Peter J. Brennan
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.
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.
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.
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.
State of the County: Accounting & Consulting
Taxes are always a high-stakes game; we’ve got the players.
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.
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.
Fintech Nears Unicorn Status
Acorns Advisers LLC is growing much faster than a typical oak tree.
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.
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: