Taking Off: Space Exploration Technologies Corp., a Hawthorne maker of spacecraft, has received a $440 million award from NASA to develop a spacecraft capable of carrying astronauts. NASA. SpaceX, owned by billionaire Elon Musk, received the money as part of a NASA program to replace the space shuttle.
New Branch: Malaga Bank, a subsidiary of Palos Verdes Peninsula’s Malaga Financial Corp., has opened a branch in Torrance. The Torrance-Skypark location is Malaga’s sixth branch, all located in the South Bay region.
SAN FERNANDO VALLEY
Cleared for Runway: NetJets Inc., a Columbus, Ohio, firm that offers fractional ownership and rental of private business jets, has opened for operation at Van Nuys Airport. NetJets is leasing a 10,000-square-foot terminal from Maguire Aviation Group LLC, a fixed-base operator at the airport.
High Flier: Jet Edge International, a Van Nuys aircraft chartering service, and its Gulfstream jet fleet have received a Platinum rating from Aviation Research Group U.S. Inc., a Cincinnati aviation industry consultancy. The Platinum rating is awarded to air charter companies who have demonstrated the highest industry safety standards and also recognizes Jet Edge as adhering to the same safety standards as commercial airlines.
Space Leased: San Fernando Mental Health Center Inc. has signed a 10-year lease valued at more than $5.5 million with landlord C.P. Associated Ltd. for office space in Van Nuys. The center will fully occupy the 25,183-square-foot space at 6501 Van Nuys Blvd. previously home to a Social Security Administration outpost
WEST LOS ANGELES
Aerospace Deal: Vance Street Capital LLC, a West L.A. private-equity firm, has sold Klune Industries Inc., a North Hollywood maker of parts for the aerospace industry, to Precision Castparts Corp., a Portland, Ore., maker of metal components and products. Vance Street took a majority stake in Klune in 2010 and undertook a number of initiatives to improve operations. Financial terms of the deal were not disclosed.
Something Brewing: Jammin Java Corp., a Beverly Hills coffee distributor co-founded by late reggae singer Bob Marley’s son Rohan, reported it secured $4 million to support expansion of its flagship brand, Marley Coffee. Jammin Java has signed a credit agreement with TCA Global Credit Master Fund, a lender with offices across the globe, that allows the company to borrow up to $2 million for a term of one year. It has also entered into an equity line of credit investment agreement with Fairhills Capital Management LLC in White Plains, N.Y., that allows it to issue and sell up to $2 million worth of its common stock to Fairhills.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Coffee Firm Hopes Distribution Cup Runneth Over
- Jet Travel Taking Off in Van Nuys
- Bitterness Brewing in Battle Over Coffee Firm
- Coffee Maker Buzz Leaves Bad Taste
- SpaceX Gets $75M Grant from NASA
- Santa Monica Runway Plan Shorts Charters
- SpaceX Wins Key Regulatory License
- Maguire Sells Van Nuys Aviation Holdings