American Capital (Nasdaq: ACAS) has closed its Los Angeles office, peHUB has learned. The move comes almost exactly one year after the business development company shuttered its Palo Alto outpost, and leaves it without a West Coast presence.
In an email sent out this evening, a Los Angeles staffer wrote:
I wanted to inform you that the ACAS Leadership has decided to close its Los Angeles office and transfer its portfolio companies to the other remaining ACAS offices. My last day, and that of my fellow West Coast Buyout team members, is November 30th.
American Capital’s website currently shows ten Los Angeles team members, the most senior of which is managing director Frank Do. Three Los Angeles employees are not officially on the buyouts team — two are in sponsored finance, one is in special situations — although our understanding is that the entire group has been let go.
Examples of the firm’s West Coast investments include Coghead, Narus and Tymphany Corp.
I’ve left a message with American Capital’s in-house PR team, but don’t expect a call back until the morning. One question would be if Los Angeles is alone, given that its closure is not yet reflected on the firm’s website. Just three months ago, American Capital closed its Frankfurt office, and consolidated its operations into an existing London affiliate.