Other news items of interest from the Orange County Business Journal
The parent of Irvine-based Billabong USA said that a private equity firm’s offer to buy the action sports apparel and retail company was withdrawn and talks ended. Texas-based TPG Capital LP had been conducting due diligence on Australia-based Billabong International Ltd. over the past few months after offering $713.7 million, or $1.49 per share, for the company. Billabong said it will continue to focus on a four-year turnaround plan outlined in August.
Concordia University in Irvine has separated its business school from its professional studies program and started a search for a dean of the business school. Tim Peters, who has served as dean of both programs, will head the school of professional studies.
Chapman University’s Dodge College of Film and Media Arts has formed a partnership with Taiwan’s Taipei National University of the Arts to promote exchanges between faculty and students through joint educational and experimental projects. The Dodge College has ties to several other schools in Asia.
Costa Mesa-based Affinity Medical Technologies LLC was bought by Molex Inc. of Lisle, Ill., on undisclosed terms. Affinity makes medical cables for patient-monitoring devices. Its products link patients to electrocardiograms, blood pressure machines and other medical devices. Molex, which makes electronic interconnectors, said it would operate Affinity as a subsidiary, but offered no other details.
Newport Beach-based hotel management and investment company Evolution Hospitality has added two San Diego hotels to its management portfolio. Evolution received the management contracts for the 176-room Courtyard and 123-room Fairfield Inn & Suites in San Diego’s Old Town historic district. Evolution Hospitality currently manages 17 properties, including the Queen Mary in Long Beach, and the Hard Rock Hotel San Diego.
Irvine-based Advantage Sales and Marketing LLC has named President Tanya Domier as chief executive, effective Jan. 1. Company founder and current Chief Executive Sonny King will become executive chairman.
Stanley Black & Decker Inc.’s Hardware & Home Improvement Group in Lake Forest was acquired by Madison, Wis.-based Spectrum Brands Holdings Inc. for $1.4 billion. The local unit of New Britain, Conn.-based hardware maker Stanley Black & Decker designs and tests products for household brands, including Kwikset locks and Pfister faucets. It has been operating in Lake Forest since 2000, and now has more than 400 employees there. The unit had $985 million in sales for the 12 months through June. It will operate as a separate unit within Spectrum Brands, and Greg Gluchowski will continue as president under the new ownership.
Mission Viejo-based business software maker OptionEase Inc. is set to be acquired by a Canadian competitor Solium Capital Inc., the company announced last week. Solium, based in Calgary, expects to close the transaction in November. Financial terms of the deal were not disclosed. OptionEase was established in 2006, and got $3.5 million in a 2009 financing round led by Corona del Mar-based Miramar Ventures.
Silverado Canyon-based software maker CurveNorth Corp. was sold to TransFirst LLC in Hauppauge, N.Y., on undisclosed terms. Both companies specialize in software use in merchant transactions.
Startup virtual reality headset maker Oculus Rift said it raised $2.4 million through a Kickstarter social-media campaign and now plans to establish its headquarters in Irvine.
John Wayne Airport expanded its international service with the debut of flights by Mexico-based low-cost carrier Interjet, which now offers seven flights per week to Mexico City, and another seven to Guadalajara. Interjet joins Southwest Airline Co.’s AirTran Airways on service to Mexico from JWA. Airtran began offering seven-day-a-week service to Mexico City and Cabo San Lucas in June.
The owner of a Huntington Beach-based financial advisory firm has been ordered to stand trial on one count of murder and other charges. Daniel Becerril, who operated AP Financial Group, was arrested in March in connection with the 2008 murder Alexander Merman of Santa Monica, a client of AP Financial. Santa Monica Police Department investigators allege that Becerril stole $550,000 from Merman and carried out millions of dollars in real-estate and investment frauds through his firm against a number of other victims.
ECONOMIC INDICATORS
DOWN: The median asking price for OC businesses for sale, which fell by 4.8% to $189,000 in the third quarter, according to BizBuySell.com. The national median price rose 1.7%, to $239,000, for the period.
