Stories for May 2017

Wednesday, May 31

OC Chiefs Make WSJ List

Executives at companies based in OC made a Wall Street Journal list of 500 public company chief executives that ranks by pay and compares 2016 total cash-and-stock compensation with their companies’ shareholder return in 2016.

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JetSuite to Manage Planes

JetSuite Inc. will add aircraft management to its services, the company said.

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Midday Stock Roundup

The S&P 500 was down 0.2% in midday trading to 2,407.93.

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Firm Plans First Crowdfunded NASDAQ IPO

A Newport Beach manufacturer is poised to become the first equity crowdfunded company to list on the NASDAQ.

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Corinthian Holders in $2M Deal

News reports said a proposed class of shareholders suing Corinthian Colleges Inc. have reached a $2.25 million deal in California federal court to settle claims that the operator of for-profit colleges misled investors for years before state and federal probes contributed to its closure.

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Tuesday, May 30

Hines SJC Site to Close

Hines Growers Inc. will close its San Juan Capistrano location effective Oct. 1, a move that affects 115 workers, a California EDD Worker Adjustment and Retraining Notification (WARN) filing said.

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Lumina to Lay Off 58

Irvine-based Lumina Media LLC will lay off 58 workers, the company confirmed Tuesday.

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Insurance Firms Sell for $300M

McGraw Insurance Inc. in Anaheim was sold last week along with the affiliated Pacific Specialty Insurance Co. for $299.5 million to BHIC Inc., a unit of publicly traded Biglari Holdings Inc. in San Antonio.

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Midday Stock Roundup

The S&P 500 was down 0.1% in midday trading to 2,413.73.

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Cities Tune In to Music to Amp Up Visitor Counts

Music festivals are becoming a way for Orange County cities to draw crowds in short bursts at events throughout the year.

City Clubs' Future Sparkles

Members-Only Establishments Preserve Purpose as They Change With Times

Are member-only dining clubs vulnerable to technology advances that in the past decade have rendered paper maps, pay phones and film cameras obsolete and conditioned us to communicate on social media more often than in person?

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Genetic Tests Maker Cuts Jobs

Ambry Genetics Corp. plans to cut 99 jobs at its facility in Irvine next month, according to a Worker Adjustment and Retraining Notification it filed with the state Employment Development Department.

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Irvine Incubator Aimed at Variety of Entrepreneurs

Hungry Lab’s Startups Based in WeWork Space

Another incubator has sprouted in Orange County, this one in Irvine at the WeWork co-working space at the 200 Spectrum Center office tower.

Netlist Bets ‘Huge Investment’ in Patent Case

Case Alleges Chipmaker Infringed on 5 Patents

Netlist Inc., an Irvine-based storage equipment maker, has concluded its patent infringement argument against chip giant SK Hynix Inc. before the U.S. International Trade Commission in Washington D.C.

Monday, May 29

St. Joseph Office Tower in Anaheim Sells for $58.9M

REAL ESTATE: Old AT&T site last sold in 2014 for $18M

One of the largest offices in downtown Anaheim has sold at a big markup to its prior valuation, the latest sign of revitalization for the area around Anaheim’s city hall.

OCBJ Calendar

May 29-June 7, 2017; June 14, 2017

This week's business and other event listings.

Area Hospitality Steady in Rooms, Trends, Money

List Hotels Have Few, But Key Room Modifications

Waterfront Beach Resort, A Hilton Hotel shuttered six of its 290 rooms last year, but it had a very good reason—the move helped make way for about 150 more in a new tower that’s scheduled to open in September.

Alphaeon Rebrands Self as Neurotoxin Company

HEALTHCARE: Targets commercialization in 2018

For the majority of last year, Alphaeon Corp. was the initial public offering that never happened.

Real Estate Deals

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

Alton Street LLC sold a single-tenant industrial building in Santa Ana to NJTL LLC for $2.9 million, or $183 per square foot.

OC, JWA Save For Cap’s Rainy Days

TRANSPORTATION: $27M bond prepay, Fitch AA- nod

If Orange County supervisors and John Wayne Airport were grandparents, they’d be clipping coupons and converting rolls of pennies at the bank.

Law Firm Gives $500K to Goodwill OC

Costa Mesa-based law firm Greenberg Gross LLP donated $500,000 to Santa Ana-based Goodwill of Orange County to be used to boost Goodwill’s career counseling services, which will be housed in the newly named Greenberg Gross Career Center.

Foods Maker Promotes Exec to COO

Ventura Foods LLC promoted John Buckles to chief operating officer, a new position at the Brea-based maker of branded butter, margarine, mayonnaise, dressings and dips.

Lotus Sells Irvine Analytics Company

Private equity fund Lotus Innovations LLC in Irvine said it sold gen-E, an analy-tics company with 29 employees, to an undisclosed buyer.

Florida Hotel Investor Makes 2nd Buy in Orange

REAL ESTATE: Ecclestone pays $42.4M for Embassy

A Florida-based hotel investor whose chief executive was one of President Donald Trump’s biggest financial backers during the election cycle has made its second big purchase in the city of Orange.

Retailer to Shutter Irvine Operations

Australian online retailer SurfStitch Group Ltd. said it will close its Irvine-based North American operations this year and shift its SWELL e-commerce business there to Australia.

HCP Wants Ohio REIT’s Ex-Chief Investment Boss

New Hire Gets 8-Month Window; Sparks Filing

HCP Inc. in four days will lose President and Chief Investment Officer Justin Hutchens, who leaves the Irvine-based healthcare facility real estate investment trust June 1 to become chief executive at U.K.-based homecare operator HC-One Ltd. in a move HCP announced April 3.

Experian Ad Presents Company as Data Protector

Highlights Vulnerability Of Personal Info Online

Experian PLC’s latest TV spot juxtaposes footage of the Miller family building a blanket fort in their living room with the sound of an auctioneer offering up their personal data to the highest bidder online.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 40, No. 22

An OC Superior Court jury awarded the former Superior Automotive Group $256.5 million in damages in its fraud case against Nissan Motor Acceptance Corp., the financing arm of Nissan Motor Ltd.

PHILANTHROPY

The 2017 Men of Character Dinner was held on April 20 at the Irvine Marriott by the Boy Scouts of America, Orange County Council.

