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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Opus Sells Coachella Location

Irvine-based Opus Bank agreed to sell its La Quinta branch in Coachella Valley to the Bank of Southern California headquartered in San Diego.

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Apparel Company Buys Firm

Contravisual Brands Group LLC acquired Los Alamitos-based Sullen Clothing Inc. on undisclosed terms.

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Toba in $11M Series A Round

Vinny Smith’s Toba Capital in Newport Beach has led an $11 million Series A round for business software maker Grow.

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Innovation Institute Adds Exec Search

Innovation Institute LLC in La Palma has acquired Summit Talent Group, a healthcare industry executive compensation and search firm in Columbia, Md.

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Anaheim Tax Break to Luxe Hotels

Walt Disney Co. in Burbank and affiliates of Hong Kong-based Wincome Group will divvy up $560 million in tax money to be reimbursed over 20 years for building three luxury hotels in Anaheim.

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El Pollo Loco Debuts Design in Dallas

Costa Mesa-based El Pollo Loco Holdings Inc. will debut new design elements for its restaurants when it enters the Dallas-Fort Worth market in August with two franchised locations.

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Alliant Buys in Chicago

Newport Beach-based Alliant Insurance Services acquired on undisclosed terms Mesirow Insurance Services, the insurance division of Mesirow Financial in Chicago.

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More OC Jobs Beyond Downtown

Two reports by University of California-Irvine researchers show most job growth in two decades in Southern California has come outside of traditional downtown areas and central business districts.

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Media Shipper to Top $1B in Revenue

Alliance Entertainment Corp. said it bought the retail music distribution business of Anderson Merchandisers in a deal that would push Alliance revenue above the $1 billion mark. A purchase price wasn’t disclosed.

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Pet Gear Maker Sold

Costa Mesa-based Precision Pet Products has been sold on undisclosed terms to Petmate in Arlington, Texas.

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Confie Buys In NY

Huntington Beach-based insurance provider Confie acquired on undisclosed terms two insurance brokerages in New York: Lloyd D. Sprague & Son, Inc. and J.N. Mason Agency, Inc.

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WD Ups Targets, Promotes New CFO

Western Digital Corp. today raised its guidance for the current quarter and initiated an executive change.

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Bravo Buys Skateboard Co.

Bravo Sports Corp. in Santa Fe Springs bought Sector 9 in La Jolla on undisclosed terms.

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NextVR Raises $20M

Laguna Beach-based virtual reality content maker NextVR Inc. has raised $20 million from CITIC Guoan Information Industry, a state-owned investment firm in China.

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$3M, More Mission for UCI Institute

University of California-Irvine’s Long Institute has received close to $3 million from the Long Family Foundation to expand interdisciplinary China research.

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Drybar Sells Stake to Atlanta PE Firm

Drybar Holdings LLC in Irvine sold a minority stake to Roark Capital Group, an Atlanta-based private equity firm, for an undisclosed amount.

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JWA Traffic Up in May

John Wayne Airport had nearly 950,000 passengers in May—up 13% compared with the same month last year, when about 840,000 passengers passed through its gates.

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Concert Golf Buys Wichita Club

Concert Golf Partners in Newport Beach bought Crestview Country Club in Wichita, Kan., on undisclosed terms.

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Ingram Slashes Jobs in Texas

Irvine-based Ingram Micro Inc. is cutting more than 900 workers at a wireless device repair and distribution center in Fort Worth, Texas.

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China-Based Hotel Buyer in GG Resort Deal

SCG America has been named to develop the Grove District Hotel Resort Development, a stalled 5-acre resort with up to 769 rooms and 39,000 square feet of meeting space in Garden Grove, a press release said.

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Kodiak to Buy Into OC Brewery

Kodiak Capital Group LLC in Newport Beach has agreed to buy up to $1 million in common stock of Evans Brewing Co. in Irvine.

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Chapman: Slower Growth Ahead for OC

A report released this afternoon by Chapman University in Orange indicates a softening of economic and employment growth in Orange County.

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UCI, Harvard Renew Partnership

University of California- Irvine said today it and the Harvard Pilgrim Health Care Institute will receive up to $6.7 million in renewed federal funding to help improve patient safety in healthcare settings.

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Knott’s Eyes Land for Parking

Knott’s Berry Farm in Buena Park plans to buy 1.1 acres for $250,000 as part of a $5 million expansion of its Soak City water park by May 2017.

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Microsemi Invests in SJC Startup

Microsemi Corp. invested in Veracity Security Intelligence.