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Pat Maio

Stories by Pat

Houlihan Lokey Expands to Asia in Blockbuster Deal

Houlihan Lokey Inc. is the biggest independent merger and acquisition advisory company on the West Coast.

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NowLake Invests in Canadian Fintech Lender

NowLake Technology, the Mid-Wilshire fintech parent of lending giant Westlake Technology Holdings and Nowcom Corp., has made a $12.1 million strategic investment with Axis Auto Finance Inc., a fintech lender servicing the Canadian auto finance market.

C-Sweet Aims to Help Women Executives Connect in New Ways

C-Sweet is a networking organization designed to help women executives in the C-suite understand the path up the corporate ladder and help women outside the C-suite learn how to advance in.

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Angeles Equity Sells Circuit Card and Equipment Manufacturers

Santa Monica-based Angeles Equity Partners has sold two portfolio businesses in recent weeks as the private equity firm continues to scale platform companies purchased this summer focused on aerospace manufacturing and medical-related environmental services.

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Banc of California Invests in Florida B2B Fintech

Jared Wolff, president and chief executive of Santa Ana-based Banc of California Inc., isn’t ruling out a bigger investment in a Florida-based fintech that aims to help its customers pay bills more efficiently.

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Faze Clan Merges With B. Riley SPAC

Faze Clan Inc., a Burbank-based gaming, lifestyle and media company, plans to merge with a blank check company formed by Sawtelle-based financial services company B. Riley Financial Inc.

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Platinum Equity Sells Orbit Irrigation for $480 Million

Beverly Hills-based private equity firm Platinum Equity has agreed to sell sprinkler business Orbit Irrigation Products to Husqvarna Group in a transaction valued at $480 million.

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Hanmi Financial Faces Lending Challenges After FDIC Review

Hanmi Financial Corp. has seen its share of stumbles in the market of late.

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Ares Raises $5.1 Billion Middle-Market Fund

Century City-based Ares Management Corp. has raised $5.1 billion for a middle-market fund that aims to take market share from banks and other traditional lenders.

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Insurtech Sure Raises $100 Million in Series C Round

Sure Inc., a Santa Monica-based insurtech startup that embeds insurance software into everything from car-buying to renters insurance, has raised $100 million in a Series C funding round, Chief Executive Wayne Slavin said in an interview.

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Winc Plans $92 Million IPO to Expand Wine Business

Santa Monica-based Winc Inc., which produces and distributes wine in the United States, has filed with the Securities and Exchange Commission to raise up to $92 million in an initial public offering.

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Science 37 Plans to Double Workforce

Culver City-based Science 37 Inc., which completed its merger to go public through New York City-based blank check firm LifeSci Acquisition II Corp. earlier this month, recently began trading. Now, the medical research and technology company is already laying out ambitious plans for growth.

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Microloan Company Tala Lands $145M Raise, Moving It Closer to Unicorn Status

Tala, a Santa Monica-based company that makes microloans between $10 and $500 to people in emerging markets who lack a credit profile, has landed a $145 million Series E funding round — its biggest fundraise since its founding a decade ago.

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Sole Source Capital Moves Headquarters to Dallas

Sole Source Capital, a private equity firm headquartered along Santa Monica’s Ocean Avenue since its founding in 2016, quietly moved its headquarters to Dallas.

China, India Could Lead Major Edtech Consolidation in LA

The education technology sector in Los Angeles has seen a surge in major investors from a disparate group ranging from corporations headquartered in China and India to private equity looking to capitalize on a pandemic that reinvigorated online learning.

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Westlake Partners With Nova Credit to Gain New Borrowers

Hancock Park-based Westlake Financial Services is ratcheting up its push into the auto lending market.

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Green Dot Halts Republic Bank Tax Business Acquisition

Republic Bancorp Inc.’s Republic Bank & Trust has filed a lawsuit against Green Dot Corp. for breaking its agreement to buy the Kentucky bank’s tax refund processing business for $165 million.

Bank of America Plans Expansion in LA Market

2021 Largest Employers Special Report

Bank of America is the largest commercial bank operating in Los Angeles County.

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Brentwood Associates Invests in Service Management Group

Sawtelle-based private equity firm Brentwood Associates has made a strategic investment in Kansas City, Mo.-based Service Management Group, a software developer involved in management experiences.

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Clovers Raises $15 Million to Root Out Bias in Job Interviews

The Clovers-designed HR software is built around conversational artificial intelligence and works alongside Zoom.

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LA-Based Banks Outpace National Banks in Profits

Big banks headquartered outside Los Angeles County may have locked down a lion’s share of the local market, but a homegrown basket of banks have racked up the profits.

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Gores Group SPAC Agrees to IPO With EV-Maker Polestar

A blank check firm backed by Beverly Hills billionaire Alec Gores has agreed to go public with Swedish electric carmaker Polestar, which also counts Hollywood actor Leonardo DiCaprio among its investors.

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Leonard Green-Backed Life Time Files for IPO

Leonard Green could raise up to $93.3 million in the IPO.

