Apparel
Hybrid Apparel in Cypress launched the Love Tribe brand, a Disney princess-themed line of clothing for young women that’s available only at Macy’s department stores. Macy’s at South Coast Plaza in Costa Mesa was scheduled to host a launch party for the brand on Saturday. Hybrid Apparel, which has about 750 employees, designs and markets branded, licensed and private-label apparel.
Education
University of California-Irvine said Professor James Randerson was elected to the National Academy of Sciences. Membership is based on distinguished and continued achievements in original research, according to UCI, which said his work on relationships among humans, the ecosystem and the environment has advanced understanding of the effects of climate change.
Food
Retail Food Group USA in Santa Fe Springs brought on two executives to boost its wholesale and retail coffee businesses. RFG is the North American unit of an Australia-based restaurant and food company with about a dozen brands and a roughly $720 million market cap. Its local unit runs coffee roaster Di Bella Coffee LLC and chains It’s A Grind and Gloria Jeans Coffees. Keethan Kitt directs business development for Di Bella. Laina Sullivan directs franchise development for the chains.
Healthcare
Axonics Modulation Technologies Inc. closed $14.5 million in series C financing, pushing its total fundraising past $85 million. The Irvine-based medical device company develops a rechargeable sacral neuromodulation system that aims to treat patients suffering from overactive bladders, urinary retention and fecal dysfunction. Proceeds from the latest funds will be used to support U.S. clinical trials.
Hospitality
Twenty Four Seven Hotels in Newport Beach added three management contracts, including a Buena Park hotel scheduled to open in August. The deals are for a Hampton Inn & Suites in Buena Park, a TownePlace Suites in Chino Hills, and another TownePlace Suites in Merced. The three have 305 rooms combined. The new deals bring the company’s total to 25 hotels in four western states with about 3,000 rooms.
Insurance
State Farm Mutual Automobile Insurance Co. plans to close its Irvine office in 2019, affecting 360 employees here. Spokesman Justin Tomczak said the employees will have opportunities to work at other State Farm locations. The closure is part of a restructuring effort to shutter 11 offices nationwide, affecting 4,200 workers.
Newport Beach-based Alliant Insurance Services Inc. purchased Summit Insurance Resource Group to expand in northern Idaho and eastern Washington. Terms of the agreement weren’t disclosed. Summit, based in Sandpoint, Idaho, will operate as part of Alliant Americas, which provides the middle market with regionally focused insurance products and services. Summit owner Angela Oakes and the rest of her company will join Alliant and continue to service clients from its Sandpoint offices.
Manufacturing
Tustin-based lighting fixtures maker Birchwood Lighting was acquired by Melville, N.Y.-based Leviton Manufacturing Co. for an undisclosed price. Birchwood will be part of Leviton’s lighting business unit. Birchwood, which employs 49, will stay in Orange County, the Orange County Register reported.
Santa Ana-based Kush Bottles acquired CMP Wellness in a cash and stock deal valued at about $21 million. The Redondo Beach company distributes vaporizers, cartridges, and accessories for the cannabis market. The buy helps Kush Bottles diversify offerings beyond its packaging, supplies, accessories, and branding solutions for the cannabis industry, and will add five workers to its workforce of 50, it said.
Marketing
Irvine-based Advantage Solutions Inc., a provider of sales, marketing, merchandising and digital technology services for packaged goods manufacturers and retailers, filed plans for an initial public offering. It set a placeholder $100 million figure in filings with the Securities and Exchange Commission. Terms of the offering hadn’t been disclosed. Advantage plans to be listed on the New York Stock Exchange as ADV. Proceeds would be used to repay debt. Advantage has about $760 million in borrowings outstanding under a term loan, according to regulatory filings.
