Stories for October 2019
Thursday, October 31
Lantronix Inc., the Irvine-based maker of Internet of Things (IoT) and secure data products, has agreed to buy Canadian firm Intrinsyc Technologies Corp., a provider of solutions for the development of embedded and IoT devices.
Irvine’s Alteryx Inc. (Nyse: AYX) today reported third-quarter results that topped analysts’ expectations and the shares rose 2.7% in after-hours trading.
Long Beach Airport traffic rose 1.5% year-over-year in September to 289,500 passengers; year-to-date traffic is down about 12% to 2.6 million passengers.
CenterPoint Properties bought a 202,000-square-foot industrial building in Santa Ana for $37 million.
Huntington Beach small satellite launch company Rocket Lab said it will send spacecraft to orbit the moon as soon as next year.
Weedmaps CEO Chris Beals has cut 25% of the cannabis dispensary locator’s employee count seven months after being named to its top spot.
A number of Orange County companies’ shares are moving today based on their most recent earnings reports.
HEALTHCARE: 40K-SF center: gym, juice, apps
Hoag Hospital plans to roll out one of the region’s largest and most ambitious preventive health and wellness centers early next year at a new location in Foothill Ranch.
Irvine fast casual burger chain The Habit Restaurants Inc. continues its push on service, modernizing its fleet of stores on the digital front and adding drive-thrus in its recently ended quarter.
Replaced D.C. education trade group-bound Mildred García … CSUF largest in system, 41K students … 30 years, employment law, O’Melveny … had been running nonprofit Yambi Rwanda with wife Julie to fight poverty in central African nation … Yambi means embrace … ‘was retiring well when I got conned to come over here,’ he deadpans … emigrated to U.S., age 7, on Queen Mary … bachelor’s, UCSB; J.D., Hastings … Business Journal OC 50
Wednesday, October 30
Five Point’s Great Park Neighborhoods will see a new mixed-use development on part of a 58-acre site near its sports fields.
Mortgage software maker Cloudvirga in Irvine signed new client, Dallas-based lender Supreme Lending.
Drugmaker Allergan PLC’s flagship Botox got FDA approval for use in treating lower limb spasticity in children, except those with cerebral palsy.
Irvine-based Western wear retailer Boot Barn Holdings Inc.’s better-than-expected results for the September quarter has it rosy on the upcoming holiday selling season and beyond.
Anaheim-based Willdan Group Inc. (Nasdaq: WLDN) bought Energy and Environmental Economics Inc. (E3) in San Francisco on undisclosed terms.
Healthcare facilities REIT HCP Inc. (NYSE: HCP) promoted EVP and Chief Investment Officer Scott Brinker to President, a title previously held by CEO Tom Herzog, who retains the top role; Brinker also remains CIO.
Soka University Chief Academic Officer Ed Feasel has added executive vice president and chief operating officer to his titles.
Orange County’s employment growth will slow through 2021 while local home price hikes will be “restrained at best,” according to a California State University-Fullerton forecast.
Hearts, Minds and HQs
Robert Braithwaite’s been busy of late: check our front-page story on the new wellness push at Hoag Health Center Foothill Ranch, as well as this page’s story on the first Be Well OC location in Orange, where Hoag and other area hospitals are involved.
Tuesday, October 29
Costa Mesa-based Hurley International LLC is to be sold to brand licensing and management firm Bluestar Alliance LLC.
MARKETS: 34 firms report $27B in sales
Orange County has again demonstrated the ability to spur fast-growing publicly traded companies.
Monday, October 28
Major U.S. stock market indexes rose during Monday midday trading after ongoing optimism about a trade deal between the U.S. and China. (keep reading)
Mike Ybarra, formerly vice president for Microsoft’s Xbox gaming platform, said he’s joining Irvine-based Blizzard Entertainment.
Founder, owner, consumer safety law firm … counsel, co-counsel, cases in 46 states … landmark Ford Pinto case Grimshaw v. Ford Motor Co., jury awarded $128M … founding member, OC Bar Foundation … adjunct, UCI Law … board Foundation for Democracy and Justice … fellow American College Trial Lawyers … lifetime honor from Consumer Watchdog … bachelor’s, Stanford U.; JD, Loyola
TECHNOLOGY: Big data lease is biggest of year
Irvine-based data analytics software maker Alteryx Inc. has struck a deal to more than double its local footprint, with a 183,000-square-foot lease at the city’s new Spectrum Terrace office development.
Irvine will serve as the hub for a pilot program testing a fleet of autonomous Hyundai Konas.
TECHNOLOGY: Lake Forest firm sees future in printing
Toshiba America Business Solutions Inc.’s headquarters in Lake Forest is ready to help businesses make the long-awaited transition to offices more focused on digital and less on paper.
