FINANCE: Investment firm will sell assets, shift strategy
INVESTORS After missteps, Colony Capital Inc. is selling assets and overhauling its strategy in a turnaround effort.
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.
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., 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.
Ayinde Alakoye, co-founder of Santa Monica mobile radio app Nedl, is looking to capitalize on the growing podcast market.
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 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.
Following its acquisition by TPG Capital, payroll and software company Entertainment Partners will lay off 82 employees.
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.
Manhattan Beach-based private equity firm Lovell Minnick Partners has sold its position in Worldwide Facilities, a downtown-based wholesale insurance brokerage.