Stories for August 2018
Friday, August 31
The $60 million “mom-and-pop” shop in Lake Forest isn’t your dad’s mom-and-pop ... for one thing, these hackers wear white hats.
John Wayne Airport passenger traffic rose about 8% year-over-year in July to 991,000; the year-to-date total of 6.2 million passengers is 5.4% higher than a year ago.
Newport Beach-based Concierge Key Health, which has created a mobile app for on-demand access to medical specialists, named Richard Afable as president and chief executive,
TRANSPORTATION: Below- market rates go uptown Sept. 1
John Wayne Airport will raise fees paid by ride-share companies, limousines and shuttles starting Sept.1 to be comparable with other airports and profit from fast-growing firms, including Lyft Co. and Uber Technologies Inc.
Also CEO software maker Buy It Installed Inc. … TCA one of most active angel investor groups in US … has consulted for some 60 startups, worked directly with quarter of them … born in Calif. … education at Penn, Wharton … lived Europe 19 years … backs ‘startups with defined social impact, ’ including software maker Funraise … mobile ed firm InvestedApp.com … wife, three kids
Thursday, August 30
Base Tops 1.2M SF, 67 Locations
Entrepreneurs, small businesses and startups have a million reasons to smile about Orange County’s rapidly growing base of coworking locations and their wide array of customer amenities.
Also president, CEO of Anaheim Arena Management LLC, both owned by Henry and Susan Samueli … 40 years running arenas, creating event experiences … 25 years at Honda Center … dozen-plus seasons atop Ducks day-to-day … Honda Center, Ducks intro’d millions in upgrades, sponsorships for current season … CSUF bachelor’s … lives HB … wife, Michele … golf, fly-fishing, travel
Wednesday, August 29
A new institute will be established at the University of California-Irvine thanks to a $9 million donation by Japanese analytical and measurement system company Horiba Group to the university’s advanced power and energy program.
Anaheim City Council voted 7-0 Tuesday to end agreements with Disneyland Resort that would have given tax breaks in exchange for investment in the resort’s hotel and parks. Resort President Josh D’Amaro last week had asked the deals be terminated.
HEALTHCARE: Baronoff aims for more efficiency
Integration is task No. 1 for KPC Healthcare Inc.’s new chief executive, Peter Baronoff.
OC-embedded owner of Riversidebased firm … runs one of largest masonry contractors in Western U.S. … structural masonry, site walls, stone and brick veneer … chairs Segerstrom Center for the Arts into next
Tuesday, August 28
Francisco Morales has been named chief executive of 5.11 Tactical, the Irvine-based maker of apparel and gear for soldiers, firefighters and police officers.
REAL ESTATE: Cal Poly Pomona picks developer for Lanterman
FivePoint Communities Inc. is in discussions to take over master development duties at a nearly 300-acre site on the eastern edge of Los Angeles County owned by California State Polytechnic University-Pomona.
Develops sites with entitlement risk, long view … Uptown Newport phase one: 200 condos, 450 apartments with Picerne Group … near $105M TTM revenue … initially aimed for marine biology career—’thought I’d be the next Jacques Cousteau’ … one that got away: firm ‘part of winning team’ to buy OC Register site, ‘only to have DOJ snatch it out of our hands’
Monday, August 27
El Pollo Loco Holdings Inc. in Costa Mesa named Jennifer Jaffe chief people officer, a new position. She held the same role at Too Faced Cosmetics in Irvine and worked at Estée Lauder Cos., which bought Too Faced in Nov. 2016 for $1.5 billion.
HOTELS: $1.1 billion in new hotels at risk
A sizzling summer for Anaheim hotels is getting hotter in more ways than one.
Came aboard as chief exec, 2015 … 400 firms have come through LaunchPad accelerator since LP’s 2009 launch; 88% got funding … $2.1B in funding and exits … corporate alum include software maker Mavenlink: $84M
Irvine, Tustin Teams Build Satellites for Launch
Irvine High School’s fall semester is underway, but incoming senior Mehr Bawa had already been hard at work.
TechSpace Managed 2 Downturns—Will Others?
TechSpace Inc. was WeWork Inc. before WeWork was WeWork. The Aliso Viejo-based shared-space provider, whose roots date to 1997, can take claim as being one, if not the first, national firm to offer cutting-edge, amenity-heavy flexible work space to smaller companies.
Working With Nielsen On Auto Cloud Platform
Costa Mesa-based J.D. Power wants to help improve auto advertising for agencies and media owners.
