Stories for October 2018
Wednesday, October 31
Indexes were up following Facebook’s earnings report and a general lift in technology stocks.
FINANCE: Struggling amid rising interest rates, skinnier ‘spreads’
It was a terrible week on Wall Street for Orange County’s biggest banks.
Started Irvine church with five members 1998 … 3K members today … directs Cecil Murray Center for Community Engagement at USC … led economic development arm of First AME Church, LA … raised $400M, created 4K jobs South LA … resume includes Wells Fargo, Chicago Title Insurance Co. … called parishioners to ‘challenge public policies that oppress the poor’
Tuesday, October 30
Long Beach Airport passenger declined 5% year-over-year in September—the first monthly decline this year.
Two down, three to go: Duck Donuts plans five locations in Orange County; two are open, in Huntington Beach and Irvine, the latter at Trade Food Hall.
Habit Restaurants Inc. (Nasdaq: HABT) in Irvine reported a $600,000 net loss, including a one-time charge, on revenue of about $105 million in its most recent quarter, compared with $400,000 in net income on revenue of $85 million, year-over-year.
BJ’s Restaurants Inc. (Nasdaq: BJRI) in Huntington Beach earned nearly $9 million in net income on $270 million in revenue in its most recent quarter, up 257% and 10% respectively.
ECONOMY: Job growth here will slow, but ‘let’s enjoy the sun’
Tough week to deliver a rosy economic forecast. The global equities markets were pounded by more than 10%, and earnings season here disappointed (see Q3 bank story, this page).
Founded Protestant evangelical church 1980, age 26 … 20,000+ weekly attendees … top-10 in US … affiliated with Southern Baptist Convention … invocation at President Obama’s 2009 inauguration … author … ‘The Purpose Driven Life’ has sold 30M copies … born San Jose … bachelor’s CalBaptist in Riverside, M.Div., Southwestern Theological Seminary, D.Min. Fuller in Pasadena
Monday, October 29
Habit Restaurants Inc. (Nasdaq: HABT) in Irvine named Iwona Alter chief brand officer; she joins the fast-casual burger chain December 10 from San Diego-based Jack in the Box Inc. (Nasdaq: JACK).
HEALTHCARE: 17% of sales on R&D spend
Edwards Lifesciences Corp., Orange County’s largest public company with a nearly $30 billion market value, is also one of its fastest-growing public companies, both in sales and stock growth.
Leads 10th largest Roman Catholic diocese in US … second-largest west of Mississippi … appointed to role by Pope Benedict XVI, 2012 … fourth to hold position … emphasis on meeting spiritual, social, economic needs of diverse RC population … overseeing efforts to turn former Crystal Cathedral campus from Protestant worship center into prominent, visible West Coast center of Catholicism
Luckey Tweets New Jobs; BMC Vet Joins Veritone
Airworthy Cabin Solutions LLC’s new production facility in Anaheim gives the aircraft interior products maker a lot more legroom.
City National Bank was the Corporate Legacy Harvest sponsor of the Harvesters 26th Annual Fashion Show & Luncheon on Oct. 3.
‘Company in Transition’; Pivot to Affordability
Fast growth in sales hasn’t translated to stock gains for New Home Co.
HEALTHCARE: Irvine firm could nab $122M from offering
Irvine-based medical device maker Axonics Modulation Technologies Inc. is beefing up plans for going public.
Stock Up 50% Year-Over-Year
Specialty retailer Boot Barn Holdings Inc. is kicking up its heels to the tune of double-digit growth.
Shares of Santa Ana Firm Stalling
Iteris Inc. (Nasdaq: ITI) grew its top line 23% in the past two years as more local and state governments installed “smart” transportation systems.
$900M Hospira Buy Pumps Sales By 300%
A nearly $1 billion ICU Medical Inc. (Nasdaq: ICUI) acquisition last year is paying immediate dividends for the San Clemente-based maker of medical technologies used in vascular therapy.
KushCo, Terra Tech Light Up the Way
KushCo Holdings Inc. and Terra Tech Corp. are not just blowing smoke in the cannabis industry.
INNOVATION: ‘Forward’ thinks, acts like a tech co.
Fashion Island already has an Apple store, but the glitzy mall in Newport Beach now has Forward, which has been described as the Apple Store of doctors’ offices.
HOSPITALITY: Hyatt Corp. sells to McWhinney
One of the newest hotels in the John Wayne Airport area has been snapped up by a hospitality investor and developer in Colorado.
Last month we featured fastest-growing private companies here, replete with names likely not all that familiar—small ones like Recall Masters Inc., midsizers Sonendo and Ahtna Design-Build Inc., even large ones—$100M+ in annual sales—like Rand Technology.
