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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Emerald Buys Home Tech Show

Emerald Expositions LLC in San Juan Capistrano acquired the CEDIA trade show from the Custom Electronics Design & Installation Association in Indianapolis, Ind., on undisclosed terms.

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Microsemi Sales Hit Marks

Aliso Viejo-based chipmaker Microsemi Corp. reported revenue in the December quarter in line with Wall Street expectations, and an adjusted profit that beat estimates.

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Five CFOs Recognized

Executives were honored in five categories Wednesday night at the Orange County Business Journal CFO of the Year awards, which drew a crowd of about 600 to the Hotel Irvine.

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Retailer to Cut 148 Jobs

Irvine-based Wet Seal notified the state Employment Development Department that it plans to lay off 148 local workers by March 21. It listed a permanent closure as the reason.

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UCI Starts Graduate Finance Program

University of California-Irvine’s Paul Merage School of Business announced the creation of a master of finance program in response to research showing high demand from recruiters and students.

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Ad Tech Firm Buys Competitor

Viant Technology LLC in Irvine agreed to buy Waltham, Mass.-based Adelphic on undisclosed terms.

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Healthcare REIT Gets New Exec

Irvine-based senior housing real estate investment trust HCP Inc. named Peter Scott executive vice president and chief financial officer.

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Banc of California CEO Resigns

Irvine-based Banc of California Inc. announced Chairman and Chief Executive Steven Sugarman has resigned.

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PacLife Shedding Jobs

Newport Beach-based Pacific Life Insurance Co. plans to lay off about 140 in March.

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Unemployment Down, Jobs Too

Orange County’s unemployment rate fell to 3.5% in December from a revised 3.7% in November despite a net loss of jobs month-over-month.

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Reports: Wet Seal Exploring Sale

Wet Seal LLC is exploring liquidation or a sale, according to news reports.

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Ex-SEC Chair Joins Wealth Advisory

Former Orange County Congressman and Securities and Exchange Commission Chairman Chris Cox joined the board of Leawood, Kan.-based Creative Planning Inc. as director of regulatory governance.

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Healthcare Data Firm in $34M Buy

Auxilio Inc. in Mission Viejo bought CynergisTek in Austin, Texas for up to $34.3 million—$26.8 million upfront and up to $7.5 million in milestone payments over the next five years.

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Building Materials Firm Files for IPO

Foundation Building Materials Inc., a Tustin-based distributor of wallboard and suspended ceiling systems, among other items, has filed for an initial public offering.

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Oakley Parent Sets $49B Merger

Oakley Inc.’s Italy-based parent, Luxottica Group SPA, plans to combine operations with Essilor International S.A. in France, pending regulatory and shareholder approval.

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Carrick Invests in Virginia

Carrick Capital Partners in Newport Beach invested $22 million in Perfect Sense Inc. in Reston, Va.

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New Operator for GG Knitting Mill

Broncs Inc. in Compton has reached an initial deal with American Apparel LLC to take over the lease for its textile facility in Garden Grove, according to news reports.

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Irvine First in Fiscal Strength

The City of Irvine earned top marks from the Fiscal Times for fiscal strength among U.S. cities.

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Anaheim Landscaper Acquired

Marina Landscape Maintenance Inc. in Anaheim was bought by BrightView Landscapes LLC in Plymouth Meeting, Pa., on undisclosed terms on Jan. 1.

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Pacifica Sells SD Hotel

Pacifica Hotels in Irvine sold the 80-room Sommerset Suites in the Hillcrest neighborhood of San Diego for $19.5 million to Sentre Partners, also in San Diego.

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RSI Communities Buys Beaumont Site

Newport Beach-based homebuilder RSI Communities said it has bought a 228-acre site in the Riverside County city of Beaumont, where it plans to build a 981-home development called Olivewood.

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Biolase CFO Resigns

Biolase Inc. in Irvine said Chief Financial Officer David C. Dreyer will resign effective Jan. 13 for “personal reasons unrelated to the company’s financial condition.”

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Lotus Makes Another Buy

Lotus Innovations LLC in Irvine acquired Commerx Corp., a leading global provider of digital and telecommunications services.

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PE Firm Buys Sandal Brand

Courtney Group Inc. in Newport Beach acquired sandal brand Flojos from Conscious Corp. in Thousand Oaks on undisclosed terms.

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Aircraft Leasing Exec to New Board

Aviation Capital Group Vice Chairman Denis Kalscheur has left that post and joined the board of Avolon.