Apparel
Oaktree Capital Management LP’s turnaround plan for Quiksilver Inc. calls for combining the Huntington Beach-based footwear and apparel company with Australia-based Billabong International Ltd., a “source close to the situation” told the New York Post. Quiksilver filed for Chapter 11 bankruptcy last month to reorganize its U.S. operations.
Education
University of California-Irvine changed the name of its Institute for Innovation to Applied Innovation. IFI began last year with $5 million in funding from the Newport Beach-based Beall Family Foundation to oversee patent commercialization and related efforts.
Finance
Longtime PIMCO spokesman Mark Porterfield will retire at year’s end, according to news reports. The executive vice president over U.S. media relations for the Newport Beach-based investment management firm has been with Pacific Investment Management Co. for 30 years. He said he’ll continue to participate in the Pimco Foundation in his retirement.
Healthcare
Kythera Biopharmaceuticals Inc. will cut 117 workers effective Nov. 30—more than half its workforce—after its acquisition this month by Dublin, Ireland-based drugmaker Allergan PLC, according to a state filing. Its lead drug is Kybella, an injection used to treat double chin that will be part of Allergan’s Irvine-based aesthetic medicine unit.
Irvine-based Edwards Lifesciences Corp. said the Food and Drug Administration approved its Edwards Sapien XT replacement heart valve for aortic valve-in-valve procedures. Valve-in-valve procedures happen when a surgeon implants a transcatheter valve into a failed replacement heart valve implanted by traditional surgery.
Manufacturing
Sunrise Growers Inc. in Placentia was sold to Sun-Opta Inc. for about $444 million by its private equity owner, Paine & Partners LLC. It produces frozen strawberries and other frozen fruit products. Sun-Opta is a Toronto-area food processor with a market cap of about $363 million. San Mateo-based Paine bought Sunrise in 2013 for an undisclosed sum from previous owner Sun Capital Partners Inc. in Boca Raton, Fla.
Real Estate
Newport Beach-based retail developer Craig Realty Group acquired an outlet center in Barstow from Tanger Factory Outlet Centers Inc. in Greensboro, N.C. for $106.7 million. Craig Realty also owns Citadel Outlets in the City of Commerce, Cabazon Outlets in Riverside County, and the upcoming Outlets at San Clemente. It plans to rename the newest addition Outlets at Barstow.
Restaurants
Scott’s Restaurant & Bar in Costa Mesa announced it will close in January after a 26-year run. It was founded by Simon Snellgrove and the late Malcolm Stroud. Scott’s is scheduled to be replaced next August with a Water Grill by King’s Seafood Co.
OM Restaurant Management LLC in Santa Ana filed for Chapter 11 bankruptcy protection. The company operates Original Mike’s restaurant, whose managing partner is developer Michael Harrah. Harrah’s Caribou Industries is behind the long-planned One Broadway project, a 37-story tower to be built in downtown Santa Ana. He also bought the headquarters building of the Orange County Register in September 2014.
Services
Walter Gerken, former chairman and chief executive of what’s now Pacific Life Insurance Co. and a co-founder of Pacific Investment Management Co., died at age 93, Pacific Life said. An obituary didn’t give a cause of death. He led PacLife from 1975 to 1986, during which time it quadrupled in size. It started PIMCO as a subsidiary in 1971 and moved from L.A. to Orange County in 1972. Gerken lived in Corona del Mar.
Wylie Aitken of the Aitken Aitken and Cohn law firm in Santa Ana filed a class-action suit against Experian Holdings Inc. on behalf of 15 million consumers whose personal and financial information was stolen in a breach of T-Mobile USA Inc. data housed on an Experian server.
Technology
Irvine-based Ingram Micro Inc. will buy two e-commerce fulfillment divisions of Netherlands-based DocData BV for $175 million. Ingram said the buy would add at least $150 million in annual revenue.
Cie Digital Labs Executive Chairman Anderee Berengian acquired a majority stake in the Irvine-based game app developer and incubator on undisclosed terms. The managing partner of Newport Beach-based venture capital firm RezVen Partners takes on the role of Cie Digital chief executive.
