AUTOMOTIVE
Costa Mesa-based Orange Coast Auto Group acquired South Coast Acura in Costa Mesa for an undisclosed sum. The group consists of Jeep Chrysler, Dodge, Ram, Fiat, Alfa Romeo, Nissan and OC Motorsports.
— Subrina Hudson
FINANCE
Newport Beach-based private equity firm Carrick Capital Partners LLC bought a majority stake in Discovery Health Partners, a payments company in the health industry, on undisclosed terms. In 2015 Carrick made a $22.5 million investment in Discovery. With the investment, it said it helps healthcare companies improve payment systems.
— Peter J. Brennan
HEALTHCARE
Irvine-based Biolase Inc. named Todd Norbe president and chief executive. He was most recently president of North America at dental product maker and Danaher Corp. unit Kavo Kerr Group LLC. Biolase specializes in dental lasers.
— Sherry Hsieh
Ontario-based Prime Healthcare Services Inc. and its chief executive agreed to pay $65 million to settle federal allegations of Medicare overbilling, including at West Anaheim Medical Center, Garden Grove Medical Center and La Palma Intercommunity Hospital, the U.S. Attorney’s office said.
— Dana Bartholomew and Paul Hughes
HOSPITALITY
Pacific Hospitality Group named Melanie Bucci chief financial officer. She was most recently vice president of finance at Montage International; both are hotel management companies based in Irvine.
— Paul Hughes
RESTAURANTS
Holding companies that own chains run under Real Mex Restaurants Inc. filed for bankruptcy and will sell to an affiliate of New York-based private equity firm Z Capital Group LLC, which along with Santa Monica-based Tennebaum Capital Partners will provide $5.5 million in debtor-in-possession financing. Cypress-based RM Holdco LLC is the main filer. The firms represent Mexican restaurant brands, including El Torito, Acapulco and Chevy’s Fresh Mex.
— Paul Hughes
Quick-service restaurant chains made trade magazine QSR’s list of the 50 largest such companies in the U.S. based on 2017 sales. Taco Bell is No. 5 with $9.8 billion; Chipotle No. 12 with $4.5 billion; El Pollo Loco No. 34 with $842 million; Del Taco No. 38 with $784 million; and In-N-Out Burger No. 43 with $648 million. Business Journal data show In-N-Out with 2017 sales over $900 million.
— Paul Hughes
Costa Mesa-based El Pollo Loco Holdings Inc. must pay $8.8 million to franchisees who sued the fast-food chicken chain when it opened corporate stores near their locations, an L.A. Superior Court judge confirmed. Michael and Janice Bryman ran the only El Pollo Loco in Lancaster until El Pollo Loco opened two, news reports said. El Pollo said it believes the verdicts are in error based on “express language of the franchise agreement” and errors by the court during litigation.
— Paul Hughes
Irvine-based Pokéworks, a maker of sushi bowls, said it received an investment from Toridoll Holdings Corp. in Japan. Pokéworks’ website says it’s developing 36 more restaurants.
— Paul Hughes
RETAIL
Irvine-based boutique fitness brand operator Xponential Fitness acquired San Diego-based Yoga Six for an undisclosed sum.
— Subrina Hudson
TECHNOLOGY
Skyworks Solutions Inc. agreed to buy analog chip systems maker Avnera Corp. for $405 million in cash. The deal could be $425 million if benchmarks are hit within 12 months of the estimated October close of the transaction. Oregon-based Avnera will boost Skyworks’ wireless connectivity offerings and presence in the artificial intelligence, IoT, enterprise and auto sectors.
— Chris Casacchia
Irvine-based Vizio Inc. partnered with Los Angeles-based Pluto TV to launch a free streaming service to corral people who’ve ditched traditional cable services. WatchFree is available on nearly all Vizio SmartCast TVs.
— Chris Casacchia
OTHER
Broadcom co-founder and billionaire philanthropist Henry Nicholas III hired one of the most prolific and high-profile defense attorneys in Nevada after his arrest last week on suspicion of trafficking heroin, methamphetamine, ecstasy and cocaine. “They were in custody and were released under their own recognizance and we are investigating the facts,” Defense Lawyer David Chesnoff told the Business Journal. Chesnoff’s clients have included the Michael Jackson family.
— Chris Casacchia
