Stories for July 2015

Friday, July 31

St. Joseph Health in Talks on Affiliation

Irvine-based St. Joseph Health System is near a deal for an affiliation with Providence Health & Services, which has extensive operations in Los Angeles County among other markets in the western U.S.

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Midday Stock Roundup

The S&P 500 was flat in midday trading at 2,107.73.

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Thursday, July 30

Lombard In Aneurysm Device Buy

Irvine-based Lombard Medical Inc. said today it bought startup Altura Medical Inc. in a deal that could be worth more than $50 million, depending upon milestones.

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Ingram Micro’s Q2 Profit Beats

Santa Ana-based Ingram Micro Inc. saw shares rise about 10% in Friday trading after it reported slightly higher second-quarter adjusted profits yesterday that also beat analyst estimates, though revenue missed analyst forecasts.

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Edwards Director Steps Down

Irvine-based Edwards Lifesciences Corp. said today that Robert Ingram has retired from its board of directors.

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Broadcom Has Mixed Q2

Irvine-based chipmaker Broadcom Corp. after the close of intraday trading reported second-quarter revenue in line with Wall Street expectations and adjusted profits that missed estimates.

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Midday Stock Roundup

The S&P 500 was flat at 2,107.64.

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Banc of California Profit, Loans Up

Banc of California Inc. reported an 82% year-over-year increase in its second-quarter profit to $13.1 million.

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Wednesday, July 29

King’s Seafood Takes Water Grill to Dallas

Costa Mesa-based King’s Seafood Co. plans to open a Water Grill restaurant in Dallas in the fall of 2016.

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Del Taco Signs for 10 in Tenn.

Lake Forest-based Del Taco Restaurants Inc. said it will re-enter the Tennessee market in a franchise deal for 10 restaurants over the next five years.

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Business Journal Honors 5 Family-Owned Businesses

About 275 people turned out for today’s luncheon at the Hotel Irvine to celebrate five honorees of the Business Journal’s 16th annual Family Owned Business Awards.

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YL Software Maker Acquired

A Yorba Linda software maker that specializes in survey analysis has been acquired by local investment firm Poplar Capital Partners LLC, which is based in the same city.

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WD Beats on Profit, Revenue in Line

Irvine-based storage products maker Western Digital Corp. after the close of intraday trading Wednesday reported June revenue in line with Wall Street expectations and adjusted profits that beat estimates.

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SA Design Firm Buys Atlanta Co.

Santa Ana-based facilities design firm Salas O’Brien Engineers said it acquired Atlanta-based firm HESM&A Consulting Engineers on undisclosed terms.

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FDA OKs ReShape Medical’s Device

San Clemente-based ReShape Medical Inc. said the Food and Drug Administration approved its ReShape Integrated Dual Balloon device for non-surgical weight loss.

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Midday Stock Roundup

The S&P 500 was up 0.4% in midday trading to 2,102.57.

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Corinthian Creditors to Vote on BK Plan

A U.S. Bankruptcy Court judge said yesterday that creditors of Santa Ana-based Corinthian Colleges Inc. can vote on the company’s bankruptcy plan, the Wall Street Journal said.

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Tuesday, July 28

SA Security Firm Buys in Tennessee

Santa Ana-based Universal Protection Service has acquired Guardsmark in Memphis, Tenn., on undisclosed terms.

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Edwards Beats on Profit, EPS Down in Q2

Irvine-based Edwards Lifesciences Corp. reported financial results today that exceeded analysts’ forecasts in some areas though earnings per share declined.

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International Traffic Helps Lift JWA

John Wayne Airport had an 8% year-over-year hike in international travelers in June, its first monthly increase of the year.

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Midday Stock Roundup

The S&P 500 was up 1% in midday trading to 2,091.77.

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Kareo Raises $55 Million

Irvine-based Kareo Inc. said today that it has received a $55.4 million investment.

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Cylance Gets $42M

Irvine-based security software maker Cylance Inc. has raised $42 million in a Series C funding round led by DFJ Growth in Menlo Park.

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Monday, July 27

Corinthian Seeks to Sell Heald Name

Santa Ana-based Corinthian Colleges Inc. wants to sell some of its Heald College intellectual property for $80,000, according to Dow Jones.

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New Post for Baden Amid Layoffs at Oakley

Oakley Inc. in Foothill Ranch has eliminated its “office of the CEO” and laid off more than 150 workers as part of an “integration process” with Italy-based parent Luxottica Group S.p.A.

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Del Taco Q2 Numbers Up

Lake Forest-based Del Taco Restaurants Inc. reported about $11 million in earnings for its June quarter, a 30% increase over the same period last year.

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Opus Bank Q2 Profit, Loans Up

Opus Bank reported higher year-over-year net income in the second quarter thanks to growth on a number of fronts, including interest income on loans and noninterest income.

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Irvine Med-Ed Firm Sets $20M IPO

Irvine-based Axis Research and Technologies Inc. today filed papers with the Securities and Exchange Commission seeking to sell $20 million worth of stock in an initial public offering.

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Midday Stock Roundup

The S&P 500 was up down 0.5% in midday trading to 2,069.79.

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Allergan in $40B Generics Deal

Allergan PLC said today that it will sell its generic drug business for $40.5 billion in cash and stock to Teva Pharmaceutical Industries Ltd.

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Vizio Files for IPO

Irvine-based Vizio Inc. has filed a registration statement with the Securities and Exchange Commission to raise up to $172.5 million in an initial public offering.

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Mitsubishi to Shut U.S. Factory

Cypress-based Mitsubishi Motors North America Inc. said it plans to end production here.

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Lennar Gets Funky; Quik Goes French; About Bus(c)h

Word on the street has Lennar getting “funky” with at least one of its several projects at Beacon Park, the next phase of Great Park Neighborhoods.

Job Well Done

Employees at Best Companies Give Rave Reviews

The businesses featured on this week’s Best Places to Work lists say they commit time and resources to create a productive, enjoyable, and balanced workplace, and according to their employees, their efforts are working.

Quik Fix?

One Foot in France for Surf Label’s Latest Turnaround Plan

Quiksilver Inc. has emerged from a two-year cost-cutting quest as a global company with a streamlined operational structure that straddles the Atlantic Ocean.

Edwards Buys to Build New Class of Heart Valves

HEALTHCARE: Sees big potential in fellow Irvine-based device maker

Edwards Lifesciences Corp. is taking a familiar path to build up its less-invasive heart valve product offerings.

Another Sign of Office Strength: Equity Gets Arden’s OC Portfolio

REAL ESTATE: Blackstone unit to be second biggest landlord here

A division of New York-based Blackstone Group is returning to its position as Orange County’s second largest landlord just as the local market for office space looks to be switching into overdrive.

‘One Firm’ Approach Treats Colleagues Like Clients

Bryan Cave’s Irvine Office Cultivates Mutual Regard

Bryan Cave LLP’s Irvine office projects a sense of elegance mingled with calm.

Builder Earns Employee Loyalty Through Relationships

New Home Co. Starts With Foundation of Camaraderie

Joan Marcus-Colvin’s life irrevocably changed on June 17, 2014, when her husband of 27 years, John, was struck by a car and killed while riding his bicycle near their Laguna Beach home while training for an Ironman Triathlon.

Law Firm Staff Say Evidence Clear It’s Workplace a Gem

Bisnar Chase Cultivates Respect, Appreciation

A plot was brewing at the law office of Bisnar Chase in Newport Beach.

How Best Companies Make Lists

The Business Journal’s Best Places to Work lists are the result of months of surveying workers and managers at local employers.

William Lyon Homes Names Co-CEO

William Lyon Homes promoted Matthew Zaist to the role of co-chief executive officer.

Sage North America HQ to Exit Irvine for Atlanta

TECHNOLOGY: Software maker recently consolidated here

Software maker Sage North America is moving its U.S. headquarters from Irvine to Atlanta as part of a global restructuring plan.

Merger Deal Holds TSX Listing for FantasyAces

SPORTS: Founders to keep control with 57.5% stake in site

Aliso Viejo-based startup FantasyAces LLC plans to merge with a company that’s listed on the Toronto Stock Exchange as it seeks capital for its goal of competing at the top level of one of the hottest areas in the entertainment industry.

Feds Keep 500 Jobs in Laguna Niguel

Reston, Va.-based International Technology Solutions Inc. will cut 500 jobs in Laguna Niguel by July 31 due to the pending loss of a contract with the federal government, according to a state filing.

Execs Say Irvine Medtronic Neurovascular Unit Good Fit

HEALTHCARE: Comes as stroke guidelines add device

Life under a new corporate owner has been good for what’s soon to be known as Medtronic Neurovascular in Irvine, its top official says.

Fastest-Growing Private Companies Wanted for List

SPECIAL ISSUE: List will be centerpiece of June 22 edition

The Business Journal is preparing its annual list of privately owned companies for publication in June.

HB Paddle Board Brand Sells for $40M

Stand-up paddle board maker Jimmy Styks LLC in Huntington Beach was acquired by Clearfield, Utah-based Vista Outdoor Inc. in a $40 million, all-cash deal.

Health Incubator Secures New Investor

The Innovation Institute in La Palma, founded with an investment from Irvine-based St. Joseph Health, said the Franciscan Missionaries of Our Lady Health System has become its fourth member and investor.

Rich Uncles REIT Files for IPO

Real estate investment company Rich Uncles LLC is planning an initial public offering that could raise as much as $1 billion for its newly created Rich Uncles REIT Inc.

Sares-Regis to Turn Ontario Land Into Mega Project

Seven-Building Site Lands QVC for 1M-SF Deal

Sares-Regis Group plans to turn one of the last big swaths of empty, developable land in Ontario into a major industrial project.

Mid-Counties Industrial Market Tighter in Q2

High demand for real estate in the Mid-Counties industrial market continued through the second quarter.

