Stories for August 2016

Wednesday, August 31

FantasyAces Acquires More Players

The parent company of Aliso Viejo-based startup FantasyAces LLC has entered an agreement to acquire a database of fantasy sports players from Gaming Nation Inc.

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Midday Stock Roundup

The S&P 500 was down 0.5% in midday trading to 2,165.83.

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Tuesday, August 30

Swell.com Parent Rebrand on Hold

Australia-based online retailer SurfStitch Group Ltd. said a wave of recent losses have prompted it to delay a global rebranding effort that would have consolidated its online operations into a single website—Swell.com—named after its e-commerce subsidiary in Irvine.

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Brandman Exec Recognized

Brandman University announced today that Laurie Dodge, vice chancellor of institutional assessment and planning, has been named one of “The Sixteen Most Innovative People in Higher Education” by Washington Monthly.

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Midday Stock Roundup

The S&P 500 was down 0.3% in midday trading to 2,173.80.

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Gilyard to Step Down at Chapman

Chapman University’s George L. Argyros School of Business and Economics Dean Reginald Gilyard will step down at the end of the academic year, next May.

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Monday, August 29

New CEO for Manhattan Beachwear

Manhattan Beachwear Inc. in Cypress named Kevin Mahoney its chief executive.

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Orange Coast Magazine for Sale

Emmis Communications Corp. in Indianapolis plans to sell Newport Beach-based Orange Coast magazine, Los Angeles magazine and three other regional monthly print publications as part of an effort to go private, according to Orange County Business Journal sister publication Los Angeles Business Journal.

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Midday Stock Roundup

The S&P 500 was up 0.6% in midday trading to 2,182.99.

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ADDENDUM

Other items of interest Orange County Business Journal Vol. 39, No. 35

A.G. Kawamura, owner of Irvine-based Orange County Produce, and Tom Nassif, president and chief executive of Irvine-based Western Growers, were appointed to the agricultural advisory committee of Republican presidential nominee Donald Trump’s campaign, the Orange County Register reported.

St. Joseph Embraces Digital Change After Challenges

Records Integration One Of Series of Tech Changes

Irvine-based St. Joseph Health, one of the largest healthcare operators in Orange County, set out four years ago to establish a single electronic record for each patient who visits any of its 16 hospitals spread across California, Texas and New Mexico.

Better Sense of Performance Now at Pros’ Fingertips

Sensors, Already Popular With Amateurs, Move Up

World-class surfer and part-time San Clemente resident Jordy Smith is trying to level the playing field, not against the competition, but Mother Nature.

Incipio Ends Skullcandy Pursuit

Incipio LLC walked away from its bidding war with Mill Road Capital Management LLC, a private investment firm that made the winning offer for Skullcandy Inc. at $6.35 a share in cash, which valued the company at about $197 million.

Acacia-Veritone Deal Could Hit $50M

Acacia Research Corp. will lend $20 million to Veritone Inc. in a deal that could be worth up to $50 million to Veritone, which is developing ways to search and analyze large amounts of audio and video content and other data.

Lombard Medical to Leave US Market

Irvine-based Lombard Medical Inc. said it will exit the U.S. market and explore “strategic alternatives” for its business in other markets.

Chipmakers, led by Broadcom, Cut OC Work Force 16%

17 Biggest Down 756 Jobs To Just Under 4K Workers

Big job cuts at Broadcom Ltd. following its $37 billion sale in February to Singapore-based Avago Technologies Inc. and a string of divestitures fueled one of the steepest local employment drops in the chip sector in years.

OCBJ Calendar

Aug. 29-Sept. 7, 2016; Sept. 22, 2016

This week's business and other event listings.

Dallas Buyer Gets Laguna Design Center for $53.7M

Colton Co. Paid $21.5M For Retail Property in 2000

Dallas-based retail property investor Dunhill Partners Inc. has bought a shopping center in Laguna Hills that caters to high-end design and home-furnishing tenants.

Real Estate Deals

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

A multitenant industrial park in Santa Ana was sold for about $6 million, or $135 per square foot.

Dwindling PC Sales Pull Down Western Digital Results

Hard Drive Sales Sink To Five-Year Low at 40M

Western Digital Corp.’s hard drive sales have fallen to the lowest level since heavy monsoons and record floods shut down its Thailand manufacturing hub nearly five years ago.

Industrial Construction Slows in Q2 as Office Pipeline Fills

There is little land available across the board for industrial developments in Orange County.

Amusement Park Helps Angels Crack Funny in Ads

Superfan ‘Julie’ Lives, Breathes the Game

The Los Angeles Angels of Anaheim signed Amusement Park in June to create a campaign targeting “women and other groups typically outside the scope of MLB marketing,” and the Santa Ana-based agency this month delivered three TV ads featuring Julie—“mom, superfan, Mike Trout enthusiast!”

Smile Brands Acquisition Brings Branding Boost

Dental Services Provider’s Founder, CFO Back to Firm

The buy of Smile Brands Inc. by OneSmile LLC in Laguna Hills a few weeks back brings new branding options to the dental practice manager in Irvine.

Recent Grad, Dad Start Millennial Job Counsel Service

Qidian Combines Tech With Personal Touch

A recently launched Irvine company uses technology in concert with a personal career counselor to help recent grads find jobs.

Sales Stay Brisk as Summer Season Winds Down

14 High-End Transactions Close So Far This Month

Luxury home sales in the first three weeks of August continued the brisk pace set in June and July, with 14 transactions above $4 million closing in the first three weeks of the month.

XUMO Uses Data, Digital to Capture Cord Cutters for LG

TECHNOLOGY: Powers streaming content channel for TV maker

Technology by Irvine-based XUMO is powering a free streaming content service geared for U.S. customers of LG Electronics Inc., the world’s second largest TV manufacturer.

Venture Capital Funding Up in Q2

Orange County was the eighth largest U.S. market for high-technology venture capital funding in the second quarter, a jump of two spots compared with the same period last year, the Irvine office of real estate brokerage JLL said.

