Stories for December 2017
Friday, December 29
The Business Journal has selected Irvine Company Chairman Donald Bren as its Business Person of the Year.
Nemus Biocience Inc. borrowed $900,000, signed a term sheet between the lender and some of its preferred shareholders that could sell their stake in the cannabinoid-based biopharmaceutical developer, and indicated that it could be up-listed under certain “potential strategic opportunities.”
A 200,000-square-foot distribution center in Anaheim run by a unit of Canada-based Gildan Activewear is closing and laying off 81 workers, about 30% of whom will transfer to a larger facility in Riverside County.
Thursday, December 28
Wednesday, December 27
MANUFACTURING: Industry’s ‘Wild West’ scheduled to go legal
New Year’s Day will be more than just a party for some Orange County businesses. They’re gearing up for the day California legalizes recreational marijuana.
Tuesday, December 26
Tustin’s Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM), a drug manufacturer that’s been in a proxy battle, said Roger J. Lias is the company’s new chief executive and president.
Friday, December 22
John Wayne Airport passenger traffic and commercial flights in November were each up 0.9% year-over-year.
The board of San Diego-based Qualcomm Corp. won’t nominate any of the 11 candidates recommended by rival Broadcom Ltd. and investor Silver Lake Partners, the latest turn in the hostile takeover attempt.
Orange County’s unemployment rate plummeted to 2.8% in November as the state reported a record low of 4.6%, according to the state’s Employment Development Department.
Thursday, December 21
The University of California, Irvine, named L. Song Richardson as the permanent dean of its law school, replacing Erwin Chemerinsky.
United Capital Financial Advisers LLC, a Newport Beach wealth management firm with $20.7 billion in assets under management, is buying Payne Wealth Partners in Evansville, Ind., to add $530 million in assets and about a dozen employees.
Wednesday, December 20
Fieldstead and Co. in Irvine has given $330,000 to Chapman University to study OC’s political and social scene. Fieldstead is the family office of Howard and Roberta Ahmanson.
Jonny Westom was named executive director of Visit Dana Point, to replace Sean Keliiholokai.
Presbia PLC’s executive chairman and chief executive have resigned and the eye care device maker said it would cut expenses as it considers a $5 million investment from an affiliate of its majority shareholder.
Tuesday, December 19
Anaheim Family YMCA named Rick Martens interim president and chief executive.
Allergan PLC (NYSE: AGN) Chief Operating Officer Robert Stewart will resign to become president and chief executive officer of Amneal Pharmaceuticals LLC starting January 25, according to filings with the Securities and Exchange Commission.
Irvine-based Aerie Pharmaceuticals received Food and Drug Administration approval for its glaucoma eye drop Rhopressa two months ahead of an informal goal date in February.
Irvine-based First Foundation Inc. (Nasdaq: FFWM) will buy PBB Bancorp (OTC, PBCA) for $106 million in stock.
Monday, December 18
MemorialCare in Fountain Valley formed a joint venture, to start Jan. 1, with L.A.-based Radnet Inc., an outpatient imaging center operator.
Spectrum Pharmaceuticals Inc. said its board dismissed its Chief Executive Rajesh Shrotriya without cause in accordance with Shrotriya’s agreement with the company, effective immediately.
Increased consumer expectations for same-day and next-day delivery have placed pressure on retailers and third-party logistics users to find industrial space near influential population centers.
Several Experts Foresee More of the Same Highs
"It is an end of an era.”
Four-Product Juice Offering Targets Athletes
The cold-pressed juice market is saturated, which is why Mode Nutrition Chief Executive and co-founder Tammo Walter say it isn’t enough to offer only cold-pressed juices.
Kavas Founded Software Maker With $1,000 in 2010
Ike Kavas, who took the top post last week at the Laguna Hills software company he co-founded seven years ago, has laid out an aggressive strategy to ramp up Ephesoft Inc.
169 Detached Condos And 1,781 Rentals Eyed
Irvine Co. plans to add a limited amount of for-sale housing to offerings in its Los Olivos community in the Irvine Spectrum area.
Food & Wine Wrap To Celebrate Its Charms
A takeover of Time Inc.’s Food & Wine magazine’s holiday issue is the newest installment of the California Milk Processor Board’s “Food Loves Milk” campaign.
Enrolled First Patient; Launched Beauty Line
Irvine-based regenerative medicine company AiVita Biomedical Inc. feels good that it has a cash-generating beauty product arm to cushion clinical development of its cancer drug.
Care delivery is a topic that is simultaneously growing bigger and smaller.
Orange County’s real estate market is approaching its ninth year of growth, albeit sometimes choppy growth, largely unprecedented territory considering most real estate cycles last six or seven years at best.
Orange County, whose $221 billion economy is roughly the size of Portugal’s, will see plenty of excitement this coming year in its financial sector.
