Education
The Samueli Foundation gave the University of California-Irvine $30 million to help build a 100,000-square-foot facility for convergent science, or cross-disciplinary research in engineering, computing and physical sciences. The money helped UCI qualify for $50 million in funds from the UC Office of the President. UCI will kick in another $40 million. It plans to start construction this fall, taking three years to finish.
Finance
Windjammer Capital Investors of Newport Beach bought Memphis-based Vital Records Control in partnership with the latter’s management team on undisclosed terms. VRC provides off-site records storage, imaging services and other compliance needs and operates from over 25 locations, mostly in the Southeastern U.S. Windjammer will help it speed growth into new markets.
Santa Ana-based Banc of California Inc. named Douglas Bowers, 59, chief executive and president, replacing Steven Sugarman, who resigned in January at the same time it was announced the Securities and Exchange Commission was investigating how the bank handled allegations by an anonymous blogger. Bowers, who’ll also be on the board of directors, was most recently chief executive of Square 1 Bank from 2011 until its sale to PacWest Bancorp in 2015.
Healthcare
ChromaDex Corp. in Irvine said Hong Kong investor Li Ka-shing will buy up to $25 million of its common stock in a private placement. Forbes in February named Li the wealthiest person in Asia, with an estimated net worth of $31 billion. ChromaDex makes “proprietary health, wellness and nutritional ingredients [for] dietary supplement, food and beverage, skin care, sports nutrition, and pharmaceutical products.”
Manufacturing
Amway Corp.’s Buena Park facilities will see an unknown number of layoffs this week, according to a local news report in Ada, Michigan, where the parent company is based. It said it would let 90 workers go between Ada and Buena Park, the latter of which houses some of the direct-selling giant’s Nutrilite Products Inc. division. Amway hadn’t as of April 24 filed a Worker Adjustment and Retraining Notification with the state, suggesting local cuts will be fewer than 50.
Media
Modern Luxury, the parent publisher of Modern Luxury Orange County magazine, bought competing publisher GreenGale Publishing LLC, expanding its stable of luxury lifestyle titles. Atlanta-based Modern Luxury Orange County has a Costa Mesa office and about 40,000 subscribers. GreenGale is a Nevada-based LLC with a publishing office in New York. The combined company reaches 24 markets, the company said, and has over 5 million readers, according to its LinkedIn listing.
Real Estate
FivePoint Communities Inc. could raise nearly $600 million from its forthcoming initial public offering and three concurrent private-placement deals, according to regulatory documents filed with the Securities and Exchange Commission. The Aliso Viejo-based master developer said in an updated registration statement that it plans to sell 21 million shares of Class A stock in the IPO at $18 to $20 per share. Owners of the stock being sold in the IPO are expected to cumulatively own between 15% and 17% of FivePoint’s Class A shares.
Transportation
Revolution Aviation in Newport Beach consolidated some its space at John Wayne Airport with an 18-month lease at ACI Jet Center, a fixed-based operator there. Revolution flies helicopters, single-engine planes and drones, and provides flight training. It now has about 9,500 square feet. ACI Jet is the airport’s new FBO.
Honors
The OC chapter of the National Association of Women Business Owners will honor four businesswomen at its Remarkable Women Awards Gala at City National Grove of Anaheim on May 11. They are Loreen Gilbert, president and founder of WealthWise Financial Services in Irvine, its 2016 business owner of the year; Heidi Hendy, who started Newport Beach-based H. Hendy Associates; chemical engineer Anoosheh Oskouian, who created Ship & Shore Environmental Inc. in Signal Hill; and Scharrell Jackson, chief operating officer and chief financial officer of the Newport Beach office of accounting firm Squar Milner.
