Opus Bank Announces Growth Equity Investment by Bank-Sponsored SBIC Fund in Leading Pet Care & Veterinary Services Company

IRVINE, Calif.--()--Opus Bank (“Opus”) (NASDAQ: OPB) announced today that its bank-sponsored SBIC Fund, Opus Equity Partners, has made a growth equity investment in Destination Pet, LLC (“Destination Pet”), a leading provider of a broad array of pet care services. Destination Pet is focused on the acquisition and buildout of top-quality pet facilities to provide pet owners with superior care by utilizing a one-stop location that includes boarding, daycare, grooming, training, and veterinary services. Opus Equity Partners will partner with an experienced team led by Shane Kelly, an executive with several decades of pet care and veterinary experience, to carry out a national expansion strategy.

Dale Cheney, Managing Partner of Opus Equity Partners stated, “We are excited to partner with Shane Kelly, who brings considerable industry experience and a proven ability to execute the Destination Pet growth strategy.” Cheney continued, “Shane really understands the consumer in this business – they’re busy but they also want the best for their pets. Destination Pet’s unique model is intended to redefine pet care services by providing pet owners with an efficient experience through a single location for quality services that traditionally require multiple providers and trips.”

Shane Kelly, CEO of Destination Pet, commented, “We are excited to work with Opus Equity Partners as we continue to expand our strategy of providing a quality experience for both pet owners and pets alike. The role and influence of the common household pet is evolving – more and more a pet is viewed and treated as a member of the family. Destination Pet provides the level of personal care and attention that one would expect for any family member by providing a centralized location that offers comprehensive, top-quality care across the pet services spectrum.”

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, and 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 $8.0 billion of total assets, $5.4 billion of total loans, and $6.7 billion in total deposits as of March 31, 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, 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 over $13 billion of custodial assets and approximately 48,000 client accounts, which are comprised of self-directed investors, financial institutions, capital raisers and financial advisors. Opus Bank operates 56 banking offices, including 32 in California, 21 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 at: www.opusbank.com.

Forward-Looking Statements

This release may include forward-looking statements related to Opus’ 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.

Contacts

Opus Bank
Mr. Jeff L. Leonard
SVP, Dir. of Corporate Strategy/Communications
(949) 251-8146

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Contacts

Opus Bank
Mr. Jeff L. Leonard
SVP, Dir. of Corporate Strategy/Communications
(949) 251-8146