OCBJ WEEKLY EDITION
SPORTS: Buys Breakers from Canadian entrepreneur
Laguna Beach resident Eric Davidson has taken up a family tradition with his purchase of Orange County’s professional tennis team from Canadian technology and media entrepreneur Lorne Abony.
HEALTHCARE: 70 companies now pledged to share data
Call it a cross-town collaboration long in the making.
ECONOMY: Passenger traffic overstated for 14 months
John Wayne Airport revised its monthly passenger counts downward by 348,965 for travel from July 2015 through August 2016 after the discovery in September of an over-count by JWA’s busiest airline by volume, Dallas-based Southwest Airlines Co.
78 Combine for $18.7B, Employ Nearly 14K in OC
Revenue at the largest minority-owned businesses with headquarters in Orange County climbed almost 10% to $18.7 billion last year, led by acquisitions, mortgages and granite countertops.
CALL FOR ENTRIES: Website set to take entries until March 17
Is your workplace great?
Giuseppe Lama’s tenure as managing director of the Resort at Pelican Hill ended after about nine years.
University of California-Irvine and Rochester Institute of Technology’s Golisano Institute for Sustainability launched the Reducing Embodied-Energy & Decreasing Emissions Institute to improve the efficiency and competitiveness of U.S. manufacturing.
Shares of Irvine-based Banc of California Inc. soared 23% Thursday after it issued a statement saying an independent investigation exonerated the company of accusations by a blogger.
Santa Ana-based Stearns Lending LLC is selling its Delegated Correspondent Lending business to Flagstar Bancorp Inc. of Troy, Mich., for an undisclosed price.
Other items of interest Orange County Business Journal Vol. 40, No. 7
Disneyland Resort in Anaheim will open Star Wars Land in 2019, Walt Disney Co. Chairman and Chief Executive Robert Iger said on the company’s quarterly conference call. He didn’t specify an opening date.
Carried $69 Million Price Tag Last Year
La Casa Pacifica, once home to President Richard Nixon and also known as the Western White House, is back on the market with an asking price of $63.5 million.
Goal is Study, Diagnosis Of Child, Adult Cases
The Philadelphia Coalition for a Cure, a new cooperative clinical diagnostics and research initiative, announced a partnership with Children’s Hospital of Orange County in Orange to diagnose and study adult and pediatric brain tumors, and help develop personalized therapy.
New Tool Lets Lenders Offer Credit Digitally
Experian PLC introduced “Amplified Prospecting,” a marketing tool that enables lenders to provide “a firm offer of credit” to target consumer groups via email and other forms of digital advertising.
Feb. 13-22, 2017; March 6, 2017
This week's business and other event listings.
Pays About $43.6M For Tustin’s El Paseo Rentals
Raintree Partners, a Laguna Niguel-based apartment and mixed-use property owner and developer, has added another big rental property in Tustin to its portfolio, thanks to a recent transaction it made with Irvine Company.
CEO Says Trump Ban Out Of Step With Its Values
The human resources and legal teams at Irvine-based video game publisher Blizzard Entertainment Inc. are providing travel guidance, legal assistance and counseling to employees affected by President Donald Trump’s executive order barring refugees and other would-be immigrants in seven countries from entering the U.S. for 90 days.
Kayak Adventure Plays To Popular Exploration Uses
A virtual reality software company closed a $250,000 seed round that it used to launch a VR title.
Sales and leases of offices, industrial buildings, retail space and apartments
A retail building in Huntington Beach sold for $4.6 million, or $1,284 per square foot.
Other items of interest Orange County Business Journal Vol. 40, No. 6
Wet Seal LLC in Irvine filed for Chapter 11 bankruptcy protection last week and is taking steps to liquidate its assets.
Classic Cars Could Anchor Event Center, Museum
Ted Segerstrom calls his vintage car collection a “Shelby Shrine.”
TECHNOLOGY: GE, Corning, Microsemi, Paladin Group team up
Irvine-based Menlo Micro Inc. has already hit a few milestones that often take fellow startups years to accomplish.
From Father’s Restaurant to Top Finance Exec for Chain Operator
Dessi Sarabosing has a simple recipe for success in business.
REAL ESTATE: Past Traveland site could hold 1,710 units
Irvine Company is looking to turn the former Traveland USA site on the edge of the Irvine Spectrum area into an apartment development with up to 1,710 units in a project targeting middle-income earners.
Put Wayne Gross at the head of the line on a recent trend that has OCers popping up in all sorts of prominent places.
Ox-Imager Designed To Help Heal Chronic Wounds
Irvine-based Modulated Imaging Inc. has received FDA clearance for its first medical device.
MEDIA: Unsecured creditors include federal pension agency
A court-sanctioned committee of unsecured creditors of Freedom Communications Inc.—the former owner of the Orange County Register—have filed a lawsuit against former Freedom executives Aaron Kushner and Eric Spitz in the Santa Ana division of the U.S. Bankruptcy Court.
REAL ESTATE: 240,000-SF lease fills project on Imperial
An importer and distributor of automotive parts with headquarters in the Bay Area is moving its Southern California regional distribution center from Torrance to a newly built facility in Brea.
REAL ESTATE: Shrinkage continues, Lensar to lender
Alphaeon Corp. plans to switch out its glitzy headquarters in Irvine this year for a much smaller location in the area in the latest sign of shrinkage for the lifestyle healthcare company.
Food Firm CFO’s 2nd Act: 3 Acquisitions
Joe McCarthy had been an auditor with KPMG, held an executive post at Union Bank, and was happy as chief financial officer and executive vice president at Trojan Battery Co. in Santa Fe Springs when a friend asked if he’d like a new challenge.
Tapped for CFO in 2009; Led IPO, Refis and Buys
Good luck finding a local chief financial officer who’s been part of as many complex transactions—including a corporate restructuring, initial public offering, acquisition push, and a string of big-dollar financing deals—as Colin Severn has during his seven-year tenure at William Lyon Homes.
Molloy Helped Call Center Operator Quadruple in Size
James Molloy has been at the center of the most transformative era in Irvine-based Alorica Inc.’s brief history, overseeing two financial transactions in little more than a year that quadrupled the size of the call center operator.
Escasa-Haigh Helps Guide Integration of Providence St. Joseph System
Joining two major Catholic hospital systems––Renton, Wash.-based Providence Health & Services and Irvine-based St. Joseph Health––isn’t an easy task. The combination, which was finalized last summer, formed the third largest nonprofit health system in the country.
Pascal Lorange Crudo To Ex-Pinot Provence Spot
The French food at Pinot Provence hit a graceful note when the restaurant opened many years ago in the Westin Hotel in Costa Mesa, but the truly French decor probably got as much publicity as the Gallic food.
The Pacific Life Foundation said it plans $6.25 million in charitable funding this year.
Feb. 6-15, 2017
This week's business and other event listings.
Nod Fills Out Line, Opens Company to New Markets
Irvine-based Biolase Inc. received Food and Drug Administration clearance for its Epic Pro laser system, a new, higher powered soft tissue laser.
‘Greater Potential’ Seen With McKnight’s Cuater
Huntington Beach-based TravisMathew Apparel closed a licensing deal with belt maker Cuater, citing “greater potential in combining forces.”