COMMUNITY: Be Well to focus on addiction, too
A large cross section of Orange County healthcare and civic leaders expect a forthcoming $40 million facility in the city of Orange to mark the first step in a unified approach by the county toward combatting mental health problems and treating drug abuse—and in doing so alleviating some of the area’s homelessness issues.
Argyros Family Foundation’s President Julia Argyros, and Lisa Argyros, board member, surprised a crowd of more than 350 business leaders and CEOs with the announcement of a $10 million gift to Chapman University’s Argyros School’s endowment.
Aliso Viejo-based Adroit Worldwide Media Inc., also known by its consumer brand name AWM Smart Shelf, has raised an $11 million Series A funding round, led by Impact Venture Capital in Sacramento.
Company Buckles Down On Digital Efforts
Slapfish’s new deal with investment firm Mac Haik Enterprises Ltd.’s restaurant division gives it a capital injection and franchise expansion.
Stiff Competition Keeps Chain on Its Toes
Can being an original be enough to turn heads these days?
$27M Renovation, Full Roster Ups Price
The Intersect office complex in Irvine is on the market four years after its last sale, this time with a much higher price tag and a full-tenant roster.
Blizzard, Broadcom, WD Among Supporters
Some of Orange County’s major companies have joined the move to help Girl Scouts aim for careers in science, technology, engineering, and mathematics.
Moving iMage Expects $7M in Proceeds
Moving iMage Technologies Inc. of Fountain Valley, a designer and maker of digital equipment for the cinema exhibition industry, has filed to go public on the New York Stock Exchange.
CEO Seeks Further Aerospace, Defense Deals
Santa Ana-based aerospace manufacturer Ducommun Inc., a manufacturer for the aerospace, defense, industrial, and other markets, has made its third acquisition under Chief Executive Stephen Oswald, and is on the lookout for more businesses to buy.
Ballot Harvesting: What Happened In 2018 Might Become ‘New Normal’
The most surprising outcome of the 2018 election was the Democrats winning four congressional districts by wide margins from Republicans in spite of the significant registration advantage of the local GOP in those four congressional districts. For example, the Democrats won the coastal 48th Congressional District by 7.2% even though the Republicans held an 8.5% voter registration advantage.
TECHNOLOGY: See demand in data, temps, defense
Alteryx Inc. has gotten the lion’s share of the attention for growth in OC’s tech community of late, but there are other local public companies going gangbusters as well.
FINANCE: Sales spurred by acquisitions, ‘secret sauce’
Banks are in an industry not typically noted for large jumps in revenue growth. Tell that to those based in Orange County.
Opens 6th Area Location; Next Four on Schedule
Though lingering questions about WeWork’s locations in Orange County—and its operations across the country at large—remain since its initial public offering plans fell apart this fall, the company insists it is business as usual with regard to spots it plans to open here.
TRI Pointe’s Community Opens Next Year
Equity Office Management LLC’s Canvas office complex is not to be confused with a residential project elsewhere in Orange County with the same name.
REAL ESTATE: Canvas a 551K-SF creative hub
Equity Office Management LLC’s take on the creative office trend—and its embrace of new varieties of coworking options for office tenants—is being shown off at its largest property in Costa Mesa, a five-building collection of offices that sit alongside the San Diego (405) Freeway next to Bristol Street.
Friday, October 25
William Lyon Homes (NYSE: WLH) in Newport Beach was the fastest-growing publicly traded OC homebuilder over the last two years, with revenue surging 42% to $2.1 billion.
Edwards Lifesciences Corp. (NYSE:EW) and Masimo Corp. (Nasdaq: MASI) have stock market composite ratings above 95—meaning they’ve outperformed 95% of companies in their industry.
The outlook remains bright for Costa Mesa-based Vans Inc., even as parent VF Corp.’s shares took a hit Friday after releasing disappointing results for its recently ended quarter.
Jim Jannard, the founder of Oakley, Red Digital Cinema Camera Co., and more recently the Hydrogen phone project on Thursday said he’ll retire.
Hyundai has evolved. It wants consumers to know it.
Hyundai rhymes with Sunday, sported a return-your-car-if-you-lose-your-job policy during the Great Recession, and at one time promoted a 24/7 product strategy—that is, seven model launches in 24 months.
Thursday, October 24
A slowdown across the broader casual dining segment and the impact of Hurricane Dorian on certain East Coast states impacted the third quarter for Huntington Beach-based restaurant operator BJ’s Restaurants Inc.’s (Nasdaq: BJRI).
Segerstrom Center for the Arts named Casey Reitz its new president, effective in December, replacing Terry Dwyer, who left the post in March.
Foothill Ranch-based cosmetics and skincare company SeneGence International said it’s expanding its direct-selling model to Hong Kong.
