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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Allergan Ends Legal Battle With Ackman, Valeant

Allergan Inc., the Irvine drug maker that is now part of Dublin-based Actavis Plc., has ended its court fight with Canada-based Valeant Pharmaceuticals International Inc. and activist investor Bill Ackman’s New York City-based Pershing Square Capital Management LP.

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Irvine Firm Buys 35 Pilates Studios

Irvine-based LAG Fit Inc. has acquired a franchised chain of 35 pilates studios in the U.S. and Australia from a competitor in Del Mar.

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Alternative Lender to Irvine HQ

Quick Bridge Funding LLC, an alternative lender specializing in short-term financing, has moved its headquarters from Orange to Irvine, taking 17,000 square feet at Market Place Center.

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CareTrust Buys Nursing Home for $9.1M

San Clemente-based CareTrust REIT Inc. said today that it bought a nursing home in Washington state for $9.1 million.

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Habit Sets $175M Share Sale

Irvine-based Habit Restaurants Inc. said it would offer up to 5.75 million shares of its Class A common stock owned by various stockholders, including some officers and directors, for sale beginning April 10 and expected to close April 15.

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Ambry Buys Software Company

Aliso Viejo-based Ambry Genetics Corp. acquired Delray Beach, Fla-based Progeny Software LLC for an undisclosed price.

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Bren Imposter Sentenced to Time Served, $1.1M in Restitution

The convicted bank robber who stole the identity—and a $1.4 million tax refund—of Irvine Company Chairman Donald Bren was sentenced to time served, restitution and supervised release, according to court records.

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Bella Terra Gets New Ownership

Prudential Real Estate Investors said it has acquired a 75% stake in Huntington Beach's Bella Terra Shopping Center.

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American Vanguard in Deal for European Business

American Vanguard Corp., a Newport Beach-based maker of specialty chemicals and agriculture products, has acquired the European insecticide business assets of Adama Agricultural Solutions Ltd.

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Johnny Rockets Plans 100 Units in China

Aliso Viejo-based Johnny Rockets has signed a deal to franchise 100 restaurants in China over the next 10 years, with the first set to open next year in either Shanghai or Beijing.

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Alliant Buys in Idaho

Newport Beach-based Alliant Insurance Services Inc. has acquired North Idaho Insurance LLC on undisclosed terms.

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U.K. Investor Puts $14.8M in Habit

Irvine-based Habit Restaurants Inc. said in a regulatory filing March 24 that Boston-based Numeric Investors LLC, an affiliate of London-based Man Group Plc, bought about 477,000 shares of the burger chain’s Class A common stock.

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CSUF’s Garcia on National Panel

California State University-Fullerton President Mildred Garcia has been named to a national commission formed to find “practical solutions” to the increasing cost of a college education, the university said.

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Herbert Lists Nixon Estate for $75M

Gavin Herbert, Sr., has put a $75 million price tag on the 5.5-acre estate in San Clemente that once served as President Richard Nixon’s “Western White House”, according to the Wall Street Journal.

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Judge Approves Sale of Wet Seal

U.S. Bankruptcy Court Judge Christopher S. Sontchi today in Delaware approved the sale of Wet Seal Inc. to private equity firm Mador Lending LLC.

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Taco Bell Japan to Open

Irvine-based Taco Bell Corp. has set an April 21 opening for its first restaurant in Japan under a franchising deal with Tokyo-based Asrapport Dining Co. Ltd., according to the Wall Street Journal.

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Confie in 3 Deals

Huntington Beach-based Confie Seguros Insurance Services has acquired three brokerages on the East Coast.

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Pyott Gets $534M on Allergan Sale

David Pyott, the former chief executive of Irvine-based Allergan Inc., converted stock to a total of $534 million in cash following Allergan’s $72.5 billion acquisition by Actavis Plc, according to a Securities and Exchange Commission filing.

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CM Investor Buys EB-5 Regional Center

Costa Mesa-based real estate developer and private equity firm PDC Capital Group LLC has acquired ZGlobal Southern California EB-5 Investment Regional Center.

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CHOC Takes Stake in Innovation Institute

The Innovation Institute in La Palma, founded with an investment from Irvine-based St. Joseph Health, said today that Children’s Hospital of Orange County has become its third member and investor.

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UCI Stem Cell Researcher Gets $5M

A University of California-Irvine researcher has been awarded $5 million to develop stem cell treatments for Huntington’s disease, the university said.

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PE Firm Backs Water Treatment Company

Anaheim Hills-based investment firm Metrix Capital Group LLC has provided an undisclosed amount of growth capital to Superior Water Technologies Inc. in Irvine.

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PacSun Results Up, Shares Down

Pacific Sunwear of California Inc. beat analysts’ expectations for the fourth quarter, which ended Jan. 31, before its stock fell about 2% to $2.82 and a market value of about $195 million in midday trading Thursday

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Kofax Sells for $1B

Shares of Kofax Ltd. soared in afterhours trading today after the Irvine-based software maker announced it would be sold for $1 billion to Lexmark International Inc. in Lexington, Ky.

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Dana Point Cloud Company Sold for $25M

Dana Point-based communications company SimpleSignal Inc. has agreed to sell for $25.3 million to Vonage Holdings Corp., a Holmdel, N.J.-based provider of telephone services via broadband connection.