Billabong International Ltd. will bring back its women’s clothing line before the holiday shopping season. A marketing campaign will run parallel with the relaunch, portraying Billabong as an international lifestyle brand.
Three local venture capital firms participated in a $20 million funding round for San Juan Capistrano-based technology startup Predixion Software Inc. Corona del Mar-based Miramar Venture Partners, Irvine-based Palomar Ventures and Frost Venture Partners in San Juan Capistrano participated in the syndicate, led by Accenture PLC, which is headquartered in Dublin, Ireland. Miramar and Palomar were returning investors. Other investors included DFJ Frontier in Los Angeles and GE Ventures, the venture arm of General Electric Co. in Fairfield, Conn. Predixion makes software that uses data to make projections. It has raised more than $31 million since its 2009 inception.
Opus Bank formed merchant banking division Opus Financial Partners and tapped Jason Raefski and Geoff Anfuso to oversee it. The division will focus on advisory and consulting services. Opus is the largest commercial bank based in Orange County, with $3 billion in assets.
New York-based Citigroup will sell 90 branches in California, including some in Orange County, as the bank seeks to reduce costs after profits in its North American consumer unit dropped in the first quarter, according to reports.
Menlo Park-based Versant Ventures named veteran Orange County medical device executive James Mazzo an operating partner in its Newport Beach office. Mazzo was previously president of Abbott Medical Optics, a Santa Ana-based unit of Chicago’s Abbott Laboratories. He took on the Abbott Medical position after overseeing the sale of what was then Advanced Medical Optics Inc. to Abbott Laboratories in 2009. Versant said in a press release that Mazzo will have three areas of responsibility: focusing on patient needs, new technology advancements and investment opportunities in the healthcare field worldwide.
The Honda Center rehired some of the roughly 500 workers it laid off in May after assuming food and beverage concessions at the arena, according to the union that represents the workers. The Unite Here Local 11 said the center rehired roughly 10 percent of the workers who applied for their old jobs. The city-owned arena is bound by a new state law to rehire the workers if they qualify. More than 350 former employees applied to be rehired.
Newport City Council approved a developer’s proposal for a boutique inn and spa for its former City Hall property on Newport Boulevard in Lido Village. The inn by R.D. Olson Development will have 130 rooms.
Griffin-American Healthcare REIT II Inc., a Newport Beach-based real estate investor, said last week it’s buying 44 senior housing and care facilities in England, Scotland and the Channel Island of Jersey for about $447.8 million. It’s acquiring the properties from Colchester, Essex, England-based Myriad Healthcare Limited. Griffin-American will lease the properties back to Myriad, which operates them as “Caring Homes.” The company said its healthcare real estate portfolio is now valued at $1.56 billion.
The 241 toll road debt likely won’t be retired until 2053 or after, more than 10 years later than originally expected, according to a report commissioned by the state. The road isn’t taking in enough money to pay off the debt as planned, and the agency that operates it must refinance more than $1 billion in debt, the report said. The agency recently approved refinancing of $1.4 billion in bonds used to build the road. Road owner Caltrans must still approve the refinancing.
Downtown Santa Ana business owners will pay a tax whose proceeds the city will use to promote the district. City Council members unanimously approved the assessment, with Councilmember Michele Martinez abstaining because she lives in the affected district. Business owners’ bill will be based on the type of business.
ECONOMIC INDICATOR
UP: Orange County’s property tax base, which jumped in value by 3.4% last year. The county assessor’s office said OC’s 2013-14 property tax valuation is $442.8 billion, up $14.4 billion and the highest ever.
