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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Newport Corp. Buys Israeli Laser Maker

Irvine-based Newport Corp., which makes lasers and related equipment, has acquired an Israeli company that specializes in fiber lasers.

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Microsemi Buys Irish Company

Aliso Viejo-based chipmaker Microsemi Corp. has acquired an Irish company that specializes in chip design geared for large-scale Ethernet operations and testing.

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Broadcom Shares Up on Q2 Report

Irvine-based chipmaker Broadcom Corp. said it earned an adjusted net income of $406 million or $0.65 per share in the second quarter, excluding one-time charges.

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Job Cuts at Allergan HQ Could be Offset

Allergan Inc. said it will close three of its facilities around the U.S. and lay off about 1,500 employees over the next several months as part of a restructuring plan.

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Allergan to Cut 1,500 Jobs

Allergan Inc. said it will cut about 1,500 jobs over the remainder of this year as part of a restructuring plan to save about $475 million next year.

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Brea Natural Foods Supplier Acquired

Brea-based natural food products distributor Nature’s Best has agreed to be acquired by KeHE Distributors LLC in Naperville, Ill.

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Real Mex CEO Departs

Cypress-based Real Mex Restaurants Inc. President and Chief Executive Charly Robinson has left the company according to reports.

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Vans’ Revenue Up 21%

Vans Inc.’s revenue rose 21%, its parent VF Corp. reported in its second quarter financials.

Volcom’s New Vision

Paris-Based Parent Prods Change at OC Label

Volcom Inc. has outgrown its rebellious stage.

Ackman Must Beat Clock to Best Pyott

HEALTHCARE: Allergan defenses run deep; CEO not targeted in board ouster

Time, it seems, is on Allergan Inc.’s side. That much started to come clear last week when activist investor Bill Ackman set off a ticking clock in the background of his hostile takeover bid for the Irvine-based drug maker.

Toba Rolls Ahead With String of Exits, IPO

FINANCE: Smith’s VC firm backs up talk of fast start, OC investments

Toba Capital, the Irvine-based venture capital firm launched by former Quest Software Inc. Chief Executive Vinny Smith, is on a roll with three recent exits and an initial public offering topping $100 million apiece.

Corinthian Programs Could Command $140M

EDUCATION: Wells Fargo, reports cite value, $101M debt

Corinthian Colleges Inc.’s selloff of schools and programs and its closing of campuses could bring in as much as $140 million.

Menlo Sheds Irvine Office With $36 Million Sale

REAL ESTATE: Investor paid $20M for offices in 2010

A two-building office property in Irvine a few blocks from John Wayne Airport has traded hands for $36 million.

El Pollo Loco Chain Sets IPO Terms

Costa Mesa-based El Pollo Loco Holdings Inc. set the terms for its planned initial public offering.

Art Museum in Negotiations on Property

The Orange County Museum of Art said it’s negotiating with a unit of New York-based developer Related Cos. to sell its Newport Center property.

Healthcare Project Construction Manager Bought By JLL

Chicago-based commercial real estate brokerage JLL acquired Cleo Construction Management in San Clemente for an undisclosed amount. Cleo specializes in construction and management of healthcare projects.

RREEF Adds Anaheim Hills Office to OC Portfolio

$18.5M Buy Comes After $20.4M Tustin Office Deal

Anaheim Hills Office Plaza, one of the largest North Orange County offices built in the last real estate boom, has had another change in ownership.

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Vans’ Revenue Up 21%

Vans Inc.’s revenue rose 21%, its parent VF Corp. reported in its second quarter financials.

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OC Adds Jobs, Unemployment Rate Ticks Up

The unemployment rate in Orange County rose to 5.2% even as the county added 6,700 jobs in June.

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Investor Targets Yard House Parent

Starboard Value L.P. in New York City increased its ownership in Orlando-based Darden Restaurants Inc.to 7.1% and criticized its planned $2.1 billion sale of the Red Lobster chain.

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Corinthian Monitor Named

Law firm Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates and former U.S. Attorney Patrick Fitzgerald were named as the independent monitors for Corinthian Colleges Inc.’s wind-down of its operations.

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Taco Bell Revenues Down

Irvine-based Taco Bell Corp. saw a 3% dip in revenue in the second quarter compared with a year earlier, according to results from parent Yum Brands Inc.

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Irvine Publisher Gets Pet Websites

I-5 Publishing LLC in Irvine has acquired San Francisco-based Say Media Inc.’s Dogster and Catster websites, which attract a combined 2.5 million visitors each month, according to the company.

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Ensign Group Gets Four L.A. Facilities

Mission Viejo-based nursing home operator Ensign Group Inc. has agreed to acquire four care facilities in Los Angeles County from Keiro Senior HealthCare on undisclosed terms.

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Fewer VC Dollars, More OC Deals in Q2

Venture capital funding for Orange County companies dipped by 3% in the second quarter while the number of financing rounds increased.