Add-on Acquisition • Financial Services

Pacific Western Bank Acquires Celtic Capital

On April 23, 2012, Pacific Western Bank acquired financial services company Celtic Capital from Pine Tree Equity Partners and Amzak Capital Management

Acquisition Context
  • This is Pacific Western Bank’s 4th transaction in the Financial Services sector.
  • This is Pacific Western Bank’s 4th transaction in the United States.
  • This is Pacific Western Bank’s 3rd transaction in California.
Investment Fate
  • Celtic Capital was divested to a consortium of buyers in 2014.
  • Celtic Capital was sold to a consortium of financial buyers in 2022.

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M&A Deal Summary

Date April 23, 2012
Target Celtic Capital
Sector Financial Services
Buyer(s) Pacific Western Bank
Sellers(s) Pine Tree Equity Partners
Amzak Capital Management
Deal Type Add-on Acquisition
Advisor(s) Intrepid Investment Bankers (Financial)

Target Company

Celtic Capital

Santa Monica, California, United States
Celtic Capital provides Asset Based Financing (ABF) to non-retail businesses in the Western United States that find it challenging to get traditional bank loans. Celtic´s credits range from $500,000 to $5 million and are used for various business needs such as working capital, sales growth, debt restructuring, DIP financing, turnarounds, among others and within various industries. Celtic Capital was founded in 1982 and is based in Santa Monica, California.
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Buyer Overview 1

Buyer

Pacific Western Bank

Los Angeles, California, United States

Category Company
Founded 1982
Sector Financial Services
DESCRIPTION

Pacific Western Bank provides commercial banking products and services to small and medium-sized businesses primarily in California.


Deal Context for Buyer #
Overall 4 of 5
Sector: Financial Services 4 of 5
Type: Add-on Acquisition 2 of 3
State: California 3 of 4
Country: United States 4 of 5
Year: 2012 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-03 Marquette Equipment Finance

Cottonwood Heights, Utah, United States

Marquette Equipment Finance LLC is a specialty equipment leasing and finance company. MEF focuses on business-essential equipment leases throughout the United States with transactions primarily in the mid-ticket segment.

Buy $35M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-01 American Perspective Bank

San Luis Obispo, California, United States

American Perspective Bank provides various banking products and services.

Buy $58M

Seller Profiles 2

SELLER

Pine Tree Equity Partners

Miami, Florida, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2007
PE ASSETS 200M USD
Size Small
Type Sector Agnostic
DESCRIPTION
Pine Tree Equity's corporate headquarters in Miami, Florida.
Pine Tree Equity's corporate headquarters in Miami, Florida.

Pine Tree Equity Partners is an investment firm focused on small-cap companies. Pine Tree generally looks to partner with management and typically invests $2 to $7 million per transaction. Areas of interest include business services, consumer services, financial services, consumer products, franchising, and niche manufacturing. Pine Tree Equity Partners was formed in 2007 and is based in Miami, Florida.


Deal Context for Seller #
Overall 2 of 14
Sector: Financial Services 1 of 3
Type: Add-on Acquisition 1 of 3
State: California 1 of 2
Country: United States 2 of 14
Year: 2012 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-26 Church Services

Houston, Texas, United States

Church Services, Inc. is a provider of residential maintenance, repair, and replacement services in the areas of (i) heating, ventilation and air conditioning ("HVAC"), (ii) electrical, (iii) plumbing and (iv) foundation repair. Church Services was founded in 1990 and is based in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-18 Hi-Tech Testing Service

Longview, Texas, United States

Hi-Tech Testing Service is a provider of non-destructive testing, utilizing various methodologies including conventional radiography and mechanical integrity testing, to avoid failure of pipelines, tanks and vessels.

Sell -
DESCRIPTION

Amzak is a diversified investment group focused on middle-market direct company investing, fixed income, real estate acquisitions, and venture healthcare investing. Amzak will consider opportunities throughout the US, Central/South America, and the Caribbean. Within its middle-market direct investing practice, Amzak looks to invest $10 to $50 million in growth-oriented companies in partnership with management. Amzak Capital Management is based in Boca Raton, Florida.


Deal Context for Seller #
Overall 2 of 11
Sector: Financial Services 1 of 1
Type: Add-on Acquisition 2 of 7
State: California 1 of 1
Country: United States 1 of 8
Year: 2012 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-21 Teligent

Buena, New Jersey, United States

Teligent manufactures, fills and packages topical semi‐solid and liquid products for cosmetic, cosmeceutical and pharmaceutical customers. Teligent’s products are used for cosmetic, cosmeceutical and prescription applications for the treatment of symptoms of dermatitis, acne, psoriasis, and eczema. Teligent was founded in 1977 and is based in Buena, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-31 Tricom S.A.

Santo Domingo, Dominican Republic

Tricom is full service telecommunications providers in the Dominican Republic, offering over 800,000 customers cable television, residential and corporate internet / data, as well as fixed and wireless telephony.

Sell -