Supplement Maker’s Next Stop Turkey
Irvine-based supplement maker ChromaDex Corp. (Nasdaq: CDXC) is ramping up international expansion efforts.
Games, Security, Analytics Continue Growth Spurts
Orange County’s software sector, a key economic driver, boosted employment 5.4%, the third straight year of significant job growth.
Rocket Lab Leads With First Commercial Launch
Huntington Beach-based Rocket Lab is carrying more than small satellites on its first commercial launch, which has been rescheduled for late this year.
Irvine-based Arcules, a 1-year-old firm that provides surveillance, security and other data services using video cloud Internet of Things technology, has launched a new service platform.
Newport Beach-based Toba Capital, OC’s largest venture capital firm, led a $6.4 million Series A round for San Francisco-based analytics services provider Skupos Inc.
INNOVATION: CEO drives web traffic with new locales
Chief Executive Adam Freede describes MadaLuxe Group’s e-commerce platform for its direct-to-consumer division, MadaLuxe Vault, like “a startup division with a more established company.”
REAL ESTATE: Taco Bell headquarters part of buy
LBA Realty has added another big office property in the Irvine Spectrum to its portfolio, snapping up a two-building property that includes the headquarters of Taco Bell Corp.
TECHNOLOGY: Boosts AI, software, consulting
Synoptek LLC’s recent acquisition of Indusa places the information technology service provider at the doorstep of $100 million in annual revenue while boosting its Microsoft Corp. offerings and related consulting work.
This week our first special report on the booming coworking sector—yes booming here, not just elsewhere. WeWork has two OC locations, rumored to be looking for a third—Bascom Group-owned Premier Business Centers leads with over 20, list p. 13.
Sales and leases of offices, industrial buildings, retail space and apartments
Michigan City, Ind.-based Dwyer Instruments Inc. sold an industrial building to Freeway Industrial Park for $2.9 million, or $244 per square foot.
With the recession well in the past, furniture retailers are again on the upswing, sales growing 4.4% in the U.S. over the previous year.
‘Bond King’ Adds Pad For $32M, Sue One for $12M
Billionaire Bill Gross made headlines when he put $35.8 million down on an oceanfront property in the guard-gated Irvine Cove community in June.
InfoSpan Loses Appeal; Lantronix on Micro Index
Santa Ana-based aerospace manufacturer Ducommun Inc. has landed a contract valued at more than $200 million from an unnamed customer to produce housing for engines, fuel and equipment.
De Vries’ HJ Capital Group Heads Up Project
Expect to see the recently proposed Banc Hotel hospitality and office development in Irvine start to make its way through the city’s planning process next year, according to the ambitious project’s backers.
Friday, August 24
It’s more than WeWork—a look at the fast-growing community of shared space in Orange County: nearly 70 locations and 25 separate operators.
9-Building Development Will Be Nearly 500K SF
Shea Properties has kicked off work on the largest ground-up industrial project in the area around John Wayne Airport in over a decade.
Major OC affordable housing developer … lost out on ambitious 25-story, 100- unit luxe condo tower Museum House in Newport, current home of OC Museum of Art … cites it as ‘one that got away’ … family—wife, Keiko, son, Nick, daughters Olivia, Sophia—is passion … backs homeless shelters in Laguna Beach, DTLA … three keys: ‘patience, passion, people skills’
Thursday, August 23
Custom Content by the Los Angeles Business Journal
Anita Wu joined Green Hasson Janks in 2000 and has more than 20 years of auditing experience within the entertainment industry.
Custom Content by the Los Angeles Business Journal
Janet Lamkin is United’s president for California, which is home to United’s San Francisco and Los Angeles hubs.
RETAIL: Local, lifestyle are themes of $200M redo
More than a dozen new stores and eateries sprouted in the north section of the Irvine Shopping Center that not too long ago housed Macy’s department store. New tenants are national and local favorites—Sephora, 85°C Bakery Cafe, Stance, Afters Ice Cream—that complement the rest of the 150 shops at the outdoor center.
Clinical psychologist … NYU doctorate … married Henry Segerstrom 2000 … has shared MP duties with his niece Sandy Segerstrom Daniels from his Feb. 2015 death … member, chairman’s committee, Carnegie Hall’s 125th Anniversary Gala … native Pole fluent in several languages … owned salons, Eastern Europe … coauthored self-help book 1990s
Wednesday, August 22
Custom Content by the Los Angeles Business Journal
Christian Scali has a diverse automotive industry practice that includes advertising,
A letter from Disneyland Resort President Josh D’Amaro to Anaheim Mayor Tom Tait and the city council asking to end an agreement that would provide bed tax rebates from a planned luxury hotel shifts a debate in the city for several developers.