Logistics Outfit Goes Big on North OC Industrial in HQ Shift

REAL ESTATE: 441,000-SF deal in Fullerton biggest lease this year

Third-party logistics services provider 3PL Global LLC is expanding its Orange County presence and shifting its headquarters to Fullerton after signing the largest industrial lease here this year.

Swimwear Maker’s Bet on Other Categories Pays Off

APPAREL: LSPACE grows sales 1,685% in 8 years with ‘easy’ duds

LSPACE America LLC in Irvine, following cues from the fashion industry, widened its focus a couple of years ago to include “easy-to-wear” apparel along with its signature swimwear, and the move appears to be paying off.

Shopoff Sees Long Haul on Redevelopment in HB

REAL ESTATE: Parcel along coast goes for $925,000 per acre

Bill Shopoff’s largest local acquisition in over five years—a former oil storage facility in Huntington Beach—could prove to be the most challenging entitlement project yet for the Irvine-based real estate investor and developer.

Paper Trail for Digital Pioneer

How 95-Year-Old Company Stays Ahead of Curve in Orange

Paper Mart has a simple key to its 95 years as a family-owned business: Be adaptable.

Irvine Firm Crafts Universal USB Logo

BrandingBusiness in Irvine developed a logo that will help distinguish USB chargers certified by USB Implementers Forum Inc. as compatible with devices that use smaller Type-C USB ports, including laptops, tablets, smartphones, docking stations and other products.

Print, Online News Companies Take Opposite Paths

MEDIA: Web-based venture adds site, print paper regionalizes

Opposing forces are playing out in the OC media industry as a print-based operation merges mastheads while expanding geographic coverage, and a localized, online-only venture starts spreading out along the coast.

TRI Pointe Plans Townhomes at Nabisco Site

REAL ESTATE: Buena Park land bought from City Ventures

Irvine-based homebuilder TRI Pointe Group Inc. has taken over ownership of a prominent residential development site in Buena Park that previously held a Nabisco food manufacturing facility.

Elizabeth Engages; OC’s Asian Edge

Maria Hall Brown is the talent behind KOCE’s upcoming documentary on the late Henry Segerstrom, and the Insider hears that her project has attracted the keen interest of Elizabeth Segerstrom, who’s joined Sandy Segerstrom Daniels as co-managing partner at C.J. Segerstrom & Sons and its South Coast Plaza since her husband’s passing last year … 

New Luxury Car Player Shifts Into D

AUTOMOTIVE: Hyundai spinoff Genesis presents self as differentiator

The recently established Genesis Motors USA in Fountain Valley is technically a rookie company on the automotive stage—just don’t call it that.

Friday, August 26

Midday Stock Roundup

The S&P 500 was down 0.2% in midday trading to 2,167.13.

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Thursday, August 25

Midday Stock Roundup

The S&P 500 was down 0.1% in midday trading to 2,172.68.

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Wednesday, August 24

Incipio Ends Skullcandy Pursuit

Incipio LLC walked away from its bidding war with Mill Road Capital Management LLC, a private investment firm that made the winning offer for Skullcandy Inc. at $6.35 a share in cash, which valued the company at about $197 million.

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Tilly's Results Beat Street

Tilly’s Inc. in Irvine reported revenue and earnings that exceeded Wall Street expectations for the August quarter.

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$26M Settlement for County

The Costa Mesa office of law firm Theodora Oringher said today that it obtained a $26 million settlement for Orange County against India-based Tata Consultancy Services Ltd.

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Midday Stock Roundup

The S&P 500 was down 0.2% in midday trading to 2,182.86.

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Tuesday, August 23

OC a Top-10 Funding Market

Orange County was the eighth largest U.S. market for high-technology venture capital funding in the second quarter, a jump of two slots compared with the same period last year, the Irvine office of real estate brokerage JLL said.

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Lantronix Narrows Loss

Irvine-based Lantronix Inc. reported lower net losses in its most recent quarter and year; shares rose 15% after-hours Tuesday but declined on a sell-off in Wednesday trading

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Bank to Pay $100M for Stadium Name

Irvine-based Banc of California is the $100 million naming partner for the Los Angeles Football Club’s new soccer stadium, which is scheduled to open in 2018.

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StuNews for Newport Beach

The popular StuNewsLaguna.com will launch a sister publication, StuNewsNewport.com, starting September 8.

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Midday Stock Roundup

The S&P 500 was up 0.3% in midday trading to 2,188.26.

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Acacia-Veritone Deal Could Hit $50M

Acacia Research Corp. will lend $20 million to Veritone Inc. in a deal that could be worth up to $50 million to Veritone.

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Monday, August 22

Lombard Exits U.S., Seeks Sale

Irvine-based Lombard Medical Inc. said it would exit the U.S. market and explore “strategic alternatives” for its business in other markets.

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Speedo Drops Lochte

Speedo USA in Cypress will end its sponsorship of Ryan Lochte after a story he and three other U.S. swimmers told of being robbed at gunpoint on Aug 14 in Rio de Janeiro during the Olympic Games was proven false by authorities.

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Winston to CMO for Lugano

Lugano Diamonds in Newport Beach has promoted Stuart Winston to chief marketing officer and executive director of retail.

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McDonald Top OC Lawyer in Employment Law

Attorney James J. McDonald Jr. has been named Lawyer of the Year in Orange County in the “Employment Law-Management” category for the second year in a row.

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Midday Stock Roundup

The S&P 500 was down 0.1% in midday trading to 2,182.62.

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Bryant Has $100 Million VC Fund

Retired NBA player Kobe Bryant has added venture capitalist to his new calling, with a $100 million fund that will invest in technology, media and data companies.

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Pacific City Sale Tops Chart For OC Retail

REAL ESTATE: Values new center in Huntington Beach at $970 PSF

It took the Pacific City shopping center in Huntington Beach less than a year to claim a spot among Orange County’s most valuable retail properties.

Innovation Institute Plans Fund for Startups

HEALTHCARE: 3rd phase for La Palma-based enterprise

Innovation Institute LLC in La Palma plans to raise $150 million and take “meaningful” stakes in healthcare startups at “Series B and beyond” with investments in the $10 million to $12 million range.