Ups to Irvine; OC Forum Update

Fred Chaney suggested that the crowd at the Irvine Barclay Theatre for the May 20 celebration of Chuck Martin’s life might have been “the greatest collection of brains and entrepreneurial doers this state has seen in some time”—a point worthy of consideration.

Drones Give Tourism Promoters New Perspective

Destination Marketing By Drone Earns Its Wings

Sometimes a city looks its best from the air. Orange County tourism marketers say drones tap true avian-level elevations to produce compelling footage for video uses, from social media and city promotions to cable TV travel shows and news broadcasts.

Q&A

Local destination marketers say that as food adventures have taken more precedence in people’s lives—anchoring malls, driving a growing list of food halls, and ever more popular on TV cooking shows and food networks—their impact on tourism and travel has also increased.

Shopoff’s May in LA: Mobile Homes, Golf, Land

2 Buys, One Sale There Total More Than $100M

Irvine-based Shopoff Realty Investments has completed two purchases and a sale in Los Angeles County over the past month valued at more than $100 million.

Friday, May 26

Midday Stock Roundup

The S&P 500 was flat in midday trading at 2,414.69.

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Spectrum Security: Cylance to New Tower

REAL ESTATE: Company’s Irvine lease OC’s largest so far this year

Security software maker Cylance Inc. plans to consolidate its local operations at the soon-to-open 400 Spectrum Center office tower in the Irvine Spectrum.

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Big Plans at Taco Bell

Taco Bell Corp. again updated mid-range goals at its annual investor and analyst day this week with big plans for annual revenue, international expansion and unit totals.

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Thursday, May 25

Emerald Expo Reports First Q1

Shares of Emerald Expositions Events Inc. in San Juan Capistrano fell slightly after the tradeshow operator met Wall Street expectations on revenue but faltered on earnings for the March quarter.

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Lotus Sells gen-E

Lotus Innovations LLC in Irvine said it sold gen-E, an analytics company with 29 employees, to an undisclosed buyer for an undisclosed amount.

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Firm Gives $500K to Goodwill

Law firm Greenberg Gross LLP donated $500,000 Thursday to Santa Ana-based Goodwill of Orange County to be used to boost Goodwill’s career counseling services, which will now be housed in the newly named Greenberg Gross Career Center.

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Midday Stock Roundup

The S&P 500 was up 0.5% in midday trading to 2,415.77

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Edwards Lifesciences Expands HQ With Buy

REAL ESTATE: Pays $18.5M for two-story office on Alton Pkwy.

Edwards Lifesciences Corp. has bought a midsized building next to its headquarters that’s under expansion in Irvine.

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Wednesday, May 24

JWA Traffic, Flights Down

JWA Traffic, Flights DownJohn Wayne Airport passenger traffic fell to 851,000 in April, from 861,000 in the same month last year—a decline of 1%, or about 10,000 passengers.

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Women-Owned Businesses Wanted for Annual List

Special Report: Focus of July 3 edition

Is your company women-owned? The Business Journal wants to hear from you.

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OC’s Pre-Pay: $27M

Orange County will redeem about $27.2 million in airport revenue bonds July 1 after supervisors yesterday approved the move in a 5-0 vote yesterday. A four-fifths majority was required for passage.

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Midday Stock Roundup

The S&P 500 was up 0.1% in midday trading to 2,400.16.

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Toshiba Parent Fallout Claims New OC Victim

TECHNOLOGY: Telecomm unit to close; more local layoffs planned

Financially troubled Toshiba Corp. will shutter its U.S. commercial phone service division based in Irvine in the second local business closure enacted by the Tokyo conglomerate in a year.

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Tuesday, May 23

Tilly’s Up in Q1

Tilly’s Inc. reported sales that beat Wall Street expectations for the April quarter, sending its shares up 14% to a $279 million market cap in recent trading.

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Irvine Software Firm Sold

Resolve Systems, an Irvine-based software company with 125 employees, was sold to Insight Venture Partners of New York. Terms were not disclosed.

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Midday Stock Roundup

The S&P 500 was up 0.2% in midday trading to 2,398.83.

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Virtual Marina

Oculus Co-Founder Luckey Buys HB Bay Club

Oculus VR co-founder Palmer Luckey has bought a marina in Huntington Beach.

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Monday, May 22

Hill Gets Nonprofit’s Award

Human Options gave its 2017 Dove Award to Julie Hill at its “Serious Fun” gala at Balboa Bay Resort on Saturday.

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E-tailer to Close Irvine Operation

Australian online retailer SurfStitch Group Ltd. said it will close its North American operations based in Irvine this year and shift its SWELL ecommerce business there to Australia.

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A Case for Excellence

Chemerinsky Leaves UCI Law With Legacy to Build On

What a difference a decade makes. When Erwin Chemerinsky joined the University of California-Irvine as founding dean of its law school, it was under a maelstrom of controversy. Some political conservatives protested based on his reputation as a “liberal” scholar, and a backlash ensued. He will leave the law school at the end of June to become dean of the University of California-Berkeley’s School of Law, surrounded by an aura of adulation, with statistics buttressing the law school’s out-of-the-gate laurels, which many lawyers have called “unprecedented.” He’s also one of the country’s most recognized and sought-after authorities on constitutional law and has argued several cases before the U.S. Supreme Court.

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Midday Stock Roundup

The S&P 500 was up 0.5% in midday trading to 2,392.91.

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How Broadcom Shook OC Tech, Real Estate Markets

Company’s Legacy Even Includes Chargers Team

With news that Singapore-based Broadcom Ltd. could sell its campus at Irvine’s Great Park Neighborhoods for $443 million back to FivePoint Communities Inc., here’s a look at how the chip giant has shaken up the local tech and real estate landscape.

On California

The Government Did It!

In my last “On California” column, I showed that Orange County housing prices skyrocketed from $200,000 in 1996 to $670,000 in 2004—an increase of 235% over the eight-year period. That compares over the same years to a much milder 60% increase for the U.S. as a whole. I concluded that article by showing that the current mismatch between income and housing prices in Orange County, as well as in California, stems from the spike in housing appreciation that occurred during the period. I left as a mystery how and why it happened.

