Other news items of interest from the Orange County Business Journal
Southern California Edison said it will permanently close the San Onofre nuclear plant, a move that cheered antinuclear activists but also brought news of 1,100 layoffs at the facility near San Clemente. The plant’s two reactors have been shuttered since January 2012, when a small leak of radioactive steam was detected. The power company said it decided to close the plant because of continuing uncertainty about when it could get regulatory approval to reopen it.
Newport Beach-based venture capital firm Ghost Group said it’s launching Emerald Ocean Capital, a fund that intends to invest in legal cannabis and medical marijuana companies. Emerald Ocean is aiming to raise $10 million to $25 million in its first fund, said Justin Hartfield, a Ghost general partner who manages the fund with fellow general partner Doug Francis.
Mission Viejo-based Ensign Group Inc. acquired two assisted-living facilities in separate deals. Ensign owns several independent subsidiaries that operate nursing homes, rehabilitative-care services and hospices. It acquired a 110-unit assisted-living facility in Santa Maria and a 69-unit assisted-living facility in Orem, Utah. Both deals came on undisclosed terms.
Costa Mesa-based advertising agency Blue C was named agency of record for the Vectrix brand of electric scooters in the U.S. and North America. New Bedford, Mass.-based Vectrix doesn’t disclose financial data. Blue C will take on advertising, public relations, social media and other duties in advance of the launch of the Vectrix VT-1 model, which is expected in coming months.
Dove Canyon Country Club will get $6.2 million in improvements over the next five years from new owner Pacific Links International. Upgrades will include expansion of the driving range, fairway bunker repairs and landscaping. The club will also get a new name: Dove Canyon Golf Club.
Taco Bell tried to extinguish a media fire last week when a photo of a Taco Bell employee licking a stack of taco shells went viral online. The company said it believed the photo was a prank, that the shells weren’t served to customers, and that it doesn’t tolerate such behavior in its restaurants.
Santa Ana-based Universal Protection Service acquired Summit Security in San Diego. Terms weren’t disclosed. Summit Security provides parking management, valet and in-house dispatch services. Universal Protection had one office in San Diego before the latest deal, which also is expected to bring Summit Security’s other offices in Sacramento and the Inland Empire. Universal Protection is part of Universal Services of America, among the largest security services providers in the U.S. Universal Services has about 2,000 employees in Orange County out of a companywide total of about 28,000.
Irvine-based Mobius Semiconductor Inc. was acquired for about $13 million by Entropic Communications Inc. in San Diego. The cash deal also included equity incentives for retained employees. Mobius founders Aaron Buchwald and Avi Madisetti will be retained, along with an undisclosed number of engineers.
Computer graphics engineer and founding member of Irvine-based Oculus VR Inc. Andrew Reisse died May 30 after being struck by a speeding car that was being chased by Santa Ana Police Department officers. Reisse helped found and also served as lead engineer of Oculus, which makes virtual reality headsets used to play 3-D games.
Irvine-based Conexant Systems Inc. got court approval last week for a restructuring that will see QP SFM Capital Holdings Ltd. exchange approximately $195 million in debt for the reorganized company’s equity and a $76 million unsecured note.
ECONOMIC INDICATOR
UP: The price of day passes at Walt Disney Co. theme parks here and in Florida. Single-day tickets now cost $92 for visitors ages 10 and older, up almost 6% from $87. Tickets for children ages 3 through 9 went up to $86 from $81. It’s the fourth year in a row the company has increased entry prices. The new prices took effect June 2.