Cambria Hotel Eyed for Anaheim to be Chain’s Largest

350-Room Project On Katella to Run 12 Stories

A limited-service hotel planned for the Anaheim site near the Disneyland Resort that once held The Boogie nightclub appears to be getting much taller than initially envisioned.

Mid-Counties Industrial Market Hard to Read in Mixed Q2

Demand for real estate in the Mid-Counties industrial market has become a challenge to quantify with its historically low levels of inventory.

Real Estate Deals

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

Kelemen Caamaño Investments sold a building in Irvine to Bomel Construction for about $15.1 million, or about $363 per square foot.

Kingston Joins Pokémon Bandwagon With Competition

Gym Battle Provides Face Time With Game’s Fans

Fountain Valley-based Kingston Technology Inc. is the latest OC tech company trying to capitalize on the Pokémon Go craze sweeping the globe.

Alcatel Dials Up Promotional Help From Irvine Shop

Envoy Creates National Ads That Trumpet IDOL 4

Smartphone maker Alcatel Onetouch, the Irvine-based unit of TCL Communication in China, which posts annual sales topping $5 billion, worked with Envoy to launch a new national campaign for its flagship device.

Good ReVision Study News Follows FDA OK for Gel

Plans to Look at Raindrop Inlay for Post-Cataract Use

ReVision Optics Inc. in Lake Forest said study results on its Raindrop product showed “significantly improved near and immediate vision” in patients with presbyopia.

OCBJ Calendar

Aug. 23-31, 2016; Sept. 22, 2016

This week's business and other event listings.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 39, No. 34

Sole Technology Inc. in Lake Forest appointed Esmail Mawjee interim president, a new position.

PHILANTHROPY

More than 500 “foodies” gathered at Montage Laguna Beach on May 15 for the city’s premier culinary event for a cause, Laguna Beach Taste of the Nation for No Kid Hungry. 

Fastest-Growing Private Companies Wanted for Annual List

ECONOMY: Centerpiece of Sept. 19 Special Report

Is your company growing fast? 

Ex-Abbott Exec Now Alphaeon Chief

Alphaeon Corp. in Irvine named Murthy Simhambhatla president and chief executive to replace Robert Grant.

LAB Holding Plans LB Retail Center

Shaheen Sadeghi of Costa Mesa-based LAB Holding LLC got the green light from Long Beach City Council to turn city-owned property in the north part of town into a “small-business friendly” retail center.

Gaming Content Maker Acquired

Twitch.tv, the world’s largest live-streaming site for gaming content, acquired Irvine-based Curse Inc., which creates content for gamers.

Private-Equity Buyer for Smile Brands

Smile Brands Group Inc. in Irvine was acquired by private-equity firm Grpyhon Investors in San Francisco on undisclosed terms.

$97M Army Contract to Irvine Manufacturer

A manufacturer in Irvine has won a nearly $97 million contract to supply weapon components to the U.S. Army.

New Home Co. Expands Into San Diego

REAL ESTATE: Also grows within OC with Brea project

New Home Co. has bought land for its first homebuilding project in San Diego, and is also expanding its reach in Orange County through a new project at the La Floresta development in Brea.

EVENTS Calendar

This list includes conventions, trade and consumer shows, and other happenings scheduled from Aug. 22 through July 31, 2017.

Sports Report: Golf, Rodeo, Theater, Etc.

Count the Oct. 5-9 run of the Toshiba Classic at the Newport Beach Country Club as another aspect of Fountain Valley-based Kingston Technology’s role as a good sport and able marketer.

Niche Groups Help Hotels Fill Up Events Bookings

Industry Values Consistent, Flexible Source of Business

It’s the little things that count.

Q&A

Orange County hotels and resorts are nothing if not agile—always adapting and improving their goods and services. Hospitality providers here lately are building on OC’s reputation for attractive venues and entertaining presentations by crafting creative events (see story page 1) and targeting niche groups for meetings (see story page 18). Once groups get to a property, though, what do they do? What’s new on-site for them to try, enjoy or benefit from? Reporter Paul Hughes asked hotels, resorts and other venues about physical changes they’ve recently made at their properties, including those intended to tap a specific submarket of the meetings and convention business. Some facilities focused on food, fireworks or fitness, while others went with spa amenities or enhanced technology behind the scenes. Here are edited excerpts of their responses:

Karma’s Road to Revival Starts in Spectrum

REAL ESTATE: 262,000 SF for executive offices, direct sales center

Karma Automotive LLC will move the bulk of its local operations and establish a new direct sales center in a building in Irvine whose design is expected to echo the company’s cutting-edge technology.

Brand Amp Makes Its Breaks

PR Shop Thrives Amid Client Shakeups

This could have been a tough year for The Brand Amp.

Will This Trend Float?

Creative Alternatives on Meetings Claim Spotlight

Balboa Bay Resort finally has a yacht.

PR Firms Up Staffing 14%, Outpacing US Estimate

The Brand Amp Stays Atop List With 21% Increase

The majority of the biggest public relations firms in Orange County increased their staffing levels during the 12 months ended July 31, combining to more than double the Bureau of Labor Statistics’ projected 6% pace of national industry growth.

Friday, August 19

More Honors for OC Lawyers

More attorneys and a law firm have been recognized as being outstanding in their practice area.

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Midday Stock Roundup

The S&P 500 was down 0.3% in midday trading to 2,180.39.

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Unemployment Up as Labor Force Grows Again

Orange County’s unemployment rate rose to 4.6% in July from a revised 4.4% in June.

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OC Security Company Unveils Robots

Santa Ana-based Allied Universal will launch its autonomous robot products at an unveiling event in Irvine today.

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Hyundai, Amazon Link on Test Drives

Hyundai Motor America in Fountain Valley will let prospective buyers in the Los Angeles and Orange County areas book test drives for the 2017 Elantra through Amazon’s Prime Now service, and check out the sedan at local dealers.

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Thursday, August 18

Former Ubiquity Exec Faces SEC, DOJ Charges

The former interim chief executive of Irvine-based Ubiquity Inc., which is transitioning away from media and into augmented and virtual reality, has been slapped with civil fraud charges by the Securities and Exchange Commission and criminal fraud charges by the Department of Justice.