Real Estate Deals

Sales and leases of offices, industrial buildings, retail space and apartments

Unitek Information Systems Inc. and Practical Dental Solutions LLC each signed a lease at 1401 Dove St. in Newport Beach.

NB Startup Runs Into ‘Hiccups’ With Kickstarter Try

Went Elsewhere After Backers Show Disapproval

A Newport Beach startup has drawn widespread publicity in tech circles for a Kickstarter campaign to bring the world’s smallest Bluetooth headset to market.

Volcom Denim Ads Invite Men to Live Unplugged Life

Features Skaters Doing ‘Real Life’ in Its Duds

Costa Mesa-based Volcom Inc. revamped its collection of men’s denim and is promoting the line’s launch with a marketing campaign.

Griffin-American Goes on 8-State Spending Spree in Q2

Puts Up $311 Million For 18 Senior, Medical Buys

Irvine-based real estate investment trust Griffin-American Healthcare REIT III Inc. recently said it spent $311.3 million on 18 properties in the three months ended June 30.

OCBJ Calendar

July 27-Aug. 5, 2015

This week's business and other event listings.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 38, No. 30

Attorneys for former students of Santa Ana-based Corinthian Colleges Inc. are asking a court for permission to file a $2.5 billion claim against the bankrupt former operator of for-profit schools, the Wall Street Journal said.

PHILANTHROPY

The Anaheim Ducks, SASCO Electric Inc., and the Honda Center were among the corporate sponsors of the 19th annual Stars & Stripes fishing, golfing and music tournament.

Auction Firm Gets Naismith Center Deal

Laguna Niguel-based SCP Auctions was named the official auction and appraisal partner of the Naismith Memorial Basketball Hall of Fame.

Friday, July 24

Mitsubishi to Shut U.S. Factory

Cypress-based Mitsubishi Motors North America Inc. said it plans to end production here.

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Vans Up in Q2

Vans Inc. revenue was up 17% for the second quarter, which ended July 4, according to its parent, Greenboro, N.C.-based VF Corp.

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Midday Stock Roundup

Stock indices were lower in midday trading on companies’ mixed quarterly results and a fall in commodities prices.

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$40M for HB Paddle Board Brand

Stand-up paddle board maker Jimmy Styks LLC in Huntington Beach was acquired by Clearfield, Utah-based Vista Outdoor Inc. in a $40 million, all-cash deal.

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BJ’s Posts Mixed Q2 Results

Huntington Beach-based BJ’s Restaurants Inc. reported second-quarter income of $12.4 million on revenue of $232 million.

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Pac Merc Q2 Profit, Loans Up

Pacific Mercantile Bancorp reported higher year-over-year net income for the second quarter citing higher yield on earning assets.

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Ammonia Producer Finishes Plant

Santa Ana-based QuantumSphere Inc. said it had completed a manufacturing facility in Santa Ana.

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Thursday, July 23

Microsemi Posts Record Revenue, Profits in June Quarter

Aliso Viejo-based chipmaker Microsemi Corp. reported revenue for the June quarter that beat Wall Street expectations and adjusted profits in line with estimates.

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Midday Stock Roundup

The S&P 500 was down 0.5% in midday trading to 2,103.93.

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Students Seek $2.5B Claim Against Corinithian

Attorneys for former students of Santa Ana-based Corinthian Colleges Inc. are asking a court for permission to file a $2.5 billion claim against the bankrupt former operator of for-profit schools, the Wall Street Journal said.

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Wednesday, July 22

William Lyon Homes Promotes Zaist to Co-CEO

William Lyon Homes said it has promoted Matthew Zaist to the role of co-chief executive officer.

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Laguna Niguel Auction House Gets HOF Nod

Laguna Niguel-based SCP Auctions has been named the official auction and appraisal partner of the Naismith Memorial Basketball Hall of Fame.

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Midday Stock Roundup

The S&P 500 was down 0.3% in midday trading to 2,113.48.

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Alliant Acquires Agribusiness Agency

Newport Beach-based Alliant Insurance Services Inc. has acquired an agency in Lodi that specializes in agribusiness insurance. Terms of the deal weren’t disclosed.

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Louisiana Hospital System Takes Innovation Institute Stake

The Innovation Institute in La Palma, founded with an investment from Irvine-based St. Joseph Health, said today that the Franciscan Missionaries of Our Lady Health System has become its fourth member and investor.

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Anaheim Software Maker Acquired

Anaheim-based Scenario Virtual Project Delivery was acquired by Plantation, Florida-based e-Builder Inc. on undisclosed terms.

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Tuesday, July 21

Kaiser Aluminum Up, Upbeat on Q2

Kaiser Aluminum Corp. beat Wall Street expectations on second-quarter revenue and income, sending shares up about 6% in midday trading Wednesday to a $1.5 billion market cap.

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Local Hospitals Make List

UC Irvine Medical Center and several other Orange County hospitals made the list of the “best hospitals” in California compiled by U.S. News & World Report.

