opengate capital lawsuit

OpenGate nevertheless was lured back in as a short-term lender to Darden. If we wanted to liquidate the company it would be done by now. Only one of OpenGate's subsidiaries included as a plaintiff is a California LLC. They had received no notice that the magazine would be shuttered. So far, six lawsuits have been filed against OpenGate Capital and/or PennySaver in local and federal courts for failing to notify employees of mass layoffs, according to Richard McCune, a lawyer representing PennySaver employees. She sharply criticized OpenGate Capital for the closure. Lauren moved back to the states in 2011 and now lives in Long Beach. A fully integrated team of origination, investment and operations professionals. OPENGATE CAPITAL GROUP, LLC, OPENGATE CAPITAL MANAGEMENT . Withdrawing funding is a last minute resort, Capital One spokesman Michael Bulger said in an emailed statement. We work with every customer to find a workable solution, but unfortunately we werent able to reach an agreement in this situation.. Before the deal even closed, executives at OpenGate met with PennySaver employees and touted their roughly 20 other acquisitions in a PowerPoint presentation obtained by the Register. (Photo provided by Americans for Financial Reform). OpenGate Capital, a global private equity firm, announced today in a joint statement with its portfolio company, Hufcor Inc. ("Hufcor"), the world leader in the design, manufacturing and installation of movable partitions and flexible space management solutions, the appointment of Mr. Koben Miceli as Chief Executive Officer, effective immediately. 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. OpenGate Capital is a private equity firm with offices in Los Angeles and Paris that strives to acquire and optimize lower middle market businesses throughout North America and Europe. One of those businesses, like PennySaver, filed for bankruptcy. The state had awarded the company the loan with the understanding that it would stay in Connecticut 10 years. By continuing to use this site, closing this banner, or clicking I Agree, you agree to the use of cookies. The Golden Guernsey plant employed over 100 workers. Last year, an OpenGate portfolio company called Fusion Paperboard in Sprague, Conn., shut down, eliminating 145 jobs and defaulting on the $1.8-million balance of a state-subsidized loan, according to the state Department of Economic and Community Development. Founded in 2005, OpenGate Capital is a global private equity firm that strives to acquire and optimize lower middle market businesses throughout North America and Europe with a strategic focus on operational improvement, innovation and growth. OpenGate Capital. in Janesville, Wisconsin awoke to a nightmare. Founded in 2005, OpenGate Capital is a private equity firm based in Los Angeles, California. 2019 - janv. Private equity, an ownership structure that puts distant financiers in charge of how a business is run, has been shown to result in worse health outcomes for patients, at greater cost. [14] Also in 2019, OpenGate purchased the UK-based Duraco Specialty Tapes, which then acquired Infinity Tapes the following year. Doing otherwise could create confusion, disruptions and other difficulties with operations.. Defendants OpenGate Capital, LLC and OpenGate Publishing, LLC (collectively, "the Open Gate entities" or "Defendants") filed the Motion to Disnnss that is presently before the Court. An investigation by the states Department of Workforce Development in 2013 cited the dairy for violating a federal law requiring a 60-day warning of mass layoffs and said it owed workers $1.6 million. It would curb the industrys worst abuses and prioritize people, not private equity profits. A court-appointed trustee, Similarly, employees at Golden Guernsey learned their company was closing when they showed up to work only to find the doors, . Thats the thing that bothers us most, McCarthy said. 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. It had about 100 workers, some of whom arrived at the plant one January morning to find the gates locked, according to state documents. In the last 16 years, Andrew's leadership has grown OpenGate into a global company with a reputation for innovation and deal-making. Similarly, employees at Golden Guernsey learned the company was closing when they showed up to work only to find the doors locked. "They basically told us 'We don't want to get to . After decades of pro-corporate globalization, people numb to its effects might write off Hufcors closure as a tragic but ultimately unavoidable consequence of a deadly pandemic and economic upheaval. 1:13-cv-01475 in the Delaware District Court. The efforts by Cerberus Capital Management to unload Maxim magazine in late 2013 may go down as one of the most litigious divestments in publishing history. Revenue: $1 to $5 billion (USD) Competitors: Unknown. 