Sales and leases of offices, industrial buildings, retail space and apartments
Dr. Jala Zarghami purchased an office building from Adams-Streeter Civil Engineers Inc. for $6 million, or $402 per square foot.
Other items of interest Orange County Business Journal Vol. 41, No. 44
The University of California-Irvine received a five-year, $14.7 million grant from the U.S. Department of Education.
Redwood West Pays $660 PSF for Two Buildings
Redwood West executives have a simple explanation for their recent $23.2 million purchase of Newport Beach’s Bayside Square office complex, a deal that ranks among the area’s priciest per square foot.
ClickFox, Reputation Sites Geared to B2B Firms
Two is better than one for consumer insights and analytics firm J.D. Power.
Institute to Test Alternative To Typical Vein Grafts
Irvine-based medical device maker Hancock Jaffe Laboratories Inc. (Nasdaq: HJLI) entered a sponsored research agreement for the development of its CoreoGraft product with Houston-based Texas Heart Institute, one of the largest cardiovascular centers in the U.S.
Revenue Up 15%, 42%, Respectively
Call it a double take. At first glance, it’s not surprising to see Newport Beach-based Chipotle Mexican Grill Inc. and Irvine-based Habit Restaurants Inc. among Orange County’s fastest-growing public companies (see special report, page 19, lists starting on page 25).
Pacific Premier, First Foundation Lead Sales
While tech companies often get the glory for rapid growth, six Orange County-based banks are among the leaders on the Business Journal’s list of publicly traded companies with the fastest-growing revenue over a two-year period ended June 30.
‘Well-funded’ carmaker on hiring spree
Luxury automaker Karma Automotive has been rolling out its $130,000 2018 Revero models across the country over the past year, but the hefty price tag doesn’t seem to be exclusive enough for the Irvine-based luxury electric car company.
Friday, October 26
Even an 86-year-old food company can boost sales double digits, and this one’s got plenty of younger company too in our annual review of fastest-growing public companies.
REAL ESTATE: NFL team’s HQ sells for $84 million
The Costa Mesa office complex that’s home to the operations of the Los Angeles Chargers football team has traded hands at a 75% premium to its prior sale.
Ordained 1995 … chosen to lead Irvine congregation 2001 … it had 300 member families, now 600 … ‘when one comes to Temple, they ought to feel better when they leave than when they walked in’ … former criminal justice major was asked to serve as chaplain for Irvine PD
Thursday, October 25
Work and Western boot and apparel retailer Boot Barn Holdings Inc. (Nasdaq: BOOT) reported net income of $4.5 million, or 16 cents per share, beating analyst predictions of 9 cents per share, in its second quarter earnings report Thursday.
Chipotle Mexican Grill Inc. (NYSE: CMG) in Newport Beach said revenue increased nearly 9% to $1.2 billion and adjusted net income was 60% higher to about $60 million in its most recent quarter.
Irvine-based Lantronix Inc. (Nasdaq: LTRX) reported net revenue of $12.3 million, up 16% year-over-year, and a net loss of $83,000, an 87% improvement, in its most recent quarter.
Irvine-based outsourcing company Alorica Inc. added of three locations in Asia on Thursday, further expanding its presence in the region and growing its employee count by more than 5,000.
Indexes rose strongly in midday trading as the market rebounded from losses earlier this week.
REAL ESTATE: On pace for 600 sales this year
You could call City Ventures the Prius of homebuilders.
CTR one of U.S. larger industrial developers … co-leads OC with James ‘Watty’ Watson … big land deals in past year include several million SF in Stockton, Calif., and Atlanta … medfocused mixed-use Aliso Viejo
Wednesday, October 24
REAL ESTATE: $88M buy its largest to date
Newport Beach-based dental products maker Glidewell Laboratories, already one of the largest owner-users of commercial real estate in the area around John Wayne Airport, has made what appears to be its largest-ever local property acquisition.
Leads SoCal buyer, renovator affordable multifamily … bought $300M+ properties past two years … portfolio totals 8K units, big cities L.A. to D.C., NYC, Chicago … Gainesville, Fla. … biggest market: Calif.; no OC
Tuesday, October 23
Edwards Lifesciences Corp. (NYSE: EW) earned $226 million on sales of $907 million in its most recent quarter. Sales rose 10% year-over-year but missed expectations and its shares dipped 2% to a $30 billion market cap.
The University of California-Irvine said Tuesday it received a five-year grant for $14.7 million from the U.S. Department of Education.
Indexes are down about 1% apiece on global economic growth worries and weak earnings outlooks from 3M Co. and Caterpillar Inc.; earlier today, the markets dropped almost 2%.
