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The acquisition financing was arranged via a unitranche by Deutsche Bank as . All in the name to make us more efficient. They cut salaries. Kasoff said that the bank explicitly forced the default when, on the last day of operations, a bank representative phoned to say that the bank would not advance the $400,000 needed to fund corporate payrolls unless PennySaver agreed to shut down and dismiss all employees not needed to wind down the company. The sudden closure and lost pay did not surprise former employees of other companies once owned by OpenGate Capital the Los Angeles-based private equity firm that bought PennySaver in 2013. Several lawsuits had been filed claiming OpenGate and did not follow proper protocol under the WARN Act when firing hundreds of employees from both PennySaver and Hamilton Scientific. Workers are suing OpenGate in state and federal court, alleging it failed to provide adequate notice to workers about the shutdown and issued final paychecks that bounced. Newkirk was fully involved in the scam, prosecutors allege. [15] In 2018, OpenGate acquired the Italian stove and fireplace manufacturer Jotul from the European private equity group Ratos. Power Partners Inc., the first investment completed in OpenGate's first fund, was realized in November 2019 through the sale to Pioneer Transformers, a portfolio company of Mill Point Partners. OpenGate is perhaps best known for its 2008 purchase of the print version of TV Guide for a nominal price plus assumed debt. Chief Operating Officer & Managing Director, Head of Investor Relations & Communications, Operations Expert, Manufacturing & Supply Chain, Senior Advisor, European M&A - Technology, Founder, Executive Chairman, XPRIZE Foundation, Technology Expert, Industrials, Environmental, & Manufacturing 4.0, 2023 OpenGate Capital Management, LLC. The allegations are often complex, and the plaintiffs must prove that the defendant violated securities . OpenGate Capital raised a new fund: OpenGate Capital Partners II ($585,000,000) News Aug 20, 2019 FinSMEs OpenGate Capital Adds Mr. Damian Blazy as Principal in Operations In 2010, Dean Foods Company, its then owner, sold Golden Guernsey to a private equity company, Open Gate Capital, LLC ("Open Gate"), as part of the settlement of an antitrust lawsuit brought by the United States Department of Justice. While OpenGate was in negotiations to buy the business from Thermo Fisher, armed militants took cover in the Reynosa buildings cafeteria while fleeing their rivals, according to OpenGates lawsuit. Acquiring and creating transformative value in the lowertomiddle market across North America and Europe. [1] The firm is focused on the acquisition of lower to middle market businesses that are often privately owned, or non-core divisions of larger companies located around the world. Mr. Moazami's career spans 30+ years in the technology industry; predominantly in operating roles and the last nine years as a professional venture capitalist & advisor in Silicon Valley. However, after making a few payments, Fusion defaulted on a loan from the state of Connecticut, said State Sen. Cathy Osten, who is also the first selectman of Sprague the small town where Fusion was the main employer. But there were no stocks because the elder Darden was never a part of the deal, it is alleged. Instead, he sits on numerous boards and hes even been in talks about a. built around his private equity business. The state had awarded the company the loan with the understanding that it would stay in Connecticut 10 years. OpenGate Capital. Were hiring an Advocacy & Political Manager. [25] In that same year, the firm also completed six platform investments, and one add-on, all within the second fund. Coupon mailing company PennySaver USA was in default on its main operating loan for five months before it abruptly shut down on the eve of the Memorial Day weekend, something few of its roughly 680 employees knew before they were put out of work. He has a passion for people and a knack for recognizing what is needed to help businesses in . It was one of the most shocking things that ever happened to me in my business life, Weinberg testified. OpenGate Capital General Information. It bought Gabriel Ride Control, a shock absorber maker losing $20 million a year, returned it to profitability and preserved 1,400 jobs before selling it in 2012. Six months after the purchase, OpenGate sued Thermo Fisher, saying the company had concealed the fact that the Reynosa, Mexico, facility was under seige by the Gulf cartel, whose senior members brandished weapons at company employees and parked tractor trailers and cars at the facility. And the firm shut down its Fusion Paperboard plant just three years after acquiring it and only a few months after entering into a six-year contract with the local steelworkers union. 