Antelope Valley area Rep. Kevin McCarthy was elected Thursday as the new majority leader in the House of Representatives. He is the first Californian to hold that position.

McCarthy, R-Bakersfield, replaces Virginia Rep. Eric Cantor who was defeated for re-election to the House in the June 10 primary. The majority leader is the second most powerful position after the Speaker of the House.

McCarthy was first elected to the House in 2006, and became majority whip in 2011. His district includes parts of Lancaster, the communities of Rosamond, Mojave and Tehachapi, and Edwards Air Force Base.

Liquidation and inventory-lending company Great American Group Inc. has completed its merger with West L.A. boutique investment bank B. Riley & Co. LLC, the companies announced Wednesday.

Great American of Woodland Hills will issue 4.2 million shares and exchange them for 100 percent of the stock of privately held B. Riley. Great American Group and B. Riley will operate collectively under a publicly traded holding company.

The two companies had total revenue of about $102 million last year and an operating profit of about $13.5 million. Together, they will have about 250 employees.

Bryant Riley, who is both the founder and majority shareholder in B. Riley and a member of the Great American board, will be chief executive of the combined company. Great American co-founder and Chief Executive Andrew Guraer will continue to lead his side of business, which will operate separately.

Zipper maker Talon International Inc. renewed a two-year exclusive agreement with Fat Face Group Limited to supply trim and zipper products for all apparel.

Fat Face, a U.K.-based retailer, has been a client of Talon in Woodland Hills since 2011.

“Our agreement represents a new level in our partnership and service to them,” said Lonnie Schnell, chief executive at Talon, in a statement.

Shares closed down 3 cents, or nearly 12 percent, to 22 cents in over-the-counter trading.