Allegro Team Believes Third Time’s the Charm

Allegro Targets Third-Phase Clinical Trial Early 2018

Father and son Hampar and Vicken Karageozian plan to take their company to the exit sans venture capital. San Juan Capistrano-based Allegro Ophthalmics LLC, which develops drugs for vitreoretinal diseases—those that affect the back part of the eye, such as diabetic retinopathy and macular degeneration—is the third company that Hampar Karageozian have co-founded. Previous endeavors include eye drugmakers Vitreoretinal Technologies Inc. in Irvine and ISTA Pharmaceuticals Inc., founded in 1999 and 2000, respectively.

Apparel Makers’ OC Employment Drops 5% to 8,593

54 Biggest Firms Include Four Newcomers

Orange County’s largest apparel makers slowed hiring over the past year.

Real Estate Deals

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

Palm Gardens Apartment Homes, a 92-unit multifamily community in Tustin, was sold for $27.5 million, or about $299,000 per unit.

Porsche Dealership is Spectrum’s Latest Auto Addition

57,000 SF Site Few Miles From New Karma HQ

Karma Automotive LLC isn’t the only high-end car company making notable real estate moves in the Irvine Spectrum area.

Insurance App Firm With CSUF Roots Kicks Off

GoodFetch Delivers Prices, Not Estimates

A Southern California company hatched at California State University-Fullerton’s incubator program has launched its core product.

OCBJ Calendar

May 22-31, 2017

This week's business and other event listings.

Boost Mobile Aims to Boost Sales With ‘Project Switch’

Ads Highlight How Easy It Says Switch to It Is

Boost Mobile LLC in Irvine launched national marketing and advertising campaign “Project Switch,” which highlights its “four lines for $100” offer.

TherOx to File for FDA Approval for Oxygen Product

Completed Enrollment Of 100-Patient Study for Device

Irvine-based device maker TherOx Inc. plans to file for U.S. Food and Drug Administration approval early next year on a product that delivers “super-saturated oxygen”—a saline solution with the patient’s blood that contains seven times normal oxygen levels—for treatment of heart attack patients.

Affluent Buyers Have Wealth of Choices This Spring

38 Listings Appear First 10 Days of Month Alone

Orange County’s active high-end home market inventory is on the rise, with 38 new listings above $4 million added to the Multiple Listing Service in the first 10 days of May.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 40, No. 21

The Pacific Symphony moved into a new headquarters office in Irvine.

Stillwater Looks Inland With $38M Riverside Buy

REAL ESTATE: Two offices at nearly full capacity

Irvine-based Stillwater Investment Group, an investor in office, industrial, apartment and retail properties that began operations in 2014, has made its largest acquisition of the year in one of the most prominent office properties in the city of Riverside.

Sadeghi Plans More Retail Magic at 2 New Sites

Shaheen Sadeghi, the visionary behind the Anaheim Packing House and other hip retail concepts, has picked a 12-acre site in San Marcos in San Diego County as his next challenge.

Wanted: Most Community-Minded Companies for New OCBJ List

CALL FOR ENTRIES: Website will take entries through June 30

Is your company about much more than its bottom line? Does it also use its resources to better the Orange County community?

Ex-Energy Dept. Exec to Nuclear Firm

Former Department of Energy Secretary Ernest Moniz joined the board of nuclear fusion company Tri-Alpha Energy Inc. in Foothill Ranch.

Software Maker Buys German Company

MSC Software Corp. in Newport Beach, a unit of Hexagon AB’s Manufacturing Intelligence, said it will buy VIRES Simulationstechnologie GmbH to expand into automated driving technology.

CrowdStrike Takes in Another $100M

Irvine-based CrowdStrike Inc. raised $100 million in its latest funding round, the second time the security software maker has hit that benchmark.

L Squared Co-Purchases Elevator Servicer

Newport Beach-based L Squared Capital Partners and Chicago-based Longview Asset Management LLC purchased service provider Oracle Elevator for an undisclosed amount.

Billabong Seeks Smaller OC Space

APPAREL: Two-building Spectrum site listed for lease

Billabong USA may be looking for new, smaller, digs in Orange County, the company confirmed last week.

Startup Buys Entertainment Centers for $60M

STARTUPS: Oomba plans esports stadiums and teams

Irvine-based startup Oomba Inc. has taken an unconventional route toward buying an entertainment and gaming venues company from Chatsworth-based GameWorks Entertainment LLC.

CT Realty Plans NorCal Industrial Project

REAL ESTATE: Area’s largest spec building in first phase

Newport Beach-based CT Realty Investors is planning one of the largest speculative industrial developments in Northern California in years after buying a big chunk of land in the Central Valley city of Stockton.

Walker Bunts, Scully Scores

Credit Vin Scully for a crowd that was big enough to fill the biggest hotel ballroom around these parts for the Orange Catholic Foundation’s 15th Annual Conference on Business & Ethics, giving even the Hilton Anaheim a challenge on parking at the breakfast hour.

Glass Company Breaks With Traditions to Thrive

3rd-Gen Owner Nabs Big Accounts; Markets Online

Greg Wingert took the time to hear out the Mater Dei High School guidance counselor’s push for college, but the senior’s mind was already set on joining the family business.

Mother, Daughter Immersed in 40-Year Labor of Love

Swimwear Maker Moves In Market In Its Own Way

Felicia Madrigal sees Laguna Beach-based Merrilee’s Swimwear returning to shelves at popular retail chains, including PacSun and Nordstrom.

Friday, May 19

Midday Stock Roundup

The S&P 500 was up 0.8% in midday trading to 2,385.72.

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Opus Bank Struggles to Regain Footing

Shareholders at last week’s annual meeting of Irvine-based Opus Bank had plenty to discuss about the past year when the once high-flying bank fell back to earth.

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Brea Food Maker Names COO

Ventura Foods LLC promoted John Buckles to chief operating officer, a new position at the Brea-based maker of branded butter, margarine, mayonnaise, dressings and dips.

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Juice It Up Adds in Inland Empire

Juice It Up plans in June to open a new franchised location in San Bernardino County, purchased by a husband-and-wife team that also franchises three Wienerschnitzel locations in San Bernardino and Riverside counties.

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Unemployment, Jobs Down

OC’s unadjusted unemployment rate was 3.3% in April, down from a revised 3.7% in March and below the 4% reported in the same period last year, despite a net loss in jobs during that period, the state Employment Development Department said.