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Keller Gets Nod From Best Lawyers

Attorney Jennifer Keller has been named Orange County Lawyer of the Year in the category of “Criminal Defense: White-Collar” by Best Lawyers 2016-17.

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119 OC Firms Make Inc. 5000

Orange County placed 119 companies on the Inc. 5000 ranking of the fastest-growing U.S. private companies.

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Frost Startup Gets More Money

NarrativeWave raised $1.2 million in Series C funding, bringing its total funding to $3.2 million.

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Midday Stock Roundup

The S&P 500 was up 0.1% in midday trading to 2,184.09.

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Smile Brands Acquired

Smile Brands Group Inc. in Irvine has been acquired by private equity firm Grpyhon Investors in San Francisco on undisclosed terms.

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Wednesday, August 17

LoanDepot Gets $150 Million

Foothill Ranch-based loanDepot.com LLC has received $150 million in term debt financing.

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Ex-Abbott Exec New Alphaeon CEO

Alphaeon Corp. in Irvine named Murthy Simhambhatla president and chief executive to replace Robert Grant.

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Midday Stock Roundup

The S&P 500 was down 0.1% in midday trading to 2,175.86.

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Amazon’s Twitch Buys Irvine Gaming Specialist

Twitch.tv, the world’s largest live-streaming site for gaming content, has acquired Irvine-based Curse Inc., which creates content for gamers.

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LAB Holding In $7M Long Beach Land Buy

Shaheen Sadeghi of Costa Mesa-based LAB Holding LLC got the green light from the Long Beach City Council to turn city-owned property in the north part of the town into a “small-business friendly” retail center.

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Smith Micro Down After Reverse Split

Shares of Smith Micro Software Inc. are down in its first trading session after the Aliso Viejo-based company initiated a reverse stock split before the start of trading today.

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Crystal Cove Nonprofit Names CEO

The Newport Coast nonprofit Crystal Cove Alliance named Alix Hobbs president and chief executive effective today.

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OCTANe in State Life Sciences Push

OCTANe in Aliso Viejo will work with California Life Sciences Association on statewide advocacy and programs for supporting Orange County life sciences companies.

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Tuesday, August 16

OC Hotel Sales Up, Prices Down

The number of hotels sold in the first half of 2016 increased 27% but total dollar value of those sales fell 83%, a report by Atlas Hospitality Group said.

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Midday Stock Roundup

The S&P 500 was down 0.4% in midday trading to 2,181.16.

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New Editor for Excelsior in Santa Ana

The parent organization of the Orange County Register has named Carlos Aviles editor of its three Spanish-language weekly newspapers and associated digital media—Excélsior in Santa Ana, La Prensa in Riverside, and ImpactoUSA in Torrance.

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Monday, August 15

Puerto Rico Manufacturer Buys in Costa Mesa

Costa Mesa-based Mocean Holding Company LLC has been acquired on undisclosed terms by SNC Technical Services in Puerto Rico.

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Irvine Translation Firm Acquired

Welocalize Inc. acquired Irvine-based Global Language Solutions on undisclosed terms.

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Midday Stock Roundup

The S&P 500 was up 0.4% in midday trading to 2,192.80.

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Footwear Maker Names Interim President

Sole Technology Inc. in Lake Forest appointed Esmail Mawjee interim president, a new position.

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OCTANe Q2 Funding Up Big

Aliso Viejo-based OCTANe announced Monday that startups that completed its LaunchPad accelerator raised nearly $75 million in the second quarter, according to Chief Executive Bill Carpou.

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Accreditation for Concordia Business School

Concordia University in Irvine said it received accreditation for its business and economics programs within its business school, which serves undergrads and grads.

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Masimo Takes Another Step Into Regional Oximetry

Gets European Approval For Sensor for Pediatrics

Masimo Corp. in Irvine got CE marking for its O3 regional oximetry sensor in some pediatric settings, which allows it to be sold throughout Europe and other countries.

Lincoln Club’s Cue; Haddad’s Menace; Callahan’s Kickers

The Lincoln Club of Orange County said a mouthful—and not a word about Donald Trump—in a recent call for support for Marco Rubio, who came up short in his bid for the GOP presidential nomination and now seeks a second term representing Florida in the U.S. Senate.

Deeper Dive on Sales

APPAREL: Manhattan Beachwear at $700M, pricing change aims for more

Manhattan Beachwear Inc.’s annual sales have grown tenfold to nearly $700 million since Linsalata Capital Partners became its majority owner six years ago. Now the Cypress-based swimwear designer and manufacturer with a roster of 55 brands is about to get bigger.

Milan Capital Buys in LB, Sells in Anaheim

REAL ESTATE: Park Tower office trades for close to $26M

Milan Capital Management, an Anaheim-based commercial real estate investor, has bought an office tower in Long Beach and sold an office in its hometown in two deals topping $50 million together.

Liftoff for Growth

EnCore’s New Airliner Seat Certification Unit Ready To Leverage Boeing Contract to Gain Market Share

An acceleration sled propelled by two compressed air tanks has just concluded one of its first thrusts down a 120-foot runway in a renovated wing at the Huntington Beach headquarters of EnCore Aerospace LLC.

Biolase Gets $10 Million for Ongoing Turnaround

HEALTHCARE: 2 biggest shareholders boost stakes

Biolase Inc. in Irvine sold $10 million in preferred stock and warrants to its two largest shareholders and others to continue to fund a turnaround effort the company said has had some early success.

Huntington Beach Luxe Rentals Sell For Top Dollar

REAL ESTATE: New complex moves for estimated $131 million

A newly built apartment complex in Huntington Beach has a new owner in a deal that appears to set a high-water mark for pricing in Orange County’s hot multifamily market.

Roberts-Owned Mission Inn Hits List

Mission Inn Hotel & Spa in Riverside was named to a 2016 top 10 list by readers of USA Today.

Biggest Area Subway Developer to Relocate Eateries

RESTAURANTS: Taps eating trends, new areas in OC

Grewal Foods OC LLC in Irvine plans to relocate 15 to 20 of its 250 Orange County Subway restaurants over the next two to three years, said President Bob Grewal.