INNOVATION: AutoGravity ties; OC Auto Group backing
Automotive retail and fintech upstart Digital Motors LLC is coming out of stealth mode and putting the final touches on its business-to-business platform, which will drive dealerships and the “traditional automotive world” at large to “move into the digital age,” according to co-founder and Chief Executive Andy Hinrichs.
OC Top 50 ‘Super Lawyer’ … ‘King of Torts’ … Chairman, Chapman trustees; $350M+ endowment, 8.5K+ enrolled … with wife, Bette, early-and-often backer, its law school—trial courtroom, law clinic, distinguished visiting professorship (see Dale Fowler) … with George and Julia Argyros (see entries) co-sponsored OC Alzheimer’s Gala, raised $550K … supports Voice of OC … daughter Ashleigh, Anaheim pol
Wednesday, October 23
Multi-brand apparel owner Z Supply LLC plans a move to larger headquarters in Costa Mesa under new leadership.
Moving iMage Technologies Inc. of Fountain Valley plans an initial public offering.
Fountain Valley-based fast casual seafood restaurant Slapfish got an undisclosed investment from Houston-based Mac Haik Enterprises.
The Intersect office complex in Irvine, about two miles from John Wayne Airport, is for sale at $260 million.
Irvine automaker Karma Automotive Inc. said Wednesday it expanded into Silicon Valley with a San Jose office.
Newport Beach-based Chipotle Mexican Grill Inc. (NYSE: CMG) delivered better-than-expected results for its September quarter on Tuesday, even as construction of drive-thru lanes slows its store growth projections.
Indexes each edged up about 0.1% in midday trading. The S&P ticked higher to 2,998.92; the Dow Jones Industrial Average to 26,800.91; and the Nasdaq to 8,111.54. (keep reading)
REAL ESTATE: Mission Viejo spot rumored, too
Amazon has struck its largest-ever lease in Orange County, for a recently renovated industrial building running about 414,000 square feet in Santa Ana, real estate sources tell the Business Journal.
2018 challenged fellow GOPer, 15-termer, U.S. Rep. Dana Rohrabacher … missed second slot on ballot by about 1,500 votes of 125,000 cast … ran local party ops 10 years, following legendary Tom Fuentes … raised millions for candidates … three-term Surf City assemblyman; led GOP state legislative caucus, 1999 … board: NB private up-and-comer HS Pacifica Christian
Tuesday, October 22
Irvine-based Juice It Up estimates it can open about a store a month next year; it has 83 now, including 16 in OC.
WeWork says its woes—a shelved IPO and departed CEO—aren’t keeping it from opening locations in OC.
Santa Ana-based Ducommun Inc. bought Wisconsin-based Nobles Worldwide for $77 million. Ducommun products target aerospace and defense applications; Nobles makes systems that are part of supplying ammunition to weapons on aircraft and ships.
FINTECH: Adds short-term car leasing
Irvine’s AutoGravity Corp., a closely watched area fintech firm initially known for its mobile application that connects car buyers with lenders and dealers, is driving a new business.
Launched firm 2015, $600 AUM; now $1.3B … previously Morgan Stanley, UBS … ‘dear friend’ of Trump adviser Larry Kudlow … Protestant pastor father his hero … conservative voice: media, social media … backs Trojans … co-founded Pacifica Christian H.S. … trustee, National Review … keys 2008 meltdown to loss of shame … first job: ‘passing out fruit shake samples at the Flying Fruit Fantasy’
Monday, October 21
BlackBerry Cylance Vice President John McClurg has been promoted to chief information security officer at parent company BlackBerry Ltd.
Rancho Santa Margarita-based CalWest Bancorp NA (OTCBB: CALW) announced it’s being sold to San Diego-based Bank of Southern California (OTC Pink: BCAL).
Fountain Valley automaker Hyundai Motor America confirmed Monday the appointment of Angela Zepeda to chief marketing officer.
GIVING: Foundation grants $60M; homes, schools benefit
Home is where the heart valve maker is.
Hoag Memorial Hospital Presbyterian Flagship NB campus; Irvine site; Hoag Orthopedic some 600 beds … Hoag only OC hospital in Calif. in US News top 10 … $1.2B revenue, up 9% YOY … OC’s only collocated hospital-acute adult rehab, neurological/orthopedic issues … expanding ER … new 18K SF 12-suite maternity unit, 2020 … as a kid, wanted to be a doctor ... Business Journal OC 50
HEALTHCARE: $80M cost; November opening
In August, Mission Hospital appointed Seth Teigen to the chief executive position, just months ahead of the unveiling of its new Judi and Bill Leonard Institute for Cancer Prevention, Treatment and Wellness, which will take place early next month.
The Economics of Baseball: Does Paying More Win More?