10250 Constellation Blvd Fl 30, Los Angeles, California, 90067, United States. OpenGate said PennySaver had to be closed because Capital One unexpectedly pulled its line of credit at the last minute. But Pawluk said things deteriorated soon after OpenGate Capital acquired Hufcor, a family-owned company founded in Janesville 120 years ago. 2:13-cv-03368 District Judge Audrey B. Collins, presiding. On 09/21/2021 Finsa Portafolios, S A de C V, filed a Property - Personal Property Fraud lawsuit against OpenGate Capital, LLC,. OpenGate tried to buy Maxim in early 2013 but was outbid by Darden Media Group. The trustee, Charles Stanziale, said OpenGate made no net investment in the dairy after its initial purchase and the value was consistently eroded over the months leading to bankruptcy. 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 . Nikou was born in 1977 in Vancouver, British Columbia, Canada. It agreed to provide $3.1 million in . Nikou and OpenGate executives wouldnt discuss PennySavers closing. This story has been shared 673,260 times. OpenGate Capital General Information. A court filing by the trustee overseeing the bankruptcy proceedings said Golden Guernsey owed $1.5 million because it had violated state labor laws that require 60 days notice to employees of mass layoffs. This case was filed in U.S. Courts Of Appeals, U.S. Court Of Appeals, Ninth Circuit. At their side are elected officials who know that the whole country needs tough measures to reform private equity. [8] In 2004, he left Platinum Equity and moved back to Los Angeles to start his own global investment firm. He has a passion for people and a knack for recognizing what is needed to help businesses in . of the Connecticut boxboard company Fusion Paperboard, and nearly. The first named plaintiff, OpenGate Capital Group LLC, and four of its subsidiaries named as plaintiffs are creatures of Delaware law as well. Above, workers attend a May 26 meeting. Senator Tammy Baldwin (D-WI) sent a letter today to Andrew Nikou, founder and CEO of OpenGate Capital, asking the Los Angeles-based private equity firm to honor their agreement with former Hufcor employees in Wisconsin. OpenGate is perhaps best known for its 2008 purchase of the print version of TV Guide for a nominal price plus assumed debt. Hufcor employees, Janesville residents, and union organizers have rallied against OpenGates greedy and exploitative practices. To date, OpenGate has laid off 678 California workers from the Pennysaver classified ad magazine, 100 Wisconsin workers at its Golden Guernsey dairy plant, 140 employees of the Connecticut boxboard company Fusion Paperboard, and nearly 200 employees in Texas, Arkansas, and Wisconsin, who worked for Hamilton Scientific, an OpenGate-owned laboratory furniture company. OpenGate sold OMMIC to Egalux SA Luxembourg in 2008. 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. It would. Industry: Investment & Asset Management. Thermo Fisher, the world's largest maker of laboratory equipment and scientific instruments, agreed to acquire Life Technologies Inc. It also said employees sought help from Thermo Fisher to address the cartel activity, but that security upgrade proposals were not implemented. Nikou, its founder, is a board member at the Hammer Museum and, until recently, at the Museum of Contemporary Art. Confronted with this looming loss, Hufcor employees, Janesville residents and CWA union organizers have rallied against OpenGates greedy and exploitative practices. OpenGate Capital, a Los Angeles firm that amassed $5 billion in revenue during its first decade in business, has run exactly that playbook in Janesville since acquiring Hufcor in 2017. OpenGate Capital. They think its a big joke. It would curb the industrys worst abuses and prioritize people, not private equity profits. The private equity firm bought the dairy in September 2011, after the Department of Justice required its previous owner, Dean Foods, to sell it because of antitrust concerns that Dean had too large a share of the school milk business. (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. In 2011, OpenGate Capital acquired a Connecticut-based boxboard manufacturer from Cascades Inc. and renamed it Fusion Paperboard. 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. Dean Starkman previously covered Wall Street for the Los Angeles Times; he left in 2016. The Motion was joined by defendants Andrew Nikou and Jay Yook.4 The Hufcor, a market-leading producer of accordion-style doors and mobile room partitions, was profitable when OpenGate bought it. He said that cost cuts and other moves had pushed PennySaver back toward profitability by May and the company was nearing the end of negotiations to refinance the line of credit or sell the company when Capital One stopped returning the companys calls. 