OCBJ WEEKLY EDITION
GenSpring Family Offices LLC, an affiliate of Atlanta-based SunTrust Banks Inc., has tapped private banking industry veteran Chris Walters to head its western U.S. business from its regional headquarters in Orange County.
RESTAURANTS: $14.9B in sales and 17,923 local workers
Business is strong for Orange County-based restaurant chains, mirroring a year of eating heartily nationwide.
A crowd of more than 800 attended the Business Journal’s 21st Annual Women in Business Awards, where cosmetics entrepreneur Toni Ko delivered the keynote address challenging female entrepreneurs to redefine the benchmarks of success in their professional and personal lives.
California State University-Fullerton named Mark Costa, Bill Cheney and Ingrid Otero-Smart to its philanthropic foundation’s board of governors.
Alliant Insurance Services Inc. received “a significant equity investment” from Stone Point Capital LLC, which now is the largest shareholder of the Newport Beach-based insurance brokerage firm.
Santa Ana-based Ingram Micro Inc. acquired two companies that add to its higher-margin and growing recycling and mobile services business, buying U.K.-based Canai Group and Clarity Technology in Portugal on undisclosed financial terms.
On May 30, 540 guests gathered at Orange County Great Park’s Palm Court Arts Complex in Irvine for the Susan G. Komen Orange County’s 9th Annual Pink Tie Ball.
Other items of interest Orange County Business Journal Vol. 38, No. 26
June 29-July 8, 2015
This week's business and other event listings.
Low-Risk Patients Next Prize for Heart Valve Maker
Irvine-based Edwards Lifesciences Corp. “ought to pull away again” from its competitors in the transcatheter heart valve market, according to a recent report published on the Seeking Alpha investor website.
New Look Keeps Old Blue, Alters Font, Symbol
Actavis plc sealed its name change to Allergan plc with a new logo that “speaks to the strength of the company’s unique capabilities, the energy and passion of its people and its forward momentum.”
Game Developers Parade New Titles, Talk Shop
Industry insiders and members of the media attending the recently concluded Electronic Entertainment Expo got a sneak peak at several new titles Orange County video game developers plan to introduce in coming months.
Sales and leases of offices, industrial buildings, retail space and apartments
KO’s HB Medical Building Inc. sold a medical office building in Huntington Beach to Blue Sky HB LLC for $7.8 million, or $160.21 per square foot.
The Central and North Orange County office submarkets have traditionally trailed the Greater Airport Area and South Orange County office submarkets in terms of vacancy, average asking lease rates, and absorption of space. The start of 2015 was no different.
530-Acre Industrial Site, 3.8M SF Eyed for 1st Phase
A venture headed by Aliso Viejo-based CT Realty and Seal Beach-based Xebec Realty Partners has kicked off construction of one of the largest industrial developments currently on the books in the U.S. at a site they own in Texas.
Biggest Based Here Surpass Broader Economy on New Hires
The biggest private companies based in Orange County have been big on building the local workforce over the past year, adding jobs at a faster pace than the county’s overall economy.
Diversification Keeps Firm Atop Private Companies in Era of Low Yields
The financial crisis is over, but uncertainty remains for any company whose profitability faces challenges in this era of persistent low interest rates—even if the company is the biggest privately held enterprise in Orange County, with $7.7 billion in annual revenue and more than 2,000 employees here and another 1,000 or so around the world.
REAL ESTATE: Shift to Irvine from Costa Mesa looks to be Avago’s plan
The new owner of Emulex Corp. has put the networking equipment maker’s Costa Mesa headquarters campus up for sale, paving the way for local operations to be eventually relocated to Irvine, where it has a $37 billion acquisition of Broadcom Corp. pending.
REAL ESTATE: Combo with Ryland would create 4th largest homebuilder
Standard Pacific Corp.’s long run as the largest homebuilder based in Orange County could come to an end once the company’s pending acquisition of Ryland Group Inc. is complete.
HEALTHCARE: Expects to split time between N.J., OC
Irvine will continue to play a critical role in the newly named Allergan plc as plans call for the drugmaker’s campus on Dupont Drive to remain the home of its biggest business lines.
Was Allergan CEO Brent Saunders simply spouting feel-good lines for the locals when he took the stage with Jim Mazzo during Octane’s ophthalmology summit at the Center Club last week and talked up the company’s commitment to Irvine?
REAL ESTATE: Zephyr plans 168 units for land along PCH
Zephyr Partners, an Encinitas-based real estate development and investment company, has picked up a 9-acre site in Dana Point where it’s planning its first big residential project in Orange County.
REAL ESTATE: Trophy office value estimated at $310M
The Michelson office tower in Irvine, which traded hands three years ago in what’s believed to be the priciest single-building office sale ever in Orange County, is about to get a lot more interest from Asian investors.
HEALTHCARE: Market cap could range upward of $445M
Orange County’s crop of privately held, venture-backed medical device companies is poised to graduate one of its best-funded members into the ranks of public companies.
MANUFACTURING: $10M HQ in works next to factory there
A Rancho Santa Margarita-based manufacturer of catalytic converters and performance exhaust systems broke ground on a $10 million, 100,000-square-foot headquarters and manufacturing facility in Oceanside late last month.
HEALTHCARE: MicroVention also plans hires to beef up R&D
Small devices are adding up to big growth for MicroVention Inc.
AUTOMOTIVE: Showcases Miata in contest, simulated drive
Irvine-based Mazda North American Operations rolled into the Electronic Entertainment Expo last week for the first time in the event’s 20-year history, a cherry red Miata in tow.
NONPROFITS: $1.6M for program at new Tierney Center
Goodwill of Orange County has received a $1.6 million grant from America’s Warrior Partnership (AWP) and taken on a new challenge that follows a recent study that found social service programs for military veterans here are disjointed and would benefit from a new level of coordination.
Special report: Focus of July 6 edition
Is your company women-owned? The Business Journal wants to hear from you.
Santa Ana-based Ingram Micro Inc. furthered its reach in the Middle East by acquiring the assets of Arabian Applied Technology, the largest value-added reseller in Saudi Arabia.
Anna’s Linens Inc. in Costa Mesa filed for Chapter 11 bankruptcy protection on June 14 in the U.S. Bankruptcy Court, Central District of California.
Costa Mesa-based Fisker Automotive and Technology Group said its first U.S. manufacturing plant for the relaunch of the Karma hybrid electric car will be in Riverside County and that the facility will create 150 jobs.
Irvine startup Connectifier raised $6.5 million in a Series A funding round led by True Ventures in Palo Alto.
Other items of interest Orange County Business Journal Vol. 38, No. 25
Kia and Hyundai—both of which keep their U.S. headquarters in Orange County—rose to the top of J.D. Power and Associates’ “Initial Quality Study,” which gauges vehicles’ quality based on responses of more than 80,000 people who bought or leased a 2015 model vehicle.
Renovation, Tear-Down To Create Dream Oasis
Many of Orange County’s most valuable properties are found on the coast, including Newport Beach, Corona del Mar and Laguna Beach.
June 22-July 1, 2015
This week's business and other event listings.
Shoppers Referred to Area Dealerships for Purchases
Pop-up shops are not just for pearls and purses—BMW is back at South Coast Plaza in Costa Mesa after a successful debut last year.