Two of Orange County’s closely watched technology stories of 2017 should find resolution in the new year.
FINANCE: Boston wealth manager hires PIMCO SVP
3EDGE Asset Management LP, a new Boston-based wealth manager founded by one of the pioneers of exchange traded funds, has entered the Orange County market by hiring a veteran of Pacific Investment Management Co.
HEALTHCARE: Zovighian leads new valve division
Edwards Lifesciences Corp. Chief Executive Michael Mussallem reminded the crowd attending the company’s annual investor conference in New York this month that despite the success the company’s had with transcatheter heart valves, the technology is still relatively new.
TECHNOLOGY: Would bring new markets, bolster others
TTM Technologies Inc.’s proposed $775 million buy of Anaren Inc. from affiliates of New York private equity firm Veritas Capital would bolster product offerings in the aerospace, defense and networking communications sectors while providing growth opportunities in the industrial, medical and automotive markets.
Other items of interest Orange County Business Journal Vol. 40, No. 51
Irvine-based Karma Automotive LLC tapped Liang Zhou to replace Thomas Corcoran as chief executive of the luxury carmaker.
Good News First. Then SALT Talk.
Regular readers of this column know I’ve gotten close but not quite to the finish line in explaining variation in home prices across California counties.
REAL ESTATE: Collection of Moshayedi family properties eyed for 600,000 SF
The biggest property owners in the Mariner’s Mile area of Newport Beach have proposed the largest development the high-traffic area’s had in years, a mixed-use project featuring retail, offices, restaurants and apartments.
REAL ESTATE: Melia Homes plans to convert site that now holds rentals
Irvine-based homebuilder Melia Homes is looking to tear down an older apartment complex in the Westcliff area of Newport Beach to make way for one of the largest for-sale housing developments that part of the city has seen in years.
We’ve all heard and read “Amazon” and “death of bricks-and-mortar” in the same sentence many times this year. Expect the rhetoric to continue in 2018, all while brands and retailers continue to adapt to the new normal.
Friday, December 15
CoolSys, a newly rebranded refrigeration company based in Brea, named Andy Mandell chief financial officer and Amy Freeman chief operating officer.
Irvine-based Karma Automotive LLC tapped Liang Zhou to replace Thomas Corcoran as chief executive of the luxury carmaker.
Thursday, December 14
Orange County Fair & Events Center will ink a 10-year deal to host Cirque du Soleil extravaganzas on its grounds in Costa Mesa, with five shows slated for production in that time.
Irvine-based hotel owner-operator Pacific Hospitality Group Ventures Inc. won’t co-run Balboa Bay Resort, Balboa Bay Club, and Newport Beach Country Club after March 2018.
Co-leads Southwest ops with Robert Jernigan … NB, LA, San Diego, Phoenix, Vegas, Denver … OC’s sixth-largest firm, $26M local billings; 25 licensed architects … bachelor’s interior design, Northern Arizona U.
Longtime banker formed Opus via $460M recap, Bay Cities National Bank, 2010 … $7.7B assets … investors include Elliott Associates, Starwood Capital, Fortress Investment … rough year: took charges on some loans,
Parents Miguel González Sr., Teresa Reynoso arrived U.S. 1968 … Mexico business had closed … launched Latino- American-focused grocery chain 1980 … est. $745M revenue … flagship La Habra market opened March …
Irvine-based Impac Mortgage Holdings Inc. (NYSE: IMH) hired a longtime mortgage expert from larger rival loanDepot Inc. of Foothill Ranch.
University of California-Irvine got 116,192 applications—freshman and transfer students—for fall 2018, a record.
