Other items of interest Orange County Business Journal
David Unter has been promoted from vice president of finance to chief financial officer at Costa Mesa-based Volcom Inc. He succeeds Doug Collier, who recently stepped down after 18 years with Volcom, which sells clothes and accessories inspired by surfing, skateboarding and snowboarding. Collier had been with Volcom from its early days as a start-up company and through its initial public offering in 2005. He also saw the company through its $608 million sale to French luxury house PPR SA earlier this year. Collier’s decision to leave the company is the first major change in Volcom’s executive lineup since the sale was finalized late last month. Unter joined Volcom in 2005 after serving as director of finance at City of Industry-based mall retailer Hot Topic Inc., which sells clothes and accessories inspired by music and pop culture.
Bill Bussiere parted ways with Irvine-based action sports apparel maker La Jolla Group. He had served as La Jolla’s president and chief financial officer since 2009, reporting to Chief Executive Toby Bost. Bussiere oversaw day-to-day operations at La Jolla Group, which has licenses to make clothes under brands such as O’Neill, Rusty, Metal Mulisha and a number of others. La Jolla declined comment on Bussiere’s departure. Bussiere joined La Jolla from Huntington Beach-based apparel maker Quiksilver Inc. where he had spent 11 years in various executive positions.
Irvine-based based First Foundation Bank will pay $16 million in cash and stock for Desert Commercial Bank in El Centro. An additional $4 million could be paid if Desert Commercial’s loan portfolio meets certain benchmarks. First Foundation Inc. has $456 million in assets and offices here and in La Quinta, Pasadena and San Diego. Desert Community has assets of $153 million and offices in Palm Desert and El Centro. The deal is expected to be final before the end of this year.
Lake Forest-based medical device maker Tenex Health Inc. received $5 million in private-equity financing it plans to use for manufacturing, sales and marketing of its TX1 device. The device recently received Food and Drug Administration clearance and was introduced to the market in May. The device is used to remove diseased tendon tissue and related musculoskeletal tissue. The company said that it will market the TX1 for use on the elbow, knee, ankle, foot and shoulder. Additional uses for conditions such as plantar fascia, and shoulder and Achilles tendon injuries are forthcoming, Tenex said. VCI Partners led the financing. Tenex was established in 2009 and earlier received $1.7 million in seed funding.
The U.S. headquarters of Ossur America Inc. in Foothill Ranch plans to lay off 109 workers and move its knee-brace manufacturing to Mexico. The Iceland-based company also does research and development, and sales. It employs 1,600 workers globally at 14 locations.
Newport Beach-based Western Realco LLC paid $19 million for an 183,000-square-foot industrial building in the Irvine Business Complex. The building is on 13.5 acres of land at 16700 Red Hill Ave. and counts specialty tool maker Orthodyne Electronics as a tenant. Former Orthodyne executives reportedly sold the building through their OE Holdings.
Irvine-based Microsemi Corp. acquired ASIC Advantage Inc., a Northern California “fabless” chipmaker. Terms of the deal were not disclosed. Fabless chipmakers design chips but don’t operate factories, known in the industry as wafer fabrication plants. They typically hire contract manufacturers in Asia to produce their chips. Microsemi’s chips serve a variety of military, aerospace, consumer and industrial uses. Its products are built into satellites, digital televisions, X-ray body scanners and other devices. ASIC designs and makes integrated circuits for the aerospace, automotive, communications, industrial and medical markets. Microsemi is in the process of relocating its headquarters to Aliso Viejo to accommodate internal growth as well as personnel brought on from several other recent acquisitions, according to company officials.
The Orange County Transportation Authority will offer shuttle-bus service between the Irvine Spectrum shopping center and nearby areas with apartments and businesses. The additions to the iShuttle schedule will be funded by OCTA, which has agreed to use Measure M funds to cover 90% of the costs of the system for the next 30 years. Fares and corporate sponsorship are expected to pay for the rest of costs for the iShuttle program. The City of Irvine agreed to offset the OCTA costs by transferring $120 million in state funds to the county agency in order to meet a deadline for use of the money.
UP: Pay for workers in Orange County, where the average wage rose 4.4% to $1,112 a week in the fourth quarter compared to a year earlier, according to the U.S. Bureau of Labor Statistics. It was the largest increase for the end-of-year period in five years.