No tags have been applied so far. OpenGate Capital Group LLC et al v. Thermo Fisher Scientific Inc et al PennySaver workers are suing OpenGate in state and federal court, alleging that the company failed to provide adequate notice about the shutdown. OTHER FILED BY OPENGATE CAPITAL LLC ON 07/15/2015 [+] Read More [-] Read Less; 07/16/2015. Nikou was not named as a defendant in the suit. [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. [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. OpenGate closed PennySaver on May 22 without warning. Hufcor workers battle private equity owner with shame ad in Los Angeles The Motion was joined by defendants Andrew Nikou and Jay Yook.4 The 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 . Former employees of other OpenGate Capital portfolio companies have similar stories of hardship, and some warn that the ex-PennySaver employees are up against serious challenges. Mr. Moazami is currently the Chairman of Astrea Acquisition Corp (NASDAQ: ASAX) and Vcinity [] "Investment firm to buy Dean Foods dairy plant," BusinessWeek, 8-15-2011, Esperanza Azteca America launches first program in Los Angeles, Los Angeles Department of Water and Power, http://articles.businessinsider.com/2011-08-16/wall_street/29980017_1_private-equity-platinum-equity-pehub, http://www.themiddlemarket.com/maj/2010_25/andrew-nikou-213884-1.html, "Bullied as a Kid, This Founder Now Runs a $5 Billion Company. But not all OpenGate deals have worked out. OpenGate Capital. Nikou and OpenGate executives wouldnt discuss PennySavers closing. OpenGate Capital has a history of buying companies, only to close operations shortly thereafter, leaving communities across the country in the lurch. We have just sent you an email so you can verify your account. OpenGate, which acquired PennySaver in 2013, specializes in buying units of larger companies and reselling them. A global investment manager with a local touch. By continuing to use this site, closing this banner, or clicking "I Agree", you agree to the use of cookies. "OpenGate buys Cascades recycled box makers," Los Angeles Business, 6-14-2011. 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. [25] In that same year, the firm also completed six platform investments, and one add-on, all within the second fund. [30][31][32], Nikou sits on the Board of YELLOW, the non-profit organization founded by Pharrell Williams. Herb Titus, on what would have been his 20th anniversary with PennySaver, spent the afternoon protesting outside OpenGate Capital in Century City recently. 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. Its the. PEP2788708 to OpenGate Capital Management. Register now to read this article and more for free. At their side are elected officials who know that the whole country needs tough measures to reform private equity. The companys shares closed at $84.46 on Friday on the Nasdaq. Hufcor employees, Janesville residents, and union organizers have rallied against OpenGates greedy and exploitative practices. 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. At their side are elected officials who know that the whole country needs tough measures to reform private equity. Uber drivers and other app-based workers are facing an all-out safety crisis. OpenGate Capital has refinanced EverZinc, a global leading zinc They just dont flat out care about being a reputable business, from my perspective, Osten said. 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 the laboratory furniture company Hamilton Scientific. OpenGate Capital, a global private equity firm, has acquired Umicore Zinc Chemicals, a global leader in the production of specialty zinc chemicals, from parent company Umicore. [35][36][37], Nikou is married with children and resides in Nevada.[7]. ScioTeq, a market leader and established name in visualization solutions for the Air Traffic Control, Avionics and Defense markets, is entering a new era as a standalone company as the result of the acquisition by Private Equity firm OpenGate Capital as of 01 July 2021. Only months after signing the new union contract, employees were notified that the mill would close, said Richard Harrelle, president of the Steelworkers Local 1840, which represented around 100 of the approximately 145 people who worked at the company. OpenGate is perhaps best known for its 2008 purchase of the print version of TV Guide for a nominal price plus assumed debt. In court papers, the company said the trustees allegations are without merit. 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. 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. OpenGate Capital is part of the Finance industry, and located in California, United States. It would. 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. 