A recent Wall Street Journal article focused on the winning ways of the Tampa Bay Rays, a team that won a wild card spot in the pennant race in spite of having the lowest payroll of all 30 teams in MLB—$63 million.
Oct. 21-30, 2019
Marketing Kicked Up A Notch! (SCORE Chapter 114), Mission Viejo, 1:30 p.m., free, (714) 550-7369, orangecounty.score.org
Quiet Lifestyle, Sales Activity for 23 Homes
If you’re from Orange County, you’ve likely heard a story about, or know someone, or know someone who knows someone, with ties to Bay Island.
Tustin-based fintech app Float has launched its beta iOS version, which allows users to track their credit scores, and the credit scores of friends, family, and others who give them permission. An Android app is on the way.
Anderson Oversees Some 600K in OC
Kaiser Permanente, the largest HMO in Orange County, has appointed Phyllis Anderson, R.N., M.A., as chief operations officer for the group’s local operations.
Noninvasive Monitoring of Blood Flow
Edwards Lifesciences Corp. recently received FDA clearance for its ForeSight tissue oximetry device, its latest noninvasive medical device capable of measuring the oxygenation of brain tissue.
Busy Intersection; Across from District
Private real estate investor Thrifty Oil Co. has closed on a nearly 58,000-square-foot industrial property at one of Irvine’s busiest intersections for $18.6 million.
45K-SF Deal Begins Next Year
Whole Foods Market, a unit of Amazon.com, has inked a new deal in Orange County, this time for a nearly 45,000-square-foot retail space in Huntington Beach.
Custom Home Plan Starts With a Shell
You can get a custom home in Orange County for under $1 million.
Protests Expected At November Event
The furor over punishment that video game maker Blizzard Entertainment Inc. meted out to a professional gamer who voiced support for Hong Kong pro-democracy protesters may spill over into the company’s flagship BlizzCon jamboree next month in Anaheim.
Laird’s Strader: Wireless Standards Needed
While there is plenty of hype around the upcoming deployment and application of 5G mobile phones, an expert at a technical conference earlier this month in Anaheim cautioned there are some issues still to be worked out by engineers.
Public Acceptance Needed First, Karem Execs Say
Aerospace development firm Karem Aircraft said its ultimate goal is to have pilotless electric air taxis, but only in the “long term.”
Mitsubishi Departs OC; Rivian Ramps Up
Sales took a dip among Orange County auto dealers amid an industry landscape that continues to evolve locally.
Attracts Heavyweight Advisers, Including Nobel Chemistry Winner
Enevate Corp., an Irvine-based company developing rechargeable batteries for electric vehicles, said the firm’s 14 years of research will pay off handsomely with royalties when more cars use its fast-charging technology.
How Fletcher Jones Motorcars Newport Beach’s GM Stays on Top
Being nice can get you to lots of places. Just ask David Gonzalez.
REAL ESTATE: 55 local spots initially
Irvine Co. is no longer just a partner to coworking companies.
OC’s civic work doesn’t stop for a party. Witness last Wednesday’s groundbreaking of the first Be Well OC campus in Orange; it’s the first of three planned area facilities geared toward tackling mental health issues and drug abuse through a public-private partnership model.
Bush: These Companies Have Risen Above Others
A construction contractor, a small and large wealth manager, and a pair of accounting firms received top honors at the Business Journal’s third annual Civic 50 event held on Oct. 16 at Hotel Irvine.
Tech Giant Notes Higher Retention, Engagement
Irvine-based Ingram Micro Inc. has run a steady-as-she-goes route to becoming the world’s biggest technology product purveyor and service seller, including an acquisitive several years across the globe, honing its systems, staying with fast-changing technology trends, and carving out a dominant spot in what’s often a low-margin business.
Global Firm’s OC Outpost For 5-Year $320M Project
Ted Wilm is closing in on four decades at PricewaterhouseCoopers LLP, the New York-based Big Four accounting firm with a significant stake in Orange County. The local office in Irvine employs 375—making PwC one of the Big Four in OC as well.
GIVING: Points of Light, OneOC, 400+ Turn Out
More than 400 attendees came together to honor giving and philanthropy by Orange County companies at the third annual Civic 50 awards, presented by the Business Journal, local volunteer boosters OneOC in Santa Ana, and the Atlanta-based U.S. nonprofit Points of Light.
Sharing, Caring at Casco Includes People, Founder
Millennials aren’t interested in merely seeking an employer with a good happy hour, according to Casco Contractors owner Cheryl Osborn.
Friday, October 18
Irvine-based data analytics software maker Alteryx Inc. said it is moving its corporate headquarters from the Park Place office complex near John Wayne Airport to the city’s Spectrum Terrace development.
Fountain Valley-based Hyundai Motor America said Friday it has begun the search for a new chief marketing officer, following its confirmation of CMO Dean Evans’ resignation.