Pokémon Go Craze Creates Buzz for Startups, Other Local Companies

One deal signed, talks under way on additional augmented reality work

Augmented reality has always been in the shadows of its more famous parent, virtual reality. That all changed in a big way in July when Pokémon Go took the world by storm. OC startups with an AR focus have since seen a surge of interest from clients and investors.

Little E Tells ‘Big Dog’ Pet Insurance Firm’s Story

MARKETING: Race star in ad showing Nationwide’s other side

NASCAR driver Dale Earnhardt Jr. is starring in a new TV commercial for a Brea-based pet insurance company, compliments of the firm’s parent, Nationwide Insurance Co. in Columbus, Ohio.

NextVR Gets $80 Million in Funding

Laguna Beach-based virtual reality content maker NextVR Inc. said it completed an $80 million round of funding led by Asian technology companies.

Microsemi Names Rams Practice Facility

Aliso Viejo-based chipmaker Microsemi Corp. took naming rights of the Los Angeles Rams practice facility at the University of California-Irvine.

Vietnam Firm Buys Dairy Products Maker

Marwit Capital in Newport Beach sold on undisclosed terms its Driftwood Dairy Inc. to Vietnam Dairy Products Corp.

OC Class A Rents Hit $3 Mark for 1st Time Since ’08

Up 42% From Bottom, More Increases Anticipated

It’s taken eight long years, but Orange County’s office market is now back to prerecession levels by one key metric: asking rents.

Device Maker Appoints New Head

ReShape Medical Inc. in San Clemente named Mike Mangano president and chief executive.

OC Office Market Remains Landlord-Driven in Q2

The Orange County office market is currently characterized as a landlord market due to the low availability rate. Strong employment growth in the county continued to be the primary driver of improving fundamentals.

OC Industrial Market Demand Strong in Q2

The Orange County industrial market showed no signs of decelerating at the midpoint of the year, despite the lack of available product that has become a common theme for the region over the past several years.

Retailers Vie for Limited New Space

The slightly lackluster changes over the past few quarters were no surprise despite Orange County’s attributes, due in part to the lack of new development. The construction pipeline contains an excess of retail and countless willing tenants, though few have made their way into development, leaving very little new space for tenants to vie for. Limited space for new developments opposite the uncertainty of big-box anchor longevity has given developers pause, creating a focus on smaller, safer projects.

Addendum

Other items of interest Orange County Business Journal Vol. 39, No. 33

Karma Automotive LLC in Costa Mesa said its distribution strategy for the new Revero car will include 10 independent dealers in the U.S. and Canada and a company-owned “brand-experience center” in Orange County.

Realty Agents Use ‘Storytelling’ to Entice Buyers

Say High-End Clientele Seek ‘Bespoke Experience’

It’s little wonder that coastal Orange County may seem like the setting for a novel, with its expansive ocean vistas, low rolling hills and wide blue skies.

OCBJ Calendar

Aug. 15-24, 2016; Sept. 22, 2016

This week's business and other event listings.

Video Campaign Celebrates Anaheim’s Food, Brews

18 Features Spotlight Local Places to Consume

Visit Anaheim, the destination marketing organization for Anaheim and Garden Grove, hired online content publisher FOODBEAST in Santa Ana to create videos showcasing the area’s “diverse craft brew and local dining scene.”

US Patent Chief Sees Momentum on Cybersecurity

Obama Adviser Marks Increased Applications

Michelle Lee, a senior economic adviser to President Barack Obama and the country’s top patent official, in a recent interview with the Business Journal highlighted the importance of new technologies related to cybersecurity, a growing area of specialization in Orange County.

Real Estate Deals

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

Joseph Trading, a provider of flavorings for Yogurtland, signed a three-year lease at 6180 Valley View St. in Buena Park.

SmartStop Pursues New $1B REIT, Opens Local Gym

New Fund Would Be Its Fourth Since 2008

Ladera Ranch-based SmartStop Asset Management LLC is looking raise more than $1 billion to fund another batch of self-storage facility acquisitions across the country as it takes the wraps off of a new development in its hometown.

Firm Banks on Fact That Advisers Need Advice, Too

Site Also Connects Them To Wider Client Base

A San Clemente-based company has created a website that connects advisers in related financial professions to each other and to consumers.

OC Cities’ Populations Inch Up Another 1% to 3M+

34 Incorporated Areas Still Topped By Anaheim

Orange County’s population expanded by about 29,000 people last year, or a hair under 1%, ending 2015 at slightly above 3 million.

Telecoms Reverse 2 Years of Job Cuts With 4% Gain

Led By T-Mobile, Which Added 175 Employees

The continued growth of T-Mobile USA Inc. and Mobilitie LLC’s local operations boosted the employment of the largest telecommunications companies in Orange County over the year ended July 31.

Friday, August 12

Jury Nixes $554M Claim

A jury in Orange County unanimously ruled Friday against San Juan Capistrano-based InfoSpan Inc. in favor of Dubai-based Emirates Bank in a federal lawsuit.

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Healthcare Group Starts $150M Fund

Innovation Institute in La Palma will raise $150 million to invest in early-stage healthcare companies. It bought TriStar Health Partners LLC in Nashville to be the fund investment manager.

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Midday Stock Roundup

The S&P 500 was down 0.2% in midday trading to 2,182.58.

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Emerald Buys Two More Shows

Emerald Expositions LLC in San Juan Capistrano acquired two trade shows from founder Shannon Leggett on undisclosed terms.

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Thursday, August 11

OC No. 3 in Travel Ranking

Orange County is the No. 3 “large city” destination—bested only by Los Angeles and New York City—in a national assessment by Resonance Consultancy Ltd. in New York.

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Hotel Menage to Rebrand as Sheraton

The Hotel Menage in Anaheim plans to rebrand as a Four Points by Sheraton, industry sources said.

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ASICS Americas Sales Down

ASICS America Corp.’s sales in the first half of its fiscal 2016 declined 17.3% compared to the same period last year, according to its parent, Japan-based Asics Corp.

