Finance
Banc of California in Irvine acquired RenovationReady in Greenwood Village, Colo. on undisclosed terms. RenovationReady provides home-renovation lending services. Its president and co-founder, Jim Fraser, will join the bank as senior vice president and director of construction and renovation lending.
Healthcare
Technology4Medicine LLC in San Clemente and Los Angeles-based private equity firm Gores Group acquired Fotona d.d, a medical laser maker in Ljubljana, Slovenia. Gores invested in the deal through its Small Capitalization Partners investment fund. Jeffrey W. Jones, president of Technology4Medicine, will serve as chief executive of both businesses. Technology4Medicine was founded by a group of former senior executives at dental laser company Biolase Technologies Inc. in Irvine.
Mission Viejo-based nursing home operator Ensign Group Inc. bought 196-bed Horizon Post-Acute and Rehabilitation Center in Glendale, Ariz. at an undisclosed price. Ensign said in a news release that the real estate included in the deal wouldn’t be included in its upcoming plan to separate its real estate business from its healthcare operations.
Irvine-based Smile Brands Group Inc. appointed Dan Wechsler president and chief executive. Privately held Smile Brands provides business support services to dentists, with about $500 million in annual revenue. Its customer base includes more than 1,300 dentists and dental hygienists in more than 360 offices in 18 states. Wechsler is a former Bausch & Lomb executive who played a key role in its $500 million acquisition of Irvine-based drug maker Ista Pharmaceuticals Inc. in 2012.
Marketing
Local ad professionals recognized the best of the industry’s 2013 work with American Advertising Awards, or Addys, at an event at the Irvine Marriott put on by the Orange County chapter of the American Advertising Federation. InnoceanUSA in Huntington Beach, Fountain Valley-based Hyundai Motor America Inc.’s dedicated advertising agency, took home the best in show award and 31 gold awards—20 for “The Walking Dead Chop Shop” campaign.
Other
The Tulving Company coin dealer in Costa Mesa, some of whose customers have complained of delayed or missing deliveries, closed its doors. A sign on its headquarters door said more information would be forthcoming this week, according to the Orange County Register. Some customers have complained to the Better Business Bureau and state authorities that they didn’t receive coin orders, and several sued the company.
Restaurants
Two activist investors are making moves on Huntington Beach-based BJ’s Restaurants Inc. Luxor Capital Partners LP and Clinton Relational Opportunity Master Fund LP, both in New York, each said in a filing with the Securities and Exchange Commission that they plan to nominate five candidates for the chain’s board. Luxor and PW Partners Atlas Fund II LP have a combined 12.4% stake in BJ’s. Clinton Relational Opportunity has less than a 1% stake. The company said the nominations are being reviewed. A date hadn’t been set for its annual meeting. BJ’s owns a chain of 147 restaurants, mostly in California and neighboring states.
Transportation
AirTran Airways’ service from John Wayne Airport to Cabo San Lucas will switch carriers. On Aug. 10, AirTran parent Southwest Airlines will take over the daily, nonstop service previously offered from JWA through AirTran. It’s offering an introductory, one-way fare of $143. The switch is part of a planned integration of AirTran’s operations under the parent company’s banner.
A study showed John Wayne Airport provides 22,000 jobs and pumps $2.8 billion into the economy of four Southern California counties. The study, done by consulting firm Intervistas, found the airport helps provide 43,000 jobs and $6 billion in economic impact when indirect effects are considered.
An interim chief executive is in charge of Transportation Corridor Agencies, Orange County’s toll roads system, after Chief Executive Neil Peterson was placed on leave. Board members recently learned Peterson signed contracts without their knowledge, according to news reports. A budget provision permitted the signing of about $200,000 in contracts in the past year. The chairperson of the agency’s board was aware of the signings, but other board members weren’t. The board recently rescinded the provision allowing such contract signings. The system’s chief engineer is currently serving as interim CEO.