INNOVATION: Came to UCI in 2014 and ‘moved very quickly’
Firms with connections to the University of California-Irvine have raised more than $18.9 billion over the past 10 years, according to Richard Sudek, an angel investor and executive director of the school’s Applied Innovation center.
Also design director … started in family diamond business, Antwerp … first ‘grand salon,’ HQ 2005 NB … second, Montage Laguna … third, Aspen 2017 … NASDAQtraded Alcentra Capital backed it, $5.3M investment …
Tuesday, August 21
Long Beach Airport traffic in July and year-to-date were each 10% higher year-over-year, with 358,000 passengers in the month and 1.2 million in the first seven months this year.
SERVICES: World’s No. 1 seeks office to tout latest technologies
Accenture PLC’s new Southern California boss, David Wolf, has big plans for Orange County.
Made fortune as co-founder of storage device maker STEC, which sold 2013, for $340 million … buys commercial real estate … family is largest property owner along Mariner’s Mile in Newport Beach, $150M deals since 2009 … marriage, home, family his life turning points, activities, passion … secret to success: ‘sticking to it’
Monday, August 20
REAL ESTATE: 3 buildings, more parking planned for Royalty site
Edwards Lifesciences Corp. has proposed a major expansion of its Irvine headquarters, paving the way for Orange County’s largest public company to add hundreds of jobs to its local operations.
Role, responsibilities have grown at large products distributor … previously over U.S. export functions, now oversees North, South America ops from Canada to Chile … 21 years with Ingram, plus four-year stint as chief executive, Punch Software in mid-2000s in K.C., Mo. … CSU-Northridge grad with bachelor’s in speech communication
SERVICES: Irvine giant names CFO, COO, CIO
In 2015 and 2016 Irvine-based Alorica Inc. quadrupled annual revenue to $2.4 billion and employee count to 100,000.
In 2008 Dallas Cowboys owner Jerry Jones was pouring $1.3 billion into “Jerry World,” his state-of-the-art stadium, right in the teeth of the Great Recession. Some called it the oilman giving the finger to the GR.
Contracts Affect Ops Of Area Investors
Selling one of Newport Beach’s largest resort properties wasn’t an easy choice for Sunstone Hotel Investors Inc. Chief Executive John Arabia.
Dirty Cookie Scales Milk Shots Famed Chef Created
Shahira Marei jumped from managing projects at Boeing to serving cookie-enveloped milk shots. The career switch was rather drastic, but it was her ties to the aerospace giant that made her Dirty Cookie business a possibility.
HEALTHCARE: Plans lawsuits to fight ‘false allegations’
The most awful thing for Brian Meshkin was the Federal Bureau of Investigation raiding Proove Biosciences Inc.’s Irvine headquarters and making “political theater about it” with media on-site.
Sales and leases of offices, industrial buildings, retail space and apartments
Freeway Industrial Park sold an industrial building to Knoll Inc. for $12 million, or $178 per square foot.
Other items of interest Orange County Business Journal Vol. 41, No. 34
Walt Disney Co. said it put its fourth hotel near Disneyland Resort in Anaheim on hold in a disagreement with the city over tax rebates.
Marwit Investment Management LLC has exited essentially all of its investments, giving Managing Partner Matthew Witte more time with family—including backing startups created by two of his kids.
Free Wheelchair Mission celebrated its 15th Annual Miracle of Mobility on July 26 at Segerstrom Center of the Arts, raising $1.63 million to provide more than 20,000 wheelchairs to impoverished people around the world.
Says OC Operations Not Affected by Other Cuts
Santa Ana-based aerospace manufacturer Ducommun Inc. initiated more restructuring charges in the second quarter and shuttered its 100,000-square-foot plant in Phoenix, it disclosed in its recent earnings report.
Broadcom’s Old Space Getting Snapped Up
Irvine-based LPA Inc., Orange County’s second-largest architecture firm, plans to spiff up its new headquarters at UCI Research Park.
Second in California With Hospital Birthing Center
There are basically two options for expecting mothers: obstetrician-gynecologists or midwives.
Near-Decade Sponsorship Makes Way for Grassroots
Mazda North American Operations will end its longtime sponsorship of the Mazda Road to Indy driver-development program this year.
Telecoms, Wireless Cos. Extend Job-Growth Hat Trick
The largest telecommunications companies and related wireless equipment makers grew employment at a modest clip in the year ended July 31.