9JANESVILLE The labor union that represents workers at Janesville's Hufcor factory is now pressuring Hufcor owner OpenGate Capital with a shame campaign that's playing out in Los Angeles, OpenGate's corporate home city. Those who cashed the bad checks were left on the hook for penalties levied by their banks. Other emerging managers in . Not the case? He was born in Vancouver, attended USCs business school and then took a job at Los Angeles private equity firm Platinum Equity in its Paris office, according to OpenGates website. OpenGate Capital, LLC, et al., Central District of California, Case No. It said the once-popular magazine was losing money and is now profitable. OpenGate manages a diverse, global portfolio across key verticals within Industrials and Technology sectors. 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. [20] As of August 2018, OpenGate's first fund had completed nine platform investments, five of which had closed in 2016. To me, you dont sign a six-year contract and decide to close a facility.. [6] He was bullied in school for being short. 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Emerging managers like OpenGate are seeking reception with limited partners, who generally have been happy to stick with their established relationships in uncertain markets. Paris Area, France. . But the fact is that weve lost those jobs and nothing has replaced them.. At OpenGate, we strive for a culture that promotes open communication and empowerment of fellow team members.. PennySaver workers are suing OpenGate in state and federal court, alleging that the company failed to provide adequate notice about the shutdown. 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 wrote. I consider this company, OpenGate Capital, to be the robber barons of this age, Osten said. 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. 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. [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. They cut salaries. This spring, 166 workers in Janesville, Wisconsin awoke to a nightmare. OpenGate Capital is part of the Finance industry, and located in California, United States. A runner, rock climber and board game enthusiast, Lauren is perpetually training for the next race day. Nikou instead tries to generate goodwill as a philanthropist and has even started his own foundation, which boasts of a mission driven by values empowering individuals and communities. Nikou still sits on numerous boards, including that of the Hammer Museum in Los Angeles. OpenGate Capital has a history of buying companies, only to close operations shortly thereafter, leaving communities across the country in the lurch. It agreed to provide $3.1 million in financing in November 2013 for five days. With a strategic international presence and a focus on corporate carve . This post was guest authored by Elisa McCartin. In 2010, Nikou was named a Top Dealmaker of 2010 by Mergers & Acquisitions magazine. 19, Ex. [26], Prior to raising its first institutional fund, OpenGate also acquired the Waukesha, Wisconsin plant and brand rights to Golden Guernsey Dairy as the result of an antitrust divestment of Dean Foods, which was required to sell the plant to purchase GGD's other plants in the state. 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. 1 at 17.) Hamilton Scientific would pay employees once it got its funding together, according to the April PE Hub article. Andrew Nikou Founder, Chief Executive Officer OpenGate Capital 10250 Constellation Boulevard, 30th Floor OpenGate closed the PennySaver on May 22 with out warning. It was rough, but they didnt care. Kasoff, making the first extended comments on behalf of PennySaver since its closure, said the default was technical and that the company was paying down the loan. I worked the for a little over 4. Barry L. Kasoff, president of Realization Services who served as PennySavers chief restructuring officer, denied the assertion and said the decision to close with little notice was dictated by Capital One. After we signed a contract we thought we were golden, but two months later they told us they were closing the place, Harrelle said. After laying off all 166 workers at Hufcor's Janesville plant, OpenGate Capital drove the company . In December 2014, OpenGate Capital hired Realization Services, an East Coast company specializing in turnaround management. Investment Represents Strategy to Create European Aluminium Solutions Group. He was also in talks about a reality TV show built around his private equity business. The lawsuit was dismissed in April 2016. "Nicole Farhi Buyer OpenGate Set to Announce Three More Deals," David Altaner, Bloomberg, 3-15-2010. here to register, Not for publication, email or dissemination, Veritas-backed HMH buys educational services nonprofit NWEA, Professional services company FMP inks $36.5m from Alaris, NMS recaps environmental services firms Texas Pride and Texas Dumpster Companies, MSCP invests in services for homeowners; Patient Square launches platform for medical