OC title giant … history to 1889 … $5.6B revenue, $343M net … 19.3K employees … ‘title insurance, settlement services and risk solutions for real estate; OC 500 survey notes … his chairman, Parker ‘Park’
104K students sought UCI admission 2017; 31K accepted; about 6.5K expected … student body spans 80 languages … 80 undergrad programs … top-10 ranks for economic value, mobility, affordable ed … UCI Guinness
Has led bank since 2000 … became largest OC-based bank, market cap, $1.5B … 2017, $700M to buy Heritage Oaks, Plaza Bancorp … acquisitions bring bank to $7.7B assets
40K students, 270K alum … 107 programs, 8 colleges … has expanded work with underrepresented students … increased four- and six-year grad rates … Calif. toprank, bachelor’s degrees earned by Hispanics …
Founded 1992 … client roster includes Shea Homes, Rancho Mission Viejo … lead engineer: Village of Woodbridge, Ronald Reagan federal building, Hyatt Regency HB … engineer on 390-foot pedestrian sky bridge
21-year-old food distributor … sells $3B+ in dressings, dips, sauces, oils to stores, restaurants, movie theaters … third-largest OC food co. by revenue, local workers, with about 270 … got Orange Catholic
Long-time hotel, resorts exec … founded firm 2002 … previously: Bellagio, Phoenician, St. Regis … rebrand 2017 took international name, parent co. approach … oversees high-end resorts, residents, lifestyle
Friends Frieden, Friedman paid reported $1 million for Auction.com name … auctioneer, author … hawking of foreclosed homes at convention centers in time gave way to PE backing— Starwood Capital, Google, Stone
Online real estate marketplace … launched 2007 as Auction.com for distressed real estate … Ten-X sites handle standard residential, plus commercial, retail, hotel, industrial … growing work with brokers …
Started 2008, retired 2016 … helped build bank to fourth-largest OC $3.5B assets … founding partner 1976 firm, now Freeman, Freeman & Smiley LLP … Worth mag top-100 lawyer 2005-08 … helped create National
Operates as NextGen Healthcare … software, services, analytics … company reorg past few years: Frantz chief exec, 2015 … new chief operating, financial, technology, strategy officers … plans to consolidate other
Executive of year, feted in Sonoma by state chamber … accolades: ‘ultimate chamber executive’ … ‘professional disposition, collaborative manner’ … 16 years in banking … current role 2011 … reps interests
New HQ at Charlie and Ling Zhang center … shares space with Arts OC, and music, dance group backed by OC 500’s Charlie Zhang … Symphony gets 15K SF … new labor pact with musicians … hero-role model: Itzhak
Co-leads OC office with Meryl Young … named to role 2016 … advises on M&A, capital markets … local clients have included Tri Pointe Homes, Innovate Partners, International Bay Clubs, Bruxie, Lazy Dog, Mimi’s Cafe,
Named to role mid-2015 … runs wealth management, investment services, asset manager, HighMark Capital Management Inc. … HighMark: $15.6B AUM, mid- 2017 … 10 years with Japan-owned bank … prior: retail banking,
Mark Perry on Jan. 1 will become the new chairman of the Segerstrom Center for the Arts board of directors, succeeding John Ginger.
Also UCI vice chancellor health affairs … clinical ops, academic work—medicine, nursing, public health, pharma sciences … first two full ‘schools,’ latter two will be, for comprehensive push … Sue & Bill Gross
Responsible for corporate finance and treasury of OC’s dominant real estate firm … serves on Don Bren’s senior team with Ray Wirta, Marc Ley … previous role with institutional and metro markets, Wells Fargo …
Founding partner … employment litigation to Fortune 500 … industry client list includes Walmart, Disney, Boeing, Marriott … single-plaintiff to class action … litigated, arbitrated hundreds of cases Calif.,
Excellence in Entrepreneurship honoree … set out to recreate Intel business model for software … deals with Dell, Amazon, Accenture, Cisco and Intel for cloud storage … automated software migration turns firm’s
STEM nonprofit for kids, teachers … chief since 2003 after work on Disney California Adventure … Sylmar site 2014, doubled Santa Ana SF 2015, added NB via Fun Zone deal 2017 … 1M annual visitors … started Irvine
CTR one of U.S. larger industrial developers … co-leads OC with James ‘Watty’ Watson … big land deals in past year include several million SF in Stockton, Calif., and Atlanta … medfocused mixed-use Aliso Viejo
South Coast Plaza ‘original’ relentlessly promoted retailer for 50 years overseas … OC Visitors Assn. named directorship to honor him … ‘larger than life,’ said SCP’s Debra Gunn Downing
Launched firm 1994 … previously president Cove Properties, developer 7M SF office, industrial, retail … corporate vision, strategy, guidance … Steadfast runs nontraded REITs focused on apartments, includes other
To be bought by Konica Minolta unit for up to $1B … 65K SF lab Aliso Viejo … offices, Md., Fla. … 700 workers … 1M+ tests a year … $160M 2016 EBITDA … human genome project 2001 spurred career path … Novartis
Responsible for entitlement, construction, marketing OC industrial developer … runs firm with principal Vance Mape III and acquisitions director Jeremy Mape … has bought 1K acres, built 7M SF … l
Wednesday, December 13
Businessman, philanthropist … ‘started businesses most of his career,’ son Rick said … OC GOP honored
Yale-trained in theater, management … 12-year run at OC’s premier performing arts venue … added free Movie Mondays summer 2017 … His ‘Orange County’s Town Square’—Argyros Plaza—opened in fall … gift of Julia and
Women in Business honoree … took firm role after briefly serving as interim chief following health-retirement of Anthony Cherbak … fourth CEO at fifth-largest OC m
Took Foothill Ranch-based insurer public on LSE in February … specialty coverage for people overseas—expats, high-networth, students, embassy employees … chartered Channel Islands … 35+ years in financial
Gateway One Lending & Finance LLC, the Anaheim-based automotive finance unit of TCF Financial Corp. (NYSE: TCF), is cutting 231 jobs, according to California’s State Employment Development Department.