Monday, October 22
ENGINEERING: Price high after Lime Energy buy
It appears Wall Street once again really likes Willdan Group Inc.
Leads neurovascular—the brain’s blood vessels—device maker … 18 years with co., unit of $5B sales, $15B market cap Terumo Corp., Tokyo … Sept. concluded two-year build, relocation … consolidated 800 OC workers,
Shares of Opus Bank (Nasdaq: OPB) closed more than 20% Monday after the Irvine bank reported third quarter earnings that missed analyst estimates; shares leveled off in Tuesday midday trading.
Say Corporate Trends Include AI, Fees, #MeToo
Glaukos Corp. (NYSE: GKOS) General Counsel Robert Davis, besides handling strictly legal matters for the San Clemente-based medical device maker,
Hines one of most active buyers, sellers of OC office properties past 7 years … unwrapping Intersect, large airport-area office campus … redevelopment there followed Hines-PIMCO purchase of site 2015 … Hines sold 4000 MacArthur office tower to Goldman Sachs for some $180M … has served on NB planning commission ... ex-USMC pilot
Anil Puri’s CSUF survey asked execs to rank the threats to the economy: No. 1 was polarization of our politics.
Sales and leases of offices, industrial buildings, retail space and apartments
TP-Link USA Corp. purchased a light-manufacturing building for $5.5 million, or $344 per square foot, from Donald W. and Jean M. Vivrette.
Other items of interest Orange County Business Journal Vol. 41, No. 43
Andrew Brown succeeds Elizabeth Pearson as president and chief executive of Pacific Chorale, a resident of the Renée and Henry Segerstrom Concert Hall at Segerstrom Center for the Arts, effective Dec. 3.
Rap Video Shows Off Duffy, City, Pricey Home
One of the most expensive waterfront listings on Balboa Peninsula has attracted quite a buzz, not only for its $44.9 million price tag, but also for promotional music video “Teach Me How to Duffy”—a parody of the 2011 “Teach Me How to Dougie” by Los Angeles-based hip-hop group Cali Swag District.
Edinger Plaza Sale Tops For OC Retail This Year
Edinger Plaza, a 155,275-square-foot shopping center in Huntington Beach across the street from the city’s largest mall, Bella Terra, has changed hands.
NB’s Brand Amp Stays As Agency of Record
The beat goes on for Cypress-based automaker Mitsubishi Motors North America Inc.
Starr Surgical, Venture Heat Get FDA Nods
Edwards Lifesciences Corp. (NYSE: EW) has kicked off a pivotal domestic trial of the Centera transcatheter heart valve.
Irvine-based Koder Inc. is hiring as it tries to establish an online marketplace for freelance coders.
Seeing Pickup as Pentagon Expands Military Budget
Local employment at Orange County’s largest aerospace and defense contractors was flat in the past year in a wave of industry consolidation and increased spending on national defense.
Cylance Teaches Classes; Soccer Club Hires Gamers
San Jose-based Broadcom Inc., which has more than 1,000 workers at its Irvine operations, says a memo claiming the Department of Defense is probing its pending deal for CA Technologies is fake.
FINANCE: Eliminates duplicative jobs after merger
PAAMCO Prisma Holdings LLC, a fund of funds with $30 billion in assets under management or advisement, has laid off some local employees.
This past spring, the Thompson Foundation and CHOC Children’s in Orange unveiled a partnership to expand Orange County’s ability to address the needs of children with Autism Spectrum Disorder.
Segerstrom, PacLife, Others Take Lead On a Crisis ‘Not Talked About’
“If only he had told me he was in pain … if only she had told me she was struggling … if only I had known … if only.” The words are heart-rending.
INNOVATION: $5 million round for Carepoynt
Newport Beach-based startup Carepoynt LLC, which created an app-centric, incentive-based health platform, has finalized its second notable funding deal in four months.
MARKETING: 2 buys this year, third in works
It will be another year of double-digit growth for Costa Mesa-based digital printer Crisp Imaging—at a time others in the commercial printing industry are struggling to keep up with the digital revolution.
Publicly traded corporations are often involved in lawsuits that stay under the radar, yet involve large amounts of money, not to mention the time of well-compensated executives.
MANUFACTURING: Growth grinds against headwinds
Orange County manufacturers continue to defy expectations and plan to expand output, if not payrolls.
Friday, October 19
How owners of The Hive creative office complex in Costa Mesa turned a sweet profit in three short years—the Los Angeles Chargers and Kobe Inc. are housed at Hive.
Orange County’s unadjusted unemployment rate fell to 2.8% in September from a revised 3.1% in August and 3.3% a year earlier, according to the state Employment Development Department.