device makers, Leonard Green to acquire minority stake in HUB; plus Investcorp, Sound Partners, Odyssey invest in HVAC, 700 million people will make their home in African cities over the next decade, said DPIs Marc Stoneham. Reporting by Pallavi Ail in Bangalore, Karl Plume in Chicago; editing by Gunna Dickson. OpenGate Capital, which owns PennySaver, has, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Reddit (Opens in new window), OpenGate Capital, which owns PennySaver, has closed other companies, too, Whats new: Loma Villas apartments sell for $21.5M to investor, 4 dead in Mojave Desert community after shooting report, El Chapo sons send Mexico cartels cheap fentanyl into US, Sacramento Snapshot: Cities would need to include homeless-serving housing in state plans under new bill, Orange County restaurants shut down by health inspectors (April 20-27), More land sliding at Casa Romantica; residents evacuated, trains halted through San Clemente, Orange County Artist of the Year winners announced, Then and Now: Photos of Casa Romantica show damage caused by landside, Fire at Barnes & Noble in Orange disrupts book-signing event, OC Marine who volunteered in Ukraine, survived rocket attack: I would do it again, The DMV says permission to drive is based on ability, but older drivers are scrutinized more, Cold, drizzly week ahead for Southern California, A look at Orange Countys baseball teams and the CIF-SS playoffs, Joe Bidens re-election bid is off to a bad start, Do Not Sell/Share My Personal Information. I just dont find it funny to ruin peoples lives. "Meet The Private Equity CEO Who's In Talks For His Own Reality Show," Julia La Roche, Business Insider, 8-16-2011. The cases that former employees have highlighted as OpenGate failures include: the shuttering of Golden Guernsey on a Saturday morning in 2013, with no notice to employees; the closure of Connecticut-based Fusion Paperboard shortly after it had received a state loan to stay put for 10 years; and the shutdown of OpenGates laboratory furniture business, Hamilton Scientific, after it discovered that a drug cartel had overrun its Mexico plant and it was evicted from its Texas facility. Lawyer Harvey Newkirk, formerly with the Bryan Cave firm, this week sits in the legal dock in Manhattan federal court, accused of concocting a fraud with Calvin Darden Jr., a convicted felon, to rob investors of millions of dollars by falsely presenting successful businessman Calvin Darden Sr. as the leading force behind the deal. Opengate said gang members brandished weapons to intimidate employees at the facility and parked their cars and tractor-trailers filled with unknown cargo there. All quotes delayed a minimum of 15 minutes. How to avoid leaving money on the table, Congressional investigators blame airlines for most flight cancellations, First Republic Bank stock plunges to record low as rescue plan proves elusive, Fed faults Silicon Valley Bank execs and itself in bank failure. Nikou was not named as a defendant in the suit. and prioritize people, not private equity profits. Were hiring an Advocacy & Political Manager. But there were no stocks because the elder Darden was never a part of the deal, it is alleged. Andrew Nikou is the Founder & Chief Executive Officer at OpenGate Capital based in Los Angeles, California. At a chaotic meeting four days after PennySaver closed, employees were handed their final pay. Three days later, the company filed for Chapter 7 bankruptcy liquidation. . At OpenGate, we recognize the importance of building resilient infrastructure for our employees, portfolio companies and environment through responsible investing. OpenGate Capital is a global private equity firm headquartered in Los Angeles, California and Paris, France that focuses on the acquisition and optimization of underperforming businesses in the lower middle market throughout North America and Europe. OpenGate's professionals possess the . Generating long-term value June 18, 10:39 a.m.: An earlier version of this article and an accompanying photo caption reported that PennySaver workers were suing OpenGate Capital and its managing partner, Andrew Nikou. All rights reserved. The owner, private equity firm OpenGate Capital in Century City, had turned over management of the firm in December to a restructuring and liquidation company, Realization Services Inc. in Bedford Hills, N.Y. And in the two months before the shutdown, the lender, a unit of Capital One Financial Corp., had placed one and sometimes two representatives at PennySavers Brea headquarters to monitor the operation and the companys financial condition, under terms of the line of credit it was using to pay employees, among other expenses. His parents left their native Tehran before the Iranian Revolution and relocated to Canada, later moving with Nikou to California when he was four years old. No tags have been applied so far. Andrew Nikou is the Founder