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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UCI Eye Institute Gets $2M

University of California-Irvine’s Gavin Herbert Eye Institute received a $2 million gift from the Discovery Eye Foundation in Los Angeles.

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Sony Invests in AI Developer

Anaheim-based artificial intelligence developer Cogitai received a strategic investment on undisclosed terms from Sony Corp.

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Knife Maker Sold

American Capital Ltd. sold PHC Sharp Holdings Inc. to Levine Lechtman Capital Partners on undisclosed terms.

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Apex Parks Buys in NY

Apex Parks Group LLC in Aliso Viejo bought Martin’s Fantasy Island theme park in Grand Island, N.Y., on undisclosed terms.

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Q1 Tech VC Funding Down

Orange County High-tech venture capital investment dollars declined in the first quarter of 2016 compared with the same time last year.

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Nissan Takes $2.2B Mitsubishi Stake

Nissan Motor Co. Ltd. said it will take a controlling stake in Mitsubishi Motors Corp., the parent company of Cypress-based Mitsubishi Motors North America Inc., for about $2.2 billion.

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Palace Parent Goes Public

Newport Beach-based Palace Entertainment Holdings LLC’s $430 million in debt is expected to be repaid as a result of its parent company’s recent initial public offering.

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Theme Park Owners Report Results

Burbank-based Walt Disney Co. said revenue at its parks and resorts—a division that includes Disneyland Resort in Anaheim—grew 4% in the company’s most recent quarter to $3.92 billion, up from $3.76 billion in the same period last year.

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Broadcom Sells Another Unit

Broadcom Ltd. has agreed to sell its wireless infrastructure backhaul business for $80 million to MaxLinear Inc. in the latest divestiture led by Chief Executive Hock Tan.

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HCP Spinning Off Skilled Nursing, Assisted Living

Irvine-based HCP Inc. will spin off its HCR ManorCare skilled nursing and assisted living businesses into a separate, publicly traded real estate investment trust.

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Autobytel Shares Crater on Q1 Results

Autobytel Inc. in Irvine reported mixed results for its March quarter, exceeding Wall Street expectations on revenue but delivering below forecasts on earnings

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Clean Energy Q1 Beats Wall Street

Newport Beach-based Clean Energy Fuels Corp. after the close of trading reported revenue and adjusted profits in the first quarter that blew away Wall Street expectations.

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Argyros Family Gives $7M for Hoag Nursing Program

Hoag Memorial Hospital Presbyterian today received a $7 million gift from Orange County philanthropists George and Julia Argyros to support its nursing program.

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$40M for AV-Based VR Camera Maker

Aliso Viejo-based 360fly Inc. has raised $40 million in a Series C financing round to boost global sales and marketing efforts for its breakthrough 360-degree 4K camera to be released later this month.

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Santa Ana Lender Names CFO

Santa Ana-based Stearns Lending LLC named Steve Smith chief financial officer.

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B Riley in $170M Buy

B. Riley Financial Inc., a Los Angeles-based investment firm that maintains an office in Newport Beach, is buying internet service provider United Online Inc. for $11 a share or about $170 million.

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Ingersoll Rand Buys in OC

Osterbauer Compressor Service, a distributor of heating and cooling systems in Buena Park, has been acquired on undisclosed terms by Davidson, N.C.-based environmental-systems maker Ingersoll Rand.

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Masimo Beats Q1 Estimates

Irvine-based patient monitor maker Masimo Corp. today reported first-quarter results that outpaced Wall Street forecasts.

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Glaukos Guides Higher, Shares Up

Shares of Laguna Hills-based Glaukos Corp. rose today on first-quarter results that beat expectations.

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Gross Gives $2M to Pimco Foundation

Bond fund manager Bill Gross plans to donate $2 million to the Pimco Foundation after he sold a portion of his Swiss stamp collection.

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FivePoint Completes Restructuring

Aliso Viejo-based FivePoint Communities Inc. completed a reorganization that gives it ownership of four of California’s largest master-planned communities, including Irvine’s Great Park Neighborhoods.

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Universal Services to Merge

Santa Ana-based commercial security and janitorial services company Universal Services of America will merge on undisclosed terms with AlliedBarton Security Services in Conshohocken, Pa. to create a company named AlliedUniversal.

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Del Taco Swings to Q1 Profit

Lake Forest-based Del Taco Restaurants Inc. reported net income of about $3.1 million for the first quarter of 2016 compared with a $4.9 million loss year-over-year.

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California Republic Bank Acquired

Irvine-based California Republic Bancorp has been sold to Mechanics Bank in Walnut Creek in a deal worth an estimated $330 million in cash.

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Anaheim Apparel Maker to Be Sold

Midlothian, Texas-based Ennis Inc. said it plans to sell Alstyle Apparel LLC in Anaheim to the newly formed Alstyle Operations LLC for $76 million in cash and $12 million to cover a 60-month equipment lease.