BANKING: Family office’s newest office fastest growing
Whittier Trust Co. began life as just a family office, the family was the Whittiers.
Founded 1992 … client roster includes Shea Homes, Rancho Mission Viejo … lead engineer: Village of Woodbridge, Ronald Reagan federal building, Hyatt Regency HB … engineer on 390-foot pedestrian sky bridge
Thursday, October 18
Local tourism last year produced $21.3 billion in economic impact, according to a new report from the Orange County Visitors Association.
Emerald Expositions Events Inc. (NYSE: EEX) bought several hospitality-focused trade shows, publications, and events from ST Media Group International and Hospitality Media Group on undisclosed terms.
Spectrum Pharmaceuticals Inc. (Nasdaq: SPPI) named Francois Lebel as chief medical officer, overseeing the company’s clinical program including directing clinical trials and development as well as regulatory submissions.
Indexes were down more than 1% apiece in midday trading on the expectation that the Federal Reserve will continue to increase interest rates.
FINANCE: Longtime banker again scores hit, reaps returns
Ed Carpenter has done it again.
Care delivery to 550K members by some 8K staff, 1K doctors … SoCal region, several counties, 4.4M members … parent co. $65B revenue 2016 … growing OC telemedicine work … aims to strengthen community-based programs …
Wednesday, October 17
Giving in Great Depression Became Part of Its Culture
Sometimes when you’re at the beginning of starting something—taking on a new project at work, for example, or building a brand from scratch—it can be hard to see the long-term impact it may have.
Tuesday, October 16
The Los Angeles Angels of Anaheim today opted out of their lease at Angel Stadium, where they have played home games since 1966.
Twenty Four Seven Hotels in Newport Beach will run three inland area hotels for Cerritos-based Soquel Rincon TPS LLC.
Named Register head 2016 after parent company Digital First Media bought Freedom Communications Inc. out of BK … heads 11 dailies … oversees websites, weeklies, magazines, digital, social … biggest accomplishment 2017: ‘bringing … collaborative and innovative culture’ to SCNG while ‘maintaining autonomy in news coverage’ … three words: ‘listen, learn, progress’ … turning point: wife, Valerie … ‘no question I married up’
Del Taco Restaurants Inc. (Nasdaq: TACO) lowered full-year guidance in its most-recent quarterly report. Revenue and net income grew on a 1.4% increase in systemwide same-store sales, with franchised restaurant comps growing faster than company-owned locations.
TECHNOLOGY: Suit confirms bitter split
The honeymoon between executives at Microsemi Corp. and Microchip Technologies Inc. is officially over, four months after a $10.2 billion megadeal that began the two chipmaker’s marriage.
U.S. stocks jumped on a broad rally across all 11 sectors of the S&P 500, which rose 1.5% in midday trading to 2,791.69.
SC Fuels, founded 1930, one of oldest, largest family-owned U.S. fuel distributors … 11K customers in Western U.S. … fleet card services at 230K sites, including truck stops, retail gas stations … Fortune 500 clients … Greinke 45-year company vet … honorary consul, Republic of Georgia … advisory boards, CSU-Fullerton, Solis Capital Partners … son Steven is chief executive
Monday, October 15
Andrew Brown succeeds Elizabeth Pearson as president and chief executive of Pacific Chorale, resident of the Renée and Henry Segerstrom Concert Hall at Segerstrom Center for the Arts.
HOSPITALITY: $415M value estimated for Sheraton
Newport Beach-based hospitality investor Eagle Four Partners is the latest local name taking notice of Colorado’s red-hot hotel market.
Sears Holdings Corp. plans to shutter its location at Costa Mesa’s South Coast Plaza as part of its just-announced Chapter 11 bankruptcy filing.
John Wayne Airport passenger traffic increased 6% year-over-year in August to 991,000 people; year-to-date passenger numbers are up 5.5% to 7.2 million.
Maker of plug-and-play, customizable security software has raised $177M since 2012 launch … now wants consumer market—with 6K business clients able to license product to employees … Cylance employs 800+, 550 of them in Irvine in 134K SF at 400 Spectrum Center … works with UCI Cybersecurity Institute … McAfee/Intel on resume … Business Journal Innovator of the Year
Palo Alto Networks Exec Joins Alteryx’s Board
More than 70 investors, from seed backers to established venture capitalists, lined up on Oct. 3 to hear the latest pitches by companies in the clean-technology industry.
Two things I expect at events like National Philanthropy Day, Wooden Floor’s Step Beyond Breakfast or our own Civic 50 OC luncheon: I’ll leave feeling better than when I came, and I’ll get my headline from Antis Roofing & Waterproofing founder and CEO Charles Antis (see above).
