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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Ricoh Cuts 147 Jobs

Ricoh Electronics Inc. will eliminate more than one-third of its employment base at its Tustin headquarters as part of a global restructuring of manufacturing operations.

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WD Tops Earnings Targets

Irvine-based storage products maker Western Digital Corp. reported revenue and adjusted profits in the September quarter that beat Wall Street expectations.

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Allergan’s Saunders Adds Chairman Role

Allergan Plc President and Chief Executive Brent Saunders is now also Chairman of the drug maker’s board of directors, replacing Paul Bisaro.

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Edwards Shares Fall on Sapien Sales

Shares of Edwards Lifesciences Corp. in Irvine fell 15% to about $96.50 a share and a $20 billion market cap on a lower-than-expected increase in its most recent quarter on international sales of its main product, the Sapien heart valves.

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Pacific Mercantile Reports Loss

Costa Mesa-based Pacific Mercantile Bancorp reported a net loss of $30.5 million for its third quarter.

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Confie Buys Three Brokerages

Huntington Beach-based Confie acquired on undisclosed terms a total of three brokerages in New York, New Jersey and Texas.

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Toba Co-Leads eSports Investment

Newport Beach-based Toba Capital invested in the booming eSports segment, co-leading a $5 million funding round for a Santa Monica company that runs tournaments and related events for amateur gamers.

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Wienerschnitzel Franchisee Wants 10 More

Wienerschnitzel in Irvine said a current franchisee would add 10 locations in California and Texas.

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JetSuite Gets JetBlue Investment

JetBlue Airways Corp. took a minority stake in JetSuite Inc. in Irvine.

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Bravo Sports Buys Again

Bravo Sports Corp. in Santa Fe Springs bought on undisclosed terms Nutcase Inc. in Portland, Ore., its third acquisition of a sports gear maker within the last 10 months.

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Unemployment Down at Summer’s End

Orange County’s unemployment rate fell to 4.1% in September.

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OC Manufacturer Sold

Irvine-based Laguna Tools Inc. has been acquired on undisclosed terms by New York private-equity firm Hudson Ferry Capital LLC.

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Software Maker Buys Colorado Firm

Flatirons Solutions in Irvine acquired the assets of a Colorado company that specializes in flight operations software.

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Smithsonian Award for Gross

Bill Gross, “The Bond King,” may soon lay claim to being among “the greatest stamp collectors of all time.”

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Toastmasters Moving to Denver

Rancho Santa Margarita-based Toastmasters International is moving its headquarters to Denver, Colo., in two years.

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Cianna Medical Raises $4 Million

Aliso Viejo-based Cianna Medical Inc. has raised about $4.2 million in venture capital funding from 12 investors.

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San Clemente Firm Raises $15 million

San Clemente-based VertiFlex Inc. has raised about $15.2 million from six investors.

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Health Data Firm Adds $1.8M

Pinscriptive in San Juan Capistrano a software analytics company focused on specialty drugs announced today that it’s closed $1.78 million in seed funding since it started in March 2015, with $500,000 of that amount received in August.

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OC Company Buys Las Vegas Expo

San Juan Capistrano-based Emerald Expositions LLC acquired Digital Dealer Conference & Expo from Dealer Communications in Boca Raton, Fla. on undisclosed terms.

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First American Buys TD Service Financial

Santa Ana-based title insurance firm First American Financial Corp. has bought TD Service Financial Corp. of Orange on undisclosed terms.

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Wound Device Maker gets $5M

Harbor MedTech Inc. in Irvine raised $5 million in equity funding from three investors as part of an unfinished $8.5 million effort, a regulatory filing said.

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Shopoff Realty Buys in Las Vegas, Chicago Top $100M

Shopoff Realty Investments in Irvine has paid in excess of $100 million for an apartment complex in Las Vegas and a pair of commercial buildings in Chicago.

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Bascom Sells Denver Apts for $350M

Bascom Group LLC in Irvine has sold one of its larger apartment properties, a 1,523-unit complex in Denver, in what local reports said is the priciest deal for a rental property in that city.

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Platinum Triangle Developer in $255M JV with China Fund

The Texas developer planning to build one of the larger apartment complexes in Anaheim’s Platinum Triangle has entered into a $255 million venture with a private equity fund from China to finance the project.

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UEI to Sell Gemstar for $48M

A Hong Kong subsidiary of Santa Ana-based Universal Electronics Inc. has agreed to sell Gemstar Technology Co. Ltd. for about $48 million in cash.