Orange County’s unadjusted unemployment rate dropped to 2.4% in September from a revised 3.0% in August and below the year-ago estimate of 2.8%, according to the state Employment Development Department.
Edwards Lifesciences Corp. (NYSE: EW) recently got FDA approval of its ForeSight tissue oximetry device.
Whole Foods Market plans to open its second location in Huntington Beach.
A technical conference in Anaheim was abuzz with talk of 5G technology—and its still-in-process deployment and application.
Ethan Wayne Looks to Expand the Duke’s Legacy
The T-shirts are folded next to the single-action revolver and shotgun, which sit near the leather journals, the bourbon and beef jerky as if the Duke himself was gearing up for a boat trip on the Wild Goose.
Thursday, October 17
AEROSPACE: Serves NASA, Hedge Funds, Insurance Cos.
If you want to get an advantage over your business competitors, and have half a million dollars or more to spare, maybe consider keeping an eye on things from outer space with a small spacecraft from Irvine-based Tyvak Nano-Satellite Systems Inc.
Go-to CEO for big PE Firms … joined 2015 … 525+ cos. through Launchpad accelerator since 2009 … grew capital network, growth services platform … formed SoCal network, incl. LA Venture Association, SD Venture Growth … first fund, $30M for ophthalmology, 2017, named PwC No. 3 med-tech fund …. plans second eye, new aesthetics medicine fund … can’t miss: ‘NCAA Final Four if Villanova is in’ (see Ted Wilm)
Wednesday, October 16
The Business Journal and volunteer groups OneOC and Points of Light hosted the third annual Civic 50 awards at Hotel Irvine Wednesday.
A Record Score
Our Richard Reisman broke his Yom Kippur fast last Wednesday night at Chapman University; he wasn’t the only one.
Leads 5th-largest OC-based restaurant chain … $784M systemwide sales; 575 locations, 14 states; 55% company-owned; $475M revenue; $450M market cap … took role 2017, chief brand officer, 2011 … Top-50 U.S. chain … 2018 Michigan franchisee plans to triple unit count there … 16 years Blockbuster; bachelor’s, California Coast U
Tuesday, October 15
The markets rose on positive third-quarter results from banks and health companies and an indication that a Brexit deal may be soon announced.
FINANCE: Sederquist adopts new bank model
Orange County executives working at America’s biggest banks are continuing to rise high up the corporate ladder.
Company’s ACI Jet unit runs one of two fixed-base operations at John Wayne Airport (see Barry Rondinella)—clients: charter carriers, plane owners … lauded for upgrades, lowering jet fuel costs … GM Nathan Steiger; SVP Joe Daichendt … Borgsmiller’s first job: janitorial … roots for St. Louis Cardinals; would like to meet Amelia Earhart: ‘I want to know what happened’
Monday, October 14
REAL ESTATE: New HQ for Ambry gets top dollar
Aliso Viejo’s One Enterprise building has traded hands for $59 million, in the largest single-building office sale seen in South Orange County this year.
Spinout of parent TAE Technologies Inc. … backed by $40M 2018 Series A round led by Artis Ventures … kills cancer cells via energy beams … ‘boron neutron capture therapy’ targets inoperable tumors … first customer China-based oncology center … ‘two decades of research … repurposed for medical’ … nuclear fusion … massive energy use … $100M to build system
Newmark Brokers Sales Along Michelle Drive
A pair of Tustin buildings just off the Santa Ana (5) Freeway, along Michelle Drive, have sold in separate transactions for a combined price of $45.7 million.
Industry Could Hit $4B in a Few Years
Irvine-based Infinite Electronics’ L-com brand has introduced a new line of electrical surge protectors for high-speed computer networks.
Country Faces a Huge Gap Of Cybercrime Fighters
A San Clemente-based cybersecurity company believes it has found a way to help fill the gap in U.S. computer-protection experts: recruit previously homeless people and help them into better-paying jobs.
OC Residents Get Higher Credit Scores
Costa Mesa-based Experian North America said its “Boost” program has let Americans nationwide add more than 11 million points to their FICO credit risk scores in the first six months, with plenty of Orange County residents taking advantage of it.
HOSPITALITY: Pays $36M for partner’s stake
The developer of Anaheim’s soon-to-open Cambria Hotel & Suites near Disneyland has quietly sold off its interest in a nearby hotel it built four years ago.
REAL ESTATE: Less retail likely at Anaheim site
The development group behind a proposed two-tower project next to John Wayne Airport in Irvine has been brought in to help oversee an equally ambitious mixed-use project yet to start near Angel Stadium in Anaheim.
LEGAL: James takes over from Bancroft
Collie James, the new managing partner at Morgan, Lewis & Bockius LLP in Costa Mesa, has some lessons he likes to impart to his colleagues, both the younger ones and the older ones.
