A subsidiary of Chemical Bank of New York has quietly purchased a portion of the Geneva Cos., a Costa Mesa group specializing in arranging the sale of mid-size, privately held businesses.
The deal, completed last last year, gives Chemical Bank's venture capital arm a strong presence on the West Coast. At the same time, fast-growing Geneva picks up a high-level point of entry into East Coast mergers and acquisitions business. Both Geneva and the Chemical Bank venture capital unit cater to mid-size businesses.
"There were a lot of reasons for the sale. But basically, the deal was good for both companies," said Art Perrone, president of Geneva's business services operations. "There's a lot of synergy between us. We're both in the deal business and (are) looking for expansion."
Perrone said that as a result of the new investment, Geneva will soon be expanding its operations in Costa Mesa and opening a new branch office in Florida. The company already maintains branches in New Jersey and Chicago.