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. Former employees of OpenGate Capital portfolio company Hamilton Scientific have filed a class action complaint alleging the firm and company owe them compensation after the company . OpenGate Capital is a global private equity firm specializing in the acquisition and operation of businesses to create new value through operational improvements, innovation, and growth . Hufcor, a market-leading producer of accordion-style doors and mobile room partitions, was profitable when OpenGate bought it. OpenGate Capital General Information. Banks dont do this. Every major bank in the U.S. covers the payrolls.. At age 25, he moved to Paris to help open the firm's first European office. This spring, 166 workers in Janesville, Wisconsin awoke to a nightmare. OpenGate Capital Realizes Investment in InRule Technology Industry: Investment & Asset Management. I find it to be despicable.. . (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. 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. A state claim for wages was filed in the dairys pending Delaware bankruptcy case. business closure in Janesville since the Great Recession. Our six-week newsletter will help you make the right decision for you and your property. OpenGate Capital, LLC, et al., Central District of California, Case No. PE Firm Sues For Fees On 347M Bid For Engine-Maker - Law360 When OpenGate bankrupted Pennysaver, a court-appointed trustee sued OpenGate for fraudulently siphoning money from the company through a variety of shady tactics: billing it for non-existent tax payments, loaning money to another OpenGate company at knockdown rates, and putting non-working OpenGate employees on its payroll. [17][18][19], In July 2016, OpenGate closed its first institutional fund, OpenGate Capital Partners I, at $305 million, exceeding its target of $300 million and raising about twice what the average new private equity fund does, according to Preqin. 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 . Founded in 2005, OpenGate Capital is a private equity firm based in Los Angeles, California. INTRODUCTION Before the Court is the Motion to Dismiss Pursuant to FRCP 12(b)(6) filed by OpenGate Capital Group, LLC, OpenGate Capital Management, LLC and PennySaver Investors, LLC's (collectively, "OpenGate"), which seeks to dismiss the Complaint filed by Don A. Beskrone, Chapter 7 Trustee for the estates of PennySaver USA Publishing, LLC, et al. At a chaotic meeting four days after PennySaver closed, employees were handed their final pay. It was one of the most shocking things that ever happened to me in my business life, Weinberg testified. Opengate Capital Grp. LLC v. Thermo Fisher Scientific Inc. 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. 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. janv. In the last 16 years, Andrew's leadership has grown OpenGate into a global company with a reputation for innovation and deal-making. . A fully integrated team of origination, investment and operations professionals. A $300-million (minimum) gondola to Dodger Stadium? The firm shut down its Fusion Paperboard plant just three years after acquiring it, 18 months after signing a 10-year loan from the state to remain operational, and only a few months after entering into a six-year contract with the local steelworkers union. Founded in 1979, Chemsolv is a diversified distributor offering more than 1,000 chemicals including solvents, plasticizers, coolants . Revenue: $1 to $5 billion (USD) Competitors: Unknown. "Nicole Farhi Buyer OpenGate Set to Announce Three More Deals," David Altaner, Bloomberg, 3-15-2010. OpenGate Capital Reviews: What Is It Like to Work At - Glassdoor 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. She sharply criticized OpenGate Capital for the closure. OpenGate Capital is a global private equity firm active in the lower middle-market and focused on acquiring corporate carve-outs, divestitures and special situations throughout North America, Western Europe and Latin America. OpenGate Capital is a global private equity firm specializing in the acquisition and operation of businesses to create new value through operational improvements, innovation and growth. Not meeting those goals or maintaining those levels would result in a default regardless of whether loan payments were made. Paris Area, France. Former employees of at least three former OpenGate portfolio companies have filed lawsuits or complaints alleging OpenGate or the companies it owned violated labor laws requiring businesses to notify employees 60 days before mass layoffs. In October 2019, OpenGate Capital closed on the firm's second institutional fund, OpenGate Capital Partners II, oversubscribed on its original $450 million target, with approximately $585 million in commitments. [11] Also in 2009, OpenGate purchased children's publishers Fleurus Presse and Junior Hebdo from Groupe Le Monde. 2 June 2015. It came as a complete shock to the management at the dairy and the union that they were about to close, said Eileen Appelbaum, a senior economist at the Washington, D.C.-based Center for Economic and Policy Research, whose book Private Equity at Work: When Wall Street Manages Main Street devotes a chapter to the Wisconsin dairy.
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