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OCVA Focus: Mideast, Mexico

Orange County Visitors Association worked in the Middle East in March and plans new efforts in Mexico, through a California tourism team’s visit, to tell business travelers and tourists they’re welcome locally.

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Thursday, May 18

Sabra to Double Workers, Add Space After Merger

Sabra Health Care REIT Inc. in Irvine said its pending merger with Care Capital Properties Inc. in Chicago strengthens its portfolio, despite a return to a majority skilled nursing concentration.

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Midday Stock Roundup

The S&P 500 was up 0.6% in midday trading to 2,371.33.

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Ex-Energy Sec. Joins Board

Former Department of Energy Secretary Ernest Moniz has joined the board of a nuclear fusion company in Foothill Ranch.

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Wednesday, May 17

Advantage’s Next Growth Step: IPO

Advantage Solutions Inc.’s initial public offering filing provides a glimpse into the Irvine-based company’s strategy of growth through acquisition of complementary sales and marketing businesses—it spent about $566 million on 39 deals in the past three years.

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Midday Stock Roundup

Stocks indices declined in midday trading on political turmoil between the FBI and President Trump, and its possible effects on the administration’s economic proposals.

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CrowdStrike Gets Another $100M

Irvine-based CrowdStrike Inc. has raised $100 million in its latest funding round, the second time the security software maker has hit that investment benchmark.

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Founding UCI Law Dean Resigns

Erwin Chemerinsky will step down as dean of University of California-Irvine Law School on June 30 to become dean of University of California-Berkeley School of Law on July 1.

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Tuesday, May 16

Chapman to Get $1M Scholarship Gift

Chapman University on Wednesday will get a $1 million gift from the Illinois-based Give Something Back Foundation Inc.

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L Squared Buys Elevator Servicer

Newport Beach-based L Squared Capital Partners and Longview Asset Management purchased Oracle Elevator, a service provider, for an undisclosed amount.

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Irvine Startup Acquires GameWorks

Irvine-based Oomba Inc. and Barington/Hilco Acquisition Corp. said Oomba will buy Chatsworth-based GameWorks Entertainment LLC for $60 million and take the combined company public.

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Midday Stock Roundup

The S&P 500 was down 0.1% in midday trading to 2,400.89.

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$443M Would Make FivePoint Broadcom Landlord

The $443 million sale of Broadcom Ltd.’s campus under construction in Irvine would be Orange County’s biggest office transaction in a decade.

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Monday, May 15

Journalist to Join UCI Faculty

Hector Tobar, an author and New York Times contributing op-ed columnist, will be an associate professor in Chicano/Latino Studies and English-Literary Journalism at University of California-Irvine, a UCI spokesman confirmed today.

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MSC Buys German Firm

MSC Software Corp., a unit of Hexagon AB’s Manufacturing Intelligence, said it will buy VIRES Simulationstechnologie GmbH to expand into automated driving technology. Terms of the deal weren’t announced.

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Revero Hits the Road

The first batch of Karma Automotive LLC’s Revero luxury plug-in hybrid vehicles is on its way to 10 dealer showrooms in the U.S. and Canada.

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Midday Stock Roundup

The S&P 500 was up 0.5% in midday trading to 2,402.64.

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Rare View From the Top

Ability, Support, Sacrifices Fueled Her Rise at Public Consultancy

Kate Duchene wants to get Resources Global Professionals back on a growth spurt.

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Mistrial in Mazzo Insider-Trading Case

A mistrial was declared Friday in the insider trading case against Jim Mazzo, global president of ophthalmic devices at Carl Zeiss Meditec AG in Germany, while two others—former Angels player Doug DeCinces and friend David Parker—were found guilty of multiple charges, the U.S. Department of Justice said.

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UCI Prof Gets Alzheimer's Funds

The Orange County Chapter of the Alzheimer’s Association will give UCI professor Matthew Inlay $150,000 over three years for research “critical to developing more-effective strategies for understanding and treating” the disease, the association said.

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Yogurtland's Texas Two-Step

Yogurtland Franchising Inc. added two locations in Houston under separate owners.

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PHILANTHROPY

United Cerebral Palsy of Orange County raised $450,000 at the annual Life Without Limits fundraising gala on April 22 at the Balboa Bay Resort in Newport Beach.

Katella Ave. Developers Go West to Cypress, Los Al

60 Acres in Play for New Homes, Retail Projects

A roughly two-mile stretch of land along Katella Avenue in Anaheim could well be considered the hub of infill redevelopment in Orange County.

Emile’s Big Deal; The Real on Neal; OCMA’s Fine Feel

Nothing mixed about a certain aspect of Emile Haddad’s personal perspective on FivePoint Holdings’ debut on the New York Stock Exchange last week, when an opening share price of $14 was below an earlier stated range but also rose by about 7% in the first day of trading—good for a market cap of about $3.3 billion.

Luxe Hotel Planned Near Disneyland Resort

REAL ESTATE: Site just off 5 to hold 300 rooms, rooftop bar

A 3.4-acre site just east of the Santa Ana (5) Freeway in Anaheim is being considered for a four-diamond hotel, the latest luxury hospitality project proposed for the area around the Anaheim Resort district.

Nemus Diversifies R&D With $20 Million Investment

HEALTHCARE: To allow study of all 5 drug candidates

Nemus Bioscience Inc., a preclinical biopharmaceutical company developing cannabinoid-based drugs, has secured its largest financing to date.

Blues Event Founder Starts Genre Group

NONPROFITS: Foundation seeks to help musicians, educate

The 20th Doheny Blues Festival will rock Doheny State Beach in Dana Point this weekend, an anniversary that prompted founder Rich Sherman to consider his legacy.

Report: Haves, Have-Nots in Aging OC

Orange County’s population will pass 3.5 million in 2040—and many residents may be over 120 years old. Every age cohort but 65-plus are leaving OC by some measure, one of the “pressure points” cited in the 17th Annual 2017 Community Indicators Report, a survey of quality of life in the county, presented last week.

Outgoing Dean to First American Board

First American Financial Corp. in Santa Ana appointed Reginald “Reggie” Gilyard to its board of directors, expanding the body to nine members.

Pieology Picks Permanent President

Pieology Pizzeria in Rancho Santa Margarita named Michael Nolan president. Founder and Chief Executive Carl Chang had been handling the president’s duties for about two years.