HEALTHCARE: Aims for 2020 FDA product nod
Advanced Bifurcation Systems Inc. has a simple pitch for investors, cardiologists and people suffering from coronary artery disease who could be candidates for its developing stent product: simplicity.
INNOVATION: Like Uber for medical uses
Vanessa Benavides-Lemos was in the backseat of an Uber at 2 a.m., going home from her job as a nurse when she received a call from her boss asking her to work another shift.
AUTOMOTIVE: eighth largest car show in US
Car aficionados marveled at engines while others took the driver’s seat last week at the 54th annual Orange County International Auto Show, the eighth-largest car show in the country.
REAL ESTATE: $365M price estimate for deals
Irvine Co. added nearly half a million square feet of midrise space to its already-sizeable San Diego County office portfolio over the past three weeks through a pair of acquisitions that real estate sources estimate around $365 million combined.
REAL ESTATE: Both in hub of rental developments
Two Central Orange County offices in Orange and Anaheim have traded hands in deals totaling about $61 million.
n Sept. 22, Vanguard University’s Global Center for Women and Justice celebrated 15 years of advocacy at Priceless, the university’s sixth annual luncheon valuing justice, freedom and dignity.
Aliso-Viejo based AWM Smart Shelf appointed Leo Tsourides as head of science.
Will Use Fitbit to Track Users’ Quality-of-Life Info
Vertos Medical Inc. is looking to better quantify the improvements that are seen when patients with lower back problems use its products.
Pro Drivers, Red Bull Affiliation for 2019 Model
Professional race car driver Collete Davis hits the gas in the latest spots for Kia Motor America.
3-Acre Site Would Hold 370 Units and Run 424,000 SF
A 3-acre site in Irvine that’s across the street from the District at Tustin Legacy shopping center is being considered for a sizeable housing project for older residents.
Leasing activity among logistics providers in the Greater Los Angeles, Orange County and Inland Empire region increased 37% by square footage from 2013 to 2017, and 2018 is on track to exceed last year.
Sales and leases of offices, industrial buildings, retail space and apartments
Beachbreak Properties LLC sold an industrial facility to TW Los Angeles LLC for $27.5 million, or $263 per square-foot.
Other items of interest Orange County Business Journal Vol. 41, No. 42
Irvine-based Commercial Bank of California appointed Michael J. Helmuth to the new role of Orange County market president, and Claudia Bodan to a similar new role in Los Angeles.
HEALTHCARE: $86M offering on the books
Irvine-based medical device maker Axonics Modulation Technologies Inc. could nearly double its employment over the next year if plans for an initial public offering move ahead.
For the second year, the Business Journal in partnership with OneOC presents the Civic 50 Orange County, recognizing the 50 most community-minded small, medium and large companies here. The honorees provide a local standard for corporate social citizenship and a roadmap for turning good intentions into sound business practices.
Giving Works in Many Ways—Witness These
Young Carson Kropfl recently spoke at my Chapman University journalism class. You may know Carson; when the San Clemente resident was 11, he created and later patented a nonfolding skateboard that fits into a school locker and snugly into a backpack—a good enough market and message that Richard Branson had to outbid Mark Cuban on “Shark Tank” to buy 20% of Carson’s company, Locker Board.
Nonprofit Co-Founder Says That Also Helps Employers
Two people: comparable professional backgrounds, same job title, similar number of hours invested each week, two different companies.
Encourages Employees To Take the Lead on Projects
Bank of America’s Orange County community outreach efforts are so vast that it’s hard to encapsulate them in a concise way. You’ll find it simultaneously delivering financial education to military veterans while also committing billions to help accelerate the transition to a low-carbon economy and making sure people with disabilities have access to advocacy, employment and support.
Efforts Help Many Causes Achieve Max Optimization
In 2014, the Boys & Girls Club of Central Orange Coast created pilot program College Bound to introduce club members to the idea of attending college. Many came from families whose idea of a college education was a dream rather than a given. They were smart, though, hard-working and capable. With the right support, including one-on-one case management, there might be no stopping them.
KPMG Programs Seek To Boost Youth, Their Places
Poet Maya Angelou wrote that, “When people show you who they are, believe them.” What better way to show the world who you are than through action?
Firm Treats Recipients Of Its Aid Like Clients
Helping solve the world’s complex challenges is at the heart of Ernst & Young LLP’s approach to corporate responsibility.
