M&A Deal Summary

Heritage Oaks Bancorp. Acquires Mission Community Bancorp.

On February 28, 2014, Heritage Oaks Bancorp. acquired financial services company Mission Community Bancorp. from Palladium Equity Partners and Carpenter & Company for 56M USD

Acquisition Highlights
  • This is Heritage Oaks Bancorp.’s 2nd transaction in the Financial Services sector.
  • This is Heritage Oaks Bancorp.’s largest (disclosed) transaction.
  • This is Heritage Oaks Bancorp.’s 2nd transaction in the United States.
  • This is Heritage Oaks Bancorp.’s 2nd transaction in California.

M&A Deal Summary
Date 2014-02-28
Target Mission Community Bancorp.
Sector Financial Services
Buyer(s) Heritage Oaks Bancorp.
Sellers(s) Palladium Equity Partners
Carpenter & Company
Deal Type Add-on Acquisition
Deal Value 56M USD

Target

Mission Community Bancorp.

San Luis Obispo, California, United States
website
Mission Community Bancorp. is a locally owned and operated community bank.

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Buyer(S) 1

Buyer

Heritage Oaks Bancorp.

Paso Robles, California, United States

website

Category Company
Founded 1983
Sector Financial Services
Employees271
Revenue 77M USD (2016)
DESCRIPTION

Heritage Oaks Bancorp. is a holding company for Heritage Oaks Bank which provides personal and business banking solutions. With $2.0 billion in assets, Heritage Oaks Bancorp is headquartered in Paso Robles, California and is the holding company for Heritage Oaks Bank. Heritage Oaks Bank operates two branch offices each in Paso Robles and San Luis Obispo; single branch offices in Atascadero, Templeton, Cambria, Morro Bay, Arroyo Grande, Santa Maria, Goleta and Santa Barbara; as well as a single loan production office in Ventura/Oxnard. Heritage Oaks Bank conducts commercial banking business in San Luis Obispo, Santa Barbara, and Ventura counties.

DEAL STATS #
Overall 2 of 2
Sector (Financial Services) 2 of 2
Type (Add-on Acquisition) 2 of 2
State (California) 2 of 2
Country (United States) 2 of 2
Year (2014) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-10-31 Hacienda Bank

California, United States

Hacienda Bank is a provider of full range of financial services.

Buy $11M

Seller(S) 2

SELLER

Palladium Equity Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1997
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Palladium Equity Partners is a private equity firm that looks to invest in businesses focused on the US Hispanic marketplace. Target sectors include business services, financial services, consumer/retail, food/restaurants, healthcare, manufacturing, and media. Palladium's target investment size is $50 to $150 million with an EBITDA of $10 to $75 million. The Firm will consider investing in mature, stable businesses as well as younger companies and turnaround situations. Palladium was formed in 1997 and is based in New York City.

DEAL STATS #
Overall 11 of 24
Sector (Financial Services) 2 of 3
Type (Add-on Acquisition) 4 of 9
State (California) 1 of 2
Country (United States) 11 of 24
Year (2014) 1 of 4
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-16 Hy Cite Enterprises

Madison, Wisconsin, United States

Hy Cite Enterprises LLC is a direct selling company focused on marketing high-quality, durable household products. Hy Cite's Royal Prestige® brand has become synonymous with reliable products of excellent quality, value, and dependability, developed by "world class" designers working with leading experts in health and nutrition. Hy Cite's products include cookware, china, crystal, flatware, cutlery, water and air filtration systems, and juice extractors that are marketed in the U.S., Mexico, Canada and abroad through professional and knowledgeable distributors. Hy Cite was founded in 2011 and is based in Madison, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-02 Q Max Solutions

Calgary, Alberta, Canada

Q'Max Solutions is an independent oilfield services company focused on providing drilling fluids and solids control services to national and independent oil companies. Q'Max Solutions was formed in 1993 and is based in Calgary, Alberta.

Buy -
SELLER

Carpenter & Company

Newport Beach, California, United States

Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1974
PE ASSETS 280M USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

Carpenter and Company is a private equity and financial advisory firm focused on the banking industry. Carpenter's private equity practice looks to make recapitalization and growth equity investments in banks with assets up to $5 billion. The Firm targets banks with strong management, well defined market strategies, and strong funding drawn from target markets. Carpenter was established in 1974 and is based in Irvine, California.

DEAL STATS #
Overall 1 of 2
Sector (Financial Services) 1 of 2
Type (Add-on Acquisition) 1 of 2
State (California) 1 of 2
Country (United States) 1 of 2
Year (2014) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-01 Pacific Mercantile Bank

Costa Mesa, California, United States

Pacific Mercantile Bank is a provider of banking products and services for individuals and organizations. Pacific Mercantile Bank was founded in 1999 and is based in Costa Mesa, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-30 Bank of Manhattan

El Segundo, California, United States

The Bank of Manhattan is a $465 million community bank based in El Segundo, California, with a footprint that spans to the San Gabriel Valley. It specializes in commercial banking of small and mid-market businesses and mortgage banking throughout Los Angeles County.

Sell -
Mergr

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