IRVINE, Calif.--(BUSINESS WIRE)--Opus Bank (“Opus”) (NASDAQ: OPB) announced today that its Merchant Banking division, through its broker-dealer subsidiary, Opus Financial Partners, served as financial advisor to Destination Pet, LLC (“Destination Pet”), a leading provider of a broad array of pet care services, on its placement of $30 million of debt and equity growth capital. The financing was led by McLarty Capital Partners (“McLarty”), an SBIC debt and equity provider to lower middle market companies. Opus Bank’s bank-sponsored SBIC Fund, Opus Equity Partners, which made a growth equity investment in Destination Pet earlier this year to support the company’s initial nine-location platform, also provided additional growth capital alongside McLarty’s financing. This transaction further highlights the capabilities of Opus Bank’s Merchant Banking platform as a one-stop principal investment and advisory solution.
Dale Cheney, President of the Merchant Banking division, stated, “We are excited to further our relationship with Shane Kelly and the rest of the Destination Pet team, and look forward to working alongside the company as it continues on its growth trajectory. The long-term capital solution provided by McLarty and Opus Equity Partners will enable Destination Pet to execute on its national expansion strategy through the continued acquisition and buildout of top-quality pet care facilities.”
Shane Kelly, CEO of Destination Pet, commented, “We are enthusiastic to partner with McLarty as we continue to grow the Destination Pet platform. The new financing from McLarty and the additional growth capital from Opus Equity Partners will allow us to bring the Destination Pet experience to an even greater number of pet owners and their pets.”
Parris Boyd, Principal of McLarty, added, “Destination Pet has built an incredible business supported by a clear growth strategy and a significant pipeline of acquisitions in the pet care space. We look forward to a successful partnership with Shane and his experienced team of executives as they expand Destination Pet to become a leading provider of pet care services.”
About Opus Bank’s Merchant Banking Division
Opus Bank’s
Merchant Banking division is an integrated principal investing and
financial advisory platform that provides a broad range of direct
investment and advisory solutions to lower middle-market companies. The
Merchant Banking division includes Opus Equity Partners, LLC, the
advisor to the Opus Bank-sponsored private equity SBIC Fund that
provides growth capital to successful and dynamic companies in need of a
capital solution beyond what is customarily available from traditional
bank sources. The Merchant Banking division also includes Opus Financial
Partners, LLC, Opus Bank’s wholly-owned registered broker-dealer, an
investment banking group that provide advisory solutions to lower
middle-market companies for mergers & acquisitions, leveraged buy-outs,
growth equity capital, junior and senior debt, recapitalizations, and
other broad transactional support to assist companies in their business
development efforts.
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About Opus Bank
Opus Bank is an FDIC insured
California-chartered commercial bank with $7.7 billion of total assets,
$5.2 billion of total loans, and $6.3 billion in total deposits as of
June 30, 2017. Opus Bank provides superior ideas and solutions, and
banking products to its clients through its Retail Bank, Commercial
Bank, Merchant Bank and Correspondent Bank. Opus Bank offers a suite of
treasury and cash management and depository solutions and a wide range
of loan products, including commercial, healthcare, public finance,
media and entertainment, corporate finance, multifamily residential,
commercial real estate and structured finance, and is an SBA preferred
lender. Opus Bank offers commercial escrow services and facilitates 1031
Exchange transactions through its Escrow and Exchange divisions. Opus
Bank provides clients with financial and advisory services related to
raising equity capital, targeted acquisition and divestiture strategies,
general mergers and acquisitions, debt and equity financing, balance
sheet restructuring, valuation, strategy and performance improvement
through its Merchant Banking Division and its broker-dealer subsidiary,
Opus Financial Partners, LLC, Member FINRA/SIPC. Opus Bank’s alternative
asset IRA custodian subsidiary has $16 billion of custodial assets and
more than 52,000 client accounts as of September 15, 2017, which client
accounts are comprised of self-directed investors, financial
institutions, capital raisers and financial advisors. Opus Bank operates
51 banking offices, including 31 in California, 17 in the Seattle/Puget
Sound region in Washington, two in the Phoenix metropolitan area of
Arizona and one in Portland, Oregon. Opus Bank is an Equal Housing
Lender. For additional information about Opus Bank, please visit our
website: www.opusbank.com.
Forward-Looking Statements
This release may include
forward-looking statements related to Opus Bank’s plans, beliefs and
goals, which involve certain risks, and uncertainties that could cause
actual results to differ materially from those in the forward-looking
statements. The forward-looking information presented in this press
release is not a guarantee of future events, and actual events may
differ materially from those made in, or suggested by, the
forward-looking information contained in this press release.
Forward-looking statements generally can be identified by the use of
forward-looking terminology such as “intend” or “expect” or variations
thereon or similar terminology. All such statements speak only as of the
date made, and Opus undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.