Angeles Capital Group Research
Advisory Approach
Angeles Capital Group is a Los Angeles-based boutique investment banking and corporate advisory firm specializing in mergers and acquisitions, capital raising, and strategic transactions for middle-market companies. The firm operates from a thesis of combining financial expertise with operational knowledge to deliver superior advisory outcomes. Founded in 2002 by William J. Battison, who brings over 30 years of combined operational and deal experience from senior positions at ABC, Westwood One, Iwerks Entertainment, and various technology companies, ACG positions itself as a relationship-focused advisor that deeply understands both the financial mechanics and operational realities of middle-market transactions.
The firm's approach emphasizes consultative advisory rather than transactional volume. Their philosophy centers on focusing on ideas and attentive service to create value through relationships that are mutually beneficial. This client-centric methodology has allowed them to develop deep expertise across multiple industries and transaction types over their two decades of operation.
Sector and Industry Focus
Angeles Capital Group has demonstrated significant depth in media and entertainment, technology, consumer products and food, financial services, and automotive sectors. Their transaction history reveals particular expertise in entertainment and media companies, where several founding team members built their early careers. The firm has closed deals ranging from strategic acquisitions in food manufacturing (Josephs Gourmet Pasta to Nestlé) to large-scale radio network consolidations and technology company financings.
Their technology experience includes advisory work on substantial IPO transactions and equipment manufacturer financings. In consumer products, they have facilitated major strategic sales to multinational corporations. Financial services experience includes the strategic sale of Solstice Capital, a direct mortgage lending platform, to HSBC Bank in 2006. This diversified industry exposure positions them to understand complex operational considerations across sectors.
Deal Track Record
Angeles Capital Group has facilitated numerous significant transactions over its operating history, with representative deals including:
- Josephs Gourmet Pasta & Sauces: Strategic sale to Nestlé S.A. - a specialty food manufacturer acquisition by a multinational consumer goods company
- Solstice Capital: Strategic sale to HSBC Bank (October 2006) - a mortgage lending platform acquisition demonstrating financial services expertise
- Westwood One: Capital raising of over $400 million in equity and convertible debt for the nation's largest radio network syndicator
- NBC Radio Networks: Advisory on acquisition by Westwood One - facilitating the consolidation of major broadcast networks
- Westwood One Stations Group: Structured financing of $116 million for major market radio stations
- Iwerks Entertainment: Corporate financial advisor on $48 million IPO of a location-based entertainment company
- Tomco: Advisory on sale of specialty automotive parts company
These transactions span multiple decades and represent cumulative deal value in the billions of dollars across diverse industries. The firm's track record demonstrates capability across sell-side advisory, capital raising, financing, and IPO advisory.
Team and Operating Philosophy
The firm is led by William J. Battison, Managing Partner, whose background includes 9 years as President and CFO of Westwood One Inc., one of the nation's largest radio networks, plus senior operating roles at ABC (5 years as SVP Finance), Iwerks Entertainment (EVP and COO responsible for strategic alliances and acquisitions), and Valence Technologies (EVP). Prior to these corporate roles, Battison was President and CEO of two internet companies: RXN Radio and BuyItNow, Inc. (a $90+ million revenue e-commerce venture), and served as a Management Consultant in the Technology Management Group of Booz Allen & Hamilton in New York and London.
Paul Richey brings over 40 years of investment banking and corporate business experience as a partner. He previously served as Regional Managing Director for the West Coast at Focus Investment Banking (12 years leading the Los Angeles office), President of Janas Associates (a boutique investment banking firm in Pasadena), and was a partner at KPMG where he led public and private M&A engagements. Richey's background spans manufacturing, distribution, retail, financial services, franchising, hospitality, petroleum, aerospace, and engineering services. He holds a CPA designation and is a Registered Securities Representative.
Geographic Coverage and Market Position
Angeles Capital Group is headquartered in Los Angeles, California and operates with West Coast focus based on the team's geographic roots and experience. The firm's team members have led offices and practices across multiple U.S. markets (San Diego, Rochester, St. Louis) during their careers, providing broad relationship and market knowledge.
As a boutique firm, Angeles Capital Group positions itself in the middle-market space where founder-led and privately-held companies seek sophisticated advisory without the overhead of large multinational investment banks. Their boutique scale allows for executive-level engagement on every transaction.
Process and Engagement Model
The firm emphasizes a consultative advisory model focused on understanding client needs and developing tailored strategies. They offer multiple advisory services including M&A advisory for acquisitions and sales, recapitalizations and management buyouts, capital raising for debt and equity financing, and financial advisory and planning services.
The firm's experience with both public and private company transactions, including going-private transactions for small public companies, demonstrates familiarity with complex regulatory and market environments. Their historical work with radio networks, entertainment companies, and technology firms reflects exposure to highly regulated and fast-moving industries.
Competitive Differentiation
Angeles Capital Group differentiates through the operational depth of its senior team. Rather than pure finance professionals, the firm's leadership includes people who have held P&L responsibility in operating companies, served as corporate CFOs, and built businesses from inception. This combination of investment banking expertise with actual operating experience provides perspective that transcends traditional financial advisory.
The firm's long tenure (since 2002) in the boutique advisory space in Los Angeles, combined with the enduring relationship networks of its leadership team, provides established relationships with buyers, sellers, and financing sources across multiple industries.
Size and Scope
As a boutique partnership, Angeles Capital Group operates with lean overhead but deep expertise. The firm's structure as a limited liability company partnership allows for flexible engagement models tailored to client needs. The firm has evolved over time from its 2002 founding to its current configuration.