Sold majority stake in prior firm Trace3 to PE HIG Capital in Miami … retained board slot … new venture POPin crowdsources employee engagement to solve companies’ problems
2016 concluded quarter-century leading, 42 years with Chapman … Donald Bren chair, business and econ … 2017 started statistics certificate program … named to board, Whittier Trust, family office $11B assets under
Henry Samueli has been named a fellow of the National Academy of Inventors for 2017.
Owns 60+ shopping centers in California, Nevada, Oregon, Washington … largely grocery-anchored or community shopping centers … largest area holdings in SD’s Carmel Valley, Del Mar … got $250M in institutional
PE-backed sales, marketer … majority owners: Leonard Green & Partners LP, CVC Capital Partners … $500M in related buys … $2.1B 2016 revenue … filed for IPO May … Domier named president, COO 2010 … current role
‘Landslide Do’ beat Lou Correa by 43 votes to get on board 2015 … spent $800K to secure full term … all sitting supervisors are Republicans … served Garden Grove City Council, DA’s office … 2017 priority list
Framroze “Fram” Virjee will be president of California State University-Fullerton from Jan. 1 to June 2019, Cal State Chancellor Timothy White said in a statement.
Prof tennis team … champs, Mylan World TeamTennis … aims to expand capacity at home venue, Palisades Tennis Club, NB … exploring livestream of events beyond Tennis Channel, ESPN2 … co-founded Vintage Senior Housing
Family-Owned Business honoree … wireless and wire-line infrastructure provider launched 2013 … public safety for first responders; engineering, development 5G networks … third fastest- growing small OC private
Co-founder, legal counsel … group mentors college-age youth in Santa Ana … business lawyer, emphasis on gambling, entertainment … gambling control commission; later appointments secretary to Gov. Schwarzenegger
Develops, owns outlet malls … 5M SF at 15 centers in nine states … four more projects in works … latest local addition Outlets at San Clemente … 2015 debut on Marblehead Coastal site after recession-related
Also president, Morgan Lewis Consulting LLC … law, government, policy advisory … cross-border work, consumer goods, energy, American Indian law … served Reagan White House, Congress, SEC … advised on Supreme
Care delivery to 550K members by some 8K staff, 1K doctors … SoCal region, several counties, 4.4M members … parent co. $65B revenue 2016 … growing OC telemedicine work … aims to strengthen community-based programs …
Delivered first $130K Revero June … moved HQ Costa Mesa to Irvine … paid $56M for former Kawasaki digs … had 80K SF in CM; now 262K SF, space for 900 workers … seller: Bixby Land Co. … former Fisker Automotive
40 years at firm … world’s 12th-largest insurance brokerage … projects $1.1B 2017 sales … perennial No. 1 among OC brokers … majority owned by employees; it has 2,900+ … minority owner is Stone Point Capital …
10K employees, 38 states, 5 countries … space exploration, cybersecurity, missile defense, satellite communications … International Space Station, Space Launch System … ground-based midcourse defense … global
C role before ascending to SoCal duties 2010 … UCI econ … specializes in senior debt financing, treasury and interest rate management, FX … 30 years with bank … parent co. Mitsubishi UFJ Financial Group, Japan’s
Leads capital markets brokerage team that sells some of OC’s most valuable commercial properties … recent deals include 2016 $260M sale of Irvine’s Google Center campus to Inland Empire billionaire Jack
Launched virtual reality content maker with DJ Roller, OC 500er 2016 … Roller left firm … focus on VR device content … also available on its app … deals with Fox Sports, NBA … plans to earn money via
510 employees, second-largest in OC by that metric … biggest accomplishment in past year: promotion to mp … succeeded Dennis Parrott, who took lead partner role with select accounts … Clemens: 28 years’ experience,
BlackBerry relaunch … assembled standalone unit to design and market the legacy brand … 2017 established two distribution deals with U.S. carriers in as many months … AT&T Inc. in August began selling KEYone
Peripatetic OC business ed maven … stints at local schools … teen, preteen entrepreneurship summer training … Concordia works with four Middle Kingdom cities, a university there … joint master’s in international
Biggest credit union in state, fifth-biggest U.S., $14B assets, 730K members 1,800 workers … founded 1934 by 126 teachers with $1,200 … resume includes roles at Xerox FCU, Security Service FCU, Accenture … BBA,
No. 13 on Business Journal list … $180M, flat YOY as frozen yogurt segment struggles … has cycled through few senior exec teams … menu revamps have included breakfast yogurt, soft serve ice cream … 325 locations …
Former accelerator, now investor … ‘adapted best elements of both,’ group told Business Journal, 2017 … over 100 investments … takes 5% to 15% stake … recent exits: Flipagram, bought by China company;
Family chain 35 years old … named for Cavanaugh’s mother … has struggled some amid fast-casual changes to industry … No. 21 on Business Journal list: $92M revenue, 35 locations, half in OC … company, foundation
Leads SoCal buyer, renovator affordable multifamily … bought $300M+ properties past two years … portfolio totals 8K units, big cities L.A. to D.C., NYC, Chicago … Gainesville, Fla. … biggest market: Calif.; no OC
