Stories in this week’s Orange County Business Journal
Paris-based PPR SA is paying $608 billion to buy Costa Mesa-based apparel maker Volcom Inc., which makes clothes inspired by surfing, skateboarding, snowboarding, music and art. Volcom’s directors have recommended shareholder approval, according to PPR. A deal would put Volcom in PPR’s sports and lifestyle unit, which includes Puma and is seen by the French company as a “second pillar” to its luxury business. Volcom is projected to see 2011 revenue of $370 million, according to analysts. Chief Executive Richard “Wooly” Woolcott’s 2.5 million shares in the company are valued at about $60 million in the deal. His father, René Woolcott, a former chairman, has a stake worth about $25 million. Other big holders include BlackRock Inc., TCW Group Inc. and a trust controlled by Stephanie and Daniel Kwock, president of the entertainment unit at Huntington Beach-based apparel maker Quiksilver Inc., where Woolcott worked before starting Volcom (see story, page 3).
Henry Samueli, a major shareholder and former chairman of Irvine’s Broadcom Corp., has rejoined the chipmaker’s board and will sit on its compensation committee. The move follows a three-year absence from the board during a legal battle over backdated stock options. In late 2009, U.S. District Judge Cormac carney threw out a criminal charge against Samueli of lying to investigators, citing prosecutor misconduct and a lack of evidence. A civil case by the Securities and Exchange Commission also was dropped. The board seat brings Samueli full circle after his legal vindication. He resumed an executive post at Broadcom after the criminal charge was thrown out. Samueli is considered an engineering icon at Broadcom, which makes communications chips for cell phones, computers and consumer electronics (see related Sports item, right).
Accounting and consulting firm KPMG LLP named Dennis Parrott managing partner of its Orange County office in Irvine. Parrott is a 30-year veteran of KPMG, the second largest accounting firm here by number of employees at nearly 400. He succeeds Dean Samsvick, who will continue with the local office.
Aliso Viejo-based business software maker Quest Software Inc. acquired RemoteScan Corp. of Montana. RemoteScan makes software that monitors scanners that turn paper documents into digital files and is used in government. Quest makes software that helps corporations become more efficient by improving on existing applications by Oracle Corp., Microsoft Corp. and others. Terms of the deal, presumably small, weren’t disclosed.