APPAREL
Vans Inc. founder James Van Doren died on Oct. 12 after a long illness. Van Doren and his brother, Paul, joined with Gordon C. Lee to start shoe manufacturer Van Doren Rubber Co. in Anaheim in 1966. It later took the Vans name and became a favorite of skateboarders, eventually growing into a major brand in the action-sports segment of the apparel industry. The company now operates from a headquarters in Cypress as part of Greensboro, N.C.-based VF Corp. Private investors bought Vans in 1988, and it went public in 1991. Vans ceased manufacturing operations in Orange in 1995, shifting production overseas.
FINANCE
Newport Beach-based private equity firm ClearLight Partner LLC sold electronic connector maker Switchcraft Holdco Inc. in Chicago. Terms of the sale to Hollywood, Fla.-based Heico Corp. were undisclosed. ClearLight has about $600 million in assets under management. It bought Switchcraft in 2005.
Irvine-based Opus Bank completed its acquisition of RMG Capital Corp. and its subsidiary Fullerton Community Bank. The deal adds about $636 million in assets for Opus Bank, bringing its total to more than $2.5 billion. Fullerton Community Bank’s seven offices, all in North Orange County, are now open as Opus Bank. Tom Meyer, former chairman of RMG and Fullerton Community Bank, will serve as president of Opus Bank’s OC region.
MEDIA
Irvine-based Red Digital Cinema Camera Co. released product specifications for its long-awaited Scarlet-X camera and said orders could begin shipping later this month. Scarlet is the third model in Red Digital’s camera lineup, and its relatively low price holds the potential to expand the company’s sales to independent filmmakers and others. The debut came at the same time as a competing product launch by Japan-based Canon Inc.
Huntington Beach-based apparel maker Quiksilver Inc. promoted Craig Stevenson to chief operating officer and global brand president. He previously was president of the company’s Americas region. The chief operating officer role Stevenson assumes had been temporarily filled by Quiksilver Chief Financial Officer Joe Scirocco. Scirocco remains at Quiksilver as chief financial officer. Rob Colby fills the Americas region president position left open by Stevenson’s promotion. Colby had previously served as chief operating officer of the Americas division.
REAL ESTATE
Chapman University in Orange increased its bid for the 40-acre Crystal Cathedral campus in Garden Grove by $1.5 million, bringing its offer to $51.5 million. Crystal Cathedral Ministries is bankrupt, and the sale is expected as part of its reorganization plan. The bankruptcy court has allowed the ministry to pick its preferred bidder—subject to certain conditions and the court’s approval—because the sale is expected to bring enough money to satisfy all creditors. The ministry selected Chapman’s bid, which includes the possibility of the ministry leasing or buying back the campus in several years, over a $53.6 million offer from the Roman Catholic Diocese of Orange. The diocese would require Crystal Cathedral Ministries to find a new location within three years. Attorneys for the ministry have said that a move so soon could pose a financial risk to its Hour of Power television program. The diocese has challenged the ministry’s selection of Chapman. The bankruptcy court is expected to consider the objection, and could make a final decision on Nov. 14.
TECHNOLOGY
Santa Ana-based Iteris Inc., which makes traffic-management sensors, systems and other gear, plans to acquire a Northern California company that analyzes transportation systems. The deal for privately-held Berkeley Transportation Systems Inc. is for an undisclosed sum. BTS collects real-time data such as stops, delays and travel times to measure the effectiveness of transportation systems.
William Lyon Sets Restructuring Plan
Newport Beach-based developer William Lyon Homes late last week said it has made progress on a major restructuring plan that could result in an $85 million cash infusion for the hard-pressed homebuilder.
The proposed deal calls for company founder and chairman General William Lyon and his family to invest $25 million in return for a 20% stake in the restructured company plus warrants for another 9%.
The deal also calls for the restructuring of several hundred million dollars of company debt, a move that would ease near-term worries about a potential default or bankruptcy.
The deal is expected to close by early next year.