Integral to getting 2010 MLB All-Star Game to Angel Stadium …helped negotiate extending team’s TV deal with Fox Sports West … 14th year with team … Chicago native … Angels on OC 500 include Dennis Kuhl, Arte Moreno
Founded advisory 1974 … has helped build 1K+ banks … OC ‘go-to’ guy to start banks … two big wins 2017 with sales of Heritage Oaks, Plaza Bancorp to Pacific Premier … held 17% of Heritage, 87% of Plaza … quit auto
Leads neurovascular—the brain’s blood vessels—device maker … 18 years with co., unit of $5B sales, $15B market cap Terumo Corp., Tokyo … Sept. concluded two-year build, relocation … consolidated 800 OC workers,
Named to post 2017 … senior Del Taco roles since 2008 … previously Blockbuster … replaced Paul Murphy, chief exec since 2009 … Del Taco has 550+ locations, 40% franchised … 8K workers … bought by, became public
Developer … 2017 pitched project to OC Airport Land Use Commission … two towers on seven acres across from JWA … 19-story, 450K office, 15-story, 400-room four-diamond quality hotel … 2K parking spaces, 14K SF
Tuesday, December 12
Developer Costa Mesa SoCo retail center … owns property NB, Orange, Mission Viejo … revitalizing Lido Village retail … could buy Via Lido’s St. James the Great Episcopal Church … developing Long Beach shopping
Co-founded real estate investment manager 1999 … debt, equity in Western U.S. for institutions, private investors … $19B invested since inception … UCI Center for Real Estate 2016 ‘power-packed philanthropist’ …
Fastest-growing midsize firm OC … two year sales up 956% to $46M … 80 local workers, up from 20 in two years … holding co. for law, real estate, investment, oil gas exploration firms … a focus on distressed
Toshiba Corp., its memory unit and San Jose-based Western Digital Corp. have struck an agreement to resolve several legal and arbitration disputes that stalled the $18 billion proposed sale of Toshiba Memory Co.’s flash storage business.
Sales tools for health insurance brokers … began career, national firm John Hancock … youngest producer named to firm’s President’s Honors group … OC, mid-1970s … indie firm 1980s … partnership with John M. Word
Co-founded 2013 with Charley Fitzwilliam, Marc Altieri … previously CMO, Leader Enterprises Inc. in Roswell, Ga. … previous role, Hill & Knowlton, Irvine; sports and auto clients … Brand Amp roster: Vizio,
Took over 2007 … shares plummeted 90% over next two years … bought energy consultancy 2008 that in 2016 was 68% of revenue … stock up 30-fold five years … targeting $1T US electric grid modernization … utilities for
850 employees, largest OC accountancy by that metric … worldwide workers: 244K … tax, audit, advisory, consulting … 27 years Deloitte … mid-2017 succeeded Rob Lucenti, who was promoted to regional post … Brandt
Flagship NB campus, Irvine site, Hoag Orthopedic some 600 beds … emergency dept. in Irvine to grow from 3.6K to 17K SF … revenue $1.1B, up 8% YOY … top-ranked OC hospital, USN&WR … aided Houston-area hospitals,
Founding chancellor leads nonprofit, vocational-focused part of Chapman U. system … two dozen campuses in Calif., Wash. … online offerings include accredited programs keyed to professional competencies … military
Leads OC’s fourth-largest private co., $5.4B revenue … succeeded Robert Bouttier, Aug. 2017 … previously COO, CFO … local membership 6M; national 15M—30% of all AAA in US … Boyle at AAA 28 years … resume includes
Local ops of Penn.-based luxe developer, builder … recent projects include Irvine’s Vista at Orchard Hills—homes $2M+; paid $200M for land from Irvine Co. … plans 223 units … selling at gated Altair community near
Veteran banker … 30 years BofA, four years, chief executive Square 1 Bank specializing in venture capital until sale … leads biggest OC bank by assets, $10.2B at June 30, up 58% YOY … brought in after chief Steven
Heads unit of Dublin, Ireland-chartered firm … $19B revenue … power in credit info … moving into data analytics …over 1K workers here … NA unit about $2.4B revenue … Brit-bred Boundy began in telecom … joined
Launched ‘face of’ campaign … spokesperson search included ‘make-up free’ photo submission … hiring mode after $1.5B Estée Lauder Cos. Inc. buy, Nov. 2016 … firm tripled space 2015 in OC creative-office lease …
Fourth-generation family business … long an OC development force … focus on industrial, 100K SF to 1.5M SF, esp. big-box warehouses … led U.S. arm, Australia’s Goodman Group until fall 2016 … put $1.7B, 14M SF in
The B in LBA … Park Place mixed-use buy after last downturn among shrewdest recent local deals … sold 90% of campus in two deals totaling some $760M—four times purchase price, excluding other land sales … now
Council of American-Islamic Relations Nearing 20 years on efforts to improve understanding of Islam, build coalitions … state Democratic delegate … Syrian- Lebanese émigré lauded Nike’s ‘high-performance’ hijab for
50-year-old co. … one of five kids of founders Salvador, Margarita Avila … U.S. by way of Guanajuato, Mexico … first Avila’s $2K investment; five tables … now baker’s dozen … latest Foothill Ranch … AUV $2.5M
Girl Scouts of Orange County said Victoria “Vikki” Shepp will be chief executive, effective Jan. 1, replacing Nancy Nygren, who is retiring after 12 years at the helm of the Irvine-based group.