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Rich Uncles REIT Files for IPO

Real estate investment company Rich Uncles LLC is behind an initial public offering to raise as much as $1 billion for its newly created Rich Uncles REIT Inc.

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Midday Stock Roundup

The S&P 500 was down 0.5% in midday trading to 2,116.88.

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CSUF to Get $2.4M for Migrant Education

California State University-Fullerton will get $2.4 million over five years from the U.S. Dept. of Education to offer high school and early college education for migrant farm workers and their children.

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Monday, July 20

Rich Uncles REIT Files for IPO

Real estate investment company Rich Uncles LLC is behind an initial public offering to raise as much as $1 billion for its newly created Rich Uncles REIT Inc.

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Midday Stock Roundup

The S&P 500 was up 0.1% to 2,129. 94 in midday trading.

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Johnny Rockets Goes to College

Aliso Viejo-based Johnny Rockets Restaurant Group said it will expand its “express” locations on college campuses.

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Blizzard Game to Toy Hall of Fame

The National Toy Hall of Fame has turned its attention to video games, including the title that made Irvine-based Blizzard Entertainment Inc. famous.

Olen’s Rental Push Takes Flight in Phoenix Suburbs

Growth in Mesa, Gilbert Likened to Prior OC Era

Olen Properties’ recent push into Phoenix’ apartment market has now topped the $100 million mark, and the Newport Beach-based developer plans more deals in some of the city’s fastest-growing suburbs.

Greater LA Market Has Strong First Quarter

Greater Los Angeles office market conditions continued to improve across all major metrics in the second quarter.

Olloclip Shoots for $100K in Return to Kickstarter

Campaign Focused On Studio System Market Entry

Huntington Beach-based olloclip has launched a new campaign on Kickstarter that builds upon its recent entree into the crowded smartphone case segment.

Auction.com Seeks Chinese Buyers, Sellers With Deal

Partner to Link Native Speakers, Sale Prospects

Auction.com LLC in Irvine, an online real estate marketplace that matches buyers and sellers of commercial and residential properties, signed a co-marketing deal with AREAA Global “to expand real estate ownership opportunities for Chinese investors.”

Allergan Brass Talk Up Recent Deals, Road Ahead

Discuss Buys, Cite Benefits From Combos

Allergan PLC has been building up its Irvine-focused business lines through deals and is sharing its thoughts on the company with Wall Street.

OCTA OK’s Light Rail for Santa Ana-GG Route

The Orange County Transportation Authority approved an agreement with the city of Santa Ana for a light-rail streetcar from the city to Garden Grove.

Western Digital to Get Wellness Center

St. Joseph Hoag Health will open a wellness center at the Irvine headquarters of storage products maker Western Digital Corp. this month.

One Source Industries Plans San Pedro Plant

One Source Industries LLC, an Irvine-based provider of point-of-purchase displays, product packaging, and global promotional programs, plans to open a 25,000-square-foot production facility in San Pedro.

Anaheim College Likes Smaller Size, Local Focus

EDUCATION: Biomedical tech, robotics key to programs

Parviz Shams doesn’t plan to expand the Southern California Institute of Technology—at least not directly.

Burnham Adds Office Near JWA to Local Portfolio

REAL ESTATE: Data indicate relative bargain at $264 per SF

Newport Beach-based Burnham-Ward Properties has expanded its hometown office holdings with a property not too far from John Wayne Airport.

OC Hotel Market Stays Hot With $126.2M Deal

REAL ESTATE: Local sales add up to $730M so far this year

The 485-room Irvine Marriott Hotel at the Irvine Towers office complex near John Wayne Airport has been sold to a Los Angeles-based institutional investor.

Luxury Homebuyers Want More Than Just Location

Seek More Amenities, Not To Mention Precious Views

Discerning homebuyers today are looking for more than “location, location, location,” say real estate professionals in Orange County who specialize in the ultra-luxury market.

Kaiser, Anaheim Rescue Join in Project

Kaiser Permanente is working with Anaheim Fire & Rescue and other businesses and government agencies on a pilot program to provide emergency medical services.

On Overtime & Innovation; Mall & Anti-Mall

You can hardly get through any conversation about business these days without getting an earful on the importance of the Millennial generation in the workforce and the need to develop leaders.

Tenant-Improvement Contractors’ Work Gains Slow

Dollar Value Up 16.2% After 29%, 20% Increases

Orange County’s largest tenant-improvement contractors continued their growth trend last year but slowed in all aspects, including local revenue and number of employees.

Hyundai Capital Sets Sights on Makeover on MacArthur

Firm Uniquely Emphasizes Office Design, Worker Space

Hyundai Capital America is often identified locally in connection with the large, transparent building next to the San Diego (405) Freeway in Irvine known as The Michelson.

Boardwalk’s Big Leap

Trammell Crow Spec Office Project Set to Add 545,000 SF to Airport Area

Trammell Crow Co. has taken the wraps off the first large, speculative office project expected to break ground in the office market around John Wayne Airport in over seven years.

