AROUND THE VALLEYS

   CONEJO VALLEY

THOUSAND OAKS

Teledyne Marine received a $16 million, five-year contract from the U.S. Geological Survey to provide instruments, sonars and unmanned surface vehicles. Teledyne Marine, the Poway-based business unit of Teledyne Technologies Inc., and its brands have been supplying the Geological Survey with product for more than 20 years. Mike Read, president of Teledyne Marine, said the division was looking forward to continuing its long-standing service to the USGS by providing tools and technology to conduct critical science and environmental monitoring. “The use of our instrumentation and vehicles will enable better decisions and policies impacting the United States, its natural resources and the natural hazards that threaten it,” Read said in a statement. “We’re honored to play a continued and substantial role in this important work.” The contract includes, but is not limited to, Teledyne RD Instruments Acoustic Doppler Current Profilers for current profiling, stream monitoring and discharge measurements; Teledyne Oceanscience Unmanned Surface Vehicles for remote controlled surveys and data collection; and Teledyne RESON and Teledyne ODOM multibeam and single beam sonars for high-resolution hydrographic surveys, according to a release from the company.

WESTLAKE VILLAGE

PennyMac Financial Services released fourth-quarter and full 2021 results, reporting a net income of $173 million and a decline in profits. Net income to shareholders was $2.79 per share for the quarter, compared to $5.97 a year ago. Total revenue for the quarter came to nearly $501 million, compared to $859 million in the same quarter the previous year. Pretax income for the mortgage lender and servicer was $234.1 million, a 31 percent decrease from the previous quarter and 62 percent decline from the fourth quarter of 2020. PennyMac’s servicing portfolio grew 3 percent from the previous quarter and 19 percent from Dec. 2021. The portfolio growth was driven by production volumes that acted as a strong offset to heightened prepayment activity. Chief Executive David Spector said that the company’s fourth quarter demonstrates the earnings power of its mortgage banking model, adding that PennyMac’s pretax income from its servicing business exceeded that from its production business. “Market share in our most profitable channel, consumer direct, has increased meaningfully since last year, which will improve the long-term earnings profile of our production business over time,” Spector said in a statement. The company’s 2021 total net revenue of $3.2 billion was down from $3.7 billion in 2020. Full-year net income was also down to $1 billion compared to $1.6 billion in 2020.

  SAN FERNANDO VALLEY

CHATSWORTH

Cavitation Technologies received an order for two of its nano reactor systems at a vegetable oil refinery in India. The order, secured by Desmet Ballestra Group, represents the seventh and eighth systems that the manufacturer has provided to India and the 14th order in Southeast Asia. Cavitation manufactures fluid processing systems for making edible oils, renewable fuels, alcoholic beverages and clean water. The nano reactors will be installed at ANA Oleo Pvt. Ltd., a joint venture between large palm oil exporters Apical and Acalpo Group, both in Singapore. ANA Oleo is located at Krishnapatnam Port, the largest deep seaport on the east coast of India, near the city of Nellore. Roman Gordon, global technology officer of Cavitation Technologies, said that India has proven a great opportunity for the company since the introduction of its patented technology seven years ago. 

ENCINO

Menchie’s Frozen Yogurt will take home the Janet & Bert Boeckman Business Leadership Award at the Valley Economic Alliance’s 2022 Valley of the Stars Award Gala in April, the nonprofit announced. The frozen yogurt chain, founded in 2007, is now the world’s largest self-serve frozen yogurt franchise with more than 540 locations worldwide. Chief executive Amit Kleinberger will be honored for his business’ success at the alliance’s annual gala, which celebrates the businesses, people, and personalities that contribute to the vitality of the San Fernando Valley. Earlier, the alliance announced that Ken Craft, chief executive at Hope of the Valley Rescue Mission, will receive the 2022 Star of the Valley Humanitarian Award. The awards gala on April 8 will feature television personality Jerry O’Connell as master of ceremonies. The event will take place at the Castaway Burbank located at 1250 E. Harvard Road in Burbank.

  SANTA CLARITA VALLEY

VALENCIA

Princess Cruises announced an expansion to its touchless transaction technology, bringing the previously on-ship exclusive MedallionPay option to port stores and restaurants in Mexico, the Carribean and Alaska. Diamonds International and Cariloha retailers are among the more than 65 merchants – including restaurants, bars, souvenir stores, museums and excursion operators – at select ports that now accept MedallionPay, according to a company statement. The MedallionClass technology allows cruise passengers to link a payment method to a half-dollar sized medallion that both replaces a room key and serves as a locator to allow service staff or family members to find them anywhere on board. The medallions will now work at participating locations in St. Thomas, Cabo San Lucas, Cozumel, and Puerta Vallarta, with an Alaskan expansion planned for “the near future,” according to a Princess Cruises statement.

  TRI-CITIES

BURBANK

Legendary Entertainment has a new minority owner following a $760 million equity investment in the company by private equity firm Apollo Global Management Inc. Film production house Legendary was attractive to Apollo in New York for its premium content and distribution capabilities and its growth plans for the years ahead. Together with Legendary’s management team, Apollo sees strong potential merger and acquisition opportunities for the company across a variety of media categories, Apollo said in a release. Legendary’s most recent release was science-fiction remake “Dune.” Joshua Grode, chief executive at Legendary, said the company was excited to welcome Apollo as a new shareholder in the business. “This fund investment from Apollo validates our success to-date and invigorates our growth plans with a strategic capital partner who shares our goal to grow the business,” Grode said in a statement. Apollo private equity partners Aaron Sobel and Lee Solomon said that Legendary is known for its world-class content and franchise features and has strong relationships with top studios and streaming platforms. “In making this fund investment, we were excited by the velocity in their television and film business, the strong management team and the massive secular tailwinds driving the industry,” Sobel and Solomon said in a statement.

GLENDALE

A 117,000-square-foot industrial building located at 2800 Casitas Ave. sold in an off-market deal for $43 million. Rexford Industrial Realty acquired the property from Pan Am Equities. Executive Vice President of Colliers David Harding closed the deal with his industrial team Executive Vice President Greg Geraci, Executive Vice President Matt Dierckman and Senior Vice President Billy Walk. The transaction speaks to a more significant trend of industrial being the asset class of choice of investors as demand by entertainment and creative tenants remain strong. Initially purchased by Pan Am Equities in 2016 for $22 million with the intention of tearing down the concrete tilt-up structure to build high-rise multi-family residential, the seller had yet to receive the necessary entitlements. 

Loop Media Inc. has announced a partnership with Sonifi Solutions to provide its streaming music content through Sonifi’s hotel room platform. Sonifi provides technology to hospitality properties. Loop Media’s content will integrate with Sonifi’s existing TV channel offerings as a custom music video channel available to guests, the company said in a release. Jon Niermann, chief executive of Loop Media, said that the partnership with Sonifi in Los Angeles is a welcome addition to its growing list of partners. “This partnership expands our reach to viewers and reinforces our core mission to provide premium entertainment options in out-of-home environments,” Niermann said in a statement.