HEALTHCARE: Investors see revolution in braces
Swift Health Systems Inc., a maker of “invisible braces” for teeth, said last week that it raised $45 million in Series C funding, bringing the total capital raised to $70 million by the company.
Was in Tustin; Now in Santa Ana
Construction materials distributor Foundation Building Materials Inc. (NYSE: FBM) is still on the growth path, and it has a new base of operations in the area.
How to Reduce Energy Usage When Designing Your Office
The recently released results of the architecture industry’s 2030 Challenge make it clear that builders and designers can and should be doing more to reduce fossil fuel use in their projects.
Firms See Growth, New Faces
From watching companies make executive changes to property deals in the hundreds of millions of dollars to unloading noncore businesses, it’s been quite a year for the 2018 Business Journal winners of the ninth annual General Counsel Awards. Here’s a review of some of the major actions by companies that employed our winners from last November.
Industry Largely Positive Amid Notable Closures
The National Retail Federation said this month it’s expecting a lift in holiday retail sales—November and December—of 3.8% to 4.2% over last year to between $727.9 billion and $730.7 billion.
Lake Forest Service Center Expands EV Maker’s Reach
Tesla Inc. founder Elon Musk and team are going “at max speed.”
Newport Beach-based Beeya, a search engine that aggregates job postings from other sites, has released a match score that uses artificial intelligence to pair prospective employees with the best opportunities based on their skillset and work history.
Luckey’s Anduril Grows; Top 31 See 4% Push
Aerospace and defense contractors in Orange County pushed up their employment numbers, proving once again in the words of one local flight pioneer, Tustin’s Abe Karem, that “the best place to do aircraft is Southern California.”
Nearly 350 Orange County philanthropists, business leaders, and community members gathered on Sept. 28 in support of Discovery Cube Orange County, Santa Ana’s interactive, science-based, and STEM-focused children’s museum, for its 21st annual gala.
Friday, October 11
Genesis Motors North America said Friday it named Mark Del Rosso chief executive officer, effective Oct. 21.
Indexes rose after President Trump indicated a deal with China is close. (keep reading)
Two buildings on Michelle Drive in Tustin sold in separate deals for a total of about $46 million.
Cisoshare and United Way are training the formerly homeless to fight cybercrime.
Thursday, October 10
Coworking Giant’s IPO Implosion Could Be Boost for Others
WeWork’s botched IPO plans have, in six short weeks, cost the company’s chief executive his job and the jobs of a number of his cronies, likely ended the hyper-aggressive growth push of Orange County’s fastest-growing coworking company for the immediate future, and even prompted bankruptcy speculation of the 9-year-old firm, which this summer had an internal valuation of $47 billion as it prepped to go public.
Seventh-largest OC private co., $3B sales … last count, Wang holds 55% of co. … a third split among several others … smart TVs in 8K stores … jumpstarting China after JV dashed … 400 workers, 45% OC … Wang backs Sage Hill, Pacific Symphony, Hoag Hospital; board: Segerstrom Center (see Gordon McNeill, John Forsyte, Flynn Andrizzi, Terry Dwyer) … Business Journal OC’s Wealthiest; OC 50
Tustin-based Avid BioServices Inc., a contract manufacturer of biopharmaceuticals, named a new COO.
Coolsys, the Brea-based parent of refrigeration and HVAC services companies nationwide, said it acquired Building Air Services. Terms of the deal weren’t disclosed.
Local hotels once again saw higher daily rates and revenue per available room on lower occupancy levels in August, CBRE Hotels said.
John Wayne Airport passenger traffic decreased about 5% in August to 942,500 compared with the same month last year.
Jimmy P, Jimmy U
Microsemi’s “Jimmy P” Peterson and his wife, Sheila, are heading the just-unveiled $2B fundraising efforts of UCI (see front-page story), one of many higher education stories from our Jessie Yount featured in this week’s edition.
Top-ranked U.S., state, regional, county trial lawyer … 40+ years … began career Hawaii; relocated SoCal; opened firm St. Patrick’s Day, 1984 … Segerstrom board; … New Majority … Chicago native … Western Illinois U, UC Davis Law … Phi Kappa Phi, Pi Sigma Alpha … first job: caddy, Glen Oaks CC, Glen Ellyn, Ill. … first car: 1959 Studebaker 2-door wagon … would like to meet: Donald Trump
Wednesday, October 9
John Goodenough, a member of Irvine-based Enevate’s technology advisory board, has shared in the Nobel Prize in chemistry with two other scientists for the development of lithium-ion batteries.
Habit Restaurants Inc. inked a deal with a consulting firm it hopes will help it expand into South Korea.
EDUCATION: Seeks donations to fund health, tech, museum
The University of California-Irvine wants to raise $2 billion by 2024—the largest-ever fundraising campaign in the history of Orange County.