Gateway Deal Reflects Central OC Rebound

REAL ESTATE: Lincoln Property expected to pay $68 million

Lincoln Property Co. is buying a large office next to Angel Stadium of Anaheim in the latest sign of an improving office market in Central Orange County.

Craig’s Crescendo

No Skimp in San Clemente: 325,000 SF, 350 Archways for Marblehead Retail

Steven Craig will line up the bargains, but the look and feel of his Outlets at San Clemente Plaza will be anything but cheap.

CrowdStrike Seeks Scale In Wake of $100M Round

TECHNOLOGY: Google latest backer for security software maker

Irvine-based security software maker CrowdStrike Inc. aims to embark on an international expansion plan after securing one of the biggest venture capital rounds in Orange County history last week.

Private Companies Wanted for Business Journal’s Annual List

SPECIAL ISSUE: list will be centerpiece of June 22 edition

The Business Journal is preparing its annual list of privately owned companies for publication in June.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 38, No. 29

Hyundai Motor America Inc. in Fountain Valley launched a Hyundai Recognized Collision Repair Center program, which will be administered by the Laguna Hills-based Assured Performance Network.

OCBJ Calendar

July 20-28, 2015

This week's business and other event listings.

Real Estate Deals

Sales and leases of offices, industrial buildings, retail space and apartments

2100 Main LP sold the Landmark Building in Irvine to Property Investment Co. for $27.4 million, or $307.84 per square foot.

Friday, July 17

Midday Stock Roundup

The S&P 500 was down 0.1% to 2,121.88 in midday trading.

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Frost Capital, Symantec Launch Incubator

San Juan Capistrano-based investment firm Frost Data Capital has partnered with security service provider Symantec Corp. in Mountain View to create and seed startups in cyber security analytics, Big Data, and Internet of Things markets.

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Unemployment Rate Up Slightly

The unemployment rate in Orange County ticked up slightly as employers trimmed the work force in June.

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Thursday, July 16

UCI on Money Magazine List

University of California-Irvine is No. 13 on Money Magazine’s 2015-2016 list of the 736 “best colleges” in the U.S.

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MV Pipeline Inspection Company Sold

Mission Viejo-based Hoffman Southwest Corp., which provides underground pipeline inspection and repair services, has been acquired by Chicago-based private equity firm Sterling Partners.

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Destination Irvine in 2016 Rose Parade

Destination Irvine said it would have a float in the Rose Parade on Jan. 1, 2016.

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Midday Stock Roundup

The S&P 500 was up 0.7% to 2,121.21 in midday trading.

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VC Inflow Jumps in Q2

Quarterly venture capital inflow to Orange County companies hit the highest level since mid-2011, according to data from Dow Jones VentureSource.

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Wednesday, July 15

St. Joseph Hoag Opening Health Wellness Center at Western Digital

St. Joseph Hoag Health said today that it would open a wellness center in the Irvine headquarters of storage products maker Western Digital Corp. this month.

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Midday Stock Roundup

The S&P 500 was up 0.1% in midday trading to 2,111.28.

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Hyundai Starts Body Shop Certification Program

Hyundai Motor America Inc. in Fountain Valley launched the Hyundai Recognized Collision Repair Center program, which will be administered by the Laguna Hills-based Assured Performance Network.

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Taco Bell Up, Yum Down, in Q2

Irvine-based Taco Bell Corp.’s operating profit in the second quarter grew 29% to $140 million compared with the same period last year, its parent company said Tuesday.

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Kaiser in Anaheim Pilot Project

Kaiser Permanente is working with Anaheim Fire & Rescue and other businesses and government agencies on a pilot program to provide emergency medical services.

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Tuesday, July 14

Midday Stock Roundup

The S&P 500 was up 0.4% in midday trading to 2,107.72.

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Monday, July 13

Irvine Firm to Open San Pedro Plant

One Source Industries LLC, an Irvine-based provider and developer of point of purchase displays, product packaging, and global promotional programs, plans to open a 25,000-square-foot production facility in San Pedro.

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Midday Stock Roundup

Stock indices were higher in midday trading on news of a possible bailout of Greece.

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Irvine Security Software Maker Raises $100M

Irvine-based security software maker CrowdStrike Inc. has raised $100 million in a Series C funding round led by Google Inc.’s capital investment arm, Google Capital.

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Warburg Pincus Set to Take Stake in Universal

New York-based Warburg Pincus is set to take a majority stake in Santa Ana-based Universal Services of America Inc.

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Fastest-Growing Private Companies Wanted for List

ECONOMY: Centerpiece of Sept. 21 Special Report

Is your company growing fast? Then let us know.

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Edwards to Buy Crosstown Valve Maker

Irvine-based Edwards Lifesciences Corp. is buying privately held CardiAQ Valve Technologies Inc. for $350 million in cash and up to $50 million in regulatory milestone payments.