Architecture Firm Grows Texas Presence

Irvine-based design firm LPA Inc., the largest architecture firm in Orange County, opened an office in Dallas, its sixth U.S. location.

Shy One No More

Acute Hospital Exec Pumped-Up for KPC

Suzanne Richards, system chief executive for for-profit, eight-hospital KPC Global Management LLC, has made a career as a hospital restructuring expert. She took on her first KPC hospital in 2012 and increased earnings of the 101-bed acute care hospital in Victor Valley from $300,000 to $6 million in a year.

An A+ From Wall Street

Beacon Pointe Co-Founder Proves Naysayer Wrong

While taking an entrepreneurial class for an MBA at the University of California-Los Angeles, Shannon Eusey wrote a business plan for a company she wanted to start.

Success as a Human Resource

CEO Employs Holistic Approach, Personal Touch

You’ve heard the one about the woman who excels in a male-dominated field, but Pamela Jung founded, owns and leads two human resources firms—where it’s not uncommon to find female-owned businesses.

From a Place of Vulnerability

Big Brothers Big Sisters CEO Empowers Staff

Just before Melissa Beck took over as chief executive of Santa Ana-based Big Brothers Big Sisters of Orange County and the Inland Empire, staff turnover was more than 50% a year, she said.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 40, No. 20

Walt Disney Co.’s parks and resorts unit led a revenue increase at the Burbank-based entertainment company in its most recent quarter.

OCBJ Calendar

May 15-24, 2017

This week's business and other event listings.

ChromaDex Could Get A Lot For Billionaire’s $25M

Ingredients Maker Nabs Dose of Wall Street Cred

ChromaDex Corp.’s recent coup—a planned $25 million investment by Hong Kong billionaire Li Ka-Shing—looks to boost the Irvine-based ingredients maker’s work in the wider world in at least two ways:

Auto Loan Company Gets $85 Million Line of Credit

Springboard Auto Will Use Funds to Expand

An Irvine-based direct-to-consumer auto loan company closed an $85 million line of credit during the first quarter.

J.D. Power Gets First Ad Agency, Partly for Auto Creds

Goes With Torrance-Based PCG, Which Serves Honda

J.D. Power and Associates in Costa Mesa hired Pacific Communications Group as the agency of record for its automotive division.

District Court Judge Sides With D-Link in FTC Battle

Denies Security Breach Claims in Allegations

U.S. District Judge James Donato has instructed the Federal Trade Commission to dismiss a case against Taiwan-based D-Link Corp., leaving its U.S. subsidiary D-Link Systems Inc. in Fountain Valley as the sole defendant in a case alleging it “failed to take reasonable steps to secure the software for their routers and IP cameras” against hacking methods.

Real Estate Deals

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

Orangewood Business Plaza in Anaheim was sold to Orange Multi FAEC LLC for $8.5 million, or about $168 per square foot.

Intracorp Grows IBC For-Sale Holdings With 2nd Buy

Meritage Sells One Gillette Ave. Site, Buys Another

Meritage Homes appears to be a move-up buyer when it comes to development sites on one street in the Irvine Business Complex.

Consumer Electronics Makers’ Employment Flat

18 Biggest Marketers, Makers Employ 4,618

A headquarters move and an axed sale were the big headlines generated recently by Orange County’s largest consumer electronics makers as employment held steady.

Chipmakers’ Employment Flat After Deep 2016 Cuts

Biggest Combine to Trim 15, Leaving 3,947 in OC

Orange County’s biggest chipmakers in the 10 months through the end of April staved off deep job cuts that have defined the sector following Broadcom Corp.’s $37 billion sale to Singapore-based Avago Technologies Inc. last February.

Friday, May 12

Yogurtland's Texas Two-Step

Yogurtland Franchising Inc. added two locations in Houston under separate owners.

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Hotel Developer to Lay Off Staff

FJS Inc. said in a regulatory filing it would cut 121 jobs in Anaheim.

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OCers Get Ellis Island Awards

Several Orange County residents, as well as others with ties to OC, are recipients of the 2017 Ellis Island Medal of Honor.

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Midday Stock Roundup

The S&P 500 was down 0.2% in midday trading to 2,388.78.

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Company Spreads Risk Across the Globe

INSURANCE: GBG’s revenue soars, goes public in London

Andy Thorburn thinks of himself as a risk taker.

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Veritone Raises $37.5M in IPO

Newport Beach-based start-up Veritone Inc. began trading today on the NASDAQ Capital Markets after raising $37.5 million in an initial public offering.

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OC-Backed Pebble Beach Expands

Pebble Beach Co. in August will open 38 new rooms under the name Fairway One, at The Lodge at Pebble Beach.

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Apparel Maker Cuts Jobs

St. John Knits International Inc. next month plans to cut 130 jobs at its facility in Irvine, according to a Worker Adjustment and Retraining Notification it filed with the state Employment Development Department.

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Thursday, May 11

Burba Hotel Network Sold

Burba Hotel Network in Costa Mesa was bought by Northstar Travel Group in Secaucus, N.J., on undisclosed terms.

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LPA Opens Dallas Office

Irvine-based design firm LPA Inc., the largest architectural firm in Orange County, opened a new office in Dallas, its sixth U.S. location.

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CSULB Names Ed Dean

California State University-Long Beach said Shireen Pavri will be dean of the College of Education starting July 3.

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Midday Stock Roundup

The S&P 500 was down 0.4% in midday trading to 2,391.27.

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Lyon Buys Cypress Site for 244 Homes

REAL ESTATE: Land next to racetrack part of new 55+ brand

William Lyon Homes plans to turn a big infill development site it just bought in Cypress near the Los Alamitos Race Course into an active-adult community that would be the first of its type for the company in Orange County.

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Pieology Gets a President

Pieology Pizzeria in Rancho Santa Margarita named Michael Nolan president.

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Wednesday, May 10

UCI, Girls Group Go to Camp

University of California-Irvine and Santa Ana nonprofit Global G.L.O.W. will work this summer to help get 50 at-risk middle- and high-school girls succeed in school and move on to college.

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Alteryx Beats Street in Q1

Irvine-based Alteryx Inc.’s first quarterly financial report as a public company beat Wall Street expectations.