Leads Western U.S. corporate, debt capital, M&A, international banking … region Calif., Nev., Ore., Wash. … Forbes Top-100 bank, Top-100 cos. to work for … one of several banks expanding in OC (see Joe Yurosek) … works with Gil Dalmau (see entry) … joined Umpqua 2016 … previously at Calif. Bank & Trust, BofA, Mellon, First National Boston, Security Pacific, First Interstate … 35 years … SDSU bachelor’s
Tuesday, October 8
Drunk Elephant has sold to Tokyo-based Shiseido Company Ltd.’s Shiseido Americas Corp. division.
EDUCATION: STEM, housing, research plans
Chapman University is preparing for growth, and the Orange-based school is optimistic that the city of Orange will support its plans to expand.
Commercial-stage biopharma … 1st FDA OK, immunotherapy with drug Provenge, 2010 … prostate cancer … BK, sold to Valeant, 2014, $495M … 2016, sold to China’s Sanpower, $820M … Seal Beach HQ … 200 workers … offices: Seattle; Union City, Ga. … after earlier slots at Dendreon, Allergan, Valeant; rejoined Dendreon … treatment: after cells harvested, processed, must be back into patient, 18 hours … team of 15 monitors delivery 24/7
Monday, October 7
Needham, Mass. luxury and sports car seller Copley Motorcars now bookends the country with the opening of a Newport Beach location.
SOFTWARE: Sees 50% revenue growth, hiring 100 this year
Working in 100 degrees below zero in the Antarctic decades ago taught Mavenlink Inc. Chief Executive Ray Grainger how to be adaptable.
Fourth-largest OC; 375 employees … 35+ years PwC … clients BlackRock, Barclays Wealth, Charles Schwab … board CSUF Mihaylo (see Morteza Rahmatian) … backs Women Investing in Security and Education … can’t miss: ‘date night with wife Mary Kay!’ … jobs: scooping ice cream at Friendly’s; selling suits, Montgomery Ward, shoes at Kmart, books at Walden Books … would meet George Washington, Ben Franklin
Esportz CEO Calls OC ‘Epicenter’ of Industry
Irvine-based Esportz Network says Orange County is the epicenter for California’s gamers.
RSM Chief Sees ‘Critical Shortage’ of Local Housing
Joe Brusuelas, chief economist at accounting, tax and consulting firm RSM US, has a clear solution for Orange County’s difficulties in finding people to fill jobs in the tech sector: immigration reform to attract more qualified workers.
MARKETING: Helps brands engage, monetize users
Fake followers, paid engagement, and a continued squeeze on access to consumers by social media platforms.
DEVICES: Hospital stay led to breakthrough
When Andrew Ninh couldn’t go to his high school graduation, the result was an innovative idea that may change the way cancers are diagnosed.
HEALTHCARE: Company’s system is ‘changing lives’
John Kao experienced firsthand the frustration of America’s fragmented healthcare system when his mother suffered a heart attack and was taken to a hospital.
TECHNOLOGY: Network teams need to sync up
It’s a marriage that both sides need to work on: the uniting of a company’s audio-visual team and its computer network mavens.
Biogennix Dreams Morpheus Will Help Healing of Implants
What happens when bones break and become deformed or heal incorrectly?
Compares Product to Lasik; Wall Street Still Not Smiling
If laser surgery is good enough for the eyes, why not the teeth?
Institutions Get Grants, Join With Groups on New Work
Local community colleges saw full- and part-time enrollment drop this year, by 0.6% and 3.5% respectively, for an overall decline of 2.6%.
Brandman Enrollment Up, Nabs Corporate Partners
Traditional MBAs are in decline across the country.
More students; $175M Campaign
California State University-Fullerton is the biggest campus in the Cal State system. It wants to get bigger.
Have Already Helped Forecast Extent of Blazes in Alaska
University of California-Irvine scientists will be exploring ways to use machine learning to predict the spread of California’s wildfires once they’ve ignited.
Westcliff Adds, Moving Law School
Orange County’s oldest law school, Western State College of Law, is on track to get a new base of operations and a new lease on life.
Costa Mesa-based staffing and recruiting company Evrlink has released its online job platform and a mobile app.
INNOVATION: Blast tackles micro saving
Some of Walter Cruttenden’s biggest ideas begin with very small numbers.
Patented Tube Helps Clear Blood Blockages
Anaheim-based ClearFlow Inc. is changing the surgical game in regard to chest tubes.
El Segundo Opening; Long Beach Revamp
Irvine’s R.D. Olson Construction, among the most active hospitality contractors in Orange County, has been adding work in Los Angeles County of late.