FINANCE: He scores ‘30-bagger’ investing in BodyArmor drink
It’s early, but Kobe Inc. could end up making folks forget about Kobe Hall of Fame.
HEALTHCARE: Plans to spend $20M for two trials
Novus Therapeutics Inc. (Nasdaq: NVUS) has its eyes—and ears—open for more funding.
Strong positive net absorption, led by technology and business services tenants, offset the market’s negative net absorption in the first quarter. Occupiers were drawn to amenity-rich buildings in central locations, and landlords latched onto the trend, focusing on renovations and increased asking rates.
With a strong start to the year, increased activity by a diverse mix of tenants held market fundamentals steady. But the increase only marginally improved occupancy, many tenants opting to play musical chairs with neighboring tenants instead of expanding.
Friday, August 17
“We’re growing our business, Orange County is a tremendous opportunity,” David Wolf said. Accenture PLC’s West Coast boss is looking for new local digs to support his expansion plans.
Orange County lost 10,100 jobs in July while California added 46,700, according to the state’s Employment Development Department.
Thursday, August 16
FINTECH: Vows smoother ride after leadership shakeup
AutoGravity Corp., the Irvine fintech recently embroiled in management turmoil, is for sure keeping one thing: a wooden slide employees use to spirit themselves from the second floor to the first.
Among Santa Ana’s largest property owners … several city blocks, notably in DTSA … area family ties back to 1919 … son Ryan leads recent redevelopment of SA’s East End, including 4th Street Market … recent buy of
Indexes were up at midday on company earnings; shares of Walmart Inc. shot up almost 10% after the retailer released its second quarter report.
Walt Disney Co. has stopped work on its fourth hotel near Disneyland Resort in Anaheim, the company said.
RETAIL: Test float pods seek to compete for young members
For 33-year-old health club operator and LA Fitness parent Fitness International LLC, workout trends come and go, but that doesn’t mean it ignores the latest boutique fitness studios popping up around its 709 locations.
Joined PacLife 1997 … senior financial analyst … treasurer at ACG unit 2000; current role 2012 … has done $16B in financing for group … 100 airline customers in 45 countries … global top-10 aircraft leasing firm … ACG work has supported S&P, Fitch upgrades … previously Freddie Mac … backs OC’s Council on Aging; board member Pacific Life Foundation … Business Journal CFO of the Year 2016
Wednesday, August 15
Alorica Inc., an Irvine-based outsourcing company with 100,000 employees, said it hired several high-level executives: Chief Financial Officer KJ Tjon, who replaces Cindy Fiorillo; Chief Operating Officer Greg Haller, and Chief Information Officer Steve Phillips.
San Clemente-based Rox Medical Inc. appointed Mike MacKinnon as chief executive. He came from Philips N.A. where he was head of sales for image guided technologies.
ECONOMY: More now in health, business services
Social workers and business consultants were the biggest job winners in the past two decades in Orange County.
Founded hotel owner-operator 1985 … took public twice: 1995, 2004 … grew from $30M revenue 1995 to $1B 2007 …
Tuesday, August 14
Visit Anaheim said OC's two largest tradeshows by attendance—National Association of Music Merchants and Natural Products Expo West—have booked their slots at Anaheim Convention Center through 2023 and 2022, respectively.
Huntington Beach-based MailPix Inc. bought PrintShopLab, the printing unit of Denver-based Photobucket Corp., on undisclosed terms.
CEO: ‘I Think We’re a Juggernaut’
The merger of Irvine-based Trace3 and Data Strategy LLC in Grand Rapids, Mich. has created a formidable IT services provider with revenue surpassing $1.1 billion.
Started swimwear maker with wife, Marta … 2017 first non-family president, Brenda West, fellow OC 500er … Raj, Marta back Segerstrom Center, Chapman—Raj trustee; student services building named for them … sports:
Monday, August 13
Shares of Veritone Inc. (Nasdaq: VERI) plummeted after the company reported second quarter results that missed Wall Street expectations.
Veritone Inc. shares jumped today after the Costa Mesa-based company announced two pending acquisitions, one for its emerging artificial intelligence business and the other for its media-buying arm.
Those Built in Disney’s Early Days Get 21st Century Updos
When Bill O’Connell entered the hotel business in Anaheim 50 years ago, “Disneyland was closed on Mondays and Tuesdays” for cleaning and repairs.
Irvine-based Montage International’s luxe resort unit, Montage Hotels & Resorts, is the 14th-best resort brand in the world, according to readers of Travel & Leisure magazine.
