In the Money: FastPay, a Beverly Hills company that helps digital media businesses with cash-flow problems, has received $15 million in growth equity funding from Oak HC/FT, a venture capital fund in Greenwich, Conn., that invests in health care and financial services technology. FastPay said the money will go toward further developing its online lending platform, building more financ-ial technology products and doubling its 40-person team.
SAN GABRIEL VALLEY
Pumped Up: Nellson Nutraceutical, an Irwindale nutrition bar and powder maker, plans to acquire Le Groupe Multibar Inc., a Montreal manufacturer of nutritional and snack bars. Both companies are third-party manufacturers, making bars and powders for other companies. The combined entity will have four manufacturing facilities, as well as research and development centers, in the United States and Canada. Financial terms of the deal were not disclosed.
Brick and Mortar: Nasty Gal, a downtown L.A. women’s apparel maker, has opened its first retail location, on Melrose Avenue in Beverly Grove. The 3,500-square-foot space is at 8115 Melrose Ave.
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Business School: Cal State Northridge has received an additional $6 million in donations toward its $25 million fundraising campaign for its business school. The gifts bring the total raise to $16 million; the campaign began in March with a $10 million donation by L.A. investor David Nazarian.
Insurance Pickup: Woodland Hills’ SGB-NIA Insurance Brokers has been acquired by one of the world’s largest brokerages, Itasca, Ill.-based Arthur J. Gallagher & Co. SGB Chief Executive James Scanlon is remaining with the company, which will continue to operate SGB’s Woodland Hills and Camarillo locations. Financial terms of the deal were not disclosed.
Ambulance Merger: North Hills’ PRN Ambulance has reached an agreement to merge with Pro Transport-1, an ambulance operator in Cotati that covers Northern California. PRN, which has nearly 60 ambulances in the L.A. and Orange county markets, will continue with its trade name and leadership under President Avo Avetisiyan. Financial terms of the deal were not disclosed.
Residential Acquisition: LAApartments.Biz has purchased a Sylmar multifamily building for $14.3 million from Benedict Canyon Equities Inc. The 40,467-square-foot Vista Ridge Apartments, at 13490-13520 Foothill Blvd., was built in 1987.
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