Amusement
Walt Disney Co. proposed a $1 billion expansion of its Disneyland theme park in Anaheim that would include new attractions, parking and other infrastructure improvements—and it wants an extension on an exemption against any future entertainment taxes in the city in exchange. The Burbank-based entertainment wants to extend the agreement, which is set to expire in 2016, for another 30 years. No Disney park in the world currently has an admission tax. The Anaheim City Council is scheduled to consider the exemption at its meeting on July 7 (see related OC Insider item, page 3).
Finance
Newport Beach-based real estate investment trust CV Holdings Inc. sold $20 million worth of preferred stock to Tricadia Capital Management LLC in New York. CV Holdings specializes in managing residential nonperforming loans and other distressed assets. It’s headed by real estate finance veterans and co-chief executives Ricardo Koenigsberger and Kenneth Witkin. CV Holdings’ stock trades on the OTC Pink marketplace. The investment, which included the sale of about 4.3 million shares of CV Holdings common stock, gave Tricadia 20% of CV Holdings’ diluted common equity. Tricadia has the option to purchase another $30 million worth of CV Holdings’ preferred stock, which would increase its total ownership stake to 50%. Tricadia manages hedge funds and alternative investments.
Insurance
Newport Beach-based Alliant Insurance Services Inc. acquired Preferred Concepts LLC, a New York-based wholesale broker and underwriter that specializes in real estate insurance. Terms of the deal were undisclosed. The buy is expected to expand Alliant’s managing general agent practice and is the fourth acquisition this year in connection to the practice. Preferred Concepts will fold into Alliant subsidiary Alliant Specialty Insurance Services. The leadership of Preferred Concepts is expected to continue heading the unit under its current name.
Restaurants
Lake Forest-based Del Taco Holdings Inc. was acquired and became a public company after shareholders in Levy Acquisition Corp. voted in favor of Levy’s acquisition of the Mexican-style fast food chain. Levy will change its name to Del Taco Restaurants Inc., with operations to remain in Orange County. Five directors, including Del Taco Chief Executive Paul Murphy, were elected to the new company’s board.
Services
Avanti Restaurant Solutions moved its corporate headquarters from Sacramento to Costa Mesa. The company, which offers services and equipment to restaurant chains, said it more than doubled its space from 2,400 square feet at its previous location to 6,000 square feet at its new facility on Airport Loop Drive. It didn’t disclose its total number of employees but said it has hired six local people since the move and has plans for future growth. Avanti reported annual sales of $19.1 million in 2014. It’s the 71st largest food service equipment and supplies dealership in the United States, according to Foodservice Equipment & Supplies Magazine’s 2015 list of the top 100 “Distribution Giants.”
Other
Newport Beach City Council ordered a $100,000 independent audit of the project to build the new city hall. The facility, which ended up costing $140 million, opened in April 2013. Now the city council, most of whose members campaigned against spending on the project, is questioning the level of expense. The city in March sent a letter to the Orange County District Attorney’s office asking for an investigation of former Assistant City Manager Steve Badum on whether he reported perks provided by contractors on the city hall project, according to news reports. Badum has denied any wrongdoing.
