West Los Angeles-based Crescent Acquisition Corp., a blank check company formed by alternative asset manager Crescent Capital Group with more than $24 billion in assets under management, raised $250 million by offering 25 million units at a price of $10 each.
The shares began trading on the Nasdaq on March 8, under the symbol CRSAU, according to a company filing with the Securities and Exchange Commission.
The stock closed at $10 on March 12.
The special purpose acquisition company intends to use Crescent Capital Group’s dealmaking background to find a company to purchase and take public, according to a filing with the Securities and Exchange Commission.
Special-purpose acquisition companies, or SPACs, tend to trade around their IPO prices until a deal is consummated.
Crescent Capital was founded in 1991 by its executive chairman, Robert Beyer, and Crescent’s current managing partners, Mark Attanasio and Jean-Marc Chapus.
Bel-Air resident Attanasio is owner of the Milwaukee Brewers, a Major League Baseball team.
Beyer was named executive chairman of Crescent Acquisition Corp. in November. Todd Purdy, a long-time private equity investor formerly with West Los Angeles-based private equity firm Leonard Green & Partners, was named chief executive of Crescent Acquisition.
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Palisades Investment raises $59M
Brentwood-based Palisades Investment Partners raised $59.3 million for a private investment fund, according to a filing with the Securities and Exchange Commission.
Sally Kelly, chief financial officer of the small investment management firm, declined to comment. Palisades Investment’s clients are mostly pension and profit-sharing plans.
The funds were raised this month for privately held Aero Credit Opportunities Fund II, which was formed earlier this year, according to the filing. Another SEC filing shows that Palisades Investment sold $25.9 million in an Aero Credit Opportunities Fund I back in 2017.
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Paladin invests in Gavilan publications
San Marino-based Gavilan Media announced that private investment firm Paladin Capital Partners, of Thousand Oaks, has partnered with the media company to help manage three publications in L.A. County.
Paladin sold off its investment in the Santa Clarita Valley Signal newspaper in June to longtime publishers Richard and Chris Budman after a brief period of ownership that began in January 2016.
A spokesman for Paladin declined to disclose financial terms of the partnership with Gavilan, which runs the San Marino Tribune, South Pasadena Review and The Quarterly magazine.
“They’ve been into managing small local papers and helping them reach profitability,” a Paladin spokesman said.
Paladin executives who will take over the publications include Charles Champion, who had a 35-year newspaper career in Southern California, and Gary Sproule, a former chief financial officer of Walt Disney Co. subsidiary Disney Interactive Studios.
Champion and Sproule formerly built Woodland Hills-based Youbet.com Inc., an Internet horse-racing platform that was eventually purchased by Louisville, Ky.-based Churchill Downs Inc.
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Deutsche Bank unit names new West Coast head
Deutsche Bank Wealth Management named Michael Rogers as its new West Coast head and managing director, overseeing the Los Angeles and San Francisco offices.
Rogers will be responsible for driving Deutsche Bank Wealth Management’s growth on the West Coast, serving ultra-high net worth and high net worth individuals and business owners, ranging from $100 million in liquid assets to $5 million in investable income and a net worth of $25 million, respectively.
Starting in this role in June, he will be based in Century City and report to Patrick Campion, head of Wealth Management, Americas.
Deutsche Bank Wealth Management is an arm of Germany’s struggling Deutsche Bank.
In an interview, Campion said Rogers’ responsibility is to grow the U.S. West Coast business. “As a percentage of business, California is about 40 percent of the U.S. wealth management business,” he said.
Have a deal tip? Pat Maio can be reached at [email protected] or (323) 556-8329.