7-14-2011) . Capital One said it tried to work with PennySaver on the closure, but to no avail. Hufcor employees will not be the last to suffer at the hands of OpenGate, and nothing will change unless the firm is held accountable for its ruthless profiteering. OpenGate Capital is talking to limited partners about launching its next flagship, which could target up to $850 million, sources told Buyouts. The private equity firm claimed that the Reynosa, Mexico-based manufacturing facility, which it acquired as part of a larger deal from Thermo Fisher, had been regularly infiltrated by gangs from the Gulf Cartel since at least 2011, according to a copy of the complaint seen by Reuters. With its global presence and deep focus on target sectors and investment types, OpenGate is known to bring innovation and transformational value to complex transactions. What makes Janesville special in a lot of peoples minds is that we really had the real glory years here, former State Senator and activist Tim Cullen said. OpenGate Capital has a history of buying companies, only to close operations shortly thereafter, leaving communities across the country in the lurch. After we signed a contract we thought we were golden, but two months later they told us they were closing the place, Harrelle said. The firm first gained recognition for the acquisition of TV Guide Magazine in December 2008,[2] and the publication's turn to profitability in the first quarter of 2010.[3]. Confronted with this looming loss, Hufcor employees, Janesville residents and CWA union organizers have rallied against OpenGates greedy and exploitative practices. E-FILING TRANSACTION 2392305 RECEIVED ON 07/15/2015 . Banks dont do this. Every major bank in the U.S. covers the payrolls.. Investment Represents Strategy to Create European Aluminium Solutions Group. Through it all, few employees understood the depth of the companys distress. (Reuters) - Opengate Capital Group LLC filed a lawsuit on Friday alleging that laboratory equipment maker Thermo Fisher Scientific Inc. sold it a Mexican plant last year without revealing that a drug cartel was operating there. OpenGate Capital, LLC, et al., Central District of California, Case No. For ScioTeq, 2020 was again a record . Further explore our recent investment activities and quarterly reports, 2023 OpenGate Capital Management, LLC. 2:13-cv-03368 District Judge Audrey B. Collins, presiding. Withdrawing funding is a last minute resort, Capital One spokesman Michael Bulger said in an emailed statement. We need to take legislative action in Congress to rip up the predatory playbook that these private equity firms use to leave workers with nothing but pink slips and lost livelihoods, Senator Tammy Baldwin of Wisconsin, , the first major effort to reform the private equity sector, in the last Congress. In her letter to OpenGate Capital, Baldwin writes, "Your predatory actions in Wisconsin are a powerful example of the urgent need for these reforms." A copy of Senator Baldwin's letter can be found here and below. Our Standards: The Thomson Reuters Trust Principles. I just dont find it funny to ruin peoples lives. Debra Clancy, a senior account manager at PennySaver, joined about 30 other former employees as they yelled towards the 17th floor of a building that houses OpenGate Capital in Century City during a recent protest against the company. (Reuters) - Opengate Capital Group LLC filed a lawsuit on Friday alleging that laboratory equipment maker Thermo Fisher Scientific Inc TMO.N sold it a Mexican plant last year without revealing that a drug cartel was operating there. 3 min read. What the fk is going on? Weinberg wrote in an email to Newkirk on Nov. 12 after learning his cash was gone, according to trial testimony. Later that year, Nikou led OpenGate Capital's bid for McGraw-Hill Companies BusinessWeek magazine, then withdrew from the bidding. Andrew Nikou is the founder and CEO of OpenGate Capital, a global private buyout firm. The firm focuses on the acquisition of lower-to-mid-market businesses in the industrials, business services, and technology sectors. On 06/01/2015 MALLOY MITRA filed a Labor - Other Labor lawsuit against OPENGATE CAPITAL LLC. May 17-18, 2023 Hilton Tower Bridge, London, May 23-24, 2023 Convene 117 West 46th Street, New York, Get limited access to our industry news, analysis and data, plus regular email updates. [5], Under Nikou's leadership, OpenGate Capital bought founder-owned businesses and divisions of Fortune 500 companies such as Philips, Schlumberger, Arvin Meritor, Stora Enso and Cascades. [22] The deal was the fifth platform investment from