Seven years at hotel REIT; 5 years president; 3 years CEO … resume: college housing REIT; Green Street Advisors … Sunstone: $1.2B revenue, $141M net, $3.8B market cap; 27 hotels, 13,200 rooms … July 2017 bought
Heads eye drug developer … $2B market cap, up 160% in two years … Irvine HQ … ops N.C.; building plant, Ireland … hiring, Europe … bought drug delivery making technology, October … FDA committee meeting in same
Record year for giving, receiving arm, OC’s second-largest hospital … foundation: ‘record-breaking fundraising’ in current FY at $69M … Mike and Lori Gray—St. John Knits scion, investor; OC 500—gave $10M to
Family-Owned Business honoree … married to Jeff Alter, son of late surf, sailing innovator Hobart “Hobie” Alter … founded, runs two home furnishing stores, Laguna Beach, San Clemente, called Tuvalu after island
2016 revenue $115M … No. 5 Business Journal list of fastest-growing large cos., 90% two-year growth … 230 workers, client roster includes Alaska Airlines, Gap, Verizon … took on top role from Jill Gwaltney last
Co-founded wholesaler in 1961 with late husband, Marvin … among largest female-owned companies in OC … revenue about $100M … 21 distribution locations in four states … background in chemistry … backs Segerstrom
Family-Owned Business honoree … cousin, co-founder with Lisa Vigil of salsa company whose profits go to
Home Savings scion quickened arts pace 2017 … showings, OC; gallery planned LA … art a passion of
Monday, December 11
Half-century OC law, largesse … ‘King of Torts’ … second-gen Irish-American … family from County Cork…. gives to Chapman U, where he’s board chair … politics—lone Dem who backed
Providence St. Joseph Health and Ascension Health are discussing a merger that would create the largest hospital system in the U.S., news reports said.
Other items of interest Orange County Business Journal Vol. 40, No. 50
California State University-Fullerton said Kari Knutson Miller will replace Anil Puri as provost and vice president of academic affairs on Jan. 1.
Sales and leases of offices, industrial buildings, retail space and apartments
Jon S. and Marcia West sold an apartment building in Fullerton to Rengert Family Trust for $1.4 million, or $350,000 per unit.
Startup Bets People Want Things ASAP
Irvine-based accelerator Cie Digital Labs and auto industry veteran James Chen are betting on the fact that today’s consumers want things ASAP—as soon as possible—including tire installation service.
Allows Providers To Remotely Access Vehicles
Hyundai Motor America Inc. in Fountain Valley and Silicon Valley-based Smartcar Inc. will launch a pilot program early next year in Southern California to provide Hyundai car owners with on-demand services from various businesses, including mobile car washes, and grocery and fuel deliverers.
$44M Yorba Linda Site Offers Half-Acre Lots
Toll Brothers Inc. is adding another high-end housing development to its Orange County portfolio.
Chosen to Be One Of 60 Curators of Playlists
House of Vans, a string of music venues hosted by Vans Inc. in Costa Mesa, is now one of more than 60 curators for Apple Music, tasked with perusing 40 million songs available on the streaming platform and developing playlists that its audiences would appreciate.
Site to Support 2020 Global Commercialization
Aerie Pharmaceuticals Inc. (NASDAQ: AERI) continues to ramp up in anticipation of upcoming Food and Drug Administration approval of glaucoma drug Rhopressa.
On Oct. 14 Irvine Public Schools Foundation hosted its eighth annual Spirit of Excellence Gala at KIA Motors America.
EDUCATION: UCI trains for performing, management
Dance is less of a profession and more of a passion that draws artists early in life—and often down the road they’re encouraged to give up the passion for more practical endeavors.