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OCVA Offers Online Training in Middle Eastern Culture

The Orange County Visitors Association has produced an online video to help train hospitality and retail industry workers to welcome visitors to Orange County from the Middle East.

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Change at Top For Hyundai Ad Shop

The advertising arm of Fountain Valley-based Hyundai Motor America Inc. has a new boss to go with a $300 million initial public offering by its parent, Innocean Worldwide Inc.

OCSA Gets Hand From Argyros Clan; Different Donalds

George and Julia Argyros were there for daughter Stephanie when she took on the role of co-chair of the Southern California chapter of We Day back in May, donating $1 million and opening their Harbor Island home to kick off the cause.

PHILANTHROPY

More than 900 leaders from the Orange County legal community joined the Public Law Center for the Volunteers for Justice 2015 Annual Dinner at Hotel Irvine on June 22.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 38, No. 28

The Anaheim City Council voted 3-2 to extend by 30 years an admission ticket tax exemption for Disneyland and Disney California Adventure.

OCBJ Calendar

July 13-22, 2015

This week's business and other event listings.

Real Estate Deals

Sales and leases of offices, industrial buildings, retail space and apartments

Tiki/Polynesian-themed restaurant and bar Don the Beachcomber in Huntington Beach was sold to an undisclosed buyer for $5 million, or $312.50 per square foot.

Vans Has Expansion Plans on Tap for Costa Mesa HQ

City Officials Say 40K SF Planned for New Campus

Comments by Costa Mesa city officials suggest that skate shoe and apparel company Vans Corp. is looking to build a sizeable expansion to the company’s planned new headquarters in the city.

IT Provider Nears $500M in Sales, Aims for $1 Billion

2K Customers Include Big Names Such as Vizio

Irvine-based IT consultancy and service provider Trace3 is on pace to crack $500 million in revenue this year as it attracts new Fortune 500 customers and builds up regional offices.

OC High-Rise Market Continues Improvement in Q1

The high-rise market in Orange County ended the first quarter with increased demand, resulting in 476,089 square feet of positive net absorption, nearly all of which took place in the Greater Airport Area and Central Orange County.

Grupo Gallegos Aims to Win Latino Hearts for Xfinity

‘Perfect for Me’ Ads Highlight Comcast Brand

Grupo Gallegos’ latest campaign for Xfinity aims to help Latino-American consumers see the brand as “more human, closer to their hearts rather than their minds,” according to Carlos Tornell, the Huntington Beach-based agency’s creative director.

Ensign Buys in California, Arizona, Washington State

10-Piece Purchase Brings Total to 161 Facilities

Ensign Group Inc. is boosting its presence in several states.

Payoff Gets $250M for Credit Debtors

Costa Mesa-based consumer financial services firm Payoff Inc. secured up to $250 million in debt financing to help its members pay off credit card debt.

Excelsior Capital Buys Wall Art Maker

Excelsior Capital Partners LLC in Newport Beach formed two entities to acquire Artissimo Designs, a manufacturer of wall decoration products.

Software Maker Drawloop Acquired

Irvine-based Drawloop Technologies Inc. recently announced it was acquired by Nintex USA LLC for an undisclosed amount.

Banc of California Sells Two Branches

Irvine-based Banc of California Inc. agreed to sell two branches to Americas United Bank in Glendale, which primarily serves Latino-American customers.

Trend Builds as Great Park Project Eyes Own Food Hall

REAL ESTATE: Old warehouse would hold one of a few planned

Add Great Park Neighborhoods in Irvine to the growing list of areas across Orange County looking to add a hip food hall to their developments instead of a more traditional retail center.

Asics Looks for Crossover Appeal With New Shoe

MARKETING: Part of push beyond performance runners

Asics America Corp. is lacing up for the launch of a new shoe it hopes will give the brand some traction beyond its traditional stronghold in performance running.

Allergan Deals Add Emphasis to Irvine Operations

HEALTHCARE: Minimum of $350M for buys in eye business

Allergan PLC Chief Executive Brent Saunders is living up to his word when it comes to the company’s Irvine operations.

Accounting Firms Notch 4th Year of Workforce Gains

Employment Up 4.4%, Top Spots Unchanged

Orange County’s largest accounting firms combined to grow the sector’s local workforce by about 4% over the past year, marking the fourth straight year of modest gains.

Management Consultant Gains Slow As Biggest Shrink

27 Firms Eke Out 1% Gain to 1,551 Jobs Here

The pace of employment growth at Orange County’s top management consulting firms slowed over the past year, driven primarily by job cuts at the biggest.

Q&A

A diversity of business sectors, ample capital held by investor groups, and demographic factors are some key drivers behind a robust mergers-and-acquisitions scene in Orange County. The fast pace of M&A activity means professional services providers, such as accountants, are in high demand to carry out sound due-diligence procedures and provide guidance. The Business Journal’s Jane Yu asked local accounting firm executives to share their thoughts on M&A activity in Orange County, as well as to discuss expectations for future trends and client concerns. Here are edited excerpts of their responses:

Game Developer ‘Geeked’ Over Deal to Supply Oculus

MEDIA: Ready at Dawn takes aim at virtual reality, proprietary IP

Irvine-based game developer Ready at Dawn could get a jump-start on its push to launch its own titles and control content, thanks to its recently struck agreement to develop video games for the highly anticipated virtual reality headset from Oculus VR Inc.

