Orange County Business Journal


Recent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...

Google Capital Puts $50M in

Irvine-based, an online real estate auction company, reportedly received a $50 million investment from Google Capital, an investment arm of the Internet giant.


Banc of California in Irvine acquired RenovationReady in Greenwood Village, Colo. on undisclosed terms. RenovationReady provides home-renovation lending services. Its president and co-founder, Jim Fraser, will join the bank as senior vice president and director of construction and renovation lending.

Real Estate Deals

John Higman sold an industrial and manufacturing building in Brea for $5.5 million to Air Treatment Corp., an HVAC systems equipment and design contractor.

Volume Here Bucks Nat’l Trend for 3% Jump on 310 Deals

Number of Deals Down 11% in U.S.; Total Value Up

The pace of merger-and-acquisition activity by Orange County businesses rose by about 3% in 2013, capping the year at 310 deals.

Lawyers Benefit From Deals Uptick, Relationships

Transactions in the Billions Result From Clients’ Trust

Orange County’s merger-and-acquisition lawyers stayed busy last year with a steady flow of deals that included well-watched transactions and a good number of local businesses buying and selling.

Jobless Rate Rises to 5.8%

Orange County’s economy lost 22,200 jobs in January, when the jobless rate rose to 5.8%.

San Clemente Company in Slovenia Deal With Gores Group

Technology4Medicine LLC in San Clemente and Los Angeles-based private equity firm Gores Group have acquired Fotona d.d, a medical laser maker in Ljubljana, Slovenia.

Credit Union Makes Educational Donation

California State University Fullerton will recognize SchoolsFirst Federal Credit Union for its $500,000 naming gift to the College of Education’s Center for Creativity and Critical Thinking during a March 5 event at the university’s Pollak Library.

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HB Insurance Brokerage Buys in Texas

Huntington Beach-based Confie Seguros Insurance Services has acquired Ida Tunnell Insurance in Marble Falls, Texas, on undisclosed terms.

Equity Office Eyes Addition to Portfolio in South Coast Metro

REAL ESTATE: Deal for Santa Ana towers pegged at nearly $130M

The office division of private equity giant Blackstone Group is poised to become one of the two largest landlords in the South Coast Metro business district, based on an impending deal for the Griffin Towers office complex in Santa Ana.

Beall Foundation Gives UCI Boost on Tech Transfer

EDUCATION: $5M for center to speed up commercialization

University of California, Irvine, is creating a new campuswide center that aims to speed up commercialization of its research and support technology development.

New Emulex Chair; McCluney to Octane

TECHNOLOGY: Dissidents add three to gear maker’s board

Networking gear maker Emulex Corp. has a new Orange County-based chairman and three directors from outside the area.

Fundraising and All That Jazz

Garth Hogan, Newmark Grubb Knight Frank’s executive managing director of Global Healthcare Services;


Chase Bank is laying off 168 employees from its mortgage operations in Irvine by early March.

Affliction Exec Buys Observatory Theater in Santa Ana

$10M Deal Includes 47,319-SF Office

A cofounder of apparel company Affliction Inc. has bought the Santa Ana building that holds the Observatory OC concert venue where he’s an investor, as well as an adjacent office.

Pair of Tech Companies Improve Cash Positions

Quantum, Netlist Avoid Delistings, Build Up

Two Orange County technology companies that faced delistings on the Nasdaq exchange last year have recently raised money in public offerings to shore up their cash positions.

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Clean Energy Misses Q4 Estimates

Newport Beach-based Clean Energy Fuels Corp. on Thursday reported revenue and adjusted profits for the fourth quarter that missed Wall Street expectations.

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Chase to Cut 168 Jobs at OC Mortgage Unit

Chase Bank is laying off 168 employees from its mortgage operations in Irvine by early March.

Gross Miscalculation?

Recent Returns Counter Critics’ Rush to Strip Bond King of Crown

Recent Returns Counter Critics’ Rush to Strip Bond King of Crown

American Security Bank Sells for $57M

Newport Beach-based American Bancshares Inc. agreed to sell its American Security Bank subsidiary to CVB Financial Corp. for $57 million.


A bankruptcy judge approved Wanxiang America Corp.’s $149.2 million bid for the sale of Costa Mesa-based Fisker Automotive Inc. The offer by Wanxiang, part of China-based auto parts company Wanxiang Group Corp., beat Fisker’s senior secured lender, Hybrid Tech Holdings LLC, in the auction. Hybrid Tech is affiliated with Hong Kong billionaire Richard Li.

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Billabong Narrows Loss, Updates Market on Turnaround

The parent of Irvine-based Billabong USA saw its fourth consecutive half-year loss.

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Irvine Cybersecurity Company Raises $20M

Irvine-based cybersecurity software company Cylance Inc. raised $20 million from Blackstone Group LP in New York, Khosla Ventures and Fairhaven Capital, along with other private investors.

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NB Activist Firm Names Slate for A&F Board

Newport Beach-based activist investor Engaged Capital LLC has nominated five candidates for the board of Abercrombie & Fitch Co.

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Opus Adds Private Equity, Correspondent Banking Divisions

Opus Bank has formed a private equity group and a corporate-finance division, the latest efforts by the Irvine-based bank to expand its investment-banking business.