Apparel
Foothill Ranch-based Oakley Inc. is now the official eyewear sponsor of Little League Baseball and Little League Softball. Terms of the sponsorship were undisclosed, but similar partnerships have helped “maintain low team affiliation fees and provide valuable training, educational resources and expertise,” the company said.
Automotive
John Krafcik, former head of Hyundai Motor America Inc., joined the board of Santa Monica-based TrueCar Inc., an online resource for consumers that provides car pricing information and a listing of dealers certified by the company.
Finance
Irvine-based Opus Bank announced specifics of its plans for an initial public offering, which will include about 5.7 million shares of common stock priced between $31 and $34. Total proceeds are expected to range from about $178 million to $196 million. The bank will offer about 2.8 million shares, shareholders offering the rest. Net proceeds to the bank are expected to be about $83 million. The total could reach $96 million if underwriters exercise their option to buy up to an additional 863,619 shares from the bank and selling shareholders, according to the bank. Opus has applied to list its common stock under the ticker OPB on the Nasdaq exchange (see related item in OC Insider column, page 3).
Healthcare
Hoag Memorial Hospital Presbyterian entered into a voluntary agreement with state Attorney General Kamala Harris’ office to extend its obligation to provide women’s health services. The agreement clarifies a consent order issued last year by Harris’ office, which cleared the way for the creation of Irvine-based Covenant Health Network, an affiliation between Hoag and St. Joseph Health. Hoag now has agreed to continue and provide the same type and levels of women’s health services it provided pre-Covenant—except direct abortions—for a 20-year period instead of the previously agreed upon 10 years.
Manufacturing
Hobart “Hobie” Alter, whose innovative surfboards and sailboats made him a legend in the surf industry, died March 29 at age 80. He was born in Ontario, and his passion for water sports developed in Laguna Beach, where his family had a summer home. He died at his Palm Desert home, according to a statement posted on the website for the brand he made famous.
Media
The newest title of Blizzard Entertainment Inc.’s popular Diablo franchise sold more than 2.7 copies in the first two weeks since its March 24 release. The expansion set, “Diablo III: Reaper of Souls,” available on Windows PCs and Mac computers, had raked in more than $108 million. Irvine-based Blizzard, the largest software maker in Orange County, is a unit of Activision Blizzard Inc. in Santa Monica.
Other
The City of Irvine is fighting the state controller’s order to repay $71.3 million worth of assets its redevelopment agency allegedly transferred to it for financing of the Great Park project, the Orange County Register reported. The assets include 35 acres in the park. Controller John Chiang in an audit called them “unallowable transfers.” The city responded that the audit includes errors that “undermine its conclusions.”
Real Estate
City officials and executives from Lynwood developer M+D Properties and construction company Swinerton Inc. celebrated the topping off of The Source in Buena Park. The mixed-use project includes about 400,000 square feet of retail, about half of which is being negotiated, according to M+D. Officials haven’t yet disclosed tenants or the makeup of retailers except to say that there will be a mix of local and international tenants.
Retail
A founding partner of luxury real estate group HÔM Sotheby’s International Realty in Newport Beach acquired privately owned Cookie Lee Inc., Tustin-based purveyor of direct-sale costume jewelry founded by its nameake. Debbie Millar bought the company on undisclosed terms.
Technology
Laguna Hills-based private equity firm Parallax Capital Partners LLC joined another investor in acquiring DivX LLC in San Diego. Parallax and New York-based StepStone Group LLC will pay Santa Clara-based entertainment technology company Rovi Corp. as much as $75 million, including milestone payments. The total of the initial payment wasn’t disclosed. DivX distributes and licenses digital video technologies.
Tourism
The Orange County Visitors Association announced plans to open a sales office in Dubai, the third overseas location for the organization, which opened offices in Shanghai and Beijing last year.
