Business seems to be picking up and company growth is happening once again in the Los Angeles region. While the entertainment industry was probably the hardest hit in the peak of the pandemic, thankfully now transactions are occurring in that sector. The examples we look at here are: AMC Entertainment and ESPN.
There will be two more AMC Entertainment locations in Los Angeles. The cinema company (the largest worldwide) is taking over The Grove shopping complex 14-screen cinema as well as the Brand’s 180screen cinema. AMC Entertainment entered into a transaction with Decurion which owns Pacific Theatre. Opening of the Grove theater (which three years ago was the 2nd highest grossing cinema) is anticipated for next month.
Anchors Neil Everett and Ashley Brewer will be connecting with ESPN. Brewer will join the 1 am EST edition with Everett, Linda Cohn and Stan Verrett, moving from her position as host of SportsNation.
OpenGate Capital is in the process of purchasing stove/fireplace manufacturer Jøtul Group. The company – headquartered in Norway – provides a wide range of fireplace and related items throughout Europe, Asia and North America, while manufacturing in Europe and the US. For fund facilitation of the transaction a senior secured bond with Nordic institutional investors was raised by OpenGate. The deal was engineered by an OpenGate MD, Fabien Marcantetti. Chief Executive and founder of OpenGate, Andrew Nikou explained:
“Jøtul is located in the Nordic region, a market that OpenGate is very familiar with having acquired Kotka Mills in Finland and where we created tremendous success during our pre-fund investment days. Through diligence we have already identified operational levers and accretive M&A opportunities that we believe will drive growth and ultimately create a stronger, healthier business.”
The Magellan Financial Group (specializing in real estate investment and related industries) recently sold its 144,000-square-foot building to the U.S. Storage Center. With a $36 million price tag, this transaction – at 5415 E. Olympic Boulevard – was the final part of Magellan’s three-year, $375 million investment strategy within the Southern Californian region.