OpenGate's debut fund. 14 at 5-6.) OpenGate is moving the plant to Mexico anyway. A decision by Wisconsins Department of Workforce Development said Golden Guernsey employees never got compensation for accrued vacation and wages, or for the 60 days that correspond with the required notice period. The employees say they didn't get money owed to them, including their final paychecks and vacation time. in Texas, Arkansas, and Wisconsin, who worked for the laboratory furniture company Hamilton Scientific. Revenue: $1 to $5 billion (USD) Competitors: Unknown. Andrew Nikou Founder, Chief Executive Officer OpenGate Capital 10250 Constellation Boulevard, 30th Floor [12] In 2010, Nikou was behind the OpenGate bid for Newsweek, owned by the Washington Post Company, but the firm did not acquire the publication.[13]. Previously, Andrew was the Board Membe r at Yellow and also held positions at SPACInsider, Platinum Equity. [34] On October 7, 2014, an official ceremony was held to celebrate the inauguration of the first Esperanza Azteca America program at the Florence Nightingale Middle School in Los Angeles. OpenGate Capital, the private equity firm that owns their employer, Hufcor, announced it was moving their plant out of Janesville taking those workers jobs and livelihoods with it. Official press release ScioTeq - EN. One of the lenders was Andrew Nikous OpenGate Capital, the company that recently sold its TVGM Holdings (owner of TV Guide magazine). It had about 100 workers, some of whom arrived at the plant one January morning to find the gates locked, according to state documents. Description. The suit claimed that Thermo Fisher had rushed negotiations and provided misleading answers to due-diligence inquiries. With a strategic international presence and a focus on corporate carve-outs and complex . This is ClassAction.org's current list of open lawsuits and investigations. How Palm Springs ran out Black and Latino families to build a fantasy for rich, white people, 17 SoCal hiking trails that are blooming with wildflowers (but probably not for long! It would. This rating has decreased by -11% over the last 12 months. Our tax dollars should make life better not go to waste on bloated military contracts and Pentagon boondoggles. [6] He was bullied in school for being short. Mr. Moazami is currently the Chairman of Astrea Acquisition Corp (NASDAQ: ASAX) and Vcinity [] In 2019, OpenGate acquired the German content-management platform CoreMedia. . (Photo provided by Americans for Financial Reform). Even though Hufcor was profitable when OpenGate bought it, maintained operations during the worst of the pandemic, and even advertised $16 hourly wages and generous benefits as recently as January 2021, OpenGate has nevertheless decided to relocate just as the pandemic eases. When PennySaver closed on May 22, it left 678 employees without a final paycheck or compensation for their accrued vacation days and it meant they had to scramble for health benefits. LOS ANGELES, June 01, 2022 -- ( BUSINESS WIRE )-- OpenGate Capital, a global private equity firm, announced that it has exited its investment in EverZinc, a global provider of specialty zinc . In 2005, Nikou founded OpenGate Capital with $30,000 from his own savings. OpenGate strategically invests in targeted sectors across five continents utilizing a diverse and experienced team with the ability to connect with business owners around the globe. But Fusion closed the plant only a year and a half after receiving the loan, Osten said. Those who cashed the bad checks were left on the hook for penalties levied by their banks. In May of 2022, it was announced Thermo Fisher Scientific went to court to seek a dismissal of the lawsuit. OpenGate Capital. A global investment manager with a local touch. OpenGate is not facing any lawsuits for lack of notification with regard to the mills closure. The firm faced six different lawsuits after abruptly laying off Pennysaver employees in the middle of a work day and failing to give workers their final paychecks. OpenGate is headquartered in Los Angeles and Paris and has a seasoned in-house team of professionals . We've received your submission. Even as hundreds of American workers have suffered from OpenGates schemes, Andrew Nikou, the OpenGate founder and CEO, has not faced any meaningful financial or social consequences for repeated business failures at the hands of his firm. Its a story about predatory private equity run amok. Shortly after the presentation, senior PennySaver staff members were asked to write to OpenGate partner Jay Yook, outlining how they would turn around the company, said Elaine Buckley, who at the time was PennySavers vice president of outside sales.

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