Apparel
General Atlantic in New York said it acquired a majority stake in Irvine-based Too Faced Cosmetics from Weston Presidio for an undisclosed amount. The deal is estimated at $500 million, according to Women’s Wear Daily. Other final bidders included L Capital in Paris and the Estée Lauder Cos. in New York. It appears Johnson and cofounder and Creative Director Jerrod Blandino will retain their operational roles and stakes in the brand. Privately held Too Faced has an estimated $150 million in annual sales, with a distribution network that includes major retailers, such as Macy’s.
A cofounder of Irvine-based surf and skatewear maker Ezekiel Clothing was convicted of more than two dozen felony counts in what prosecutors called a Ponzi-style fraud scheme involving a fake clothing company. Reports in OC Weekly said 46-year-old Shaine J. LaVoie of Dana Point spent proceeds from the scheme on expensive trips and possessions and that there were 12 victims. LaVoie left Ezekiel in
Finance
London-based Old Mutual Global Investors insurance group shifted management of its $272 million fund from Pacific Investment Management Co. to Bill Gross at Janus Capital Group Inc., effective July 6. Gross, who cofounded Pimco and led it to grow to about $2 trillion in assets, managed the Old Mutual Total Return fund for more than 12 years after its launch in 2002. (see related story, page 1).
eBay Inc. has tapped the global head of corporate communications for Pacific Investment Management Co. as its chief communications officer. Dan Tarman’s appointment takes effect when the San Jose-based auction site splits its PayPal Holdings Inc. and eBay into two independent companies, a move that will be completed in the third quarter, according to eBay.
Healthcare
MicroVention Inc., a Tustin-based developer, manufacturer and marketer of neuroendovascular technologies, said it will build a large office in Aliso Viejo for its new headquarters. The company, whose products are used for the treatment of vascular diseases, said it plans a 205,000-square-foot office at the Summit Office Campus.
Irvine-based healthcare software maker Quality Systems Inc. said Chief Executive Steven Plochocki will retire, effective June 30. The company named medical device industry veteran Rusty Frantz as his successor. Plochocki, 63, had served as Quality’s chief executive since 2008 and as a member of its board since 2004. Quality said in a news release that Plochocki will serve out his current director term but would not stand for re-election at its shareholder meeting in August. Frantz most recently spent eight years in executive positions at San Diego-based device maker CareFusion Corp.
Insurance
Newport Beach-based Alliant Insurance Services Inc. acquired crop insurance specialist Mary Roach Insurance Agency Inc. on undisclosed terms. Fresno-based Mary Roach Insurance, or MRI, was founded in 1992 and exclusively serves the agribusiness sector.
Huntington Beach-based Confie Seguros acquired three brokerages in New York and Texas. Confie has acquired more than 80 brokerages since it began in 2008 with a focus on serving Latino-Americans.
Real Estate
Joe Davis, chief investment officer and cofounder of The New Home Co., is stepping down from the Aliso Viejo-based homebuilder, one of the most active in Orange County since its 2009 founding. The company said Davis will continue to serve as a consultant. Wayne Stelmar, the company’s chief financial officer and also a company founder, will assume the role of CIO, and John Stephens, most recently the senior vice president and chief financial officer of MDC Holdings Inc., will assume the role of chief financial officer for the builder, which went public last year.
Services
Experian PLC hired Barry Libenson as chief information officer, a newly created position for the global information services company, whose North American business is headquartered in Costa Mesa. Libenson, who will be based in Costa Mesa, will oversee the development of the company’s global technology strategy. He previously was CIO of Pleasanton-based Safeway Inc.