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Vinny Smith Grows VC Fund 33%, Diversifies

FINANCE: Now at $800M; several deals foreseen in coming weeks

Billionaire entrepreneur and Business Journal OC 50 influencer Vinny Smith (see related stories, this page and page 8) continues to grow and diversify Orange County’s largest venture capital fund

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Midday Stock Roundup

The S&P 500 rose 0.1% to 2,398.41.

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FivePoint Communities Goes Public

FivePoint Communities Inc., the Aliso Viejo-based real estate developer that’s running Irvine’s Great Park Neighborhoods and other large housing projects in the state, completed its initial public offering on Wednesday, raising close to $300 million.

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Tuesday, May 9

ASICS Down in Q1

ASICS America Corp.’s sales in the March quarter declined 5.3%, according to its parent, Japan-based ASICS Corp.

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First American Picks Gilyard

First American Financial Corp. in Santa Ana appointed Reginald “Reggie” Gilyard to its board of directors.

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Disney Parks Unit Results Up

Walt Disney Co.’s parks and resorts unit led a revenue increase at the Burbank-based entertainment company in its most recent quarter.

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Midday Stock Roundup

The S&P 500 was flat in midday trading to 2,399.19.

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LA Riots 25 Years Later

Peter Ueberroth Reflects With Pride on Rebuilding Efforts He Headed

There’s been much reflection on the 25th anniversary of the 1992 Los Angeles riots—at least five films, and ample plaudits and criticism, more of the latter, on rebuilding efforts under nonprofit organization Rebuild L.A.

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Monday, May 8

SCC Foundation to Get Estate Gift

Santiago Canyon College Foundation in Orange received a $100,000 bequest from the estate of Arlin and Betty Pirtle, the largest donation from an individual donor in the foundation’s 19-year history, a press release from the foundation said.

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Mechanics Taps New Auto Chief

Mechanics Bank in Walnut Creek, Calif., named Bill Katafias chief executive of its Irvine-based CRB Auto division.

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Balboa Opens Pacific NW Office

Balboa Capital, a Costa Mesa-based provider of business loans and equipment financing, opened an office in Spokane to expand in the Pacific Northwest.

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Midday Stock Roundup

The S&P 500 was down 0.1% in midday trading to 2,398.09

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OC 50

Our Annual Inventory of Influence

The Business Journal compiles roughly 60 lists a year using various factors to rank local companies—growth pace, employee count, and in some cases, annual revenue. The OC 50—published since 1992—sorts entries alphabetically, so rather than a list, think of it as an always-evolving collective of local influencers. The 50 entries—some made up of two or three people instead of one—are vetted somewhat subjectively by the size of the businesses they own or run, their community involvement or political clout, and the significance they have in their industries. This year’s OC 50 edition features 57 names, six of the entries made up of several executives closely bound by professional circumstances or family ties.

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FivePoint Eyes Buyback of Broadcom Campus

FivePoint Communities Inc. confirmed it is considering buying back the under-construction campus of Broadcom Ltd. at Irvine’s Great Park Neighborhoods.

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Healthcare REITs to Merge

Sabra Health Care REIT Inc. in Irvine and Care Capital Properties Inc. in Chicago plan an all-stock merger that’s expected to close in the third quarter.

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Capital Bank in SJC Sells for $60 Million

San Juan Capistrano-based Capital Bank agreed to be bought for $60 million in cash and stock by San Diego-based Seacoast Commerce Banc Holdings.

T-Shirt Makers Sweat Out Appearance on Reality Show

Thompson Tee Profiled On TV’s “Shark Tank”

A Placentia-based clothing-maker has gone prime time.

UCI Looks to Add Housing for 2,300 More Students

New Project Would Bring Its Total to 16,341 Beds

The University of California-Irvine is pursuing plans to add another big batch of student housing to its campus.

Real Estate Deals

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

A medical device testing company signed a 10-year lease at 9400 Toledo Way in Irvine for $4.5 million.

Students Inventors for 3-D Printing Competition

Mogul Chung Searches For Battery Plant Site

More than 200 students will submit projects for the fifth installment of the ocMaker Challenge, which is billed as one of the few school-based 3-D printing competitions in the world.

Kia Replaces Marketing VP With Auto Industry Vet

Saad Chehab Previously Worked for Maserati, Ford

Kia Motors America Inc. in Irvine hired Saad Chehab as vice president of marketing communications.

Irvine Device Maker to Start 12-Month Trial of Implant

Stent Designed to Help Glaucoma Patients

Ivantis in Irvine received approval to begin a clinical trial “summit” for the Hydrus Microstent, a device designed to lower eye pressure in glaucoma patients. The trial will assess safety and effectiveness of the device in 60 advanced glaucoma patients over a 12-month period.

OCBJ Calendar

May 8-17, 2017; May 27, 2017

This week's business and other event listings.

Tech Changes Way Luxury Real Estate Marketed

Agents Convey Look, Feel Through Digital Content

As high-end homebuyers become more global, luxury real estate professionals are leveraging technology to create connections with potential clients all over the world.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 40, No. 19

Hybrid Apparel in Cypress launched the Love Tribe brand, a Disney princess-themed line of clothing for young women that’s available only at Macy’s department stores.

Free-to-Play Blizzard Game Reaches Player High

TECHNOLOGY: Hearthstone’s 70M buy card sets, accessories

Another game, another milestone for OC 50er Michael Morhaime and his Irvine video game publisher, Blizzard Entertainment Inc.

Wanted: Most Community-Minded Companies for New OCBJ List

CALL FOR ENTRIES: Website will take entries through June 30

Is your company about much more than its bottom line? Does it also use its resources to better the Orange County community?

Entrepreneur Works to Bridge Religious Conflict

NONPROFITS: Facilitates Palestinian-US Jews projects

Entrepreneur Russ Rosenzweig is a man on a mission: to use entrepreneurship as a tactical tool to reduce hostility in the Middle East via interfaith business collaborations.

Businesswomen Feted at OCBJ Event

About 750 people attended the Business Journal’s 23rd Annual Women in Business Awards ceremony on May 2 at Hotel Irvine to celebrate accomplishments of Orange County’s standout businesswomen.

Eye Device Maker Raises $21 Million

Irvine-based lens maker LensGen Inc. closed a $21 million series A financing with an option to expand the financing commitment by an additional $5 million.

Universal Electronics Makes IoT Buy

Santa Ana-based Universal Electronics Inc. boosted its growing Internet of Things business with a $9 million purchase of certain assets of Residential Control Systems Inc.

