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Thursday, Mar 28, 2024

THE DIGEST

THE DIGEST A ROUNDUP OF SAN FERNANDO VALLEY NEWS Westlake Firm Sold RVL Packaging, a Westlake Village-based manufacturer of labels for apparel manufacturers, has agreed to a sale to Avery Dennison Corp. The privately held company, which supplies labels to makers including Nike and Donna Karan, employs about 700 workers in facilities in 23 countries. Executives at the company, which is nearly 25 years old, declined comment on the transaction until the deal is completed, sometime during the current quarter. In a press release, Avery Dennison said that RVL’s senior management will remain with the merged company. Avery Dennison is a Pasadena company that manufactures a variety of tags and labels for consumer and industrial markets. Zenith Invests in Wynn Deal Zenith National Insurance Corp. spent $13 million to buy 1 million shares of Wynn Resorts Ltd., which will build Le Reve, a $2.4-billion Las Vegas hotel-casino. Woodland Hills-based Zenith’s common-stock holdings totaled $32 million as of June 30, along with its $900 million in bond holdings. Zenith’s purchase was nearly 2.9 percent of the total 34.6 million shares Wynn sold in an initial public offering. Zenith recently completed the sale of its nine-year-old Las Vegas real estate company for $65 million, freeing up funds to support growth of the workers’ compensation insurance specialist. Zenith has been profitable this year after recording losses in much of the last three years. Rising premiums have helped boost profits across the insurance industry since last year’s terrorist attacks. Zenith estimates it will record a gain on the sale of its Las Vegas real estate holdings in the fourth quarter of about $7 million and will receive approximately $28 million in repayment of intercompany loans from its home-building subsidiary. IPC-Hospitalist Gets Funding North Hollywood-based IPC-The Hospitalist Co. has secured $15.5 million in a fourth round of venture capital funding that will be used to further fuel the company’s continued growth. BA Venture Partners led the round and was joined by Morgenthaler Venture Partners, CB Health Ventures and Bessemer Venture Partners. All four companies participated in IPC’s $9.25 million third round of funding in 2001 and its $12.5 million second round of funding in 1999. Morgenthaler and Bessemer were also participants in Series A funding in 1998. IPC is comprised of nine regional practices totaling more than 300 physicians in Chicago, Dallas, Denver, Houston, Fort Worth, Oakland, Phoenix, St. Louis and Tucson. The new capital will also be used for physician recruitment and the potential acquisition of other hospitalist groups. IHOP Earnings Drop Third-quarter earnings dropped 11 percent at IHOP Corp., the Glendale-based restaurant chain. The company, which franchises International House of Pancakes restaurants in the U.S. and Canada, reported net income of $9.8 million, or 46 cents a share. That compared with $11.1 million, or 53 cents, for the same period a year ago. Revenue rose to $92.1 million from $81.1 million. Same-store sales dropped 1.2 percent for the quarter, compared with the year-ago period. The company expects to report fiscal 2002 earnings of $1.85 to $1.96 a share, down from prior expectations of $1.99 to $2.10 a share.

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