Longtime restaurateur—Cheesecake Factory, Mimi’s—heads burger chain … current role 10 years; IPO 2014 at top of fast-casual craze … $300M market cap … $153M revenue, up from $89M 2015 … $5M net, up from 2015 loss
HEALTHCARE: Says new valves should drive up Q4 sales
Recent stock reactions to Orange County’s largest publicly traded company speak to Edwards Lifesciences Corp.’s (NYSE: EW) second-quarter earnings.
REAL ESTATE: Backer of 9-story project has colorful history
A nine-story development featuring a boutique hotel and nearly 167,000 square feet of office space has been proposed for a vacant site on Jamboree Road in the John Wayne Airport area of Irvine, one of the largest commercial projects put forth there in recent years.
Bill O’Connell married a hometown girl from the Midwest but had to take a job near Disneyland to do it.
REAL ESTATE: $1.2 million per-room appraisal at high mark
The up-and-down valuation of the swanky Monarch Beach Resort in Dana Point over its 17-year history has apparently hit a new high, based on documents related to a new loan for the 400-room resort.
While the region’s food scene has never been more vibrant, it’s been a tough year for lovers of great food writing in the Southland.
HEALTHCARE: Construction totals about $800 million
A third of the former “Big Three” senior housing real estate investment trusts is wearing a different color: HCP Inc. (NYSE: HCP) plans to slice its portfolio into three equal segments over the next few years.
Clients Tap Them For Targeted Ad Campaigns
Orange County’s biggest public relations firms added more desks in the 12 months ended July 31.
Deepens Relationship With Vehicle Sales Page
Fountain Valley-based automaker Hyundai Motors North America launched a digital showroom last month in partnership with e-commerce giant Amazon.com Inc., making it the first manufacturer to have a dedicated web page under Amazon Vehicles.
Subsidiary Launches Behavioral Health Program
With the number of Americans 65 and older projected to outnumber children for the first time in U.S. history by 2030—census estimates show all baby boomers will be older than 65 then, expanding the size of the older population to 78 million—healthy aging is ever more important.
$36.6M for 30-Unit Waterfront Project
An 11-acre waterfront site in Seal Beach whose fate has been in limbo for well over a decade has new ownership that plans a high-end housing project on part of the property.
President, GC, CFO Fall In Post-Proxy Fight Redo
In less than two months, activist investors Sidus Investment Management LLC and BLR Partners LP have completely overhauled the board at Newport Beach-based patent licensing and technology investment firm Acacia Research Corp. and pushed out its management team.
• Cloud-based platform ZOTT joined with AT&T to give hospital patients access to DirecTV for Business through ZOTT’s content platform.
Eisner Son Now OCer; OC500 Couple Moves
A moving van was already headed to pick up Western National Group Chief Executive Michael Hayde and his wife and Western National Property Management President Laura Khouri before they sold their former home a few doors down.
Sales and leases of offices, industrial buildings, retail space and apartments
Brea Metro LLC sold an office building to Miller Brothers Eureka Road One LLC for $8.7 million, or $202 per square foot.
Other items of interest Orange County Business Journal Vol. 41, No. 33
Costa Mesa-based Orange Coast Auto Group acquired South Coast Acura in Costa Mesa for an undisclosed sum.
We launched a Draft Nitro program in late 2017 that features full draft beer and nitro coffee programs for groups.
DMO Hiring; Great Park Supports Athletic Events
Destination Irvine and area hotels are courting more sports-related meetings and events as facilities at the city’s Great Park continue to open.
Organizes Unique Trips With Bragging Rights
Jim Jalet III knows unusual tourism like few others in the industry in Orange County.
OC Hotels Counter Trend
Orange County hospitality companies and properties, pressured by high third-party costs, including from online travel sites, deviated this year from a 30% hotel industry cut in commissions paid to meeting planners by increasing what they pay.
Friday, August 10
Hayes Drumwright started the Irvine-IT firm Trace3 with $100 back in 2002. It’s grown a little. Find out how Trace3 just became the newest member of OC’s $1B Club.
Broadcom cofounder and billionaire philanthropist Henry Nicholas III has hired one of the most prolific, and high-profile defense attorneys in Nevada after his arrest late Wednesday night on suspicion of trafficking heroin, methamphetamine, ecstasy and cocaine.
Irvine-based Biolase Inc. (Nasdaq: BIOL) on Aug. 8 named Todd Norbe president and chief executive.