Philanthropic Work Goes Beyond Just Pro-Bono
O’Melveny & Myers LLP might seem at first blush like a law firm a Netflix show could be centered on, with plotlines of interoffice dealings and palace intrigue. It’s in one of the best spots in Orange County—a Newport Beach tower next to the Fashion Island mall granting views of the ocean—and is filled with dynamic people whose energy is palpable the minute a visitor arrives.
B Corp Lender Must Give Back to Maintain Its Cert.
In essay “In the ‘People Business’: A Call for Interdependence” Clearinghouse CDFI President and Chief Executive Doug Bystry wrote as his final point, “What we build in our minds is just as important as what we build with our hands.”
Founding Father Set Giving-Back Philosophy
One of the commonalities among companies with a philanthropic perspective seems to be that they place employee well-being at the top of their priorities, particularly their purpose and fulfillment. Fluidmaster Inc. says it’s embraced that idea since its 1957 inception.
Friday, October 12
U.S. stocks rebounded on Friday, following steep drops in the prior two trading sessions.
FINANCE: Urovant broke the slump; will others follow?
There are several ways to parse the paltry number of Orange County companies going public this year, a total of three initial public offerings reaping relatively meager proceeds of about $210 million combined.
Thursday, October 11
FINANCE: Firm takes cut only after making profit
Steven Check believes he owns the most unusual investment firm in Southern California.
Wife, Alexis, fellow OC 500er … multiple honoree, Business Journal events … told audience Alexis axed his idea to add beef jerky at Nekter … $60M revenue, 850 employees … pushing 100 locations … added franchising after first resisting … two dogs … backs No Kid Hungry … herorole model Richard Branson … as kid wanted to be a CEO … three words ‘curiosity, determination, stick-to-it-ness’
Wednesday, October 10
Indexes were down sharply on a surge in Treasury yields and declines in technology stocks.
Tuesday, October 9
Los Angeles Chargers majority owner Alexander Gus Spanos died Tuesday morning. He was 95.
Irvine-based independent gaming studio Obsidian Entertainment Inc. is set to be sold to tech giant Microsoft Corp., according to published reports.
Ousted Microsemi Corp. Chief Executive James Peterson and three of his former executives are suing Microchip Technology Inc. and its executives for alleged slander, libel and unfair business practices.
Spectrum Office Push Nears $800M for Irvine Co.
The largest office park in the Irvine Spectrum is getting larger, as is the portfolio of Orange County’s dominant real estate company.
Took over 2007 … shares plummeted 90% over next two years … bought energy consultancy 2008 that in 2016 was 68% of revenue … stock up 30-fold five years … targeting $1T US electric grid modernization … utilities for
Monday, October 8
Mike Lutton, a fixture in the local commercial real estate industry for 30 years, has died; he was 62.
APPAREL: Sales push for V.F. Corp.’s No. 1
Vans might soon need a bigger skate pool at its Costa Mesa headquarters if its executives’ brash proclamations of corporate growth over the next five years come to fruition.
In current role about 3 years … shortterm temp agency via app to restaurants … $12M IPO mid-2017 … Reg A+ for firms raising under $50M … OC IPOs that way this year include OC 500’s Jim Reynolds … ShiftPixy: $80M market cap … Absher, co-founder Stephen Holmes have 88% of shares … IPO money backed tech work, expansion
HEALTHCARE: New name, new ticker; mobile app
A corporate name change was the easiest part of NextGen Healthcare Inc.’s reinvention over the past three years, even though it may have gotten the most attention, according to Chief Executive Rusty Frantz.
SERVICES: Distributor keeps better-performing biz
Foundation Building Materials LLC, a Tustin-based distributor of wallboard, ceiling systems, and other products that’s used an aggressive roll-up acquisition strategy to build its business, is hitting the reset button.
You’ve avoided Newport Center Drive if you haven’t seen the influx of Big Finance that serves the swelling ranks of wealth here—from legacy to first-gen—and also serves our thriving middle-market businesses.
Rebuilt Estate Few Doors Down From Portabello
Perched on a cliff in the Corona del Mar community of Cameo Shores is a contemporary-style home reminiscent of a Balinese resort. Its asking price is $27.9 million.
About 230K Students At Schools on Directory
This year marks the debut of the Business Journal’s list of OC community colleges, which features enrollment in the 12 months ending on Sept. 30.
Christian School Starts Building Out Master Plan
Nearly 300 people gathered on Vanguard University’s 40-acre campus for the recent groundbreaking of its $10.4 million student center, which will take on the Spanish Mission-style look of its newer buildings and replace an existing cafe and bookstore.
6.5% Drop Steeper As Intl. Schools Take Share
Enrollment in area schools MBA programs fell in the 12 months ended Sept. 30.