Aliso Viejo Office Sale Estimated Over $100M

REAL ESTATE: Two buildings at Summit combine for 295,000 SF

Two buildings in Aliso Viejo that hold the local operations of homebuilder Lennar Corp. and other tenants has traded hands in what looks to be the priciest office sale in South Orange County so far this year.

Personnel Trainer

How Chain Serves Up Talent to Southern California Restaurant Sector

Taco Bell Corp. builds more than just burritos.

Stem Cell Treatment Developer Shifts From People to Animals

HEALTHCARE: Sees quicker path to market with furry subjects

A Santa Ana-based stem cell company is changing its therapeutic direction from man to man’s best friend.

Friday, July 10

Midday Stock Roundup

The S&P 500 was up 1.3% to 2,077.94.

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Thursday, July 9

QLogic Shares Drop on Outlook

Shares of QLogic Corp. have plummeted today after the Aliso Viejo-based networking gear maker slashed revenue and profit targets for the June quarter, citing a bevy of market challenges.

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Midday Stock Roundup

The S&P 500 was up 0.9% to 2,064.26.

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Wednesday, July 8

Banc of CA Sells 2 Branches

Irvine-based Banc of California Inc. has agreed to sell two branches to Americas United Bank in Glendale, which primarily serves Latino-American customers.

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Midday Stock Roundup

Markets saw sell-offs Wednesday morning on concern over China’s stock market.

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Tuesday, July 7

NB Investor Acquires Wall Decor Products Maker

Excelsior Capital Partners LLC in Newport Beach formed two new entities to acquire Artissimo Designs, a manufacturer of wall decoration products.

Payoff to Get $250M

Costa Mesa-based consumer financial services firm Payoff Inc. has secured up to $250 million in debt financing to help its members pay off credit card debt.

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Allergan Makes Migraine Deal With Merck

Allergan PLC said today that it is acquiring the rights to a migraine drug development program from Merck & Co. for an upfront payment of $250 million plus milestone payments and tiered royalties.

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Irvine Software Maker Acquired

Irvine-based Drawloop Technologies Inc. announced it has been acquired by Bellevue, Washington-based Nintex USA LLC for an undisclosed amount.

Five Point Plans for IPO

Aliso Viejo-based Five Point Holdings Inc. said it’s planning an initial public offering.

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Midday Stock Roundup

The S&P 500 was down 0.6% in midday trading to 2,054.69.

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Monday, July 6

Asics Licensee Could Shutter Stores

Asics America Corp. in Irvine said it ended its retail operating agreement with Windsor Financial Group LLC and that it anticipates the former licensee will shutter its 13 stores in response, including the Fashion Island location in Newport Beach.

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Midday Stock Roundup

The S&P 500 was down 0.2% in midday trading to 2,072.39.

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Allergan Buys Dry Eye Company

Allergan PLC, whose eye drug hub is in Irvine, said today that it will buy Oculeve Inc. for $125 million plus milestone payments.

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Masimo Gets European Approval of Portable Oximeter

MightySat Rx Device Unavailable in US

Masimo Corp. ended June on a regulatory roll.

Nike Gives Spotlight to Subsidiary Hurley, Boardshorts

For 5 Days, Surf Ad Took Over Parent’s Home Page

Summer’s here, and Nike Inc. made sure everyone is aware of boardshorts made by its subsidiary, Hurley International LLC.

New Broadcom Deals Build on China Relationships

Three Ventures Involve Cloud, Set-Tops, Ultra HD

Irvine-based Broadcom Corp., which is set to be acquired for $37 billion by Avago Technologies Ltd., is making a big push in China through strategic partnerships with some of the country’s most influential players.

West Orange County Industrial Rates Pick Up in Q1

Hardly any development has been in the pipeline in the West Orange County industrial market, and with a dropping vacancy rate, lease rates have steadily ticked up over the past 12 months.

R.D. Olson’s Development Arm to Newport Beach

Relocation from Irvine to 520 Newport Center Tower

Hotel developer R.D. Olson Development is moving its offices to Newport Beach and closer to one of its biggest projects on tap.

Real Estate Deals

Sales and leases of offices, industrial buildings, retail space and apartments

Gumm Investments sold the Pacific Building, a mixed-use property in the Artist Village District of Santa Ana, to Red Rock Management for $5.3 million, or $325.67 per square foot.

OCBJ Calendar

July 6-15, 2015

This week's business and other event listings.

Determined to Defeat Duchenne

Mother Trains Business Experience on Disease That Struck Son

Debra Miller’s son has Duchenne muscular dystrophy.

Will NFL Deal Help Hyundai Reverse Field?

