FINANCE

Americor to Open 250-employee Center

Americor Inc., an Irvine-based consumer debt company, said it will be opening a new center with 250 employees.

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Donor Name Removed from UCI Sciences Building

The University of California-Irvine will remove donor and Professor Francisco Ayala’s name from its biology school and rename the it the UCI School of Biological Sciences.

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Banc of California to Cut Workforce 9%

Santa Ana’s Banc of California Inc., Orange County’s largest bank by assets, plans to cut its workforce by 9% to align its cost structure to focus on commercial banking.

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Windjammer Buys Ohio Manufacturer

Windjammer Capital Investors of Newport Beach bought Rowmark LLC, a Findlay, Ohio-based manufacturer in the engraving, signage and awards markets, from Bertram Capital.

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Six OC RIAs on FT’s Top 300 List

Six registered investment advisory firms based in Orange County made the Financial Times’ annual list of the “top” 300 RIAs in the United States.

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UST Attracts $250M Investment

Aliso Viejo-based IT services provider UST Global has received a $250 million investment from Temasek Holdings Pte. Ltd., Singapore’s state-run investment fund, the company announced today.

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Samueli Academy Gets $900K

The Santa Ana-based Orangewood Foundation won a $900,000 grant from the Federal Home Loan Bank of San Francisco’s Affordable Housing Program that will help fund the nonprofit’s Samueli Academy expansion.

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McQuaid to Retire From OneOC

Daniel McQuaid will step down as president and chief executive of OneOC at the end of the year. The nonprofit’s board named Tim Strauch, vice president and chief operating officer, to replace him, effective Jan. 1.

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Broughton to Run Hotels for U.K. Partner

Anaheim-based Broughton Hospitality Group’s hotel management division will “develop, acquire, and manage” properties in North America with Warrington, U.K.-based Bespoke Hotels, a press release said.

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Hotel Owner Starts ‘Holistic’ Brand

Private equity firm Alpha Wave Investors in San Clemente has formed Soul Community Planet to provide branding for hotels and other projects, with an initial investment of about $1 million, according to Chief Executive Ken Cruse.

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American Vanguard Gets Global Herbicide

An American Vanguard Corp. subsidiary acquired the Bromacil herbicide business of Bayer Crop Science in the U.S. and Canada. It bought the rights outside of these markets from DuPont Crop Protection in 2015.

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Chapman Boosts US GDP Forecast

The U.S. economy should grow 2.7% this year, up from the 2.5% predicted in December, according to the latest economic forecast from Chapman University.

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Pyott Foundation Gives to Easterseals

The David and Molly Pyott Foundation gave a $1.7 million gift to Easterseals Southern California (ESSC).

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Wells Fargo to Shut 2 Irvine Auto Offices

Wells Fargo & Co. is closing two auto financing offices in the Irvine Spectrum, resulting in 67 employees to date leaving the firm.

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Ducks Net UCI Health Sponsorship

The UCI Health system has been named the inaugural presenting sponsor of the Anaheim Ducks, the franchise said this morning.

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Evolus Adds CMO

Evolus Inc. named Michael Jafar chief marketing officer, a new position, and its second recent hire from the executive ranks of Allergan plc.

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Cylance Raises $120M

Cylance Inc., one of the highest valued private companies in Orange County, has raised $120 million in a venture round led by prior investor Blackstone Tactical Opportunities.

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Broadcom Cuts 1,100 Jobs

San Jose-based Broadcom Inc., which maintains a sizeable operation in Irvine, has issued another round of deep job cuts following an acquisition.

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OC Unemployment Same

Orange County’s unadjusted unemployment rate was 2.6% in May, unchanged from a revised April estimate, and down from 3.2% year-over-year, according to the state’s Employment Development Department.

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Airport Turns In Solid FY 2017

John Wayne Airport reported a solid—even stolid—fiscal 2017 with stable revenue, positive operating income, and lower interest expense for the year ended June 30.

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Irvine Biotech Gets $40M

PeproMene Bio Inc. raised $40.2 million from 17 investors in a Series B funding round, a June 11 Securities and Exchange Commission filing said.

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Rimrock-Backed Company Files Chap. 11

Rimrock Capital Management LLC, an Irvine-based private equity group with $4 billion assets under management, is reorganizing LakePoint Land LLC., a 1,300-acre, Georgia complex famous for its sports facilities.

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Real Estate Exec Stan Ross Dies at 82

Stan Ross, who had a major influence on Southern California’s real estate industry through his accounting and finance work, died at age 82 on Sunday from complications of a stroke.

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ReShape Raises $1.5M

San Clemente-based ReShape Lifesciences Inc. (Nasdaq: RSLS) raised nearly $1.5 million from several institutional investors for the purchase of 374,572 shares of its common stock at $3.92 per share, according to filings with the Securities and Exchange Commission.

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Billionaire Icahn Takes Allergan Stake

Following a letter from activist investors Appaloosa LP in Miami, Fla., and New York-based Senator Investment Group LP to Allergan PLC’s board of directors that recommends changes—including separating the chief executive and chairman roles—billionaire Carl Icahn also threw his hat in the game, taking an undisclosed position in Allergan, according to Bloomberg.

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