Post-Buy, Looks Overseas; Invests in M. Obama Cause
Collegewise is reaching higher one year after being acquired by Singapore-based A-Star Education Holdings, formerly ChangedEDU Holdings, for an undisclosed sum.
Sales and leases of offices, industrial buildings, retail space and apartments
Swinterton Builders purchased a historical office building for $6.6 million, or $194 per square-foot, from Gaucho Investments.
Groundbreaking Student Pads One of Last Pieces
Construction crews were standing by at Orange Coast College as the Costa Mesa-based institution held a groundbreaking ceremony for a 323-unit student housing project.
Other items of interest Orange County Business Journal Vol. 41, No. 41
Newport Beach-based Pacific Investment Management Co. is buying San Diego-based municipal-bonds specialist Gurtin Municipal Bond Management to expand its tax-exempt investments business.
TECHNOLOGY: Verys aims for $50M in sales
Chris Antonius and Mike Zerkel are partial to a particular Peet’s Coffee on Portola Parkway in Irvine.
CoreLogic Assays Florence; Diablo to Be Netflix Series?
Houston private equity firm Clovis Point Capital bought a majority stake in Irvine-based business software maker Cirrus Insight.
Incredible Locations ‘Are Going Away,’ Webb Says
New Home Co. isn’t cutting the prices of its homes in half, though it may seem that way based on a reading of the Aliso Viejo-based builder’s financials.
New Campaign on Heels Of Newport Beach Move
Yes, Chipotle Mexican Grill Inc. is for real.
Call for Patient Studies; Aivita Starts Cancer Trial
Drug treatment took center stage at the 29th Annual SoCal Alzheimer’s Disease Research Conference late last month at the Irvine Marriott hotel.
Irvine-based blockchain and transactions startup Xeeda Inc. is taking orders for its inaugural product, a cryptocurrency hardware wallet and integrated app to be used with smartphones.
REAL ESTATE: Could construct two buildings
Goodman North America, one of the country’s largest industrial developers over the past six years, has made its first reported acquisition in Orange County, an existing property in Anaheim near the Santa Ana (5) and Riverside (91) freeways interchange.
INNOVATION: Irvine incubator adding startups
Much like the university down the road from its Irvine office, it’s getting harder for applicants to get accepted to startup incubator EvoNexus.
Friday, October 5
Irvine’s Commercial Bank of California (CBC) appointed Michael J. Helmuth to a new role as Orange County market president and Claudia Bodan to a similar new role for Los Angeles.
With a half nod to Yankee Aaron Judge in this MLB Playoff season, the Irvine Company unveils new Mid Rise product at The Quad in the Spectrum.
Vizio Inc. has reached a $17 million preliminary settlement related to a class action lawsuit filed in Santa Ana in 2016 that alleged the Irvine-based company tracked the viewing habits and demographic information of its smart TV viewers and sold that data.
Indexes were lower today on sales of tech stocks and higher Treasury bond yields.
Thursday, October 4
$750M revenue … includes fifth-largest OC dealership, Irvine BMW’s $234M; 4,500 new, used cars sold … 35 car sellers, 100 employees … seven dealer and Signal Hill-based Dealers’ Choice Auto Auction … bought Jaguar dealer, San Diego, Lexus in Riverside 2016 … also sells Rolls-Royce in OC … former chair, BMW national dealer group
Collins Foods Ltd. will open 50 Taco Bell locations in three years in three states in Australia.
REAL ESTATE: Other builders wary of land cost?
In a notable change in corporate strategy, Irvine Pacific LP, Orange County’s most active homebuilder for several years, is moving into higher-priced offerings on the Irvine Ranch.
Blizzard Entertainment Inc. cofounder and President Mike Morhaime is ceding his executive role to “World of Warcraft” Executive Producer J. Allen Brack.
University Research Park Spot Will Double Presence
Irvine-based startup Cloudvirga Inc. is planning to double in size with a move to new headquarters at University Research Park
Innovator of the Year honoree … ex- Irvine Co. exec … launched ‘smart’ locker provider 2013 … $1M Tech Coast Angels 2014, $15M venture capital 2016 … 200% YOY revenue growth through Q1 2017 … took 26K SF in May, up from 1,800 two years ago … added refrigerated lockers in June to tap grocery, food delivery … 38 states, 80 workers … 5M packages to-date
Wednesday, October 3
Tuesday, October 2
Entrepreneur’s ‘Shark Wheel’ Aims to Spin Circles Around Competition
Commuting is a hassle for most people. For David Patrick, gridlock provided his biggest aha moment.