MARKETING: Takes GM’s spot in sponsorship lineup

Hyundai Motor America Inc.’s new status as the automotive sponsor of the National Football League—a deal that came at an estimated cost of $50 million a year—could be the ticket to getting the Fountain Valley-based automaker back on pace with the market.

Memo to Anaheim: Entertain This!; Jay’s Judgment: Ed Rocks

“Disney tax break up for renewal,” proclaimed the L.A. Times in its business section last week.

Scripsense Cofounders Aim to Do Well By Doing Good

Gift Card Concept Makes Giving to Charity Easier

Lori Jackson “lived scrip,” as she puts it. The mother of four children attending Serra Catholic School in Rancho Santa Margarita was retrieving gift cards worth thousands of dollars from their backpacks each month and distributing them to friends and family members around the county. The private school would get the cards at a discount, usually 1% to 13%, and resell them through students at face value to parents.

Bundles Make Big Business for Maker of Security Systems

More Than $70M in Sales To A-List Customers

Priti Sharma moved to Chicago from India at age 16 and at the time had no idea that she would one day own a multimillion-dollar company.

Medical Device Maker Adds to RSM Presence In Deal Pegged at $37M

REAL ESTATE: Cox affiliate sells building, 24.5 acres near toll road

Rancho Santa Margarita-based medical device maker Applied Medical Resources Corp. has bought the largest office building in its hometown for its growing operations.

Graphene True Game Changer? OCWD Wants to Know

TECHNOLOGY: Hopes to test Lockheed product by year-end

The Orange County Water District is standing ready to test a new technology under development by Lockheed Martin Corp. that could be a game-changer on water treatment, with the potential to lower costs as municipalities and private businesses search for new ways to secure supplies in drought-stricken California.

Buchan’s High Bar

Set Record on Athletic Field at Yale, New Pace for Women in World of Hedge Funds

Sports brought Jane Buchan to Orange County from New York City, and the competitive drive honed on the playing fields has continued with her rise into the ranks of the most powerful women in the world of hedge funds.

Ranks of Biggest Women-Owned Businesses Swell to 100-Strong

Orange County’s biggest women-owned businesses generated $3.5 billion in revenue last year, notching a 5.6% increase and extending a streak of gains to five years.

All in the Family

Swimwear Company Her Parents Started Best Fit for Vogel

Raj Manufacturing LLC co-President Lisa Vogel was recently at the pool with her 11-year-old son, Vaughn, when he lobbed a question.

Gross Greets Old Colleague as New Co-Manager

FINANCE: Janus acquires majority stake in Kapstream

Bill Gross got a co-portfolio manager to support his global unconstrained bond strategy for Janus Capital Group Inc.

Seizing Opportunities

Ready When Doors Opened in Benefits Business

Being ready to seize opportunities is as important as the opportunities themselves, says Kristen Allison, president and chief executive of Irvine-based employee benefits specialist Burnham Benefits Insurance Services Inc.

Beat Goes On

Union Bank Treasury Exec Takes Bold Approach

Susan Beat points to boldness as a constant character trait that helped set her apart as she advanced in banking.

June Gloom Absent from Luxury Coastal Home Sales

14 $4M-Plus Sales Close In Month’s First 2 Weeks

June got off to an auspicious start with 14 luxury home sales over $4 million in the first two weeks of the month.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 38, No. 27

Walt Disney Co. proposed a $1 billion expansion of its Disneyland theme park in Anaheim that would include new attractions, parking and other infrastructure improvements—and it wants an extension on an exemption against any future entertainment taxes in the city in exchange.

$12.4 Million Round for Inari Medical

HEALTHCARE: Plans product improvements, clinical studies

Irvine-based startup device maker Inari Medical Inc. has raised $12.4 million in a second round of venture capital funding.

Thursday, July 2

June Sales Up for OC Automakers

Two of the four Orange County-based automakers beat the national sales pace for new vehicles in June, according to New Jersey-based market researcher Autodata Corp.

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Midday Stock Roundup

The S&P 500 was down 0.2% in midday trading to 2,072.77.

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Avanti Moves HQ to Costa Mesa

Avanti Restaurant Solutions said it moved its corporate headquarters from Sacramento to Costa Mesa.

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Alliant Buys in N.Y.

Newport Beach-based Alliant Insurance Services Inc. has acquired Preferred Concepts LLC, a New York-based wholesale broker and underwriter that specializes in real estate insurance.

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Wednesday, July 1

Distressed RE Specialist Gets $20M Investment

Newport Beach-based real estate investment trust CV Holdings Inc. has sold $20 million worth of preferred stock to Tricadia Capital Management LLC in New York.

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Midday Stock Roundup

The S&P 500 was up 0.5% in midday trading to 2,072.91.

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Newly Acquired Bond Firm to Support Gross

Janus Capital Group Inc. has acquired a majority stake in Kapstream Capital Pty Ltd, an unconstrained bond manager in Australia that also has operations in Newport Beach.

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