Compiled by Mike Mason
New York’s Trimaran Capital Partners LLC said it plans to buy Irvine-based El Pollo Loco Inc. from American Securities Capital Partners LP of New York for about $400 million. The sale is set to close during the fourth quarter. For the second quarter, El Pollo Loco had $61 million in sales, up 8% from a year earlier. The Mexican fast food chain posted a $2.3 million profit for the quarter, versus a $270,000 loss a year earlier New York private equity firm Fenway Partners Inc. said it bought a majority stake in Anaheim-based Targus Group International Inc. for $383 million from Apax Partners LP, which bought the maker of laptop computer cases a decade ago … Two donors have given $13 million toward the creation of an institute for real estate at Chapman University. Roger Hobbs, a real estate developer and investor, has donated $10 million to Chapman. The private university in Orange named the new school the Roger C. Hobbs Institute for Real Estate, Law and Environmental Studies.
Irvine-based Toshiba America Business Solutions Inc. bought the Latin American unit of Danka Business Systems PLC for an estimated $13 million to $19 million. Britain’s Danka Business Systems sells, services and leases copiers and other office equipment for Toshiba as well as its rivals Ricoh Corp., Canon Inc. and Xerox Corp. Boeing Co. said that it will recommend buyers of its 787 Dreamliner airplane use an inflight entertainment system made by an Irvine unit of France’s Thales.
Newport Beach-based TriZetto Group Inc. said that the Securities and Exchange Commission has inquired into its accounting practices. The SEC has asked TriZetto about how it accounts for revenue from some upfront fees and from outsourcing services it provides. TriZetto said in a regulatory filing that its accounting practices are proper. Separately, TriZetto said it plans to sell $100 million worth of convertible debt through a private placement to buy up to 1 million shares, make acquisitions and for other general corporate purposes Irvine-based Allergan Inc. said it has partnered with Sirna Therapeutics Inc. to develop treatments for age-related blindness. San Francisco-based Sirna is set to get $5 million upfront and as much as $245 million based on future sales of treatments based on its Sirna-027 compound. Allergan will be responsible for developing and commercializing the treatments used to treat eye diseases Costa Mesa-based Valeant Pharmaceuticals International got a debt rating boost from Standard & Poor’s. S & P; revised its outlook on Valeant to “stable” from “negative.”
Santa Ana-based title insurer First American Corp. said it bought Chicago’s Urban Appraisal Inc. for undisclosed terms. Urban provides appraisals of apartment buildings, with a focus on affordable housing units Irvine-based ECC Capital Corp., parent company of mortgage lender Encore Credit, said it’s cutting its third-quarter dividend by 18% from the second in another sign of trouble for subprime lenders.
Irvine-based Commercial Capital Bancorp said it opened offices for its 1031 exchange unit, North American Exchange Co., in Texas and Washington.
The Great Park Corp.’s design board narrowed the choice of master designer of the former El Toro Marine base to three: New York-based Ken Smith, Spain’s EMBT Arquitectes and Mill Valley’s Royston Hanamoto. The list is expected to be cut to two on Oct. 10 Anaheim’s City Council postponed a vote to Oct. 25 on Lennar Corp.’s Platinum Triangle plans. Lennar’s A-Town proposal could include 2,700 condominiums, apartments and townhomes and up to 11 high-rise towers. Some commercial and retail space also is planned on the 41-acre site.
ITT Industries Inc. said it plans to close its HydroAir plant in Brea and cut about 120 workers. ITT is shifting the work to a facility in Mexico. ITT plans to shift 25 workers from the pool parts maker to a Foothill Ranch operation Newport Beach-based Boyle Engineering Corp. said it bought Los Banos-based Stoddard & Associates for undisclosed terms Irvine-based accounting firm Robert R. Redwitz & Co. acquired La Jolla-based Coradino, Hickey and Hanson for undisclosed terms … Irvine-based coffeehouse chain Diedrich Coffee Inc. filed restated annual reports for 2002 through 2004 that reflect changes in its accounting for leases. Diedrich said its net income for the three years ended June 30 was reduced by a total of $400,000 after the restatement. Meanwhile, Diedrich posted a loss of $1 million in the quarter ended June 29, up from a loss of $12,000 a year ago. Revenue rose 6.5% to $16.3 million in the period Irvine-based Meade Instruments Corp. said problems at an Asian plant that makes its new riflescopes led to a drop in sales and wider loss for the quarter ended Aug. 31. The maker of telescopes and other optical gear said sales declined 3.1% to $21.9 million during the quarter, with its net loss growing to $1.5 million during the quarter, up from a loss of $900,000 in the year-ago period.
ECONOMIC INDICATORS
Up: The median price of a house in Orange County in August, up 10.3% to $716,300 versus a year earlier and 1.3% higher than in July, according to the California Association of Realtors.
