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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Masimo Gets $5M From Gates Foundation

Masimo Corp. received a $4.95 million grant from Bill & Melinda Gates Foundation in advance of World Pneumonia Day.

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Cybersecurity Firm Buys in Texas

Franklin Data in Newport Beach acquired on undisclosed terms Scarab Consulting in Austin, Texas.

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Del Taco to Add 14 in Phoenix

Del Taco Restaurants Inc. in Lake Forest said two franchisees would open 14 stores in the Phoenix market.

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Microsemi Posts Record Sales

Microsemi Corp. in Aliso Viejo reported record sales in its fiscal year, and September quarter revenue and adjusted profits that narrowly topped Wall Street expectations.

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Disney Parks’ Growth Slows

The Walt Disney Co. reported lower quarterly revenue and operating income, though its Parks and Resorts segment—which includes Disneyland Resort in Anaheim—was a brighter spot than most other divisions.

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ReVision Raises $32M

ReVision Optics Inc. in Lake Forest raised $32 million in an equity round led by Johnson & Johnson Development Corp. in New Brunswick, N.J.

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Windjammer Gets Lab Gear Maker

Windjammer Capital Investors in Newport Beach acquired on undisclosed terms Advanced Instruments, LLC in Norwood, Mass.

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Solar Servicer Buys in Berkeley

MaxGen Energy Services LLC in Costa Mesa has acquired on undisclosed terms the commercial services unit of Next Phase Solar Inc. in Berkeley.

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Masimo in $300M Patent Settlement

Masimo Corp. will receive $300 million in this fiscal quarter from Koninklijke Philips NV to end their patent disputes.

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PHG Plans New Orleans AC Hotel Fix

Pacific Hospitality Group plans to renovate its AC Hotel in New Orleans during a closure that will last six to eight months, a local news report said.

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Microsemi Explores Sale

Microsemi Corp. in Aliso Viejo hired Bank of Montreal to find potential buyers for the company after Skyworks Solutions Inc., in Woburn, Mass., expressed interest in buying the company, according to a news report.

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Auto Sales App Signs Fletcher Jones

AutoGravity Corp. in Irvine signed Fletcher Jones dealerships in five markets to its mobile application-based car sales and financing venture.

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HCP to Sell 64 Properties for $1.1B

Irvine-based HCP Inc. has agreed to sell a portfolio of 64 properties leased to Brookdale Senior Living Inc. for $1.1 billion to affiliates of Blackstone Group in New York.

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Irvine Chipmaker Sold for $275M

Inphi Corp. in Santa Clara agreed to buy ClariPhy Communications, Inc. in Irvine for $275 million plus debt.

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Bank Shareholder Seeks Investigation

A major shareholder of Irvine-based Banc of California wants it to hire an independent firm to investigate possible connections with Jason Galanis, who pleaded guilty to securities fraud involving a separate company earlier this year.

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Medical Services Firm Gets $30M

ConcertoHealth in Irvine raised $30 million from current investors in a round co-led by Arboretum Ventures in Ann Arbor, Mich., and Deerfield Management Company LP in New York.

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OC Bank Sells Division

Irvine-based Banc of California has sold a lending division and a collection of loans for a total of about $10 million.

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Hyundai, Kia Settle With States

Hyundai Motor Co. and Kia Motors Corp. will pay $41.2 million to 33 states and the District of Columbia to settle an investigation of the automakers’ “2012 restatement of fuel economy ratings and related advertising.”

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Balboa Capital Moves to Costa Mesa

Non-bank lender Balboa Capital plans to move its headquarters to Costa Mesa from Irvine.

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Opus Bank Names Board Member

Irvine-based Opus Bank appointed David King to the board of directors effective immediately.

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$36M for Two Desert Hotels

An affiliate of local investor Mohammad Honarkar bought a Courtyard by Marriott and a Residence Inn Hotel in Palm Desert for $36 million.

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OCTANe Adds Growth Group

OCTANe in Aliso Viejo formed a division it dubbed ‘Growth Services,’ to increase “resources, intelligence, capital and deal flow,” for the group’s members, partners, investors, entrepreneurs and accelerator alumni, Chief Executive Bill Carpou said.

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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.