Concordia University Irvine President Kurt Krueger will step down on June 30 at the end of the academic year. His career in higher education, as a scholar and administrator, spans more than 46 years, and he’s been at the private Lutheran university for the past 27. The university said its board of regents will lead the search for a new president.
— Deirdre Newman
HEALTHCARE
Allergan PLC received Food and Drug Administration approval to use Botox to temporarily reduce moderate to severe forehead lines. The new indication is the company’s third approval for the cosmetic use of Botox for forehead, crow’s feet and glabellar lines. The neurotoxin is part of the U.S. Specialized Therapeutics business, part of Allergan’s Irvine campus.
— Sherry Hsieh
Biolase Inc. plans to raise up to $12 million with a rights offering to current shareholders. The Irvine dental laser maker expects to bring in at least $8 million, noting that affiliates of Larry Feinberg and Jack Schuler have pledged at least $3 million apiece. Feinberg and Schuler own 25% and 29% of Biolase, respectively, SEC filings show. Proceeds will go to working capital.
— Sherry Hsieh
CareTrust REIT Inc. of San Clemente completed a two-stage acquisition comprised of seven skilled nursing facilities in Idaho. The facilities, totaling 571 beds, will be operated by Cascadia Healthcare in Eagle, Idaho. The purchase was part of a series of acquisitions involving 13 skilled nursing facilities in Washington, Texas and Idaho that were formerly operated by Kindred Healthcare Inc. in Louisville Ky. CareTrust paid nearly $96 million, inclusive of transaction costs, for them. The portfolio is expected to generate additional annual rent of $8.6 million.
— Sherry Hsieh
MANUFACTURING
Smead Manufacturing Co. Inc. bought U Brands LLC on undisclosed terms.
U Brands, in San Juan Capistrano, designs and makes “fashionable” home, office and stationery products. Smead is in Hastings, Minn., and makes home, office and organizing products under the trademarked slogan “organomics.” Annual revenue exceeds $500 million. A press release said U Brands will stay in OC, with Cerillo and Hoch reporting to Smead President Casey Avent.
— Paul Hughes
SERVICES
Irvine-based Alorica Inc., the world’s third-largest provider of customer service solutions and the largest in the U.S., announced the appointment of Cindy Fiorillo as chief financial officer, replacing James Molloy. The call center operator declined to disclose the reason for the departure of Molloy, who was CFO for four years. Fiorillo has 25 years of corporate finance expertise at global technology leaders, most recently as senior vice president of finance and corporate controller at Broadcom.
— Peter J. Brennan
TOURISM
Newport Beach & Co. said the city it markets attracted a record number of visitors in 2016-17: 7.3 million. The tourists spent $1.2 billion, according to its annual report.
— Hannah Mitchell