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Cheese Tries to Ease Path to Open Bank Accounts

Co-founded by Honey Science Corp.’s Ken Lian, the app works with immigrants to open a bank account without a Social Security card.

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Tinder Co-Founder Raises $247.5 Million for VC Fund

Tinder co-founder Justin Mateen has raised $247.5 million for a new venture capital fund he’s launching from his recently acquired Bel Air estate address.

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Clippers Ink $300 Million Sponsorship Deal With Aspiration

The Los Angeles Clippers have agreed to a $300 million, 23-year sponsorship deal with Aspiration Partners Inc., a Marina del Rey-based financial technology company, according to a source familiar with the terms.

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Platinum Equity Sells Electronics Manufacturer for $306 Million

Billionaire Tom Gores’ Beverly Hills-based Platinum Equity has agreed to sell PCI Ltd., an electronics manufacturing services provider based in Singapore, to a Canadian buyer for $306 million in cash.

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Competition, Consolidation Heats Up Among Wealth Advisors

It’s turning out to be a battle extraordinaire in Los Angeles as advisers to the super rich are consolidating their industry.

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Levine Leichtman Raises $1.4 Billion Fund

Leichtman Capital Partners closed on an oversubscribed fund with $1.38 billion in capital commitments to help fuel acquisitions of medium-sized businesses.

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Valley National Bancorp Buys Bank Leumi USA

Valley National and Bank Leumi will have a combined $1.1 billion in assets in Los Angeles County.

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US Bancorp to Buy Union Bank in $8 Billion Deal

The deal creates a behemoth banking operation in Los Angeles County.

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Fika Ventures Raises $195 Million for Tech Investments

Fika Ventures will direct the funds toward seed investments in software, fintech, marketplaces and health care IT.

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Diversis Reaches Milestone $1 Billion Assets Under Management

Diversis Capital Management in now part of an exclusive club of Los Angeles firms with assets under management of more than $1 billion.

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Wall Street Embraces LA Companies Shaking Up the Financial System

Local fintech companies are moving payments and conducting financial transactions at lightning-fast speeds.

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GS Foods Acquires C&C Produce

GS Foods Group Inc., an Ontario-based specialized food distributor owned by affiliates of private equity firms in Brentwood and Greenwich, Conn., has acquired C&C Produce, giving the combined business a significant scale nationally.

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Jason Wilk on Launching Fintech Dave Inc.

The LABJ Interview

The tech founder talks about his relationship with Mark Cuban and Dave's plans to IPO.

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Tri Counties Bank Opens Loan Office in Pasadena

Chico-based TriCo Bancshares is pushing into Los Angeles County with the opening of a loan production center in Pasadena in what is considered a first step before making an acquisition in commercial banking-rich L.A.

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Maersk Shipping Line Invests in WasteFuel

WasteFuel Global — which is turning municipal waste into aviation and ship fuel — has added the world’s largest container shipping line as a minority investor.

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Corridor Capital Buys Health Care Marketing Firm

A portfolio company of Sawtelle-based Corridor Capital has acquired a health care marketing services business.

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Levine Leichtman Buys Walden Behavioral Care

With its purchase of Walden, Levine Leichtman seems to have reversed a trend of selling businesses.

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Wavemaker 360 Sells Portfolio Company Ciitizen in $325 Million Deal

Wavemaker Three-Sixty Health, a Pasadena-based health care venture capital investor, has exited its portfolio company Ciitizen Corp., a patient-centric consumer health tech company.

Butterfly Equity Buys Avocado Oil-Maker

The private equity firm agreed to buy a majority stake in Chosen Foods, a maker of avocado-based oil and staple foods.

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Tri Counties Bank Opens Loan Office in Pasadena

The bank aims to turn the office into a major lending center for commercial real estate loans.

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Ares Charges Ahead With Plans to Reach $500 Billion in AUM

Ares’ huge surge in growth by more than $100 billion from June 2020 through June 30 is unusual for an alternative asset manager.

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Leonard Green-Backed PureGym Weighs IPO

The United Kingdom’s largest gym chain, backed by Sawtelle-based private equity firm Leonard Green & Partners, is considering an IPO as it looks to muscle into the United States.

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Sugar Receives $2.5 Million for App That Connects Renters

Jetway Inc., doing business as Sugar, a Koreatown-based property technology company turning apartment buildings into interactive communities, has closed a $2.5 million seed funding round.

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Camino Financial Poised to Raise Credit Line for Latino Businesses

Downtown-based fintech Camino Financial Inc. plans to double the size of its $100 million lending platform to underbanked small businesses in the Latino community.

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EP Wealth Advisors Buys California Firm

The move takes EP Wealth, which has $12.9 billion in assets under management, one step closer to becoming a national firm.

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Sierra Investments Hires Former TD Ameritrade Exec as First CEO

Skip Schweiss will watch over the company’s fast-paced growth.

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Wealthiest Angelenos: LA’s Top 50 Billionaires Hold ‘Massive’ Net Worth

The overall net worth of L.A.’s richest men and women stands at a staggering $250 billion.

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