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ADDENDUM – July 8, 2013

Other news items of interest from the Orange County Business Journal


Newport Beach-based private wealth management firm United Capital Financial Advisers LLC acquired PPA Advisors Inc. in Atlanta on undisclosed terms. United Capital is part of United Capital Financial Partners Inc., which has about $8 billion in assets under management. The parent company has about 320 employees. PPA Advisors has nine employees and about $224 million under management.

Irvine-based accounting firm WilsonMorgan LLP merged into the Orange County office of New York-based Marcum LLP, which has 56 employees in Irvine, including 14 partners. Five WilsonMorgan partners and a staff of 30 are expected to join Marcum. The combined firm will be among the largest accounting firms with headquarters or significant operations in OC. Steve Rapattoni of Marcum will remain partner in charge of the combined operations here. Marcum has about 1,200 employees throughout its 20 offices in the U.S. and abroad.

Skilled Healthcare Group Inc., a Foothill Ranch-based nursing home operator, said last week that Chief Executive Boyd Hendrickson will retire at year-end. Hendrickson, who plans to stay on as Skilled’s chairman, said he’s retiring from the chief executive post because he will turn 69 this year. Skilled said its board will hire an executive search firm to help find Hendrickson’s successor. The company also said Devasis Ghose, its executive vice president, treasurer and chief financial officer, will leave Skilled at the end of the month. Christopher Felfe, Skilled’s senior vice president, finance and chief accounting officer, will assume the acting CFO role.

Tustin-based MemorialCare Medical Foundation entered a joint venture with Phoenix-based SimonMed Imaging to operate five imaging centers in Orange and Los Angeles counties. The foundation is the medical group arm of the $2 billion MemorialCare Health System, a nonprofit that’s moving to Costa Mesa this year from Fountain Valley. The joint venture was established as Wave Imaging LLC. MemorialCare Medical Foundation owns 51% of the venture. Simon, which has 53 facilities in four states, holding the remaining 49%.

Irvine-based Sabra Health Care REIT Inc. said last week that it loaned $12.4 million to a Baltimore-based company in a deal that includes an option to buy up to $50 million worth of property in the company’s portfolio. Sabra, a real estate investor, made its loan to an affiliate of Chai Facilities Acquisition Co., the indirect owner of 12 nursing homes in seven states. Separately, Sabra bought Greenfield of Woodstock, a 32-unit assisted-living facility in Woodstock, Va., for $6.2 million.

Irvine-based employment screening company HireRight Inc. is on the sales block and could go for as much as $1 billion, according to a Reuters report. HireRight is a subsidiary of Falls Church, Va.-based Altegrity Inc., which is owned by Providence, R.I.-based private equity firm Providence Equity Partners LLC. HireRight provides background checks and health screening services for employers in the private sector. It had an estimated $294 million in revenue and 1,600 employees as of 2011, according to Inc. Magazine.

Shares of networking equipment maker Emulex Corp. saw a spike last week on reports the Costa Mesa-based company hired Goldman Sachs to seek a potential sale. Investors sent shares up more than 14% in early afternoon trading to a market value of about $692.3 million as rumors quickly circulated among investor blogs and other financial media outlets. The company, which would not deny or confirm the reports, has seen its share price sink about 13% in the last year.

Company veteran Scott Maccabe was named chief executive of Irvine-based Toshiba America Business Solutions Inc. He most recently served as senior vice president at Toshiba America Electronic Components, the company’s storage unit. He replaces Noboru Sawada, who had served as interim chief executive since May, when he took over for Mark Matthews, who abruptly resigned. The company also named Bob Greenhalgh senior vice president of TABS and president of Toshiba Business Solutions, the company’s wholly owned subsidiaries network.


ECONOMIC INDICATOR

UP: The typical 2012 perks package for the 100 highest-paid chief executives at public companies with revenue of more than $5 billion, including several Orange County executives, according to The New York Times. The value of perks rose 18.7% on average from 2011, to $320,635. Median pay rose 2.8% to more than $14 million. Cash bonuses increased by 25%. Several OC executives made the list, which ranks the country’s 200 highest-paid chief executives. David Pyott of Allergan Inc. came in at No. 51; John Coyne, who retired from Western Digital Corp. in January, was No. 69; Scott McGregor of Broadcom was No. 102. Pyott took home a total pay package of $19.4 million last year, Coyne $17.2 million and McGregor $15.1 million.

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