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Midday Stock Roundup

The S&P 500 was up 0.5% in midday trading to 2,186.88.

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Allergan to Buy Glaucoma Co. for $95M

Allergan Plc plans to buy ForSight Vision5 for $95 million and milestone payments.

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REIT in First of Three Development Deals

CareTrust REIT Inc. in San Clemente invested $2.2 million in a company that’s developing a new healthcare facility CareTrust plans to own.

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Wednesday, August 10

Disney Parks Earnings Up

Walt Disney Co. in Burbank earned $2.6 billion on revenue of $14.3 billion in its most recent quarter, up from $2.5 billion on $13.1 billion for the same period last year.

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Private Equity Firm Sells Dairy

Marwit Capital in Newport Beach has sold on undisclosed terms its Driftwood Dairy Inc. to Vietnam Dairy Products Corp.

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Education Firm to Open Irvine Site

New York City-based General Assembly, a global education company, announced Wednesday it will open a campus in Irvine.

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Midday Stock Roundup

The S&P 500 was down 0.2% in midday trading to 2,176.35.

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Microsemi Name for Rams' UCI Field

Aliso Viejo-based chipmaker Microsemi Corp. has taken naming rights of the Los Angeles Rams practice facility at University of California-Irvine.

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Tuesday, August 9

Karma Seeks to Make Model in China

Wanxiang Group Corp., the parent company of Karma Automotive LLC in Costa Mesa, plans to manufacture electric cars in China, according to Bloomberg.

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NextVR Completes $80M Funding

Laguna Beach-based virtual reality content maker NextVR Inc. said it has completed an $80 million round of funding, led by a syndicate of Asian technology companies.

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Midday Stock Roundup

The S&P 500 was up 0.1% in midday trading to 2,182.68.

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Monday, August 8

Target to Open Concept Store Near UCI

Minneapolis-based Target Corp. selected Irvine Company’s University Center near University of California-Irvine as one of four college campus locations where it will open a “flexible-format” store. It will be the first such store in Orange County.

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Midday Stock Roundup

The S&P 500 was down 0.1% in midday trading to 2,180.47.

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Device Maker Names Boss

ReShape Medical Inc. in San Clemente named Mike Mangano its president and chief executive.

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Karma Sets Sales Strategy

Karma Automotive LLC in Costa Mesa said its distribution strategy for the new Revero car will include 10 independent dealers and a company-owned “brand-experience center” in Orange County.

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JWA June Traffic Up

John Wayne Airport said 929,000 passengers flew in and out of the airport in June, a 9.4% increase over the 850,000 that did so in the same period last year.

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PacSun to Shutter 132 More Stores

RETAIL: In talks with mall landlords on lease revisions

Pacific Sunwear of California Inc. in Anaheim plans to close 46 stores as it emerges from bankruptcy in October, and another 75 over the course of the next year or so.

HMO Membership Flat in OC, PPOs Post 12% Rise

Growth on Hold As Planned M&As Scrutinized

Orange County’s top eight health maintenance organizations grew slowly during the 12 months through July.

Perceptions of New OC Reality Range

A couple of recent visitors came from the East Coast and left the clear impression that old stereotypes about Orange County—all-white population, conservative to the point of reactionary, land of goofy housewives—are a thing of the past on the other side of the continent, too …

Cigna Deal for Offices in Orange Tops $100M

REAL ESTATE: Trio adjacent to Outlets, Christ Cathedral

A trio of office properties near the Outlets at Orange shopping center—along with adjacent land that’s expected to hold a host of apartments—has new ownership after a deal valued in excess of $100 million.

Skylights Manufacturer Sheds Light on Fast Growth

MANUFACTURING: Bucks trend with Costa Mesa factory

Skyco Skylights Inc. is bucking the trend with its manufacturing operation in Orange County.

Q & A

First of all, healthcare quality and reductions in the cost of care aren’t mutually exclusive. In fact, as we improve quality, we usually become more efficient, and that means better, more affordable and accessible healthcare for those we serve.

MemorialCare-Boeing Contract May Be First of Trend

Local Systems Have Talked With Employers

Fountain Valley-based MemorialCare Health System is the first local participant in an early movement by big employers to rein in healthcare prices.

Donuts to Dollars

East Coast Chain Taps Villa Park-Based Franchisee to Lead on New Look, Amenities

Irvine-based Dunkin’ Donuts franchisee Parag Patel will spearhead a new restaurant design for the national chain, with plans to open 20 franchised locations spread over Orange and Riverside counties within two to three years.

Streamlined Innovation Propels Oakley as Parent Exercises More Control

APPAREL: Boosts eyewear, centralizes operations under Milan

Oakley Inc. parent Luxottica Group SPA is rooting for its own at the Olympic Games in Rio de Janeiro this month, tallying medals won by Team Oakley.

Mortgage Firm Strikes Big Lease At Old Ingram HQ

REAL ESTATE: Greenlight parent takes 150,000 SF in Santa Ana

The parent company of Greenlight Financial Services, a mortgage company with sizeable operations in Orange County, has struck a deal to relocate much of its local employee base to Santa Ana in what looks to be a blockbuster office lease.

Co-Working Goes High Profile

STARTUPS: WeWork joins local field with two floors at Spectrum tower

Co-working spaces have thrived in Orange County for years among entrepreneurs who desire a more casual, open work environment and perks such as beer on tap and monthly networking events.

Irvine Startup Aims to Disrupt Mortgage Industry

Wants to ‘Evaporate’ Cost, Time of Complex Process

A startup that’s automating the mortgage process has raised $7.5 million in Series A funding.

Apartment Push Gives Rentals Edge in Irvine Ratio

More Rentals Than Owner Units, JLL Reports Shows

The city of Irvine remains the hub of homebuilding in Orange County through development of Great Park Neighborhoods and the Irvine Ranch, but an even faster construction push in the multifamily sector over the past decade has given rental units majority status in OC’s fastest-growing city, according to new brokerage data.

Greater LA Industrial, Office Markets Strengthen in Q2

Activity picked up for the Greater Los Angeles office market in the second quarter after a positive yet slower start to the year.

