Recent and archived news stories on: banks, credit unions, mortgage lenders, SBA lenders, stocks/bonds, venture capital, wealth management, investment banks, factors, money managers, economic news and financial sector news

Unemployment Steady in L.A. County Despite Seasonal Job Losses

L.A. County’s unemployment rate held steady at 4.5% in July.

LA Financial Credit Union to Merge with Ventura County Credit Union

Pasadena-based L.A. Financial Credit Union has agreed to merge into the Ventura County Credit Union, creating an institution with $1.3 billion in assets and serving 120,000 members in California and Arizona.

Crescent Capital BDC Buys Alcentra Capital for $142 Million

West Los Angeles-based Crescent Capital BDC, a business development company focused on originating and investing in debt of private companies, has purchased Alcentra Capital for $142 million in cash and stock.

Boxwood Merger Corp. Buys Austin-Based Atlas Intermediate Holdings

Boxwood Merger Corp., which raised $200 million in a public offering in November, has purchased an Austin, Texas-based professional and technical services business that could capture future federal dollars for infrastructure development.

Platinum Equity Buys Wesco Aircraft for $2B

A portfolio company of Beverly Hills-based private equity firm Platinum Equity has paid $1.9 billion to buy Wesco Aircraft Holdings Inc., a Valencia-based aerospace parts and supply chain services provider.

Colony Capital Sees Losses Widen in Second Quarter, Plans to Sell Industrial Unit

Colony Capital Inc., a downtown-based real estate investment firm undergoing a difficult turnaround following its acquisition of NorthStar asset management and realty finance in early 2017, saw wider losses in its second quarter.

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Regent Buys Accell Group's North America Cycling Business

Beverly Hills-based private equity firm Regent, which last month acquired French cycling company Mavic from Amer Sports, has purchased the North America cycling business of Dutch-based Accell Group.

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Private Equity Firm Lovell Minnick Sells Stake in Worldwide Facilities

Manhattan Beach-based private equity firm Lovell Minnick Partners has sold its position in Worldwide Facilities, a downtown-based wholesale insurance brokerage.

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Lido Advisors Expands Wealth Management Business

Century City-based Lido Advisors purchased a Maryland wealth advisory business as it pushes to build out its national footprint.

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City National Buys Financial Software Firm Catered to Entertainment Businesses

Beverly Hills-based City National Bank has purchased FilmTrack Inc., a Studio City-based company that tracks payments, contracts and a range of other financial transactions for the entertainment and media industries.

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Inglewood Meeting Place Fosters Startups

FINANCE: Sip & Sonder builds businesses, community

Inglewood’s Sip & Sonder offers a hub or networking with venture investors — and a strong cup of coffee.

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Ecommerce Attracts Sage

M&A advisory firm helps internet-born brands to grow

Sage Group launches a new practice to help internet-born brands grow.

Barrack to Step Aside as Chief Executive at Colony Capital

FINANCE: Firm announces $800M worth of investments in energy, communications

Thomas Barrack steps aside as Colony Capital makes major investments.

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Chief Executive of CVB Financial to Step Down

Christopher Myers, president and chief executive officer of CVB Financial Corp., the Ontario-based parent of Citizens Business Bank, plans to retire effective March 15, 2020.

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Ares Management Invests in Wine Club and Restaurant Group Cooper’s Hawk

Century City-based private equity firm Ares Management Corp. has invested in Cooper’s Hawk Winery & Restaurants of Illinois, a top wine club and restaurant group, taking over a minority position.

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