$25.6M For TownPlace Suites
Anaheim’s 139-room Marriott TownePlace Suites near Angel Stadium has sold for $25.6 million, or about $184,000 per key.
$72.5M Deal Is First in City
Irvine-based Advanced Real Estate Services Inc. has paid $72.5 million for Alvista Long Beach, a 235-unit apartment complex just off Pacific Coast Highway, near the city’s “Traffic Circle” area.
Robotic Process Automation At Core of Document Handling
Irvine-based software developer Ephesoft Inc. has signed an agreement with Automation Anywhere to help companies delegate more back-office functions to machines.
Knife Pleat Debuts at SCP
Knife Pleat is carving a France-focused niche at South Coast Plaza.
David Wilhelm Returns to OC
Several months ago, I wrote about David Wilhelm’s return to Newport Beach with Tavern House, then set to take the 3Thirty3 Waterfront spot on Coast Highway.
White House To the Rescue
I had tickets to see Elton John at Honda Center last month, and was deliberating on pre-concert dining. Locations near the venue would be packed, and lean away from fine dining.
M&A Slowdown Signals Opportunities in OC
Consistent with what’s happening in the larger economy, merger and acquisition activity is likely to slow down in Orange County.
Friday, October 4
Irvine-based data analytics company Alteryx Inc. has bought Feature Labs, a machine learning and artificial intelligence software firm launched from the Massachusetts Institute of Technology.
115-year-old Mitchell & Ness Eyes Expansion, Women’s Line
Nostalgia may be in the name of Mitchell & Ness Nostalgia Co., but the executive team isn’t resting on history.
Co-founded Tilly's Inc. youth fashion retailer (see Hezy Shaked) … still serves in client relations … stepping back at retailer—$577M revenue, $481M market cap—to focus on Tilly's … year-long program in high schools, teaching kids to ‘build confidence, inspire compassion’ … work includes emotional intelligence, mindfulness … Levine, Shaked, part of shareholder group that sold $117M shares in 2018
Thursday, October 3
REAL ESTATE: Burnham Ward has community in mind
Burnham Ward Properties is crafting its legacy, one local community at a time.
Founded IT management, consulting firm 2001 … ‘we can do it better’ … ex-CIO Ace Hardware online … firm one of OC’s fastest-growing midsize private cos., 45% two-year growth to $93M annual sales … 500+ employees … backed by Vinny Smith (see entry) … roots for Georgia Tech Yellow Jackets … first job: ‘loading clay pigeons at my dad’s skeet/trap range in Wyoming’ … first car: Datsun B210
Ex-Irvine Co. head, community development … launched consulting, development firm 2016 … helped on 2017 bid to bring Amazon HQ2 to OC … leading $100M private campaign for homeless housing (see Paul Leon) … Santa Ana mayor before Miguel Pulido … Business Journal Person of the Year in Real Estate, post-recession 2010
Wednesday, October 2
An affiliate of Blackstone Group in New York will buy a controlling stake in family resorts company Minnesota-based Great Wolf Resorts, Inc.
Major U.S. indexes tumbled more than 2% during midday trading in the second day of sharp declines following a grim manufacturing report.
Litigator in insurance, personal injury, business … born in former Czechoslovakia; lived in Switzerland, Spain … USC bachelor’s, philosophy, English, history, and JD … First job: ‘handbill canvasser for carpet cleaning co.’ at 14 … First car: 1979 Toyota Camry … roots for Ducks (see Henry Samueli) … would like to meet Vaclev Havel … wife, Jessica; six kids
“We stand by our findings and conclusions,” Crowdstrike told the Business Journal last week, as the 8-year-old cybersecurity firm, founded in Irvine, got caught up in political intrigue that’s led to an impeachment inquiry of President Donald Trump.
Tuesday, October 1
Irvine Co.’s Fashion Island and Tustin Marketplace were among the shopping centers listed on fast-fashion retailer Forever 21 Inc.’s store closure list Tuesday, according to bankruptcy filings.
Orange County automakers had two less selling days in September, as most capped the month with sales declines.
Kawasaki Motors Corp. U.S.A. said it brought back Eigo Konya, tapping him to be the Foothill Ranch-based company’s president and chief executive officer.
Long Beach Airport traffic decreased 7.2% year-over-year in August to 325,100 passengers.
REAL ESTATE: Huge loan frees up $500M+ cash
Igor Olenicoff, Orange County’s second-wealthiest resident, is on the lookout for real estate acquisitions here and in other markets.
Commercial property investor, developer with friends in high places … sometimes buys in ventures with billionaire Monster Beverage Co. entrepreneurs Rod Sacks, Hilton Schlosberg (see entries) … overall Greenlaw portfolio 5M SF … recently selling industrial … wants to build apartments near Outlets at Orange, 4- diamond hotel near Disneyland … sold Triangle retail center 2017