STICK DEAL: Levine Leichtman Capital Partners, a private equity firm in Beverly Hills, announced it has bought the Hot Dog on a Stick chain. The chain was purchased by Global Franchise Group, a Levine Leichtman portfolio company. Terms were not disclosed. Since its founding in Santa Monica in 1946, Hot Dog on a Stick has served its namesake product and lemonade. It now has 92 locations in the United States and several countries. The company’s headquarters are in Carlsbad. The firm plans to bring Hot Dog on a Stick to new territories and markets.
MEMORIAL: Longtime water district official Ed Little died at 87, shortly after retiring from his fifth term on the West Basin Municipal Water District’s board. Little founded Ed Little Auto Service in Culver City in 1951, a business that is still running, one year after graduating from USC. In 1954, Little advocated for water wholesaler West Basin to provide water to Culver City. He was appointed to the district’s board in 1989 and supported water recycling and desalination. Little also served as a Culver City councilman during the 1960s and is survived by his wife, three children, his wife’s daughter and other relations, including several grandchildren and great-grandchildren.
BILLIONS: Private spaceflight firm Space Exploration Technologies Corp., better known as SpaceX, is worth an estimated $10 billion, according to a report in TechCrunch. Hawthorne’s SpaceX, however, subsequently told TechCrunch that the company has not received an external valuation nor is in the midst of any fundraising. If SpaceX is indeed worth $10 billion, its valuation would be roughly on par with the reported valuation of Snapchat, the Venice company behind a smartphone app that allows users to share photos.
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