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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Device Maker Raises $27M

San Clemente-based VertiFlex Inc. has raised $26.8 million out of a proposed $45.7 million in funding, according to a Securities and Exchange Commission filing.

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Pacific Hospitality Makes Hawaii Buy

Irvine-based Pacific Hospitality Group bought Ko'a Kea Hotel & Resort on the island of Kauai in Hawaii from CTF Ko’a Kea Hotel, LLC on undisclosed terms.

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Sadeghi’s LAB Pays $10M for Anaheim Sites

LAB Holding LLC in Costa Mesa will buy four development sites from the city of Anaheim for $10.1 million.

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Strathspey Crown Buys Nevada Firm’s Assets

Newport Beach-based Strathspey Crown Holdings LLC bought the portfolio companies of Incline Village, Nevada-based Novus Via LP on undisclosed terms.

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Gross Foundation Gives $40M for UCI Nursing School

The William and Sue Gross Family Foundation committed $40 million on Tuesday to the University of California-Irvine to establish a nursing school and construct a building needed to enlarge the program.

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Habit Reports Unaudited Q4 Revenue

Shares in Irvine-based Habit Restaurants Inc. were about briefly in after-hours trading Monday to a market cap of about $601 million after the burger chain released preliminary fourth quarter revenue of $60.6 million.

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Banc of California Makes Forbes List

Banc of California was named one of the Best Banks in America by Forbes Magazine.

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Confie Acquires 3 Agencies

Huntington Beach-based insurance provider Confie announced the acquisition of three more insurance agencies on Monday.

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Opus to cut 10% of Workforce

Irvine-based Opus Bank said it would cut 10% of its workforce.

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Ricoh Buys CM Printer Maker

Tokyo-based Ricoh Co. has acquired an industrial printer maker in Costa Mesa.

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Lender Gets Credit Line

Santa-Ana based LoanNow started the new year by securing a $50 million line of credit to expand its loan portfolio nationwide, according to president and Chief Operating Officer Miron Lulic.

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Taco Bell Parent’s Chairman to Retire

Yum Brands Inc. Chairman and former chief executive David Novak will retire in May.

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Franchisee Seeks Up to 20 Smoothie Sites

Newport Beach-based RanaKaran Investments LLC said it will franchise 10 to 20 locations of Atlanta-based Tropical Smoothie Café in Orange County over the next five years, plus 10 to 20 in San Diego County.

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CoreLogic Buys Again

CoreLogic Inc. paid Wells Fargo Bank N.A. $65 million for the 49.9% of RELS LLC it didn’t yet own.

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Kaiser Aluminum Adds COO

Kaiser Aluminum Corp. in Foothill Ranch appointed Keith Harvey chief operating officer—a newly created position.

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Device Maker Ellipse in $410M Sale

Aliso Viejo-based medical device maker Ellipse Technologies Inc. will be sold to San Diego-based NuVasive Inc. in a deal worth up to $410 million.

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Greenwave Raises $45M

Irvine-based smart technology provider Greenwave Systems Inc. raised $45 million in a Series C round led by the investment arm of the Singapore Economic Development Board and Singapore Technologies Telemedia.

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Anaheim Buyer for $12M SD Hotel

Anaheim-based Fortune Hospitality LLC has acquired the 78-room Best Western Plus hotel in La Mesa for $12.4 million, according to CoStar Group and brokerage company Atlas Hospitality Group.

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Incipio Sells Stake

Irvine-based Incipio Technologies Inc. has agreed to sell a minority stake to New York-based private equity investor Goode Partners LLC on undisclosed terms.

Buena Park-Based Grocer to East Coast

RETAIL: 99 Ranch picks up pair of New Jersey locations from A&P

Asian-themed grocery store chain 99 Ranch Market has landed in the Garden State for its East Coast expansion, according to documents filed with the U.S. Bankruptcy Court for the Southern District of New York.

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Squar Milner Buys in LA, SD

Squar Milner LLP is buying Solomon, Winnett & Rosenfield in Los Angeles and McLean, Rotherham & Co. in San Diego and plans to bring the accounting firms under Squar Milner’s name with headquarters in Newport Beach.

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Disney Area Hotel Seeks 180 Rooms

Owners of the 86-room Park Vue Inn envision more rooms and smaller restaurants as part of a redevelopment, according to documents filed this month with the city of Anaheim.

Kaiser Aluminum Puts $150M to CapEx

Kaiser Aluminum Corp in Foothill Ranch said it will spend $150 million on equipment upgrades at its Spokane, Wash. facility over the next five years.

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REIT Buys Again in Colorado

Steadfast Apartment REIT, an affiliate of Irvine-based Steadfast Cos., has acquired a 222-unit apartment complex in Colorado for $44.2 million.

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Mall Manager Changes With Sale

Westfield MainPlace in Santa Ana will get new management as Sydney-based Westfield Corp. sold a majority stake in the mall to a partnership that includes USAA Real Estate Co. in San Antonio, Texas, Dallas-based Centennial Real Estate Co. and Montgomery Street Partners LLC in San Francisco.