Education
The Orange Coast College Foundation received $240,000 from PIMCO co-founder Bill Gross and his wife, Sue, to establish a “Sue and Bill Gross Scholars” program, which will support students pursuing vocational and technical education (see related item under Finance).
California State University-Fullerton received a $5.8 million grant from the U.S. Department of Education for a five-year project in partnership with eight community colleges in OC and Los Angeles County to increase the number of Hispanic and low-income transfer students who complete bachelor’s degrees in science, technology, engineering and mathematics and get jobs in those fields.
Finance
OC’s “Bond King” will apparently have a new employer after Denver-based Janus Capital Group agreed to merge with London-based Henderson Group PLC in an all-stock deal. Bill Gross, who co-founded Pacific Investment Management Co. in Newport Center, has worked for Janus for the past two years. The new firm will be named Janus Henderson Global Investors PLC.
Healthcare
UC Irvine Health is laying off 175 employees, 20% of them supervisors and executives, the Orange County Register reported. The cuts are intended to reduce the operation’s costs. UC Irvine Health is University of California-Irvine’s clinical, medical education and research enterprises.
Manufacturing
A Hong Kong subsidiary of Santa Ana-based Universal Electronics Inc. agreed to sell Gemstar Technology Co. Ltd. for about $48 million in cash. C.G. Development Ltd. in Hong Kong agreed to sell its shares in Gemstar Technology in Panyu, China, to Guangzhou Junhao Investment Co. Ltd. C.G.
Costa Mesa-based QSC LLS acquired on undisclosed terms Ultra-Stereo Labs Inc. in San Luis Obispo. QSC makes sound systems. Ultra-Stereo makes audio processing, testing and audio measurement products for the cinema industry.
Newport Beach-based Windjammer Capital Investors acquired on undisclosed terms Mission Critical Electronics Inc. in Santa Ana, which makes power converters and battery chargers for yachts, railroad passenger cars, wireless networks and emergency vehicles.
Orange-based Merical Inc. was acquired on undisclosed terms by private-equity firm Linden Capital Partners LLC in Chicago. Linden named Operating Partner Brian Smith interim chief executive of Merical. He most recently was chief executive of a global provider of finished medical devices. Linden Operating partner Chris Kolber joined Merical’s board.
Real Estate
Irvine-based real estate developer and investor Shopoff Realty Investments paid over $100 million for an apartment complex in Las Vegas and a pair of commercial buildings in Chicago. It said it bought a 624-unit apartment community in northwest Las Vegas for $72.6 million and plans to spend more than $6 million to upgrade it. The seller was not immediately disclosed. The Las Vegas purchase comes a few days after the company paid $37 million for a pair of loft office buildings in downtown Chicago, news reports said.
Irvine-based apartment investor Bascom Group LLC with partner Koelbel and Co. sold the Breakers Resort in Denver for $350 million, or nearly $230,000 per unit. The 1,523-unit complex sold in what local reports say is the priciest deal for a rental property there.
The Texas developer planning to build one of the larger apartment complexes in Anaheim’s Platinum Triangle has entered into a $255 million venture with a private equity fund from China to finance the project. Irving, Texas-based JPI said it will work with Beijing-based Grand China Fund to build its Jefferson Stadium Park midrise apartment development slated for 17.6 acres across from Angel Stadium.
Retail
Irvine-based ThreeSixty Group Inc. acquired the FAO Schwarz brand from Toys “R” Us Inc. in Wayne, N.J., on undisclosed terms. ThreeSixty designs, manufactures and distributes consumer products under brands that include Sharper Image, Discovery Kids and Animal Planet.
Transportation
JetSuite in Irvine plans to offer flights from Carlsbad to San Jose starting Oct. 17, a news report said. It flies about 1,200 chartered flights a year from its base at John Wayne Airport on four- and six-seat jets to various locations as a general aviation carrier. Four weekday roundtrip flights a week, the report said.
