Other news items of interest from the Orange County Business Journal
Irvine-based Mazda North American Operations’ chief marketing officer, Don Romano, resigned. The company is expected soon to announce a new marketing boss. Romano, who had been with the company since 2000, also held the title of president of Mazda Canada Inc. Kory Koreeda, former executive vice president of Mazda Canada, was promoted to succeed Romano as president there. Mazda has been offering voluntary buyouts, but a spokesperson declined to say if Romano was given such a package.
Newport Beach-based American Vanguard Corp. launched a new Netherlands unit as part of a restructuring of its subsidiary Amvac Chemical Corp. The specialty chemical maker named agriculture industry veteran Ad de Jong managing director of Amvac Netherlands BV.
Private Bank of California, a small lender based in Century City in Los Angeles, has its first Orange County branch. The 7-year-old bank opened a branch on Main Street in Irvine last week.
The Buena Park City Council voted to order the closure of a motel on Crescent Avenue that’s been cited for code violations and slammed as a magnet for crime. The council previously demanded Crescent Motel owner Loc Van Nguyen deposit $750,000 in an escrow account for renovations to the building. His attorney, Steve Sheldon, said the motel owner had requested the amount be lowered to $500,000, and recently made $170,000 in improvements to the site.
Irvine-based medical-device company MiCardia Corp. raised $4.4 million internally. It also spun off part of its heart-valve tech operations into a new company, Valcare Inc., which is set to get $8 million in funding from Israel-based Accelmed Medical Partners.
San Juan Capistrano-based toilet-tank valve maker Fluidmaster Inc. will provide parts to Mexico-based Grupo Lamosa for a line of high-end toilets the diversified company sells in the U.S. under the Vortens brand. Mansfield, Ohio-based Vortens is Lamosa’s plumbing fixtures division.
The Seal Beach City Council approved zoning changes to facilitate the construction of 32 homes on 4.5 acres near the beach in the north part of the city. Ed Selich, a Newport Beach City Councilman, represented Bay City Partners in seeking a zoning change from tourism to residential. The housing plan also must be approved by the California Coastal Commission.
Irvine-based Yard House USA Inc. was sold to the owner of several restaurant chains in a $585 million, all-cash deal. Orlando, Fla.-based Darden Restaurants Inc. will purchase Yard House from San Francisco private equity firm TSG Consumer Partners LLC, which acquired a 70% stake in Yard House in 2007. Yard House has 39 restaurants in 13 states, and is known for its classic-rock theme and a wide selection of draft beers. Darden operates the Red Lobster, Olive Garden and LongHorn Steakhouse chains, and will place Yard House among its specialty-restaurants group, which includes brands such as The Capital Grille and Bahama Breeze.
Los Alamitos-based Sullen Clothing Inc. launched its own record label. Sullen—which makes tattoo-inspired clothes and accessories—partnered with Laguna Beach-based independent record label Eulita Music Group. The new label is called Sullen Musik and has a staff of five workers.
Solarflare raised $10 million in funding from two unnamed investors. The Irvine-based semiconductor company, founded in 1995, raised $20.5 million in equity funding last year.
Irvine-based business software company Vision33 Inc. acquired software reseller Advanced Enterprise Solutions LLC in Toledo, Ohio, on undisclosed terms. Vision33 has offices in eight states.
Gregory Flores, who managed All Fund Mortgage in Anaheim Hills from 2003 to 2006, was sentenced to 12 years in jail and ordered to pay more than $1 million in restitution in connection with a straw-buyer scheme involving distressed mortgages. Flores pleaded guilty to related charges in February.
ECONOMIC INDICATOR
DOWN: New-business filings in Orange County in June, which saw a total of 2,716, down 2% from May and almost 11% from a year earlier, according to the Orange County Clerk Recorder’s Office. It was the fifth-straight month with a decline compared to 2011.
