Finance
Costa Mesa-based Pacific Mercantile Bancorp promoted Robert Sjogren to chief operating officer. He will continue serving as general counsel. Sjorgen previously served as chief risk officer and general counsel of Carpenter & Co., an Irvine-based bank advisory firm. Pacific Mercantile is the parent company of Pacific Mercantile Bank, which is among the largest banks with headquarters in Orange County, with about $1 billion in assets as of June 30.
Newport Beach-based private equity firm Solis Capital Partners LLC made an equity investment in LEHR Inc., a manufacturer of propane-powered engines and tools for home and commercial uses. Neither the amount invested nor the ownership percentage taken by Solis was announced. Solis typically makes investments of “between $2 million and $20 million to acquire at least a 50% interest in companies,” according to its website. Los Angeles-based LEHR was founded in 2004 and focuses on making “environmentally friendly” engines and tools. It had about 50 employees as of late 2013.
Healthcare
Irvine-based Allergan Inc. has filed papers with state officials saying it will lay off 129 employees. The layoffs are effective Oct. 31, according to a Worker Adjustment and Retraining Notification notice filed with the state Employment Development Department. Allergan has said it will cut some 1,500 workers companywide this year as part of a restructuring it is undergoing as it attempts to fight a hostile takeover bid by Canada-based drug maker Valeant Pharmaceuticals International Inc. (see related OC Insider item, page 3).
Newport Beach-based Alliance HealthCare Services Inc. might consider putting itself up for sale, according to a report by Reuters. The company provides medical imaging and radiation oncology services to more than 1,000 hospitals. L.A.-based Oaktree Capital Management LP owns 44% of it. The report said unnamed sources indicated Alliance hired New York-based investment bank Moelis & Co. to assist in exploring a potential sale. Alliance and Moelis didn’t comment.
Irvine-based Alignment Healthcare LLC acquired Citizens Choice Health Plan for an undisclosed amount. Cerritos-based Citizens Choice is a Medicare Advantage health plan with more than 1 million members in seven California counties. Medicare Advantage is a form of Medicare that’s delivered through HMOs. Alignment works with hospitals, health plans and primary-care doctors’ groups to streamline medical care for chronically ill seniors who participate in Medicare Advantage. The company received $125 million in April from Greenwich, Conn.-based General Atlantic LLC, a global investment firm with more than $17 billion under management.
Hospitality
Laguna Beach boutique hotel Casa Resort signed a deal with the Rim Hospitality division of Interstate Hotels & Resorts to manage properties in Laguna Beach, effective next month. Interstate recently bought Rim Hospitality in Newport Beach.
Newport Beach City Council approved a plan to transform the old City Hall into a boutique hotel. The building will now be called the Lido House Hotel and have 130 rooms. R.D. Olson is the developer of the project, which will include a spa, restaurant and lounge. The project must still get the approval of the California Coastal Commission.
Manufacturing
Santa Ana-based AutoCrib Inc. acquired a Kentucky engineering and manufacturing company’s Small Parts Storage System technology assets and products. AutoCrib makes inventory vending systems. It will integrate Lauyans & Co.’s vertical storage offerings into its product lineup.
Media
InnoceanUSA branched beyond mainstay client Hyundai Motor America Inc. with the addition of Houston, Texas-based NRG Energy Inc. to its growing roster of nonautomotive accounts. Innocean’s first assignment as agency-of-record for the energy firm, which didn’t disclose its advertising budget, includes a “360-degree campaign” highlighting NRG’s partnership with the Philadelphia Eagles.
Philanthropy
The cofounder and chief executive of Irvine-based Oculus VR Inc. has pledged $31 million to the University of Maryland to build a new computer science building focused on virtual reality. Brendan Iribe attended the school for one year but did not finish his degree. Facebook Inc. paid an estimated $2 billion for Oculus this year.
