Tag Archives: investment

California Olive Ranch Acquires Lucini Italia Olive Oil

California Olive Ranch, the largest producer of extra virgin olive oil in the United States announces its acquisition of Lucini Italia, a leading producer and importer of premium Italian extra virgin olive oils. In the equity transaction seller Molinos USA retains a significant minority share in the combined company.  California Olive Ranch and Lucini Italia will continue to operate under their own labels. The company will maintain its headquarters in Chico, California.

 

California Olive Ranch CEO Gregg Kelley says:

Lucini shares our standards of quality and authenticity and will continue California Olive Ranch’s mission to bring genuine and delicious extra virgin olive oil to the American consumer. We see strong growth in the premium segment in coming years and we think these two brands are best positioned to prosper as consumers trade up to better quality.

Like wine, olive oils vary according to soil, climate and olive varietal.  Our merger with Lucini will allow us to offer the American olive oil consumer a wider variety of trustworthy oil.  This transaction also allows us to enter the sauce, vinaigrette, and vinegar categories with Lucini’s portfolio of quality products.

Read More

8-K Filing Shows PCM Enters Agreement With Sarcom Properties To Buy Property For $6.569M

On December 23, 2014, PCM, Inc. (the “Buyer”) entered into an agreement with Sarcom Properties, Inc. (the “Seller”), an unaffiliated third party, to buy certain real property from the Seller for a total cash sales price of $6,569,500 (the “Agreement”). The real property is located at 8337 Green Meadows Drive N., Lewis Center, Ohio and includes approximately 12.4 acres of land together with a building for office and warehouse space of approximately 144,000 square feet (the “Building”). One of our other subsidiaries is currently the tenant of the Building and it is currently being used as our second headquarters, sales office and distribution center. We expect to finance around 70% of the purchase price with a long-term note.

The Buyer is entitled to terminate the Agreement for any reason while it conducts due diligence related to the property during a 30 day period from December 23, 2014 (the “Due Diligence Period”). In addition, the Buyer may extend the Due Diligence Period for further environmental due diligence for an additional 30 days if it determines in its sole discretion that further environmental due diligence is required. However, the Buyer and Seller have agreed to use best efforts to close the transaction no later than January 31, 2015. The Agreement also contains other customary closing conditions to the purchase and sale of the real property.

Read More

Honduras Votes for President as Drug Violence Crimps Growth

According to Bloomberg,

Hondurans choose a new president and Congress today as the world’s highest rate of violent crime crimps economic growth in the country four years after a military coup ousted former President Manuel Zelaya.

Polls show the race in a statistical tie between the ruling National Party’s Juan Orlando Hernandez, 45, and Zelaya’s wife, Xiomara Castro, who heads the newly formed Libre party. Both candidates have vowed to improve security after a surge in murders fueled by drug gangs linked to Mexican cartels. Polls opened at 7 a.m. local time and will close at 5 p.m.

Castro, 54, is seeking to break a century-long grip on the presidential palace by the country’s two traditional parties. She has tapped into frustration from the coup, during which she led protests to have her husband returned from exile. Hernandez led the national assembly when Zelaya was ousted for backing a referendum to change the constitution.

In the eight-candidate race, no party is expected to win a majority in the legislature.

“It’s going to be difficult for whoever wins to govern,” said Geoff Thale, director of the Washington Office on Latin America.

Bordered by Nicaragua, El Salvador and Guatemala, Honduras has a murder rate of more than 80 per 100,000 inhabitants, the highest in the world, according to the United Nations. The U.S. State Department estimated that last year about 90 percent of all cocaine smuggling flights departing South America for the U.S. first land in Honduras, where illegal airstrips abound in poorly patrolled parts of the country.

International Observers

The government plans to deploy 14,000 soldiers and police to safeguard the process, while almost 750 international observers will monitor the vote. Current President Porfirio Lobo is barred from seeking re-election and whoever gets the most votes wins. There is no second round.