OC Visitor Spending Tops $12B in 2016

Orange County Visitors Association and Visit Anaheim data show travelers to OC contributed $12.1 billion to the local economy last year, up 6.8% over 2015 numbers.

‘New Generation’ HCP Struggles to Keep Executives

HEALTHCARE: Says still steadfast on private-pay growth

Irvine-based real estate investment trust HCP Inc., which spun off its skilled nursing portfolio and sold a good portion of its senior housing properties this spring, enters into a new phase with “three or four steps forward, one step back,” Executive Chairman Mike McKee said.

TRI Pointe Looks Local to Boost Sales, Value

REAL ESTATE: Builder sees SoCal land as key to raise stock

TRI Pointe Group Inc. has embraced a business-as-usual, California-first approach to its operations following its recent breakup with former majority stakeholder Starwood Capital Group Inc.

Kudos, Clue at Hispanic Chamber; Celebration of Chuck

Well-deserved recognition and an early insight into next year’s gubernatorial race came during the Orange County Hispanic Chamber of Commerce’s annual Estrella dinner and fundraiser at the Grand Ballroom of the Disneyland Hotel on April 29.

Inventory of Influence

The Business Journal compiles roughly 60 lists a year using various factors to rank local companies—growth pace, employee count, and in some cases, annual revenue. The OC 50—published since 1992—sorts entries alphabetically, so rather than a list, think of it as an always-evolving collective of local influencers.

Friday, May 5

Midday Stock Roundup

The S&P 500 was up 0.2% in midday trading to 22,393.38

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Monster Execs Double Down at Von Karman Towers in $87M Deal

The top two executives at Corona-based energy drink company Monster Beverage Corp. have added another office near John Wayne Airport to their growing list of local commercial real estate investments.

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State Farm to Shut Irvine Office

State Farm Mutual Automobile Insurance Co. plans to close its Irvine office in 2019, a move that will affect 360 employees there.

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Kush Bottles Buys Distributor

Santa Ana-based Kush Bottles acquired CMP Wellness in a cash and stock deal valued at about $21 million.

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Hotel Manager Adds Three

Twenty Four Seven Hotels in Newport Beach added three management contracts, including a Buena Park hotel scheduled to open in August.

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Thursday, May 4

$2M Remediation for ‘Toxic’ Fullerton Site

Current and former owners of the site of a former Chicago Musical Instruments manufacturing facility in Fullerton will pay about $2 million to the state in a deal unveiled today.

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Autobytel Exceeds Q1 Forecasts

Autobytel Inc. reported March quarter revenue and adjusted profits that beat Wall Street expectations.

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Advantage Solutions Files for IPO

Irvine’s Advantage Solutions Inc., a provider of sales, marketing, merchandising and digital technology services for packaged goods manufacturers and retailers, has filed plans for an initial public offering.

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Overwatch Drives Blizzard Sales

Booming sales of the first-person, futuristic shooter “Overwatch” and an uptick in “World of Warcraft” subscribers boosted revenue in the first quarter for Blizzard Entertainment Inc.

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El Pollo Loco Q1 Mixed

El Pollo Loco Holdings Inc. in Costa Mesa earned net income of about $5 million on revenue of about $100 million in its first quarter.

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Del Taco Up In Q1

Del Taco Restaurants Inc. in Lake Forest earned net income of about $4 million on revenue of $105 million in the first quarter, compared with the same period last year.

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Coffee Co. Taps Two

Retail Food Group USA in Santa Fe Springs has brought on two executives to boost its wholesale and retail coffee businesses.

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UEI Boosts IoT in Asset Buy

Santa Ana-based Universal Electronics Inc. has boosted its growing Internet of Things business with a $9 million purchase of certain assets from Residential Control Systems Inc.

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Hybrid Apparel Adds Brand

Hybrid Apparel in Cypress launched Love Tribe brand, a Disney princess-themed line of clothing for young women that’s available only at Macy’s department stores.

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Midday Stock Roundup

The S&P 500 was down 0.1% in midday trading to 2,386.96.

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Newer Brand Reaches Into Past for Higher Gear

Z Supply, Its Eponymous Line Celeb-Approved, Guns for $100M

Z Supply LLC’s latest offering is a nod to Orange County’s apparel industry heritage.

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Wednesday, May 3

Taco Bell Profit Up 19%

Core operating profit at Taco Bell Corp. in Irvine grew 19% year-over-year in the first quarter of 2017, topping the 9% overall growth at parent company Yum Brands Inc.

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Habit Q1 Numbers Up

Habit Restaurants Inc. in Irvine said revenue, net income and same-store sales rose in the first quarter, compared with the same period a year ago.

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UCI Prof Named to Science Academy

University of California-Irvine said Professor James Randerson was elected to the National Academy of Sciences.

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Capital Bank Sold

San Juan Capistrano-based Capital Bank agreed to be bought for $60 million in cash and stock by San Diego-based Seacoast Commerce Banc Holdings.

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Midday Stock Roundup

The S&P 500 was down 0.3% in midday trading to 2,384.64.

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Smart Beta Finally Looks Smart

Contrary Investor Reveals Secret To Dramatic 2016 Returns

Rob Arnott felt regret when emerging markets were plunging early last year.

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Tuesday, May 2

April Auto Sales Mixed

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

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Journal Honors 5 Female Leaders

About 750 people gathered at Hotel Irvine on Tuesday for the Business Journal’s 23rd Annual Women in Business Awards ceremony.

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Axonics Raises $14.5M

Axonics Modulation Technologies Inc. closed $14.5 million in series C financing, pushing its total fund-raising past the $85 million mark.

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Midday Stock Roundup

The S&P 500 climbed 0.1% in midday trading to 2,391.03.

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Special Delivery for Mysterious Dreamer

Concept Vehicle Maker Crafts Electric Bus for Chinese Billionaire

The sleek design and sheer size of the latest concept vehicle developed by Gaffoglio Family Metalcrafters Inc. took center stage at a recent invitation-only unveiling at the company’s headquarters in Fountain Valley, though perhaps the more compelling story centers around its customer.

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Eye Device Maker Lands $21M

Irvine-based LensGen Inc. has closed $21 million series A financing, with an option to expand the financing commitment by an additional $5 million.