Real Estate Deals

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

JPMorgan Chase Bank & Co. signed a 10-year lease at 17771 Santiago Blvd. in Villa Park for $1.8 million.

Tech-Exec-Turned-VC-Leader Eschews Corner Office

Smith Reflects on Pass Of Chance to Buy Dell Unit

The allure of taking over the business software unit he grew to about $1 billion in annual revenue until its $2.8 billion sale in 2012 to Dell Inc. wasn’t enough to win over Vinny Smith.

Software Maker Spreads Out With Global Showdowns

Cylance Goes on Tour With Part of $100M Raise

Irvine-based software maker Cylance Inc., which recently raised $100 million in a Series D round, is using some of the funds to boost its international marketing initiatives.

Mazzo-Mussallem Talk to Headline Device Forum

Annual Event Also To Feature Panel Discussions

Companies seeking funding and potential investors will link up just over two months from now at an annual Orange County medical device industry forum.

OCBJ Calendar

Aug. 8-17, 2016

This week's business and other event listings.

Sales Along OC Coast Show Summer Sizzle in July

24 Transactions Totaled $160M, Besting June, May

July may be the hottest month this summer for luxury home sales in Orange County, based on figures from online real estate aggregator Redfin.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 39, No. 32

Vans Inc. in Cypress promoted Doug Palladini to global brand president, effective immediately.

Fastest-Growing Private Companies Wanted for Business Journal’s Annual List

ECONOMY: Centerpiece of Sept. 19 Special Report

Is your company growing fast? 

Pyott, Kiani in $13 Million Investment

Irvine-based Bioniz Therapeutics Inc. said it appointed David Pyott, former chief executive of Allergan Inc. [now Allergan PLC] board chairman.

OCTANe Enters Med Device Pact

Aliso Viejo-based OCTANe and the Boston-based Massachusetts Medical Device Industry Council will work together to build awareness of emerging med-tech companies for investors in Orange County and Boston.

Tradeshow Producer Buys in Tennessee

Emerald Expositions LLC in San Juan Capistrano acquired the International Gift Exposition in the Smokies from M&M Gift Shows in Toledo, Ohio.

Beverage Products Maker Acquired

Fullerton-based Dr. Smoothie Brands was acquired on undisclosed terms by Bevolution Group in Chicago.

Dental Care Plans’ Growth Stagnates Following Spike

Membership Flat at 13 Biggest To 2.6 Million

Membership at managed dental healthcare plans operating in Orange County slightly declined over the year ended last month after a surge in 2015.

Saturday, August 6

JWA June Traffic Up

John Wayne Airport said 929,000 passengers flew in and out of the airport in June, a 9.4% increase over the 850,000 that did so in the same period last year.

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Friday, August 5

Midday Stock Roundup

The S&P 500 was up 0.8% in midday trading to 2,181.69.

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Chicago Buyer for SJC Medical Supplier

Pacific Medical LLC in San Juan Capistrano was bought by Jordan Health Products in Chicago on undisclosed terms.

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Mobile Accessories Maker Buys Again

Incipio Group in Irvine acquired Nashville-based competitor Griffin Technology on undisclosed terms.

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Thursday, August 4

Autobytel Q2 Sales Up 19%

Autobytel Inc. in Irvine beat Wall Street expectations for revenue for its second quarter that ended June 30.

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Midday Stock Roundup

The S&P 500 was flat in midday trading at 2,164.33.

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Herbert Matriarch Gives $5M to UCI

Josephine Herbert Gleis has pledged another $5 million to the Gavin Herbert Eye Institute at University of California-Irvine, bringing her total support of its efforts to $19 million since 2007.

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Wednesday, August 3

UCI Names Comp Sci Dean

The University of California-Irvine appointed Marios Papaefthymiou dean of the Donald Bren School of Information & Computer Sciences, effective Jan. 1.

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Midday Stock Roundup

The S&P 500 was up 0.1% in midday trading to 2,159.23.

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Skullcandy Touts Incipio’s Bigger Bid

Incipio LLC upped its offer to buy Skullcandy Inc. from $5.75 per share to $6.10 per share, or approximately $188.6 million, according to the Irvine-based maker of cellphone cases and other mobile device accessories.

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Tuesday, August 2

CSUF Names Ed School Dean

Lisa Kirtman will be the new dean of Cal State University-Fullerton’s College of Education, effective August 16.

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Most Local Car Makers Best U.S. Pace

Three out of four Orange County-based automakers exceeded the national sales pace for new vehicles in July, according to New Jersey-based market researcher Autodata Corp.

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VC Investments Rebound in Q2

Venture capital investors plunked down more than $229 million for Orange County high-tech companies in the second quarter, according to a report issued Tuesday by the Irvine office of real estate brokerage JLL.

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OCTANe in Med Device Pact

Aliso Viejo-based OCTANe and the Boston-based Massachusetts Medical Device Industry Council will work together to build awareness of emerging med-tech companies for investors in Orange County and Boston.

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Midday Stock Roundup

The S&P 500 was down 1% in midday trading to 2,149.54.

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Irvine Gets Google Fiber

Irvine will become the latest U.S. market to feature Google Inc.’s new super-speedy Internet service for businesses and residents—with a caveat: The Mountain View-based tech giant initially is rolling out the service only to select Irvine Co. properties, the companies said today.

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Pyott, Kiani in $13M Investment

David Pyott and Joe Kiani were part of a $13M Series A funding round for Bioniz Therapeutics Inc. in Irvine and both joined its board, with Pyott being named chairman.

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Emerald Buys Tennessee Shows

Emerald Expositions LLC in San Juan Capistrano acquired the International Gift Exposition in the Smokies from M&M Gift Shows in Toledo, Ohio.

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Monday, August 1

Pyott, Kiani Join Biopharma Company Board

Irvine-based Bioniz Therapeutics Inc. said today that it appointed David Pyott, former Chief Executive of Allergan Inc. [now Allergan PLC] as board chairman.

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Boot Barn Meets Street Targets

Boot Barn Holdings Inc. met Wall Street expectations for revenue and earnings for the quarter that ended June 25.