Plans to Strengthen US HQ as R&D Center
He pointed out that while the company is a relatively new player in the U.S.—it received Food and Drug Administration clearance of its knee and hip replacement products in the early 2000’s but didn’t start selling in the U.S. until 2014—“we have a long history in providing innovative orthopedic implants and instrumentation product.”
Orange County is home to five automakers, three of which had a moving 2017.
Who says bankers are dull? They aren’t in Orange County, not this year.
Top o’ the pops this year was every one of the 200,000 new square feet at Anaheim Convention Center and attendant growth in area hotel activity.
Allergan PLC’s (NYSE: AGN) transfer of patents on its blockbuster dry-eye drug Restasis to a Native American Tribe in September is not only a top story this year, but one that will continue unfolding into 2018.
5 Big Stories
Western Digital Corp.’s decision to quietly redesignate headquarters from Irvine to Silicon Valley highlighted the ongoing challenge of scaling public companies and keeping them here.
FINANCE: Accounting firm’s penny stock audits scrutinized
Newport Beach-based Anton & Chia LLP, ranked on the Business Journal’s list of Orange County accounting firms, is disputing civil fraud allegations brought by the Securities and Exchange Commission involving penny stocks.
TECHNOLOGY: Digital work makes up for print decline
Toshiba America Business Solutions Inc.’s multimillion-dollar contract to outfit the StubHub Center in Carson with ultra-high-definition scoreboards and digital ribbon displays highlights one of the few growth markets in an otherwise flat sector challenged by the dwindling life of print.
REAL ESTATE: $165M securitization firm’s first
The acquisition of Veros Credit LLC’s Santa Ana headquarters is the latest piece of notable business this year for the family-owned auto finance company, which is taking steps to ramp up lending operations.
Needle Point: Wednesday, Dec. 6, I was commended to read two books (in one year?) … “Reinventing the Administrative State” and “Financial Management Theory in the Public Sector,” –both apparently preach the same sermon: “When Money Talks, the Truth is Silent.”
REAL ESTATE: Roos gets OC, West; 1 spot for CalAtlantic
Lennar Corp. plans to install its own executives in the top spot in four of the five national homebuilding regions it will run after buying Irvine-based Cal- Atlantic Homes, according to company documents provided to the Business Journal.
OC Job Growth a Mixed Message
The Orange County economy is facing both good news and bad in the coming year, according to Chapman University’s annual forecast.
5 Big Stories
Irvine Ranch became the country’s largest source of new-home sales; Great Park Neighborhoods, Rancho Mission Viejo and Lake Forest’s Baker Ranch were also among the 25-best-selling communities in the U.S.; and average new-home prices in Orange County veered closer to $1 million.
Friday, December 8
Joseph Yurosek, Comerica Bank’s market president for the Orange County region, has been named California Market President for Fifth Third Bancorp.
Thursday, December 7
American Family Housing in Midway City named Milo Peinemann chief executive, replacing Donna Gallup, who left the post in October after three years at the helm of the non-profit.
Singapore-based Broadcom Ltd., which operates a major hub in Irvine, closed the books on its fiscal year with sizeable gains in revenue and net income.
The former Radisson Hotel Newport Beach is being renovated and will be reflagged as a Hyatt Regency in early 2018.
One of Orange County’s most recognized marketing firms is at the center of a sexual harassment lawsuit.
Wednesday, December 6
The U.S. economy will slow to a 2.2% increase in 2018 from an estimated 2.3% this year, according to the newest forecast from Chapman University’s A. Gary Anderson Center for Economic Research.
Brighton Management bought the 150-room Hyatt Place in Vista from Core Capital Management LLC for $27 million.
Joe and Sarah Kiani got the Anti-Defamation League’s Humanitarian Award at a dinner and program Tuesday night at the Beverly Hilton Hotel in Beverly Hills.
Edwards Lifesciences Corp. in Irvine bought Harpoon Medical Inc. in Baltimore on Dec. 1 for $100 million; milestone payments over the next decade could bring the total price to $250 million.
MVE & Partners Inc., the fourth-largest architecture firm in Orange County, announced that President Rick Emsiek will step down as president and be replaced by Matthew McLarand, son of legendary founder Carl McLarand.
Cleveland-based CBIZ, Inc. (NYSE: CBZ), the No. 10 U.S. accounting firm, bought McKay & Carnahan Inc. of Newport Beach on undisclosed terms.
Tuesday, December 5
The Securities and Exchange Commission is accusing Anton & Chia LLP, a Newport Beach accounting firm listed as the 26th biggest in Orange County, with fraudulent auditing of penny stocks.
California State University-Fullerton said Kari Knutson Miller will be provost and vice president of academic affairs beginning January 1, replacing Anil Puri, who had held the roles on an interim basis for 18 months.