Thursday, August 9
Terra Tech Corp. (OTC: TRTC) said quarterly revenue increased 11% to $8.7 million, year-over-year, but net loss also increased, to $11.4 million from $500,000.
HEALTHCARE: Commercial Expansion and Big Data Programs
The future of healthcare is moving towards precision, a.k.a., personalized medicine—and molecular diagnostics play an increasingly important role in one of the main components of precision medicine, gene-specific therapeutics.
Co-founded two predecessor funds, mid- 1990s … has initiated, closed, managed investments in 35+ companies … resume includes roles at software companies, others, sold to big players … Grosvenor International, London-based developer … brother OC 500’s Bill Witte … partners in Related Cos. 1989 … current, former boards: Marina Medical Inc., Promax Nutrition Corp., Fire Grill LLC, STEC … B.S. Cornell
Eight hotels with 955 rooms sold in Orange County through the first six months of the year, compared to 16 hotels with 1,803 rooms, year-over-year, according to Atlas Hospitality Group in Irvine.
Windes Inc., a Long Beach-based accounting firm, has acquired Irvine’s Allen, Haight & Monaghan LLP. Terms weren’t disclosed; the firms will practice under the moniker of Windes.
Newport Beach’s Carrick Capital Partners LLC bought a majority stake in Discovery Health Partners, a payments company in the health industry. Terms weren’t disclosed.
Costa Mesa-based Orange Coast Auto Group acquired South Coast Acura in Costa Mesa for an undisclosed sum on Thursday.
MARKETING: Code Four answers Code Red for money-losing event
Visitors will get the thrill of seeing fighter jets dart across the sky at the third annual Huntington Beach Airshow in October, but spectators will also get a chance to enjoy some special perks—for an extra cost.
Role took on increased intensity 2016— planning 2017 … 50th anniversary, Segerstrom Family’s luxe retail layout … mall’s annual sales near $2B … cast party, American Ballet’s ‘Whipped Cream’ after global debut,
Wednesday, August 8
Lazy Dog Restaurant & Bar will open a location in Georgia next spring, a new market for the Huntington Beach-based casual dining chain.
Senior management of Acacia Research Corp. will leave the company by Friday and all board members who were in place before a recent proxy fight at the company have resigned.
Shares in analytics software maker Alteryx Inc. rose on its quarterly report, which included higher sales that beat expectations.
Year-over-year Walt Disney Co. parks and resorts’ operating income rose 15% to $1.34 billion in the most recent quarter on a 6% revenue bump to $5.2 billion. The income growth was the highest of the entertainment company’s four divisions, and the revenue increase was second-highest.
Alteryx Boss, Wife Launch i-Rise to Lift More Boats
Alteryx Inc. Chief Executive Dean Stoecker and his wife, Angie, want to improve educational opportunities for disenfranchised high schoolers while curbing the national student debt crises.
Top Irvine Ranch homebuilder via New Home’s high-end offerings … fee projects for in-house Irvine Co. builder Irvine Pacific … first career teaching … 2017: sold out Crystal Cove development, homes averaged $5M … staking out affordable projects in Corona, Rancho Mission Viejo … former also development deal; latter to have homes at 700 SF, $350K … firm market cap $225M
Tuesday, August 7
OC-based automakers faced some headwinds this month, all reporting sales declines except for Cypress-based automaker Mitsubishi Motors North American Inc.
Irvine-based boutique fitness brand operator Xponential Fitness has expanded its portfolio.
Five quick service restaurant chains based in Orange County—or soon to be—made trade magazine QSR’s list of the 50 largest such companies in the U.S., ranked by 2017 systemwide sales.
Costa Mesa-based El Pollo Loco Holdings Inc. must pay $8.8 million to franchisees who sued the fast food chicken chain when it opened corporate stores near their location, a Los Angeles Superior Court judge said.
Pokéworks in Irvine said it received an investment from Toridoll Holdings Corp. in Japan.
Monday, August 6
Noise-Related Litigation Puts Big Lease in Question
Jazz Semiconductor Inc.’s operations in its longtime industrial facility in Newport Beach already have an agreed-upon expiration date of March 2027.
Newport Beach-based chemicals maker American Vanguard Corp. earned $5.6 million in quarterly net income, up from $4.3 million year-over-year, on revenue of $107 million, up from $78 million.
Pacific Hospitality Group named Melanie Bucci chief financial officer;. She was most recently vice president of finance at Montage International for about eight years; both are hotel management companies based in Irvine.
