Paul Naudé, former head of Irvine-based Billabong USA, is working on new apparel and eyewear lines. VISSLA is a surf-inspired clothing brand, while D’BLANC is an eyewear and accessories line. Both are expected to launch in March and are owned by Irvine-based Stokehouse Unlimited. Naudé told action-sports industry publication Transworld Business that a third line, aimed at the juniors market, is expected for 2015. Naudé had earlier eyed a buyout of Billabong International. The company’s board ultimately accepted a bid from U.S. hedge funds Centerbridge Partners LP and Oaktree Capital Management LP. Naudé resigned from Billabong International in August.
Pacific Investment Management Co.’s Total Return Fund, managed by Bill Gross, is no longer the world’s largest mutual fund, a distinction it had held since 2008. Total Return is Newport Beach-based Pimco’s signature bond fund and had about $248 billion in assets at the end of October, according to data from investment research firm Morningstar Inc. It’s now second in size to the Vanguard Total Stock Market Index Fund, which ended last month with $251 billion in assets. Pimco manages about $1.97 trillion in assets overall.
Newport Beach-based Independence Bank agreed to acquire Premier Service Bank in Riverside for $8.6 million. The deal is subject to approval by regulators and shareholders of the banks and is expected to close during the first half of next year. Independence Bank had $311.8 million in assets, including about $219 million in loans as of the end of September. It had about $1.3 million in profit during the third quarter. Premier had about $128.4 million in assets, including $65.6 million in loans. It had $113,000 in earnings in the latest quarter. Premier’s chief executive, Kerry Pendergast, is expected to serve as regional president after the acquisition is complete.
Fairbridge Capital Partners in Newport Beach acquired brokerage Consultiva Securities in Puerto Rico. Fairbridge is a boutique investment bank that acquires and advises financial services businesses. The newly acquired brokerage was renamed Fairbridge Capital Markets.
Newport Beach-based Nvision Laser Eye Centers Inc. bought the Capital Eye Medical Group in Carmichael from ophthalmic surgeon Dr. Mitra Ayazifar. A purchase price wasn’t disclosed. Nvision clinics perform what’s called laser-assisted in-situ keratomileusis, or Lasik, using lasers to cut and reshape a patient’s cornea to restore vision. Cataract surgeries are also available at the centers. The Capital Eye deal follows Nvision’s buy of Meister Eye and Laser Center and the Eye Surgery Center of Northern California.
Shares of Mindspeed Technologies Inc. skyrocketed after the Newport Beach-based chipmaker announced it will be acquired for $272 million by a Massachusetts competitor and will sell its wireless business to an unnamed strategic buyer. Investors sent shares up by about 75% last week to a market value of $218 million on the word that Lowell-based M/A-COM Technology Solutions Holdings Inc. expects the deal to close this year. The boards of both companies approved the transaction.
An FBI affidavit posted online by Al-Jazeera America accused Orange County businessman Michael Drobot, former owner of a spinal surgery business at Pacific Hospital of Long Beach, of paying bribes to state Sen. Ron Calderon to slow legislation he believed would harm the business, which he sold in October. The affidavit says Drobot paid Calderon, D-Montebello, $28,000 in bribes in order to maintain a workers’ compensation scheme. Drobot’s lawyer, Jeffrey Rutherford, said Drobot denied wrongdoing.
