Peter J. Brennan
Santa Ana’s Allied Universal, the largest private security firm in North America, has acquired Advent Systems Inc. to expand its technology offerings. Terms weren’t disclosed.
Newport Beach-based Carrick Capital Partners, an investment firm focused on software firms, said it sold three portfolio companies, its first such divestiture.
FINANCE: Wolff sets stage for 2020 success
Jared Wolff looks relaxed even after seven months at the helm of the once problem-plagued Banc of California Inc.
Acquisition Helps Pass Banc of California
A new leader tops the Business Journal’s annual ranking of the biggest banks with headquarters in Orange County.
Boost OC Memberships 7.5% to 797,620
Orange County’s credit unions saw their asset growth increase again, according to the Business Journal’s annual ranking.
MARKETS: 34 firms report $27B in sales
Orange County has again demonstrated the ability to spur fast-growing publicly traded companies.
FINANCE: Sales spurred by acquisitions, ‘secret sauce’
Banks are in an industry not typically noted for large jumps in revenue growth. Tell that to those based in Orange County.
Rancho Santa Margarita-based CalWest Bancorp NA (OTCBB: CALW) announced it’s being sold to San Diego-based Bank of Southern California (OTC Pink: BCAL).
Bush: These Companies Have Risen Above Others
A construction contractor, a small and large wealth manager, and a pair of accounting firms received top honors at the Business Journal’s third annual Civic 50 event held on Oct. 16 at Hotel Irvine.
Orange County’s unadjusted unemployment rate dropped to 2.4% in September from a revised 3.0% in August and below the year-ago estimate of 2.8%, according to the state Employment Development Department.
FINANCE: Sederquist adopts new bank model
Orange County executives working at America’s biggest banks are continuing to rise high up the corporate ladder.
Firms See Growth, New Faces
From watching companies make executive changes to property deals in the hundreds of millions of dollars to unloading noncore businesses, it’s been quite a year for the 2018 Business Journal winners of the ninth annual General Counsel Awards. Here’s a review of some of the major actions by companies that employed our winners from last November.
Coolsys, the Brea-based parent of refrigeration and HVAC services companies nationwide, said it acquired Building Air Services. Terms of the deal weren’t disclosed.
HEALTHCARE: Company’s system is ‘changing lives’
John Kao experienced firsthand the frustration of America’s fragmented healthcare system when his mother suffered a heart attack and was taken to a hospital.
McIntosh Helps San Diego Agency Expand in OC
Tony McIntosh sells insurance, just like his brother, father, grandfather, and uncles. “I was born into insurance,” McIntosh told the Business Journal.
Epic, Marsh Risk, Burnham Lead Growth
Orange County’s largest insurance brokers as a group saw their revenue grow 12% last year, up from a 6.3% jump in 2017. The 23 biggest brokers with headquarters or significant operations here combined for more than $782 million worth of policies.
OC’s Museum of Art’s Next Showing: Groundbreaking
After a decade of planning and a few controversies, the Orange County Museum of Art is a step closer to getting a new home.
PacLife Sells Stake in Aircraft Leasing Co. for $3B
Aviation Capital Group gets little attention as the relatively quiet affiliate of the giant insurance company Pacific Life Insurance Co.
HEALTHCARE: AI platform; 91% growth in 2 years
Alignment Healthcare, which began in 2013, is well on its way to becoming a billion-dollar business.
No Industry Dominates; Irvine Attracts Most
From electric bikes to dental technologies to customized sandwiches, Orange County’s eclectic mix of private companies continue to thrive.
Shares of Banc of California Inc. (NYSE: BANC) plunged as much as 10% after revealing it would take a $36.1 million charge involving an alleged fraud.
Newport Beach-based L Squared Capital Partners said it has formed Raptor Scientific LLC with a $60 million investment to acquire companies in the fragmented aerospace and defense-focused testing and measurement Industry.
Newport Beach-based Pacific Life Insurance Co. said it will sell its aviation unit for an estimated $3 billion to minority stockholder Tokyo Century Corp.
5 Years in Making; Focus On Computing, High Pay
Five years in the works, Chapman University’s new engineering school is ready for its close-up.
BANKING: Replacement has deep roots in OC
For three years, Tom Vertin made a long commute to his job at Costa Mesa-based Pacific Mercantile Bank.
Mechanics Bank said it completed its acquisition of Rabobank, N.A., a subsidiary of Rabobank Group, for $2.1 billion.
ECONOMY: 22 cities see population drop
Orange County’s new hot spot is Brea, when looking at population growth in the Business Journal’s annual ranking of cities by population.
Costa Mesa-based Pacific Mercantile Bancorp (Nasdaq: PMBC) named Brad Dinsmore as chief executive, effective Sept. 3, succeeding Tom Vertin.
‘Expedia for Contractors’ Plans Sales Surge, Public Listing
Scott Cannon’s office was full of balloons and a big poster-size card last week in honor of his 47th birthday. The chief executive of Irvine-based BigRentz Inc. has a lot more to celebrate than merely another candle.
CoolSys, a Brea-based parent of refrigeration and HVAC services companies, said it’s hiring Ed Dunlap as its new chief financial officer.
SERVICES: Five among 100 biggest
Orange County’s cluster of fitness chains pumped up their sales last year, according to data from trade publication Club Industry.
Markets were higher after data indicated American consumer spending remained strong. (continue reading)
Orange County’s unadjusted unemployment rate rose to 3.2% in July from a revised 3.0% in June and unchanged from the year-ago estimate, according to the state Employment Development Department.
The Securities and Exchange Commission today charged Stuart Frost of Laguna Niguel and his investment advisory firm Frost Management Company LLC, with fraud and breach of fiduciary duties for charging over $14 million in undisclosed and excessive incubator fees to start-up companies.
The University of California at Irvine ranked No. 1 on Money magazine’s 2019-20 list of the nation’s “Best Colleges.”
Indexes declined after President Trump suggested a September trade meeting with China might not occur. (keep reading)
FINANCE: OC’s new bank bosses meet Wall Street
New Opus Bank Chief Executive Paul Taylor gave Wall Street a big hint at what may happen with the third-largest bank based in Orange County.
Glaukos Corp. (NYSE: GKOS), a San Clemente-based maker of devices to cure glaucoma, will purchase Avedro Inc. (Nasdaq: AVDR) to add what it calls “disruptive bio-activated pharmaceuticals.”
Stocks and bonds continued to decline after President Trump yesterday threatened more tariffs on imports from China.
Brea-based CoolSys, a provider of refrigeration and HVAC services, said it bought Agape Mechanical to expand its presence in six Midwestern states. Terms of the deal were not revealed.
Irvine’s Alteryx Inc. today reported second quarter results that topped analysts’ expectations and the shares rose as much as 6%.
FINANCE: Top VCer points to potential winners
Did Vinny Smith catch a 75-bagger with his early investment in Alteryx Inc.?
Nike Inc. (NYSE: NKE), the world’s largest sportswear maker, is considering selling Costa Mesa-based Hurley International, Reuters said, citing unidentified people familiar with the matter.
Peter Adderton, the founder of Irvine-based Boost Mobile, said he was unsuccessful in his attempt to acquire his old firm from Sprint Corp.
Yum Brands, Inc. (NYSE: YUM) appointed Mark King as the chief executive of its Taco Bell Division that is based in Irvine.
JPMorgan Chase & Co. (NYSE: JPM) closed on its acquisition of InstaMed Inc., a company owned by Newport Beach private equity firm Carrick Capital Partners LLC.