L.A. FINANCE FROM SMALL BUSINESS TO TOP DEALS 33_MONEY_cover.indd 1 1/25/2018 5:38:21 PM L.A. FINANCE FROM SMALL BUSINESS M&A RECAP: TO TOP DEALS KEY DEALS 38 PacWest’s Gets CU Bancorp for $681 Million The two banks combined have $25 billion in assets and 87 bank branches. MONEY IS A RESOURCE HIGHLIGHTING THE SECTORS AND INSTITUTIONS THAT FINANCE THE COMMUNITY OF 50 Internet Brands Picks Up BUSINESS IN L.A., FROM SMALL WebMD for $2.8 Billion Medical information company joins a network BUSINESS LOANS TO THE TOP DEALS. of popular consumer websites. THE SECTION COVERS A RANGE OF INSTITUTIONS FROM THE BIG BANKS TO PRIVATE OFFICES AND SPOTLIGHTS 55 Global Gateway South Sells for $875 Million SOME OF THE YEAR’S KEY M&A DEALS. Swedish investment fund picks up 90 percent of the Port of L.A.’s third-largest terminal. 57 Kite Pharma Acquired by Gilead Sciences for $12 Billion Big biotech deal merges two pharmaceutical innovators. 57 El Segundo Physician Group Davita Acquired by UnitedHealth for $4.9 Billion Health insurance giant picks up one of the nation’s largest physicians networks. MONEY 65 Walt Disney Co. Buying 21st DIRECTORIES Century Fox for $52 Billion Deal adds Fox entertainment, TV and cable properties to Disney stable. 37 BANKS 73 $3.9 Billion Husky Deal Big 49 CREDIT UNIONS for Platinum Platinum’s Husky purchase was just one of the firm’s high-ticket deals. 54 FACTORS 80 Mars Buys Vet Chain VCA 56 INVESTMENT BANKS for $9.1 Billion Candy giant adds veterinary hospitals to its pet-products division. 64 MONEY MANAGERS 85 How Snap Haunts L.A.’s 72 PRIVATE EQUITY Venture Capitalists Local investors missed on tech unicorn despite proximity. 79 SBA LENDERS 90 M&A CHART: 2017 Top 50 Deals 84 VENTURE CAPITAL FIRMS 34_MONEY_toc.indd 1 1/25/2018 5:41:00 PM JANUARY 29, 2018 LOS ANGELES BUSINESS JOURNAL 35 THE DAY-DATE 40 e international symbol of performance and success, reinterpreted with a modernized design and a new-generation mechanical movement. It doesn’t just tell time. It tells history. OYSTER PERPETUAL DAY-DATE 40 rolex oyster perpetual and day-date are ® trademarks. 19-106_labj_fullpages_01_29_18.indd 35 1/25/2018 3:46:27 PM 36 LOS ANGELES BUSINESS JOURNAL JANUARY 29, 2018 We’ll go wherever your business needs to go. WHOLESALE BANKING You set goals for where you want to take your business, and we’re here to BUSINESS BANKING help you get there. Your dedicated Relationship Manager will take the time MIDDLE MARKET BANKING to understand your business and build a team to provide a broad array of CORPORATE BANKING scalable o erings. COMMERCIAL CAPITAL And if you need solutions with global reach, we’re ready with local expertise COMMERCIAL REAL ESTATE around the world. In the U.S. and abroad, we’re committed to your success. INTERNATIONAL INVESTMENT BANKING* To learn more about how we can work together to move your business TREASURY MANAGEMENT forward, contact Stender Sweeney, Head of Greater Los Angeles Middle Market Banking • ­ ­ or [email protected]. INVESTMENT PRODUCTS: NOT FDIC-Insured NO Bank Guarantee MAY Lose Value *Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a U.S. broker dealer registered with the U.S. Securities and Exchange Commission and a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Institutional Securities, LLC, a member of FINRA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, Wells Fargo Bank, N.A. and Wells Fargo Securities International Limited, authorized and regulated by the Financial Conduct Authority. © 2018 Wells Fargo & Co. All rights reserved. Deposit products off ered by Wells Fargo & Co. Member FDIC. Deposits held in non-U.S. branches are not FDIC insured. IHA-5384901 19-106_labj_fullpages_01_29_18.indd 36 1/24/2018 5:12:25 PM MONTH XX, 2018 LOS ANGELES BUSINESS JOURNAL 37 BANKS 37-48_MONEY_banks.indd 37 1/25/2018 2:21:30 PM 38 LOS ANGELES BUSINESS JOURNAL MONEY/M&A RECAP: KEY DEALS PacWest Bancorp’s acquisition of CU Bancorp PacWest Gets resulted in an operation with $25 billion in assets CU Bancorp for and 87 bank branches. $681 Million ACWest Bancorp of Beverly Hills acquired down- town-based CU Bancorp for approximately $681 mil- P lion in cash and securities. The deal closed on Oct. 20 after receiving regulatory approval. Los Angeles-based CU Bancorp was the parent company to California United Bank. PacWest Bancorp is the principal operating subsidiary of Pacific Western Bank. Together, the institutions have a combined $25 billion in assets and operate 87 bank branches. PacWest paid $39.45 a share for CU Bancorp, a slight discount from the $39.50 CU stock closing price on the day before the deal was first announced on April 6. The acquisi- tion’s final dollar amount was announced via a statement by PacWest’s legal counsel in the