESS: Los Angeles County’s jobs picture was mixed in November as the county added more than 16,000 jobs but the unemployment rate shot up to a record 12.9 percent as more residents re-entered the job market to search for work. The county’s unemployment rate reached its highest rate in modern history, up from 12.6 percent in October and 12.3 percent the previous November.
BOUGHT: A North Carolina brand management company plans to add L.A.’s trendy Rock and Republic name to its stable of apparel labels. Bankrupt Culver City jeans maker Rock and Republic Enterprises is selling the brand to VF Corp., a Greensboro public company with 30 lifestyle brands, including Wrangler and Lee. Financial terms were not disclosed, but VF reportedly will pay about $57 million in a deal that needs bankruptcy court approval. Rock & Republic filed for Chapter 11 in April.
DELAY: U.S. Food and Drug Administration regulators have told they need an additional four weeks to decide whether to approve MannKind Inc.’s experimental inhaled insulin treatment Afrezza, the company said. The Valencia biotech’s announcement came in advance of year-end FDA deadline to report to the company on its progress in reviewing the drug. MannKind has been waiting nearly a year for a decision since the FDA requested more safety study information.
MERGED: Grandpoint Capital Inc. completed its $43.9 million merger with another local bank holding company, First Commerce Bancorp. The new bank will be called Grandpoint. Shareholders of First Commerce will receive $4.70 per share now and may receive additional money in two years based on the performance of a select portfolio of loans.
REORGANIZED: Metro-Goldwyn-Mayer has emerged from Chapter 11 with former Spyglass Entertainment executives Gary Barber and Roger Birnbaum taking over as co-chairmen and chief executives. Secured lenders, including Highland Capital Management and billionaire Carl Icahn, exchanged about $5 billion in debt for most of the equity in the legendary Century City studio behind “Gone With the Wind” and the James Bond series. The downsized company will move to a smaller Beverly Hills office complex.
BUY: Jacobs Engineering Group Inc. in Pasadena will acquire the construction unit of a Stockholm, Sweden, engineering firm Aker Solutions ASA in a deal valued at about $913 million. Aker provides design and building services to onshore oil and gas, chemicals, mining and metals industries. The deal expands Jacobs’ global presence in the mining and metals market.
RETAIL INVESTMENT: Leonard Green & Partners LP will acquire Hudson, Ohio, fabric and craft retailer Jo-Ann Stores for $1.6 billion. Leonard Green, a West L.A. private equity firm, is paying a 34 percent premium over Jo-Ann stock’s closing price Dec. 22. If approved by shareholders and regulators, the sale is expected to close in the first half of next year.
EXPANDING: Calabasas engineering services firm National Technical Systems Inc. has acquired Mechtronic Solutions Inc., a provider of mechanical engineering and other consulting services to the aerospace and defense market, for an undisclosed amount. Albuquerque, N.M.-based Mechtronic. which is developing several airborne sensor systems for deployment onboard manned and drone aircraft, has annual revenue of about $7.5 million. Terms of the deal were not disclosed.
SPORTS BUY: Platinum Equity LLC, a Beverly Hills private equity firm, is acquiring the assets of Schutt Sports Inc., a bankrupt Litchfield, Ill., sports equipment maker, for about $33 million. Schutt has been in business 92 years and makes protective sports equipment, including football helmets and face-guards. It filed for bankruptcy protection in September to block a rival company from collecting on a $29 million judgment in a patent case.
INVESTMENT: Colony Capital LLC in Santa Monica has again partnered with New York-based private equity firm Cogsville Group to purchase two commercial real estate portfolios of more than 700 loans from the Federal Deposit Insurance Corp. The portfolios include distressed assets from 14 failed financial institutions, mostly in the Western and Northern United States, put into receivership this year. The total unpaid principal balance is $341million.
SALE COMPLETED: Internet Brands Inc.’s $640 million acquisition by private equity firm Hellman & Friedman LLC has closed. Internet Brands is an El Segundo company that operates more than 100 websites specializing in news and information on automobiles, careers, travel and other topics. Hellman & Friedman has offices in San Francisco, New York and London.
For reprint and licensing requests for this article, CLICK HERE.