Laguna Beach resident, five-time Olympic medalist in swimming—four gold, one silver … now five-figure corporate speaker on leadership, team-building, peak performance … El Dorado HS, Fullerton … USC grad … co-
Skyworks Solutions Inc. has agreed to buy analog chip systems maker Avnera Corp. for $405 million in cash.
Holding companies that own chains run under Real Mex Restaurants Inc. have filed for bankruptcy and will sell to an affiliate of New York-based private equity firm Z Capital Group LLC, which along with Santa Monica-based Tennebaum Capital Partners will provide $5.5 million in debtor-in-possession financing during the Chapter 11 process.
Ontario-based Prime Healthcare Services Inc. and its chief executive have agreed to pay $65 million to settle federal allegations of Medicare overbilling at 14 California Hospitals, including four in Orange County, the U.S. Attorney’s Office said Aug. 3.
Popular Taiwanese restaurant chain Din Tai Fung is expanding its only Orange County location, at South Coast Plaza shopping center in Costa Mesa.
Finance Whiz to Focus on Quant Fund
How does Jane Buchan feel about departing the chief executive role she had for 16 years while building Pacific Alternative Asset Management Co. into one of the world’s largest fund of funds?
Co-founded LA Fitness chain 1984 with Chinyol Yi … first opened LA; chain’s growth nearing 700 locations North America … declines media exposure … bought bicoastal, 8-figure digs … golfer … in youth acted in films—‘Wedding on Walton’s Mountain’ and ‘The Ratings Game’—and TV: ‘Facts of Life,’ ‘Scarecrow and Mrs. King’
In this issue Peter J. Brennan’s visit with PAAMCO’s Jane Buchan—going back to her roots not only in investing, but also track and field.
Operators Still Hope for More Open Fed
Policy changes and medical marijuana go hand in hand, and for Danielle Piomelli, professor of anatomy and neurobiology at University of California- Irvine, true progress is only possible if the federal status of the drug is changed.
Low-Cost Plan Not A Hit with Dentists
Net dental enrollment in dental HMO and PPO plans decreased more than 25% to about 2 million members in year through July.
Providers Turn to Tech to Control Costs
To HMO or PPO, that’s the question. Orange County’s top health maintenance organizations experienced growth in the former and decline in the latter during the 12 months through July.
Americans Forking Out Billions Out-of-Pocket
Healthcare is changing rapidly, pushed by the rise of a new breed of informed patient who is seeking alternatives to conventional treatments.
Design to ‘Real-World’ Trials; It’s a Value Play
Value-based care—the healthcare model designed to incentivize providers to improve patient recovery and reduce cost—is not news in California, an early adopter of the Affordable Care Act. The shift is also changing the approach to new-product adoption.
‘Really’ Wearables; Computer Best Practices
There’s no denying the healthcare of tomorrow won’t be limited to the four walls of a hospital and that technology will play a crucial role in enhancing the patient-centered model.
Other items of interest Orange County Business Journal Vol. 41, No. 6
Irvine-based marketing firm Advantage Solutions Inc. bought Mill Valley, Calif. agency Beekeeper Marketing on undisclosed terms.
ClientWhys Inc. in Newport Beach has launched CountingWorks, a match-making marketplace that allows tax professionals around the country to connect with small businesses.
Irvine-based technology firm Learning Ovations will be launching its research-based software, A2i Professional Support System, in kindergarten to first grade classes this fall, as part of a $14.65 million U.S Department of Education grant awarded last year.
Beverage Maker Cannaki Adds CBD
County beaches get all the credit but you should try the water.
Says Antivirus Product Cuts Threats Off at Pass
Irvine-based Cylance Inc., one of the highest valued and closely watched private companies in Orange County, has released its first software product targeting consumers.
33-story Project Would Be 1st in Fashion District
Two Orange County firms are part of the development team working on plans for a high-rise residential tower in the Fashion District of Los Angeles.
Luxury Brand to Show Off at Fundraisers, Others
Three’s a charm for Irvine-based carmaker Karma Automotive in New York’s tony playground of the Hamptons.
OC Trial Site Largest Of Nationwide Study
An oral form of insulin doesn’t exist yet, but Oramed Pharmaceuticals Inc. (Nasdaq: ORMP) has announced it’s taking a major step toward attaining the Holy Grail of diabetes care.
Plus, Food, Wine Events, Fifi-Brainchild Camp
The Montage Laguna Beach has earned a reputation as a fine-dining destination, and with good reason: Chef Craig Strong, who quickly gained acclaim after becoming the chef at Studio at the Montage in 2009.
