Education
The company that plans to buy 50 campuses of Santa Ana-based Corinthian Colleges Inc. said it would forgive $480 million in private student loans in exchange for federal approval for the deal, according to a news report. Oakdale, Minn.-based nonprofit ECMC Group agreed in November to buy the campuses for $24 million. It said today that it would also pay $12 million to the U.S. Department of Education to cover loan write-downs and as much as $17 million more over the next seven years in additional payments.
Chapman University said its new School of Pharmacy earned “precandidate” accreditation by the Chicago-based Accreditation Council for Pharmacy Education. The accreditation means Chapman’s doctor of pharmacy program can admit students in September. It plans an initial class of 60 students, 80 more in 2016, and 100 students per year in 2017 and following years.
Finance
Irvine-based Opus Bank established a broker-dealer subsidiary to support its merchant banking business. The unit, called Opus Financial Partners LLC, will help clients with financial and advisory services in connection with debt and equity financing, raising capital, targeted acquisitions and other strategies. It’s headed by Dale Cheney, senior managing director and head of the bank.
Restaurants
Irvine-based fast food hot dog chain Wienerschnitzel named Doug Koegeboehn chief marketing officer. He comes from Santa Ana-based DGWB Advertising and Communications, Wienerschnitzel’s advertising agency of record. A company spokesperson said Koegeboehn replaces former Vice President of Marketing Tom Amberger, who retired in December.
Services
Santa Ana-based Universal Protection Service acquired guard services companies Valor Security Services in Marietta, Ga. and its Brantley Security Services division on undisclosed terms to expand its retail mall business. Universal Protection is part of Santa Ana-based Universal Services of America, which is among the largest security companies in the U.S. The buys make it “the single largest retail security provider in the U.S.,” said Chief Executive Steve Jones.
Aliso Viejo-based meal delivery service Restaurants on the Run is set to be acquired by Chicago-based GrubHub, according to news reports. GrubHub also struck a deal for the Brighton, Mass.-based DiningIn delivery service. The deals combine for about $80 million, according to news reports, which didn’t provide a breakdown of values for the acquired companies.
Technology
Irvine-based chipmaker Broadcom Corp. released some race and gender data on its workforce for the first time in response to ongoing requests from civil rights and labor activists. The company said 66% of its U.S. employees are members of an ethnic minority, although it didn’t provide breakdowns on ethnicity or job function. It didn’t disclose its definition of the term “minority,” which can vary. Broadcom employs about 2,400 in OC and about 11,000 globally. It said men comprise 84% of its global workforce, higher than other technology companies that have disclosed employment data, including Apple and Google, each of which said they have about a 70-30 split.
Transporation
Irvine-based Newport Corp., which makes lasers and related equipment, is set to acquire a small Austrian company that specializes in ultra-fast laser systems used in scientific and biomedical research. Financial details of the transaction for Vienna-based Femtolasers Produktions GmbH weren’t disclosed.
John Wayne Airport said the Orange County Board of Supervisors named Lawrence Serafini acting director replacing Alan Murphy, effective Feb. 6. Serafini has been the deputy airport director for facilities since 2001, overseeing planning, engineering, development, maintenance, environmental compliance, and information systems.