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Smoothie Products Maker Sold

Fullerton-based Dr. Smoothie Brands has been acquired on undisclosed terms by Bevolution Group in Chicago.

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Office Products Supplier Buys Again

Office Solutions Business Products & Services LLC in Yorba Linda acquired on undisclosed terms the business services division of Irvine-based Newport Stationers.

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Skullcandy Nixes Incipio Offer

Irvine-based Incipio LLC’s bid for Skullcandy Inc. was rejected by the audio equipment manufacturer’s board of directors, in favor of a “superior proposal.”

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Midday Stock Roundup

The S&P 500 was down 0.2% in midday trading to 2,168.85.

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New Global Brand Boss for Vans

Vans Inc. in Cypress promoted Doug Palladini to global brand president, effective immediately.

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$400M for 5.11

Compass Diversified Holdings LLC in Westport, Conn. acquired 5.11 Tactical in Irvine for $400 million.

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LAX Vet to Long Beach Airport Chief

The city of Long Beach named Jesus “Jess” Romo its airport director, effective Sept. 6.

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Fastest-Growing Private Companies Wanted for List

ECONOMY: Centerpiece of Sept. 19 Special Report

Is your company growing fast? 

Chief of DP Destination Marketer Named

Visit Dana Point named Sean Keliiholokai executive director, effective mid-August.

OC Tops in YTD Hotel Room Openings

Orange County opened more hotel rooms in the first six months of the year than any county in California, but its future pace will give way to other areas, according to a recent report.

Western Digital Co-Leads App Maker Round

Irvine-based Western Digital Corp. co-led a $77 million funding round for a Redwood City startup with noted Silicon Valley venture capital firm Kleiner, Perkins, Caufield and Byers.

Medical Device Veteran to German Firm

Jena, Germany-based Carl Zeiss Meditec AG said veteran Orange County medical device executive James Mazzo will be its new global president of ophthalmology.

The Triangle Center Seeks New Owner

REAL ESTATE: Costa Mesa hub of ‘destination’ tenants

The Triangle, the once-troubled Costa Mesa mall that’s been converted into a thriving entertainment and restaurant center over the past few years, is for sale.

Koll Co. Makes Phoenix Splash With $75M Buy

Irvine-based Koll Co. has made its largest purchase in nearly five years, picking up a massive logistics and distribution center in Phoenix.

Element Goes Outdoors, Debuts Line at REI

APPAREL: Also in deal with MLB on skateboard insignia

Element is after customers in the “urban outdoor enthusiast” crowd who might have left skateboarding behind but still recall it fondly.

Big Bucks, Big Names, Big Ideas

Our OC’s Wealthiest list—the centerpiece of this week’s issue and accompanying special section—is about more than money.

Monster Buy Of Yorba Linda Offices

REAL ESTATE: Energy drink execs pay $95M for Savi Tech Center

The wealthy local duo that runs Corona-based Monster Beverage Corp. has bought Yorba Linda’s biggest office complex in one of the largest property sales so far this year in Orange County.

On Vinny’s Table: Impact Investing

The dining room table is Vinny Smith’s preferred office these days.

Latest Jannard Project ‘Most Mind-Numbing’

James Jannard was up at 4 a.m. last week, venting on Red Digital Cinema Camera Co.’s online users forum.

Big Wheels, Big Deals

How OC’s Wealthiest Got Much Wealthier

This year’s crop of OC’s richest residents managed to outpace the market by a longshot, thanks to a number of additions and several deals that helped boost the combined wealth of the 45 entries to $72.5 billion.

Kobe’s Transition Game

New Career at Newport Beach-Based Storytelling Enterprise ‘Feels Right’

Kobe Bryant has enlisted some Hollywood big men to craft the next chapter of his life after basketball.

Harrah Gets Case of Double Vision

Michael Harrah’s long-awaited One Broadway office tower in Santa Ana has always been expected to eventually become the commercial real estate developer and owner’s crowning local achievement.

OC's Wealthiest

45 Entries, $72.5 Billion, 5 New Names, 19 Billionaires

Luxe Retirement Project in Costa Mesa to Expand

Nexus Cos.’ Vivante To Add Another 111 Units

Vivante on the Coast, a high-end retirement community near Hoag Memorial Hospital Presbyterian in Newport Beach, is expanding.

Real Estate Deals

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

BC2 Environmental, a provider of environmental and geotechnical drilling services, signed two five-year leases at 1150 and 1250 W. Trenton Ave. in Orange for $2.1 million.

Purchase of Quantum Fuel Could Bring Turnaround

Douglas Acquisitions Picks Up Lake Forest-Based Firm

Quantum Fuel Systems Technologies Worldwide’s recent sale to Douglas Acquisitions LLC may provide the runway and resources to finally put the Lake Forest-based company on solid financial ground after years of tweaking its business model and product lines.

Inland Empire Office Market Improves in Q2

The Inland Empire office market has advanced quietly in the past five years.

OCBJ Calendar

Aug. 1-10, 2016

This week's business and other event listings.

Vizio Taps Into ‘Star Trek’ Universe for Movie Premiere

Sponsors Launch, Puts Flicks on TV-Control App

Vizio Inc. partnered with Paramount Pictures Corp. to mark the July 22 theatrical release of “Star Trek Beyond.”

Former Lakewood Regional Chief New Hospitals’ Head

Takes Helm of Chapman, South Coast Global Centers

A pair of Orange County hospitals has a new chief executive.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 39, No. 31

A new ride will replace the Twilight Zone Tower of Terror at Disney California Adventure, according to news reports.

Company Elevates Fun and Games to Art Form

Its Kits of Standout LEGO Designs Promote Creativity

An Aliso Viejo company created by and for LEGO construction toy aficionados recently launched.

Out With Old Tastes, in With New Across County

Laguna Niguel Loses Two; Bistango, Others Refresh

Savannah Chop House at Golden Lantern and Camino del Avion in the Ocean Ranch Village of Laguna Niguel is closed.

PHILANTHROPY

The 20th annual Stars & Stripes Tournament, a four-day fishing, golf and music fundraiser, reeled in a record-shattering $3 million for youth organizations in Orange County and Mexico.