Sterling BMW, the Argyros Family Foundation, Enterprise Rent-A-Car, Northern Trust Bank of California, Refrigeration Equipment Specialist Co. and Western Mutual Insurance were among the underwriters of the 2018 Hoag Summer Fest, formerly known as the Hoag Summer Classic.
ECONOMY: Centerpiece of Sept. 17 Special Report
Is your company growing fast?
OC Execs Share Their Fish Stories and Passion
Most anglers consider fishing an escape, an antidote to our plugged-in lifestyles. For several Orange County executives, it’s also a great way to entertain clients—the sport provides ample opportunity for uninterrupted conversation and reeling in the catch can be a team effort.
REAL ESTATE: Lennar’s Levity follows CalAtlantic land buy
Scott Stowell, the former executive chairman of Irvine-based CalAtlantic Group Inc. and chief executive of its predecessor company, Standard Pacific Corp., had a firsthand view of two of the homebuilding industry’s largest mergers and acquisitions in recent memory.
SOFTWARE: Running fast grower in OC’s cybersecurity hub
Former Quest Software Inc. and Dell insider Steve Dickson came out of retirement to take the top post at one of Orange County’s fastest-growing software companies.
FINANCE: Irvine Firm Facing Rate Challenges
If you want to know what a “challenging interest rate environment” looks like, just ask First Foundation Inc. (Nasdaq: FFWM).
Sales and leases of offices, industrial buildings, retail space and apartments
Sarofim Realty Advisors sold a shopping center to JH Real Estate Partners Inc. for $46.5 million, or $281 per square foot.
Friday, August 3
Jazz Semiconductor’s operations in Newport Beach aren’t music to the ears of its landlord—we’ll tell you why. ...
Masimo Corp. (Nasdaq: MASI) reported revenue of $211.6 million, including royalty, with product revenue for the second quarter totaling $202 million, up 12.4% compared to the same quarter a year ago.
Taco Bell Corp. in Irvine reported lower quarterly operating profit on higher systemwide sales, with same-store sales up, but below expectations and less than the same period a year ago.
FRANCHISING: Master plan’s eyes on India, Aussie
Taco Bell Corp. is on track to top $10 billion in systemwide sales this year, and unlike Bogie and Bacall, it doesn’t even have Paris—yet.
Nearing 30 years at helm of pre-eminent OC business news source … paper also produces events, special reports—OC 50, OC’s Wealthiest—and this book … driven, OC-focused pace of see-and-be-seen lunch appointments, get-the-news soirées … attorney, special counsel, congressional committee … encyclopedia of OC 5,000 … bachelor’s, Binghamton; MBA UCLA; J.D. GWU
Thursday, August 2
El Pollo Loco Holdings Inc. said quarterly revenue increased less than 1% to $106 million and net income fell by a third, to $5.1 million, compared with the same period last year.
Irvine-based Quality Systems Inc. (Nasdaq: QSII) reported $133.2 million in revenue for its latest quarterly results, a 1.7% year-over-year increase.
Irvine-based marketing firm Advantage Solutions Inc. bought Mill Valley, Calif. agency Beekeeper Marketing on Thursday for an undisclosed sum.
Irvine-based Vizio Inc. has launched a free streaming service in an effort to corral cord cutters who have ditched traditional cable services.
Hsieh finds wealth, luck in mortgages
Hey, did you hear the rumor about Amazon.com Inc. buying loanDepot of Foothill Ranch?
Stem cell entrepreneur … heads co. with cancer treatment in clinical trials … studies financed by Series A VC firm, private investors … sold AiVita predecessor 2014 for $124M … bought assets back 2016 … Democrat congressional hopeful, Dana Rohrabacher district … ex-UCI prof … anatomy, neurobiology, neurological surgery … raised in Canada … met wife, Niki, at UCI; son, Connor … lives Laguna Beach
Wednesday, August 1
Habit Restaurants Inc. in Irvine reported quarterly income of more than $2 million on revenue topping $103 million, up 90% and 23% respectively. Comparable same-store sales at the casual burger chain grew 1.2%.
Potbelly Corp. looks to finally open in OC with four franchised locations, starting with one in Irvine, early next year.
The local hotel market continued strong in the first six months of the year, compared with the same period last year, with average daily rates of $194; revenue per available room about $156, and occupancy of more than 80%.
40 years as trial lawyer … top-ranked US, state, regional, county law, groups … $934M 2003 jury verdict remains largest ever OC … bachelor’s Western Illinois U.; J.D. UC Davis, edited law review … grew up