Peter J. Brennan
Goldman Sachs Group Inc. (NYSE: GS) has completed its acquisition of Newport Beach-based United Capital Financial Partners Inc. for $750 million in cash.
FINANCE: PIMCO, Blackstone at odds
Stearns Holdings LLC, a one-time Santa Ana-based mortgage powerhouse, declared Chapter 11 bankruptcy last week.
MORTGAGES: To hire 1,300 companywide
While some executives fear a slowdown or worse, a recession, loanDepot LLC is going full steam ahead.
Santa Ana’s Stearns Holdings LLC, the country’s 20th-largest mortgage lender, filed for chapter 11 protection this morning in U.S. Bankruptcy Court in New York.
COMMUNITY: Persian execs explain their successes
It was 40 years ago that the Shah of Iran fell, replaced by a theocracy that resulted in millions leaving the country.
SERVICES: Finds niche cleaning precision components
Astro Pak Corp. is a byproduct of the 1950s Cold War between the U.S. and the U.S.S.R.
Irvine-based Restaurant365, a cloud-based restaurant accounting software, said it’s closed an $88 million minority investment led by ICONIQ Capital, a Silicon Valley-based growth equity firm.
Mechanics Bank (OTCBB: MCHB) announced it will have two chief executives after its acquisition of Rabobank, N.A., a subsidiary of Rabobank Group.
Santa Ana’s Allied Universal, the biggest private security firm in the U.S., today said it acquired a San Francisco-based firm with more than $40 million in annual sales and 1,300 employees.
Deloitte, Blythe, Tevora Lead Local Expansions
Orange County management consulting firms increased local consultant count 7.2% to 1,849 and overall employment by nearly 9% to more than 4,400, the Business Journal’s annual list shows.
Big 4, Acquisition Spurs Jump; 54 Employ 5,400
Orange County’s largest accounting firms boosted their local headcount 6.9% in the year ended May 31, the eighth straight year of increases.
State of the County: Accounting & Consulting
Taxes are always a high-stakes game; we’ve got the players.
Fintech Nears Unicorn Status
Acorns Advisers LLC is growing much faster than a typical oak tree.
Wealth Managers Report Boom; Duran Sells to Goldman Sachs
It turns out being a money manager can be a profitable investment itself.
How Check Capital Checks on Berkshire Bet
Steven Check, founder of Check Capital Management Inc., a Costa Mesa registered investment adviser with $1.4 billion assets under management, for the 24th straight year attended Berkshire Hathaway’s famous annual meeting in Omaha, Neb., last month. Check and Jeremy Saltzberg, senior investment officer, spoke about Berkshire, their biggest holding. Their edited responses:
A Nice Start; A Few Hiccups
My initial impression of Acorns was it made a lot of sense—no pun, intended—since in other places I’d personally experienced small investments turn into large portfolios.
Global Reach, International Size
If the county were a country, OC’s annual GDP of nearly $250 billion would put it in the low 40s of rankings by the International Monetary Fund, World Bank and United Nations—nestled among the likes of Finland or Egypt, depending on who counts.
Takata Has Other OC Board Ties
Veritone Inc., the Costa Mesa firm that’s trying to start a new way to measure advertisements through artificial intelligence, has appointed Rick Taketa, 47, to its board of directors.
CFO to Top Spot At Aliso Viejo IT Provider
Sajan Pillai, who built UST Global Inc. into a company with a $1 billion-plus valuation, said late last month he will retire.
Container Sensors For Pharma Shipments
CalAmp Corp. is hoping to hitch a ride on the success of its Irvine neighbor Cryoport Inc.
Astronaut Puts Cameras to Test
Irvine-based Red Digital Cinema Camera Co. is touting how its equipment can take “out-of-this-world” photos.
Nazli Azimi knows one thing for sure—if she had stayed in her native Iran and not come to the U.S., she wouldn’t be developing drugs to battle cancer.
When the Food and Drug Administration approved an artificial spine disk in 2004, it didn’t make sense to Chuck Rosen.
Joe Duran earlier this year mused that it would be great if someone paid a lot of money for United Capital Financial Partners Inc. and let him continue managing it.
Orange County’s unadjusted unemployment rate fell to 2.6% in April from a revised 3.2% in March and below the year-ago estimate of 2.7%, according to the state Employment Development Department.
HEALTHCARE: Existing co. focus on skilled nursing
Mission Viejo’s the Ensign Group Inc. (Nasdaq: ENSG) is at the spinoff game again.
Newport Beach’s United Capital Financial Partners said it will be acquired by Goldman Sachs Group Inc. (NYSE: GS) for $750 million in cash.
Newport Beach’s Pacific Investment Management Co., which manages $1.8 trillion in assets, yesterday postponed the initial public offering of its PIMCO Mortgage Income Trust, citing unfavorable market conditions.
Mitsubishi Electric Sees US Expansion
It’s easy to confuse Mitsubishi Electric US Inc. with Mitsubishi Motors North America Inc.
MANUFACTURING: New look for e-liquid lines
Irvine-based vaping company Propaganda Premium E-Liquid is growing up. A little.
Santa Ana’s Allied Universal, the largest U.S. security firm, acquired Point 2 Point Global Security Inc. which has $50 million in annual sales.
Newport Beach’s Pacific Investment Management Co. wants to raise up to $1.15 billion for its first ever real estate investment trust, or REIT.
FINANCE: Taylor aims to restore ‘momentum’
Opus Bank has found a veteran leader with plenty of experience in mergers and acquisitions.
Irvine’s Opus Bank (Nasdaq: OPB), the third largest bank based in Orange County, named Paul W. Taylor as chief executive officer and president, effective today.
FINANCE: Sees opening left by banks
Pacific Investment Management Co. has long dabbled in mortgages even while it’s best known as a bond shop.
Average Loan Lower; 29 Lenders Join Listings
The Business Journal’s lists of Small Business Administration lenders are in upheaval this year. Not one of the 38 on our dollar value list retained its spot from a year ago. Fourteen reported growth topping 100% and 22 new lenders joined the list (see page 25).
Anaheim Pans for Riches In the Platinum Triangle
All eyes next month are on Disneyland’s $1 billion opening of Star Wars: Galaxy’s Edge.
Vaping Manufacturers Learn on Job
Nick DeNuccio was 18 when he co-founded vaping business Propaganda E-Liquid.
HEALTHCARE: LA’s St. Francis Among Buys
KPC Healthcare Inc. was the stalking horse that won the race.
Stretto sees a booming business in the next few years.
Defense and aerospace giant Boeing Co. has quietly sold a nearly 56-acre property it owns and occupies in Huntington Beach, with the land expected to make way for a new multi-building industrial development, the Business Journal has learned.
Orange County’s unadjusted unemployment rate climbed to 3.2% in March from a revised 3.0% in February, and above the year-ago estimate of 3.0%, according to the state Employment Development Department.
KushCo Holdings Inc. (OTC: KSHB), the largest cannabis related company based in Orange County, reported second quarter revenue jumped 240% to $35.2 million.
San Clemente’s CareTrust REIT Inc. (Nasdaq: CTRE) increased the size of a public offering that’s now expected to raise $135 million, to help pay debt.
It’s not often a father and son can together build a company to a $2.6 billion valuation.
Santa Ana’s Allied Universal, the nation’s largest private security force, said it will acquire Securadyne Systems, a Dallas based provider of security systems.
Adam Coffey in February published “The Private Equity Playbook,” which advises senior executives how to succeed when leading companies owned by outside investors.