AUTOMOTIVE
San Clemente-based automotive customer service firm DealerSocket Inc. acquired DealerFire, a Web design and digital marketing firm based in Oshkosh, Wis., on undisclosed terms. DealerSocket provides software and training tools to auto dealers. It has about 300 employees and serves more than 3,000 dealers in the U.S., Canada and Australia. Financial details of the company weren’t available; its 2010 estimate was about $25 million. DealerFire provides Internet marketing services to the auto industry and had $6.6 million in 2013 revenue, a 185% increase over three years.
FINANCE
Irvine-based Opus Bank agreed to pay $25 million for Commerce Escrow Co. and affiliate business RPM Investments Inc. Los Angeles-based Commerce Escrow, founded in 1980, focuses on business transactions, sales of commercial and residential property and developer site acquisitions, among other services. RPM was formed in 1996 as an affiliate to serve as an intermediary on tax-deferred transactions. Commerce Escrow and RPM are expected to operate as separate divisions under Opus. The transaction is projected to close in the first quarter.
The parent of City National Bank was acquired by Royal Bank of Canada for $5.4 billion. Shares of Los Angeles-based City National Corp. jumped 18%, reaching a market capitalization of $4.1 billion. City National Bank has more than 100 employees in Orange County in seven branches and an executive office in Irvine. It’s among the largest commercial banks here based on local deposits, with about $1.1 billion in deposits attributable to its OC business as of June 30.
Janus Capital Group Inc. Chief Executive Dick Weil confirmed that Bill Gross has put more than $700 million of his own money into the Janus Unconstrained Bond Fund, which Gross manages. It had been reported that the Janus fund got a $700 million investment from a wealth management office in La Jolla where Gross’ financial adviser works. Gross left Pacific Investment Management Co. in late September for Janus and began managing the Janus Unconstrained Bond Fund in October. The fund added about $360 million in assets in October to grow to $443 million. It drew about $770 million more in November and another $175 million in December, finishing the year at about $1.4 billion. Newport Beach-based Pimco’s assets fell from nearly $2 trillion in September to about $1.68 trillion.
REAL ESTATE
Sunstone Hotel Investors Inc. President John Arabia was appointed chief executive of the Aliso Viejo-based company, succeeding Ken Cruse. Sunstone has a $3.6 billion market value and owns 30 U.S. hotels totaling 14,303 rooms, including the Fairmont Newport Beach. Cruse, who led Sunstone for four years, has left the company and “will be pursuing other opportunities and has resigned from his position on the board,” the company said.
Nicholas A. Dunlap was elected president of the Board of Directors of the Apartment Association of Orange County. He is director of property management for Irvine-based Avanath Capital Management.
RESTAURANTS
Costa Mesa-based El Pollo Loco Holdings Inc. has been mentioned as a possible takeover target after news reports that a Philippines-based restaurant company is shopping for a U.S.-based regional fast food chain worth at least $1 billion. The first report surfaced in a newspaper in the Philippines in an interview with the chairman of Jollibee Foods Corp., that country’s largest fast food franchiser.
TECHNOLOGY
Acacia Research Corp. received an unfavorable ruling on patent infringement claims it made against some large technology companies. The District Court for the Northern District of California ruled against its patent infringement claims against Apple, AT&T, HTC and Verizon related to the 4G technology it acquired from Adaptix Inc. in early 2012 for $160 million. Acacia executives said at the time that they believed the technology would play a key role in the race for 4G supremacy being run among national wireless carriers in Orange County and across the country. Acacia licenses patents for technology companies.
