Headwaters MB advised Newport Diversified, Inc. and its affiliate, Broadacres Open Air Marketplace, LLC (collectively, the “Company”) on a senior debt refinancing led by California Bank & Trust, a subsidiary of Zion’s Bank.
The Company, based in Irvine, California, owns and operates recreation, entertainment and open-air marketplaces. The Company has established itself as the definitive leader in open-air marketplaces throughout Southern California and Nevada with over 4.0 million visitors annually and four open-air swap meets, a recreation and bowling center and multiple coin-op amusement, jukebox routes throughout Southern California.
“Newport Diversified’s senior management team is the most respected and knowledgeable in the industry. The Company’s asset quality, systems and processes made for a highly desirable credit. ” said Grant Garbers, Managing Director at Headwaters MB.
Headwaters MB acted as exclusive financial advisor to the Company. Terms of the transaction were not enclosed.
About Newport Diversified, Inc.
Newport Diversified, Inc. is a multi-faceted organization with emphasis in recreation and entertainment. It owns and operates several units in Southern California. For more information, visit www.nd-inc.com.
About California Bank & Trust
California Bank & Trust (CB&T) offers banking services to large corporations, small businesses, and individuals throughout the state of California. As a subsidiary of Zions Bancorporation (NASDAQ: ZION) with assets of over $50 billion. For more information, visit www.calbanktrust.com.