Rebecca Grossman, co-founder and chairwoman of Grossman Burn Foundation, was arrested on suspicion of DUI and vehicular manslaughter in connection with a fatal crash late last month in Westlake Village. The accident killed two children: brothers Mark Iskander, 11, and Jacob Iskander, 8. Officials at the Malibu/Lost Hills Sheriff’s Station are looking into the possibility that speed and alcohol were factors in the crash, reports said, and that Rebecca Grossman attempted to leave the scene. Rebecca Grossman is the wife of Dr. Peter Grossman, medical director of Grossman Burn Centers Inc. in West Hills. The foundation she chairs is the philanthropic arm of the burn centers. She is also chief executive of Powerhouse Lux Media, which in the past published Westlake magazine.
Production studio SpringHill Co., founded by Los Angeles Lakers superstar LeBron James and business partner Maverick Carter, struck a four-year first-look film deal with Universal Pictures in Universal City. Universal Filmed Entertainment Group Chairman Donna Langley said SpringHill already has several projects in development at the studio. SpringHill previously had a deal with Burbank-based Warner Bros., which is producing the upcoming “Space Jam: A New Legacy.” SpringHill and Universal will team for “Catch the Wave,” a film about a young African-American woman who falls in love with a Black surfer. The story narrates the history of a once-thriving Black community in Manhattan Beach during the 1920s.
Accounting software developer BlackLine Inc. has acquired Rimilia, a U.K.-based platform that automates the accounts receivable process. BlackLine paid $120 million at the deal’s closing. It will pay an additional $30 million upon meeting certain earnout criteria. Rimilia’s software uses artificial intelligence and machine learning to automatically collect and allocate customers’ payments so clients spend fewer days with outstanding sales. BlackLine said in a statement Rimilia’s software is naturally adjacent to its own, which automates year-end, quarter-end and month-end financial closeouts. President Marc Huffman, who will become chief executive on Jan. 1, said in a statement efficient cash and liquidity management is especially important during the economic crisis brought on by the coronavirus. “With accounts receivables serving as the single largest asset for most businesses, Rimilia’s ability to unlock working capital and reduce risk is top of mind for today’s controllers and CFOs,” Huffman added.
Walt Disney Co.’s park division reduced its staff count as a result of the COVID-19 pandemic, with 28,000 domestic employees affected. The company’s non-working employees have been on furlough since April, with Disney paying health care benefits. Now, the company has “made the very difficult decision to begin the process of reducing our workforce,” Disney Parks, Experiences and Products Chairman Josh D’Amaro said in a statement. About 67 percent of the affected employees are part-time. The cuts are a result of “the prolonged impact of COVID-19 on our business,” D’Amaro noted. The Anaheim resort, which includes two theme parks, three hotels and the Downtown Disney retail area, closed on March 14. Downtown Disney has started a phased reopening in recent months while the theme parks await state reopening guidelines.
A private investor has acquired Dryden Townhome Apartments in Glendale in a 1031 exchange for $4 million, or $451,000 per unit. Alexanian Apartment Advisors represented the landlord and listed the two-level, nine-unit property, located at 457 W. Dryden St. The brokerage also identified the buyer, who was transitioning out of a retail space and looking to grow a stake in the Glendale apartment market. According to Alexanian, all the units were vacated in 2018 and then renovated with designer finishes. Senior Vice President Greg Alexanian called the acquisition “a win-win for everyone” in a statement. “The seller received a great cost per unit $451,000 for a property originally built in 1963, and the buyer benefited from a turnkey asset in a market where adding value or inheriting outdated rents is just not attractive.”
The Enchanted Princess cruise ship was delivered earlier this month to Princess Cruises in an official handover ceremony at the Fincantieri shipyard in Italy. It is the first cruise ship completed by Fincantieri since the emergence of the coronavirus pandemic. It is also the 100th cruise ship constructed by the Italian ship builder in its history. The ship, which weighs 145,000 tons and has a capacity of 3,660 guests, will sail to North America with an expected arrival in December. It will spend 2021 primarily based out of Fort Lauderdale, Fla., for a season of Caribbean cruises. It is also scheduled to sail out of Rome for several Mediterranean cruises next summer. In the last few months, Princess has sold 18 older, less efficient ships from its fleet to free up capital for the deployment of new ships including the Enchanted Princess.
Avantus Aerospace has acquired Fastener Innovation Technology Inc., a Rancho Dominguez specialty fastener manufacturer for military and commercial aircraft. Financial terms were not disclosed. Aventus said the transaction is a natural fit with the other companies in its portfolio, including Lamsco West, also in Santa Clarita, and Fastener Technology Corp., in North Hollywood and acquired by Avantus last December. Chief Executive Brian Williams said that the Fastener Innovation Technology team has built a specialty business with an excellent reputation. “Our combined strength will allow us to better serve our customers,” he said in a statement. “We look forward to making further acquisitions that complement our existing product and geographic offering.”
Valencia Atrium, a three-story office building, has sold for $15 million. The property, which totals 65,178 square feet and sits on a parcel of more than 3 acres, has a diverse mix of 47 professional office suites that range in space from 600 to 2,270 square feet. Located at 28494 Westinghouse Place, Valencia Atrium is situated within Valencia Gateway Corporate Point office park. The deal was transacted on both ends by Spectrum Commercial Real Estate, which has offices in Encino and Valencia. Yair Haimoff, Andrew Ghassemi and Matt Sreden of Spectrum represented the seller and the buyer – both private investors – in an off-market deal.
Mission Produce debuted on the Nasdaq earlier this month, pricing 8 million shares at $12. Shares of the avocado company, trading under the ticker symbol AVO, peaked at $14.54 on its first day of trading and closed at $13.80. The initial public offering gives Mission a market capitalization of $893 million. The price was a step down from the expected $15 to $17 per share, and an offering of more than 9 million shares, according to a statement from the company on Sept. 22. Mission, founded in 1983, sources, produces and distributes avocados in more than 25 countries, the company said in a statement. The company currently has 3,125 full-time employees led by Chief Executive Stephen Barnard.
AeroVironment Inc. has introduced the Switchblade 600, a larger version of its drone-like missile system. The unmanned aircraft manufacturer said that the Switchblade 600 offers expanded capabilities for targeting larger, hardened targets at greater distances. It is based on the same tube-launched, collapsible wing, electric propulsion architecture as the original Switchblade 300. Weighing 50 pounds and with a set up time within 10 minutes, the Switchblade 600 has a flight time of more than 40 minutes. Should non-combatants be observed within proximity of the target, Switchblade’s patented “wave-off” feature allows operators to abort the mission at any time, then re-engage based on operator command. Chief Executive Wahid Nawabi said the new missile system delivers a combination of precision, control and effects on target and addresses missions performed by legacy missiles that represented more than $1 billion in Pentagon spending in fiscal year 2020.