40 years with publicly traded financial services firm, including as chief executive, role now held by Dennis Gilmore … industry colleague of late Dale Dykema … bought Dykema’s TD Services Financial Corp. for about $10M 2016 … son of legendary Donald Kennedy, who grew firm from $1M to billions in sales … shares up one-third YTD to $5.6B market cap … USC econ grad; Hastings law
Golden State Foods Corp. in Irvine said it’s talking with Rosemont, Ill.-based McDonald’s distribution and logistics firm Martin-Brower LLC to sell some distribution centers serving the Golden Arches and reinvest the proceeds to diversify operations.
Nearly all of the OC automakers reported a drop in September sales on Tuesday with the exception of Fountain Valley-based Hyundai Motors North America.
Newport Beach-based Pacific Investment Management Co. is buying a municipal-bonds specialist to expand its tax-exempt investments business. Terms were undisclosed.
Alaska Airlines will trim its wings at John Wayne Airport in January, cutting its daily flight from JWA to Albuquerque International Sunport after it began the route in August 2017.
ECONOMY: Sales hopes, hiring plans fall in survey
Orange County executives expect the regional expansion to keep on trucking in the fourth quarter, according to California State University-Fullerton’s Orange County Business Expectations Survey.
Developer behind much of Summit offices, Aliso Viejo—home to PacLife tower, TechSpace, Microsemi … last big piece of 1.9M SF Summit the 205K SF HQ of device maker MicroVention- Terumo opened in September … Ware Malcomb architect for Summit … Parker Properties resume includes high-tech, biomedical, mixed-use … company founded by father, OC icon John Parker, who died 2010
Monday, October 1
HEALTHCARE: OC’s top pub co. potential J&J target
The value of Orange County’s largest publicly-traded company, Edwards Lifesciences Corp. (NYSE: EW), reached an all-time high last week, its shares jumping nearly 15% to give the medical device maker a market capitalization of about $36 billion.
Early-stage venture fund … has worked with, advised 1,200 companies … leading artificial intelligence part of global $5M competitio
$10M in VC Funds; Employee-Friendly Vibe
Nick Newsom’s interest in communications started when his dad gave him a ham radio as a kid.
FINANCE: Shares fall about 20% in early trading
Urovant Sciences Ltd., an Irvine-based clinical-stage biopharma company that started operations in 2016, raised nearly $140 million in its initial public offering last week.
Our most valuable company, Edwards Lifesciences Corp., threw a “60 years of Discovery” event Tuesday night.
Producers’ Progress Slows In 6-Year Streak of Gains
The largest insurance brokerages in Orange County continued their way up last year, local revenue rising 6.3% to $745.4 million—the sixth straight year of steady growth. However, it’s the first time since 2012 that revenue growth dipped below 7%, as post-recession growth plateaued.
Employers Seek More Benefits to Lure Talent
Employers are beefing up benefits, such as expanded life insurance and improved disability and supplemental benefits for critical illnesses, disabilities and even identify theft.
Company in Growth Mode, Plans $20M Series B
Michael Seres has not lost his accent or his dry sense of humor since moving from Britain to the United States.
$40M Funding in June; CEO Seeks More
Ice Energy is on fire.
The Mission Preservation Foundation held its annual Romance of the Mission benefit gala on Sept.14 on the grounds of the historic Mission San Juan Capistrano. More than 500 guests attended the event, which raised more than $600,000.
A pair of University of California-Irvine students were the inaugural winners of a new innovation scholarship awarded by intellectual property and litigation firm Maschoff Brennan.
Plus, El Cholo Restaurants Mark 95 Years of Comida
It’s fun to follow a chef’s career, especially a chef who’s on the fast track to success.
Adds Partner, Network Of 40,000-Plus Practitioners
Nutraceutical firm ChromaDex Corp. (Nasdaq: CDXC) is looking to bring flagship ingredient Niagen to the attention of doctors and other healthcare practitioners.
Tire Maker Signs On For Rallycross Event
Riders were burning rubber late last month at the Nitro World Games, a fast-growing action-sports competition now in its third year.
Royalty Carpet Building Next to Irvine HQ Razed
There’s one less industrial building on Red Hill Avenue in Irvine.
Some Proceeds Earmarked For IoT-Related Purchases
Irvine-based networking gear maker Lantronix Inc. has raised $10 million in a public offering, and has its eyes on using some of the proceeds to beef up its product line.
Other items of interest Orange County Business Journal Vol. 41, No. 40
David Ivers was appointed artistic director of South Coast Repertory, succeeding Marc Masterson.
Sales and leases of offices, industrial buildings, retail space and apartments
Janez Properties Inc. sold an industrial flex building to an undisclosed buyer for $6.8 million, or $217 per square foot, as part of a 1031 exchange.