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ADDENDUM – April 15, 2013

A group led by Billabong Americas President Paul Naude is in exclusive talks to buy the division’s Australia-based parent. Billabong International Ltd., which counts subsidiary Billabong USA in Irvine as the keystone of its Americas division, said last week that the Naude-led group was granted a 10-day period of exclusivity to work out a deal. The group, which includes New York private equity firm Sycamore Partners Management, has offered $299 million.

The U.S. House of Representatives subcommittee is expected to hold a hearing on a federal loan to Anaheim-based Fisker Automotive Inc. on April 24. The troubled automaker got $194 million of a $529 million U.S. Department of Energy loan, which was frozen after it failed to meet certain production and milestone targets on its Karma sedan. Other reports indicated Fisker is preparing to file for bankruptcy in coming days.

MIG Real Estate LLC in Newport Beach acquired the Hilton Garden Inn Tampa East/Brandon. It’s the company’s fourth hotel acquisition in Florida and increases its overall hotel portfolio to 11 properties.

Brown Rudnick LLP in Boston acquired Irvine-based litigation firm Rus Miliband & Smith in a move to establish a presence on the West Coast and open a door to business in Asia. The deal came on undisclosed terms.

Rus Miliband is now the Irvine office of Brown Rudnick and will operate under the oversight of Joseph Ryan, chairman and chief executive of Brown Rudnick.

3M Co. subsidiary Ceradyne Inc. will trim 93 workers at its plant in Lexington, Ky., according to a filing with the Kentucky Office of Employment and Training.

St. Paul, Minn.-based 3M acquired Ceradyne late last year for $860 million and has folded the Costa Mesa-based company into its advanced-ceramics business. Ceradyne’s plant in Lexington, which opened in 2004, makes body armor components. It will remain in operation, according to 3M.

The former site of the Movieland Wax Museum on Beach Boulevard in Buena Park was leased to Atlanta-based Premier Exhibitions Inc., which will use about 40,000 square feet of the 60,000-square-foot property for its Bodies—The Exhibition, and Titanic—The Experience exhibitions. Both attractions are expected to open this summer. The 21-month lease fills a space in the city’s Entertainment Zone that has sat vacant since Movieland’s 2005 closure.

Irvine-based Taco Bell Corp. has set a goal of doubling sales to $14 billion over the next 10 years. The company is the biggest restaurant operator based in OC and part of Yum Brands Inc. of Louisville, Ky., which also owns the KFC and Pizza Hut chains. Taco Bell has 6,000 restaurants in the U.S. The growth plan, outlined at an industry conference last week, calls for adding 2,000 restaurants and hiring 100,000 workers.

Information services company Experian PLC acquired Toronto-based Decisioning Solutions Inc. on undisclosed terms. Dublin, Ireland-based Experian has its North American headquarters in Costa Mesa.

Proficio Inc. in Irvine forged a strategic partnership with NRI Secure Technologies of Japan, the companies announced last week. NRI invested an undisclosed figure in the network security company, and the two firms are collaborating on sales and marketing, among other things.

Orange County supervisors voted to put $8.3 million into the construction of the Cow Camp Road connecting Antonio Parkway with the proposed 241 toll road extension. The road is intended to thin congestion arising from Rancho Mission Viejo’s 14,000-home development in the area.

Several Orange County business executives made The New York Times’ list of the 100 highest-paid chief executives. David Pyott of Allergan saw $19.3 million in total compensation for the No. 21 spot, followed by No. 30 John Coyne, who retired from Western Digital this year, with $17.2 million. Broadcom’s Scott McGregor rounded out the OC representation, coming in at the No. 47 spot with $15 million.


ECONOMIC INDICATOR

UP: The hotel market in OC in 2012, when 17 properties changed hands, up from 12 the prior year, according to Irvine-based consultancy Atlas Hospitality Group. Prices for the OC transactions overall combined for an increase of 120.7% from a year ago.

The $216.1 million sale of the Hilton Anaheim was the priciest deal here and the biggest hotel to change hands in the state last year.

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