deal, Sullivan & Cromwell. PacWest shares closed Jan. 23 at $53.74 a share, a gain of 3.9 percent since the deal was announced last April. PacWest Bancorp Chief Executive Matt Wagner said in a statement at the time the merger was first announced in April that his outfit had been eyeing the CU operation and that the companies were a good strategic match. “We have long admired the Southern California franchise the CU Bancorp team has built over the years,” Wagner said. “We are confident the partnership announced today will cre- ate value for both PacWest and CU Bancorp shareholders.” David Rainer, CU Bancorp’s chairman and chief execu- tive said in an April statement that his company believed that “merging with PacWest, one of the top-performing banks in the United States with demonstrated integration experience, provides the best path toward long-term value creation for our shareholders.” CU Bancorp’s financial advisor in the merger was Keefe Bruyette & Woods. Its legal counsel was Manatt Phelps & Philips. Barbara Polsky and Craig Miller, co-chairs of Manatt’s financial services practice, led CU Bancorp’s legal team. Sandler O’Neill & Partners served as PacWest’s finan- cial advisors while PacWest’s legal team was led by Patrick Brown of Sullivan & Cromwell’s Century City office. CU Bancorp was the parent company of California United Bank and was founded in 2005. – C iara c E v o y The Pacific Western oce in Beverly Hills. PHOTOS BY RINGO H.W. CHIU/LABJ 37-48_MONEY_banks.indd 38 1/25/2018 6:44:32 PM JANUARY 29, 2018 LOS ANGELES BUSINESS JOURNAL 39 No image of our corporate headquarters? Even our ads are dierent from other banks. Expect a Dierence. PPBI.com Serving Businesses in California and Nevada Pacific Premier Bank is a registered trademark. All rights reserved. 19-106_labj_fullpages_01_29_18.indd 39 1/25/2018 3:44:53 PM 40 LOS ANGELES BUSINESS JOURNAL MONEY/BANKS 1ST CENTURY BANK OF AMERICA 1875 Century Park East, Suite 1400, 333 S. Hope St., Los Angeles 90071 Los Angeles 90067 bankofamerica.com www.1cbank.com TOP LOCAL EXECUTIVE TOP LOCAL EXECUTIVE RAUL A. ANAYA JASON DINAPOLI Market President (213) 621-3600 President and CEO SMALL BUSINESS CONTACT SMALL BUSINESS CONTACT Franco Terango, Small Business Division Sales Executive Justin Weissman, Sr. Vice President, Business Banking West LA MIDDLE MARKET CONTACT MIDDLE MARKET CONTACT Raul A Anaya, Market President And Commercial Bank Executive Carlos Payan, Sr. Vice President, Regional Manager Downtown Los Angeles Craig Hirson, Business Banking Regional Manager Greg Haddad, Sr. Vice President, Regional Manager West LA ENTERPRISE LOANS/CONSUMER LENDING CONTACT Mark Sederquist, Managing Director Consumer Banking AMERICAN BUSINESS BANK John Fischer, Retail Lending Division Executive PRIVATE AND WEALTH MANAGEMENT CONTACT 523 W. Sixth St., Suite 900, Los Angeles 90014 Brad Larsen, Managing Director USTrust Private Wealth Management americanbusinessbank.com Jerey S. Markham, Managing Director Merrill Lynch, Wealth Management Division Executive TOP LOCAL EXECUTIVE Michael A Rogers, Merrill Wealth Private Banking & Investment Group LEON BLANKSTEIN CEO, President (213) 430-4000 BANK OF HOPE AMERICAN CONTINENTAL BANK 3200 Wilshire Blvd., 14th Floor, Los Angeles 90010 bankofhope.com 17700 Castleton St., Suite 100, City of Industry 91748 TOP LOCAL EXECUTIVE americancontinentalbank.com STEVEN KOH Chairman (213) 639-1700 TOP LOCAL EXECUTIVE TERRY LOU CEO, President (626) 363-8988 BANK OF MANHATTAN N.A. 2141 Rosecrans Ave., Suite 1160, El Segundo 90245 bankmanhattan.com AMERICAS UNITED BANK 801 N. Brand Blvd., Suite 1150, Glendale 91203 TOP LOCAL EXECUTIVE aubank.com TERRY ROBINSON CEO (310) 606-8000 TOP LOCAL EXECUTIVE ADRIANA BOEKA CEO, President (818) 637-7000 BANK OF SANTA CLARITA SMALL BUSINESS CONTACT 23780 Magic Mountain Parkway, Santa Clarita 91355 Eunice Lim, Executive Vice President and Chief Operating Ocer bankofsantaclarita.com MIDDLE MARKET CONTACT TOP LOCAL EXECUTIVE Adriana Boeka, CEO, President FRANK D. DITOMASO Eunice Lim, Executive Vice President and Chief Operating Ocer Executive Chairman, CEO (661) 362-6000 ASIAN PACIFIC NATIONAL BANK BANK OF THE SIERRA 333 W. Valley Blvd., San Gabriel 91776 90 N. Main St., Porterville 93257 asianpacificbank.com bankofthesierra.com TOP LOCAL EXECUTIVE TOP LOCAL EXECUTIVE JOHN HOU KEVIN MCPHAILL President (626) 457-4888 CEO, President (888) 454-2265 BANC OF CALIFORNIA BANK OF THE WEST 18500 Von Karman Ave., Suite 1100, Irvine 92612 300 S. Grand Ave., Los Angeles 90071 bancofcal.com bankofthewest.com TOP LOCAL EXECUTIVE TOP LOCAL EXECUTIVE DOUG BOWERS MARY BORG CEO (877) 770-2262 Executive Vice President (213) 972-0330 BANK LEUMI USA BANK OF WHITTIER 555 W. Fifth St., Los Angeles 90013 15141 E.