and Chief Executive Officer of OpenGate Capital, a Los Angeles-based firm with offices in Paris, France. [28][29], Past closures also included PennySaver USA and Hamilton Scientific. It was one of the most shocking things that ever happened to me in my business life, Weinberg testified. He just settled this one, DeSantis board approves suing Disney in response to lawsuit, Regulators seize First Republic Bank, sell to JPMorgan Chase, What the work-from-home era has done to office politics, First Republic up in air as regulators juggle banks fate. You always pay your employees. The 10-year-old private equity firm has acquired some 20 companies since its founding, and famously bought TV Guide for $1 in 2008. A native of California, Lauren attended Cal State Long Beach where she majored in journalism and political science. 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. Over the past three years, OpenGate Capital has shut several of its portfolio companies, laying off employees with little to no warning in some cases. Around the same time, it was engaged in negotiations to be acquired by another company. A global investment manager with a local touch. One of the lenders was Andrew Nikous OpenGate Capital, the company that recently sold its TVGM Holdings (owner of TV Guide magazine). Fusion employees received 60 days notice in July and stayed on until the mill closed in September. By continuing to use this site, closing this banner, or clicking "I Agree", you agree to the use of cookies. Roughly $4.9 million of the $5.5 million of Weinbergs cash, forwarded to Newkirk, disappeared on Nov. 12, 2013, when a fake email, purportedly from Weinberg, released the money, prosecutors charge. Golden Guernsey owes the ex-employees that money, and it also owes $30,000 in penalties because it failed to notify the mayor of Waukesha, the town where Golden Guernsey was located, that mass layoffs were imminent, the state agency ruled. Click here. [30][31][32], Nikou sits on the Board of YELLOW, the non-profit organization founded by Pharrell Williams. MILWAUKEE (January 11, 2022) - Chemsolv, Inc. ("Chemsolv"), a leading distributor of commodity and specialty chemicals based in Roanoke, VA, has been acquired by OpenGate Capital ("OpenGate"). That explanation ignores the blatant injustice done to Hufcor workers, whose woes reflect the influence of predatory private equity, and tells a story of Wall Street run amok. [9], In 2019, OpenGate purchased the lock company Sargent and Greenleaf from Stanley Black & Decker. Baldwin was a co-sponsor of the Stop Wall Street Looting Act, the first major effort to reform the private equity sector, in the last Congress. [35][36][37], Nikou is married with children and resides in Nevada.[7]. Our Standards: The Thomson Reuters Trust Principles. Sontchi, C.J. 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. "Top Dealmaker Andrew Nikou: The founder of Opengate Capital is making a name for himself on reclamation projects," Danielle Fugazy, Mergers & Acquisitions, 12-7-2010. OpenGate Capital Group LLC et al v. . This case was filed in Orange County Superior Courts, Civil Complex Center located in Orange, California. 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. OpenGate also faced numerous lawsuits stemming from its dealings at Hamilton Scientific, including not giving employees adequate notice of its Texas plant closure and selling a Mexican plant without disclosing it was harboring a drug cartel. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California with a European office in Paris, France. After decades of pro-corporate globalization, people numb to its effects might write . But in some cases, as with PennySaver, external circumstances frustrate our ability to have our investments realize their full potential.. Esko, a global developer of integrated software and hardware solutions for the packaging and label sectors, has confirmed the successful closing of the sale of its Kongsberg digital finishing business to OpenGate Capital on April 1 st 2021.. OpenGate Capital is a private equity firm headquartered in Los Angeles, California, with a European office in Paris and investments on five continents. So far, six lawsuits have been filed against OpenGate Capital and/or PennySaver in local and federal courts for failing to notify employees of mass layoffs, according to Richard McCune, a lawyer . [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]. This rating has decreased by -11% over the last 12 months. In September 2013, OpenGate acquired PennySaver for $22.5 million. A link has been emailed to you - check your inbox. In 2001, Nikou began his career in private equity at Platinum Equity. This is ClassAction.org's current list of open lawsuits and investigations. 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, Sen. Tammy Baldwin of Wisconsin wrote on Facebook.

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