Automotive
Two out of four Orange County-based automakers exceeded the national sales pace for new vehicles in January, according to New Jersey-based market researcher Autodata Corp. Hyundai Motor America in Fountain Valley sold 45,011 vehicles, up 1.1% over a year earlier and the best January in its history. Kia Motors America Inc. in Irvine also recorded its best-ever January sales, with 38,305 vehicles, just six more than the same period last year, making January a relatively flat month. Mazda North American Operations in Irvine was down 2.8% to 19,703 vehicles sold at U.S. dealers. Cypress-based Mitsubishi Motors North America Inc. sold 6,264, down 3.5% year-over-year.
Finance
Irvine-based Orange County Business Bank merged with Seattle-based HomeStreet Inc. on Feb. 1. HomeStreet, a NASDAQ-listed bank holding company, bought Orange County Business Bank for $55.3 million in cash and stock, about 10% of that in cash. Orange County Business Bank’s lone location, in Irvine, will be folded into HomeStreet’s system, which also has branches in Brea and Newport Beach. The combined company has 45 locations in four states.
Manufacturing
Tustin-based smartphone battery case maker Mophie Inc. was acquired for at least $100 million by Salt Lake City-based rival Zagg Inc. in Utah. The transaction, expected to close by April, was unanimously approved by each company’s board. The value of the deal—a mix of cash, debt and stock—could escalate if Mophie hits certain revenue benchmarks through March 2017. Mophie Chief Executive Daniel Huang and Chief Operating Officer Shawn Dougherty are to remain with the company through the earn-out period.
Media
The U.S. Bankruptcy Court Central District of California gave Freedom Communications Inc. the green light Monday to auction its assets on March 16. Also, Chicago-based Tribune Publishing Co., owner of the Los Angeles Times and San Diego Union-Tribune, told a federal bankruptcy judge that it’s “very interested” in becoming a “stalking horse” bidder and making the initial offer for all of Freedom’s assets, “including the Santa Ana real estate … the Orange County Register and the Press-Enterprise in Riverside.”
Technology
One of China’s largest sheet metal suppliers is set to acquire Irvine-based printed circuit board maker Multi-Fineline Electronix Inc. for $610 million. The purchase by Suzhou Dongshan Precision Manufacturing Co., which is expected to close in the third quarter, represents a nearly 41% premium of M-Flex shares at the time it was announced. M-Flex, which employed about 40 through August, will maintain its Irvine headquarters and operate as an independent business unit of Suzhou Dongshan. Chief Executive Reza Meshgin and members of senior management will retain their positions, according to the company.
Irvine-based Kurion Inc., which played a key role in stabilizing the contaminated Fukushima Daiichi Nuclear Power Plant in Japan nearly four years ago, has been sold for $350 million to Paris-based nuclear cleanup specialist Veolia. The strategic acquisition still must be approved by U.S. antitrust regulators. Kurion was founded in 2008 by John Raymont, former president of Nukem Corp. who built the unit of Germany-based Nukem GMBH into one of the largest waste management companies in the U.S. that deploys on-site water treatment systems.
LinkedIn plans to acquire Costa Mesa-based startup Connectifier on undisclosed terms, the Mountain View-based company announced in its earnings statement. Connectifier was founded in 2012 and created search technology—including artificial intelligence—to help recruiters connect with potential hires. Its research and development team—the headcount hasn’t been disclosed—will relocate to the San Francisco Bay area, according to co-founder and Chief Executive John Jersin.
Irvine-based Biosynthetic Technologies got tentative approval for a $100 million loan guarantee from the U.S. Department of Agriculture, with plans to use the money for a Gulf Coast-area refinery to make motor oil from soybeans, the Orange County Register reported. It will also pursue up to $90 million in outside equity funding.
