Orange County Business Journal

FINANCE

Recent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...
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$21M Round for Mazzo-Led Device Company

Irvine-based medical device company AcuFocus Inc. has received $21 million in new venture funding.

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Anaheim Bathtub Maker Sold

Anaheim-based bathtub manufacturer Aquatic has been acquired by the Sterling Group, a private equity firm in Houston.

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Wet Seal Plunges on Q3 Outlook; Share Offerings

Trading in shares of Foothill Ranch-based Wet Seal Inc. was halted for several hours after the market opened today.

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Thomas Back at Helm of Wet Seal

Foothill Ranch-based Wet Seal Inc. Chief Executive John Goodman left the company August 26 and was replaced by former Chief Executive Edmond Thomas, according to regulatory filings.

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Pacific Premier in $60M Private Placement

Irvine-based Pacific Premier Bancorp Inc. has sold $60 million worth of notes to private investors.

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Biolase Makes Nugent Permanent CEO

Irvine-based Biolase Inc. said today that Jeffrey Nugent is now the company’s permanent chief executive. Nugent, a Biolase director, had served as acting chief executive since June.

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Allergan Answers Valeant, Pershing Square

Irvine-based Allergan Inc. said today that it filed an answer in U.S. District Court to a countersuit filed by Valeant Pharmaceuticals International Inc. and activist investor Bill Ackman’s Pershing Square Capital Management.

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Kofax Acquires German E-Signature Company

Irvine-based software maker Kofax Ltd has agreed to pay $34.7 million in cash for Softpro GmbH, a German company that specializes in electronic signature software and services.

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Bankrupt CM Restaurant Chain to be Bought

The Costa Mesa-based parent of the Elephant Bar restaurant chain is slated to be bought out of bankruptcy and will be operated by a Dallas-based restaurant company.

Segerstrom Center’s Street Smarts

Education Programs Aim for Neighborhoods

Luis Castillo experienced something entirely new when he was touched by the Summer at the Center program back in 1994.

St. Joseph Health Backs Big Office Buy in Mission Viejo

HEALTHCARE: Innovation Institute gets four buildings, 263,000 SF

The Innovation Institute LLC, a La Palma-based for-profit healthcare company formed by St. Joseph Health in Irvine last year, has taken over ownership of four medical buildings surrounding Mission Hospital in Mission Viejo.

Amway Bolsters OC Operations With $42M Investment in Nutrilite

MARKETING: Manufacturing, R&D upgrades in Buena Park

Amway Corp. is expanding the Buena Park operations of its Nutrilite supplements brand with a $42 million investment for new manufacturing and research facilities.

Next Generation of Philanthropists Changes Giving

Savvy, Tech-Smart Gen Y Maps Out Its Own Way

Look who grew up. Generation Y, born roughly between 1980 and 2000 and also known as the Millennials, is leaving its mark on everything it comes into contact with, and that includes philanthropy.

Private Foundation Giving Up Overall, Down in OC

40 Give $33M Locally Last Year, Down 9.3% From ’12

Private foundations based in Orange County gave $156.2 million overall based on their most recent data compared to $128.7 million a year ago—21.4% higher—but their local giving was down, according to data compiled by the Business Journal.

Corporate Giving Generally Up Fourth Year Running

Foundations, Firms’ Charity Arms Give 3.1% More OC Cash

Total cash giving by 35 corporate foundations and company charitable arms active in Orange County dropped 6.4% from a year ago. But discounting two major, one-time giving efforts in 2012 from the largest giver on that year’s list, Wells Fargo & Co. there was a fractional boost for the year—the fourth straight of positive increases, the Business Journal’s list shows.

Another Bank Sets Up HQ in Irvine

FINANCE: CBC buys building for move from Costa Mesa

Commercial Bank of California has moved its headquarters from Costa Mesa to a building it has purchased in Irvine.

Lake Forest Lender Taps Treasury on $100M Bond Issue

FINANCE: Proceeds pegged for community development projects

A Lake Forest-based lender primarily focused on community development has received $100 million through bond debt backed by the U.S. Department of the Treasury and targeted for use on projects in low-income and underserved areas.

Corinthian to Sell Assets in Wind Down

Santa Ana-based Corinthian Colleges Inc. said it would sell some assets to raise money to fund the winding down of its operations and, separately, that it had paid back rent its landlord said it owed.

NB Services Firm Bought by DLC

Beacon Resources LLC in Newport Beach was acquired by Woodland Hills-based professional services firm DLC on undisclosed terms.

Billabong to Sell Swell.com in Irvine

Australia-based Billabong International Ltd. said it plans to sell its surf apparel retailer Swell.com in Irvine to a consortium of investors in a spinoff that also includes a 51% sale of SurfStitch, its other e-commerce business.

Texas Firm to Buy OC Device Maker

Aliso Viejo-based WaveTec Vision Systems Inc. will be bought by Alcon Inc., according to a statement.

Edwards Lifesciences Continues Wall Street Resurgence

Analysts Like Its Recent Showing, Suit Settlement

Irvine-based heart valve maker Edwards Lifesciences Corp. received kudos on Wall Street as it continues its yearlong market surge.

ViewSonic Shows Off HQ as It Makes OC Its Home

Brea Building Showcases Tech Firm’s Offerings

ViewSonic Corp.’s new 25,000-square-foot headquarters in Brea was designed to showcase the company’s new line of touch-screen projectors and virtual desktops that are drawing strong demand in the classroom and at businesses.

Furniture Maker Expands With $12.6M Fullerton Buy

Michael Nicholas Puts Buena Park HQ on Market

Michael Nicholas Designs Inc., a family-owned furniture manufacturer in Buena Park, is expanding its manufacturing operations after buying a big industrial building in Fullerton.

AllDigital Holdings CEO Dies Suddenly

Paul Summers, the chairman and chief executive of Irvine-based AllDigital Holdings Inc., has died unexpectedly.