Monday, December 4
Galardi Group Inc. appointed J.R. Galardi president, replacing Dennis Tase who retired in May 2016.
TTM Technologies Inc. has agreed to pay $775 million to affiliates of New York private equity firm Veritas Capital for East Syracuse-based Anaren Inc.
The S&P 500 climbed 0.4% in midday trading to 2,653.71 after the U.S. Senate passed its version of a tax reform bill.
HEALTHCARE: Board to add manufacturing experience
Less than six months since investors issued a public statement calling for Peregrine Pharmaceuticals Inc. to cease clinical development activities of its cancer drug and focus on growing its biologics manufacturing business, the company is well on its way to completing the transition.
Other items of interest Orange County Business Journal Vol. 40, No. 49
Bob Chapek, head of the Walt Disney Co.’s parks and resorts division, is viewed as the successor to Bob Iger, according to Bloomberg News, citing unidentified people familiar with the situation.
Jin S. Gee and Stephanie Lee sold an apartment building to Alpha Genesis for $2.2 million, or $ 268,750 per unit.
Some For Sale Have Front- Row Seats to Holiday Fave
New things ring in the holiday season quite like the Newport Beach Christmas Boat Parade.
Dish Republic Owners Bring NYC Thing to OC
New Yorkers Gregory Swift and Heather Ryan were struggling with Orange County culture. “We knew it was different than Manhattan.
HB Presence Meets Sky-High Filming Needs
The Huntington Beach operation of drone services provider Measure should get a lift from the company’s expansion into the arts and entertainment industry.
$286 Average PSF Price This Year Also New High
It’s clearly been a busy year for big office sales in Orange County, as readers of the numerous sale-related items in this column and on the Business Journal’s front page over the course of 2017 can no doubt attest.
Developed With CarLabs To Follow NiroBot
Kia Motors America Inc. just upped its chatbot game.
Submitted Final Trial Results to FDA Regulators
Hopes are high for Irvine-based Ivantis Inc., which anticipates receiving market approval from the Food and Drug Administration next year for its Hydrus Microstent.
New Marche, Prego; Crack, Country on 17th
Welcome to our new executive dining column.
Apartments Next For Popular Corridor
One of the biggest property owners in the core of downtown Santa Ana intends to parlay the popularity of its East End district and 4th Street Market food hall into a residential play to attract more millennials, especially entrepreneurs.
REAL ESTATE: $65M sale big boost from $39M valuation
The new owners of the former Los Angeles Times printing facility in Costa Mesa are switching up redevelopment plans of the 24-acre site next to the headquarters of the Los Angeles Chargers, with a “high-end public market” concept alongside previously planned creative-office uses.
AUTOMOTIVE: Supercar’s developers target world’s elite
Clive Hawkins believes in two ways to mark any 21st birthday.
HEALTHCARE: Kingston’s John Tu among investors
Ever since scientists discovered stem cells are capable of self-renewal, making an unlimited supply of specialized tissue, the promise of using them to treat a variety of diseases has captured many people’s imagination, including serial entrepreneur Tom Yuen.
TECHNOLOGY: Skyworks’ auto IoT gambit lauded by analysts
Skyworks Solutions Inc.’s latest design wins with Shenzhen-based ZTE Corp. will boost its position in the world’s largest market for connected vehicles and elsewhere amid a diversification effort welcomed on Wall Street.
RESTAURANTS: Casual chain points to $300M
Lazy Dog Restaurant & Bar in Huntington Beach took 15 years to get to 25 restaurants.
Donors Boost Giving To Assist Homeless
The issue of rising homelessness was one of the keys to a 7.2% boost in revenue among nonprofit organizations in Orange County.
67% Leased; Some Shops Not Paying Fixed Rents
The Anaheim GardenWalk shopping center is up for sale for the second time in five years.
MANUFACTURING: Lifts firm out of implosion
Ed Laird’s company was in trouble a decade ago. And his health was suffering, too.
Breaking at press time … Newport billionaire Ron Simon sells RSI Home Products to Va-based American Woodmark … $1.08B, in stock, cash, debt assumption … Simon founded his Anaheim cabinet-maker in ’89, products widely respected for high-quality and value—on pace for $560M sales ‘17.
Friday, December 1
OC-based automakers saw mixed sales results in November and year-to-date.
RSI Home Products Inc., an Anaheim manufacturer started by Ron Simon, is selling itself in a deal worth $1.075 billion to American Woodmark Corp. (Nasdaq: AMWD).
John Wayne Airport passenger traffic rose 1.4% in October to 931,000 year-over-year.
Huntington Beach-based Boardriders Inc. offered to buy the shares of Billabong International Ltd. (ASX: BBG) it doesn’t yet own for $1 apiece, in a deal that values Billabong at about $150 million.