Read More…

JPMorgan Banker Backed $200 Million Madoff Loan in 2008

Daniel Bonventre (Bloomberg)

Daniel Bonventre (Bloomberg)

According to Bloomberg,

A former JPMorgan Chase & Co. (JPM) banker who managed Bernard Madoff’s account said the con man was on track to receive a $200 million loan less than a month before his arrest if the request hadn’t been dropped.

Daniel Bonventre, one of five ex-Madoff employees on trial for allegedly aiding the fraud, asked JPMorgan in November 2008 to borrow twice Madoff’s credit limit of $100 million, with U.S. Treasuries as collateral, Mark Doctoroff, who left the bank last year, testified yesterday in federal court in Manhattan.

“They are doing well financially,” Doctoroff said of Madoff’s securities firm in an e-mail to JPMorgan’s credit department on Nov. 17, 2008. “They are looking at the current market as an opportunity to make investments, true to their value investing style.”

The five former employees are accused of helping Madoff hide his fraud from customers, banks and regulators for years, and getting rich in the process. It’s the first criminal trial stemming from the scheme, which prosecutors say started in the early 1970s and imploded at the peak of the financial crisis.

The loan was part of a last-ditch attempt by Madoff to  secure cash as his Ponzi scheme was collapsing and  Bonventre’s role in the application process was one of the  many examples of his involvement in the fraud, prosecutors  have said.

Doctoroff, who was Madoff’s relationship manager at the bank from about February 2008 until Madoff’s arrest in December that year, said he didn’t know at the time Madoff had a formal investment advisory unit — the center of the Ponzi scheme involving fake trades — or that Madoff’s JPMorgan account was used for that business.

Read More…

Why 99.95% Of Entrepreneurs Should Stop Wasting Time Seeking Venture Capital

Why 99.95% Of Entrepreneurs Should Stop Wasting Time Seeking Venture Capital

It is difficult to pick up a major business publication today without reading about venture capitalists (VCs, defined as professionally-managed VC limited partnerships that invest in early-stage ventures), about their skills in finding great investment opportunities, and about the ventures they fund. And lately in states like Minnesota, it is also about how they can create jobs if the governor would speak favorably about the need for VC and offer some state pension money for them to invest. And since we all like to talk about our successes, the stories are about how entrepreneurs secured VC and soared to wealth in a very short time via an IPO or a strategic sale. This can lead other entrepreneurs to think that this is the only model for success, that there is no other way to build a major company, and that they should write business plans, attend VC conferences, seek VC, and give VCs control of their venture.

Read more

SEC lifts ban on hedge fund ads

SEC lifts ban on hedge fund ads

Hedge funds and other firms that seek private investments will be allowed to advertise publicly for the first time under a rule adopted Wednesday by the Securities and Exchange Commission.

Adopted by a 4-1 vote, the rule eliminates an 80-year regime of advertising restrictions intended to safeguard small investors from taking on potentially dangerous risk. The rule covers the way issuers raise funds through private offerings, a process that is exempt from requirements to report public financial statements.

While the rule would authorize firms to raise unlimited amounts via mass advertising of private offerings, it would require reasonable steps to ensure that buyers are so-called accredited investors — who are wealthier and deemed better able to gauge investment risks.

Read more

U.S. Venture Capital Investment Amounts Doubled In Q2, As Bay Area Companies Raised More Than NYC, LA, Boston Combined

U.S. Venture Capital Investment Amounts Doubled In Q2, As Bay Area Companies Raised More Than NYC, LA, Boston Combined

Total new capital invested in the United States tech industry rose from $1.9 billion in April to $3.8 billion in June, a 100 percent increase in two months, according to quarterly data from CrunchBase. The data, which is specific to the United States, breaks down new venture capital raised by round type, investor, company, geography and more.

In the second quarter of 2013, $9.2 billion was invested in over 1,347 rounds. The rounds break down to 500 angel rounds, 306 Series A, 109 Series B, 102 Series C and later, and 330 unattributed rounds. This data set doesn’t include some investments, such as private equity and post-IPO investments, and thus is lower than the total funding for the quarter.

The San Francisco Bay Area still dominates other regions, as companies in the Bay Area raised more capital in Q2 than Boston, New York, and Los Angeles, the next three regions in total capital raised, combined.

Read more