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Alliant Buys Idaho Firm

Newport Beach-based Alliant Insurance Services Inc. purchased Summit Insurance Resource Group to expand in northern Idaho and eastern Washington. Terms of the agreement weren’t disclosed.

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Monday, May 1

Midday Stock Roundup

The S&P 500 climbed 0.3% in midday trading to 2,390.13.

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Octane Closes Ophthalmology Venture Fund, Its First

HEALTHCARE: Falls short of $50M target, 4 deals done

Aliso Viejo-based technology and life sciences accelerator Octane closed its debut fund, which it launched a year ago to target opportunities in ophthalmology.

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Real Estate Deals

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

Rockwell Farms Inc. sold a 15,558-square-foot warehouse building in Orange to M&M Acquisition LLC for $3 million, or about $195 per square foot. The warehouse is on 0.74 acres and is at 429 W. Levers Place. The buyer plans to make minor changes to the interior office space before taking occupancy, according to CoStar Group Inc. Keith Greer of CBRE Group Inc. represented the buyer, and Bucky Gillett of Gillett Commercial represented the seller.

Greenwave Teams With Game Golf to Correct Shots

Offering to Analyze Ways to Improve Game

Fore!

New AC Hotel in Park Place Opens, Sells for $53.7M

Pacific Hospitality Takes Over; Deal Signed in 2016

Irvine’s newest hotel, Park Place’s AC Hotel, has a per-room value topping some of the most established hotels in the area around John Wayne Airport, based on a reading of newly filed property records.

OCBJ Calendar

May 1-11, 2017

This week's business and other event listings.

Female Verizon Engineer Stars in STEM-for-Girls Ad

Irvine Staffer Symbolizes Empowerment Effort

Ammara Essa, principal system performance engineer at Verizon Communications’ Irvine office, is starring in the brand’s new national TV ad.

Auxilio Board Move Takes It Deeper Into Technology

Data Manager CEO Also Touts Added Diversity

Auxilio Inc. is pumping new energy into its board of directors—swapping in several new members in recent months, with one more to come—in an effort to get more representation by industry- and expertise-focused people.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 40, No. 18

The Samueli Foundation gave the University of California-Irvine $30 million to help build a 100,000-square-foot facility for convergent science, or cross-disciplinary research in engineering, computing and physical sciences.

PHILANTHROPY

The ninth Annual Leaders for Philanthropy Night was held on April 6 at the Shea Center for Therapeutic Riding in San Juan Capistrano.

New Offerings Offer Multitude of Tasty Dishes

Porchetta, Hot Pots And Memorable Italian Shine

Hendrix at Laguna Niguel’s Ocean Ranch Village is brand-new, good-looking, very energetic and delicious.

Roast Master’s Franchise Plan Starts With Good Beans

FOOD: Aussie-owned coffee companies map U.S. growth

At Retail Food Group USA Inc.’s Santa Fe Springs headquarters, they offer you coffee, of course.

Del Taco Plans Return to Tennessee

Del Taco Restaurants Inc. signed a franchisee to open seven units in Tennessee in a return to the market for the fast food chain, and in Georgia, where Del Taco recently announced new franchise deals.

Streetwear Apparel Maker Acquired

Lifted Research Group Inc. was acquired by Mad Engine LLC in San Diego on undisclosed terms.

UCI Gets $1 Million for Rocket Program

The University of California-Irvine got a $1 million grant from Base 11, a nonprofit workforce development and entrepreneur accelerator in Costa Mesa focused on science, technology, engineering and math.

Allergan Eye Device Gets FDA Nod

Allergan PLC received Food and Drug Administration approval for TrueTear Intranasal Tear Neurostimular, a device that temporarily increases tear production via electrical stimulation.

Update on OC Influence

Orange County’s community of business makes plenty of waves in other markets, including Manhattan, where the Commercial Observer last week put Donald Bren on its annual Power 100 list.

FDA OKs Remote Monitoring Device

HEALTHCARE: Majority stakeholder 12th Man in OC

Monitored Therapeutics Inc. received Food and Drug Administration approval for its GoSpiro Home Spirometer, a device that measures the air capacity of the lungs and is used to diagnose asthma, chronic obstructive pulmonary disease and other breathing conditions.

NY Company Closes 1960s Fullerton Plant

MANUFACTURING: Moves work to Tempe in consolidation

Melville, N.Y.-based electronics manufacturer Park Electrochemical Corp. plans to close its largest U.S. manufacturing plant, which is in Fullerton.

Home Economics

Data from Entrepreneur magazine in Irvine and franchise disclosure documents show HFC’s three concepts combined have about 1,300 franchises: 84% are Budget Blinds, 14% Tailored Living, 2% Concrete Craft.

Cancer Treatment Company Seeks $5M in Funding

Bone-Rad in CDM Targets Spinal Tumors

Bone-Rad Therapeutics Inc., a Corona del Mar-based healthcare technology company, is seeking $5 million, $2 million to conduct preclinical activities and to prepare its application with the Food and Drug Administration to perform clinical trials, and $3 million to obtain the required certification to sell its product in Europe.

Emmes to Put Latest OC Office Buy Center Stage

The new owners of the Main Plaza office buildings in Irvine are planning an extensive overhaul of their latest Orange County investment, even after spending nearly $200 million to buy the airport-area towers.

SBA Loan Value Soars 40% at 30 Largest Lenders

Number of Loans Grows At Slower, 2% Pace

Small Business Administration lending in Orange County grew at a torrid 40% pace in a recent six-month period while the number of loans climbed at a slower 2.4% pace, based on two lists published in this week’s Business Journal.

Local Motion

HFC’s work taps its OC home base in more ways than one.

Santa Ana Lender Thrives Where Banks Fear to Tread

Equipment Leases, Loans Translate to High Cash Flow

Peter Ribeiro decided to start US Business Funding a month before the financial markets collapsed in September 2008 to provide loans to small companies.

Wanted: Most Community-Minded Companies for New OCBJ List

CALL FOR ENTRIES: Website will take entries through June 30

Is your company about much more than its bottom line? Does it also use its resources to better the Orange County community?

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More is More for Home-Focused Franchiser in Orange

Multiconcept Company Supports Entrepreneurs

If it’s good-to-great to run a business, think what it’s like when yours helps a thousand other people run theirs.