Apparel
Newport Beach-based activist investor Engaged Capital LLC agreed to drop its nominations for Abercrombie & Fitch Co.’s board of directors as the clothing retailer announced its own roster of four independent directors for election. Engaged Capital has a 0.5% stake in New Albany, Ohio-based Abercrombie & Fitch, which has a market capitalization of about $2.8 billion.
The parent of Costa Mesa-based RVCA appointed Bill Bettencourt general manager for the apparel brand. He will be based in Costa Mesa and report to Australia-based parent Billabong International Ltd. Chief Executive Neil Fiske. He’ll work with RVCA founder Pat Tenore on growing the art and action sports-inspired brand.
Irvine-based sleepwear maker P.J. Salvage and swimsuit maker Beach Riot in Costa Mesa announced a joint venture. The news came with the announcement that Mark Tinkess, former executive vice president of Costa Mesa apparel brand RVCA, is now Beach Riot president. Beach Riot Founder Nicole Hanriot will take on design and marketing for the swimsuit brand, while P.J. Salvage will handle operations and finance for the business.
Foothill Ranch-based sunglasses and apparel maker Oakley Inc. opened a store and showroom on Fifth Avenue in New York. The 6,800-square-foot store is Oakley’s third in Manhattan and takes up three floors. The space also functions as a U.S. wholesale showroom for Oakley, the company’s first combination of retail and wholesale. Oakley now has 163 stores in the U.S., along with 242 in 19 other countries.
Healthcare
Fountain Valley-based MemorialCare Health System said it will partner with Cedars-Sinai Health System in Los Angeles to establish Summation Health Ventures, which will make strategic investments in early- to mid-stage companies in the health information, medical device and healthcare services sectors.
Newport Specialty Hospital in Tustin was bought by Prospect Medical Holdings. Terms of the deal were undisclosed. Prospect said it will reopen the general acute care wing of the facility, which former owner Pacific Health Corp. closed last year. Prospect is the parent company of Alta Hospitals System in Los Angeles.
Sabra Health Care REIT Inc. in Irvine is offering 7 million shares of its common stock priced at $28.35 a share. It owns various types of healthcare real estate, including nursing homes and medical buildings. The company said in a news release that it intends to use a portion of the offering’s net proceeds, which would total $189.9 million or $218.9 million if the offering’s underwriters exercise an option to buy more shares in full, to repay borrowings on its revolving credit line and to fund possible future deals or for general corporate purposes.
media
Irvine-based online advertising technology provider Local Corp. named Fred Thiel its chief executive. He had served as chairman of the board since January when he replaced Heath Clarke, who stepped down as chairman and chief executive, citing personal reasons. The company also announced that President and Chief Operations Officer Michael Sawtell left the company, saying his position was eliminated “to further streamline operations.” Local Corp. has market value of about $42 million.
Other
The Richard Nixon Presidential Library and Museum is set to host the People’s Republic of China’s Ambassador to the U.S. Cui Tiankai will visit Orange County from his post in Washington, D.C., for the first time. He and U.S. Rep. Ed Royce are scheduled to speak at a luncheon May 27 on U.S.-China relations in honor of President Nixon’s 1972 visit to China.
Technology
Irvine startup Oculus VR Inc., which is set to be acquired by Facebook Inc. in a deal expected to close by July 1, denied charges made by a Maryland video gaming company that it infringed on key technology that powers its breakthrough virtual reality headset. Rockville, Md.-based ZeniMax Media claims Oculus used its proprietary technology without approval or compensation and plans to take “the necessary action to protect its interests.” Oculus in a statement said all claims made by ZeniMax are false.
