Other news items of interest from the Orange County Business Journal
Cypress-based skate brand Vans Inc. inked a three-year deal to be title sponsor of the annual U.S. Open of Surfing, which draws hundreds of thousands of visitors to Huntington Beach. The sponsorship was left open when Beaverton, Oregon-based Nike Inc. declined to renew. This year’s U.S. Open of Surfing, produced by New York-based IMG Worldwide, is expected to run July 20-28.
Irvine-based Kia Motors America Inc. showed off a new concept crossover utility vehicle at the Chicago Auto Show. Kia said its Cross GT, which was designed at the company’s Irvine design center, shows its “intentions to potentially offer a larger premium CUV.”
Tustin-based MemorialCare Medical Foundation entered a joint venture with Birmingham, Ala.-based Surgical Care Affiliates LLC to develop, buy and manage surgery centers in Orange and Los Angeles counties. MemorialCare Medical Foundation is the medical group division of the $2 billion nonprofit MemorialCare Health System, which is now based in Fountain Valley but is moving to Costa Mesa later this year (see list of OC hospitals in Special Report, starting on page 25). Surgical Care Affiliates operates 145 facilities in 32 states. The joint venture, known as Beach Surgical Holdings LLC, will work with local doctors.
Laguna Hills-based startup Glaukos Corp. raised $30 million in venture capital for sales and marketing of its iStent, which is implanted in the eye to treat glaucoma and received Food and Drug Administration approval last June.
The Brea-based Office and Consumer Products Group of label and packaging materials maker Avery Dennison Corp. was sold to CCL Industries Inc. in Toronto in a deal that fetched $500 million in cash. The Brea unit, which has about 400 workers, accounted for the bulk of the deal, which included Pasadena-based Avery’s Designed and Engineered Solutions Group in Strongsville, Ohio.
The Orange County chapter of the Building Industry Association of Southern California named Michael Balsamo as its new chief executive. Balsamo is a former manager of land use planning for the County of Orange. He also has worked as a project manager for Lennar Homes.
Lynsi Torres, the 30-year-old president of the Irvine-based In-N-Out Burgers Inc., is one of the youngest female billionaires in the world, according to a report from Bloomberg. The estimate on Torres’ personal wealth is based largely on her stake in the In-N-Out chain. Torres is the granddaughter of the chain’s founders. She is believed to own about a third of the company now, and is expected to assume full ownership within five years. Torres ranked No. 18 in the Business Journal’s annual OC’s Wealthiest list last year, when she was identified as Lynsi Martinez, based on a prior marriage.
The owner of Aliso Viejo-based Johnny Rockets Restaurant Group Inc. said it is exploring a possible sale of the American diner-themed chain. Johnny Rockets counts more than 300 restaurants in the U.S. and internationally, most of them franchised. It has estimated sales of $300 million a year.
Foothill Ranch-based Wet Seal Inc. announced the departure of President and Chief Operating Officer Ken Seipel in addition to the elimination of 35 positions at the retailer. The job cuts are the first major announcement from the retailer since its hire last month of John Goodman as chief executive. Wet Seal said Seipel resigned “to pursue other professional opportunities.”
The state’s tourism office named three OC business executives to a task force that will work on drawing more visitors to the state from China. Visit California takes up the challenge as tourist traffic from China to the U.S. is on the rise, thanks in large part to recent reductions in the time in takes for them get standard tourist visas. The OC representatives on the task force Ed Fuller of Laguna Strategic Advisors in Irvine; Amanda Kvigne, director of marketing and business development at The Outlets at Orange shopping center; and Nicky Tang, sales directors for the Asia Pacific market at Disney Destinations.
The Balboa Bay Club & Resort in Newport Beach has a couple of new names to reflect the two main parts of its operations: a private, members-only club alongside a full-service waterfront resort that’s open to the public. The private side will be known as Balboa Bay Club, with the rest of the operations known as Balboa Bay Resort.
