Your activity looks suspicious to us. Terms of the investment were not disclosed. It is normal course and practice that all parties to a contemplated transaction withhold announcements to any outside parties until there is certainty there will be closure, Fahn said. 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. It would. A fully integrated team of origination, investment and operations professionals. Unless we do, Hufcor employees wont be the last to suffer at the hands of private equity and its ruthless profiteering. Nikou was born in 1977 in Vancouver, British Columbia, Canada. At OpenGate, we strive for a culture that promotes open communication and empowerment of fellow team members.. 19, Ex. Our six-week newsletter will help you make the right decision for you and your property. An uncommon approach to investing in and growing complex businesses. 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. 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. "They basically told us 'We don't want to get to . [10], In 2008, Nikou negotiated the deal for OpenGate Capital to acquire TV Guide for $1 and $50 million in assumed liabilities from owner Rovi Corporation (previously Macrovision). The legislation will end "the failed experiment of gutting Michigan workers' rights," said one lawmaker. Founded in 2005, OpenGate Capital is a private equity firm based in Los Angeles, California. OpenGate uncovered that the facility was being used by senior local leaders of the Mexican Gulf Cartel, according to a federal complaint filed on June 12 . To date, the firm has completed more than 75 transactions, including . Andrew Nikou is the Founder & Chief Executive Officer at OpenGate Capital based in Los Angeles, California. Employees who started work later arrived to find the facility locked. OpenGate notes that its business model is to take chances on faltering companies, and that carries inherent risks. Andrew received a Bachelor of Science degree from University of Southern . (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. Nikou was not named as a defendant in the suit. Hamilton Scientific would pay employees once it got its funding together, according to the April PE Hub article. In the weeks leading up to the coupon magazines mass layoffs, managers were on a tear, asking advertisers to pay up front and offering sales representatives bonuses for bringing in the most money, Buckley said. We have just sent you an email so you can verify your account. 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. You get out of default.. It had been in business 50 years. In 33 years with the 83-year-old company, he saw it operate under three different owners, most recently OpenGate Capital. 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. Earlier this year, employees at Hamilton Scientifics Wisconsin facility received notices that they would be laid off in 60 days but were then furloughed, according to an article from PE Hub, a publication that focuses on private equity companies. Its website says its businesses generate annual revenue of about $3 billion, making it a small player. 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 . OpenGate said PennySaver had to be closed because Capital One unexpectedly pulled its line of credit at the last minute. With a strategic international presence and a focus on corporate carve-outs and complex . janv. But OpenGate never got a dime after it lent the cash as the alleged fraud was uncovered. business closure in Janesville since the Great Recession. (D.I. [15] In 2018, OpenGate acquired the Italian stove and fireplace manufacturer Jotul from the European private equity group Ratos. 66% of employees would recommend working at OpenGate Capital to a friend and 61% have a positive outlook for the business. $16 hourly wages and generous benefits as recently as January 2021. If we wanted to liquidate the company it would be done by now. Reporting by Pallavi Ail in Bangalore, Karl Plume in Chicago; editing by Gunna Dickson. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. 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. More than two years after the dairy closed, with bankruptcy proceedings still unfolding, the Storm family hasnt seen the $23,000 they estimate they are owed for the lack of notice and unpaid vacation days. In the last 16 years, Andrew's leadership has grown OpenGate into a global company with a reputation for innovation and deal-making. Thermo Fisher made none of the upgrades that were recommended by its security advisers in January and February 2012, and took no meaningful action to fortify or further secure the Facility in response to the continuing cartel infiltration, the complaint said. We've received your submission. Other emerging managers in . 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. Its a story about predatory private equity run amok. Capital One said it tried to work with PennySaver on the closure, but to no avail. On Friday May 21,2015 they fired all employees. Above, workers attend a May 26 meeting. Language links are at the top of the page across from the title. On May 27, 2021, 166 workers in Janesville, Wisconsin awoke to a nightmare. June 16, 2021. OpenGate Capital, LLC, et al., Central District of California, Case No. 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. 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 not like they didnt know they had to give 60 days notice, and its not like they didnt know there were some significant financial issues, said Richard McCune, a Redlands lawyer who filed a lawsuit seeking class-action status on behalf of former employees. [23] OpenGate rebranded the business EverZinc; within Umicore it had generated $425 million in revenue in 2015.[24]. during its first decade in business, has run exactly that playbook in Janesville since acquiring Hufcor in 2017. 2:13-cv-03368 District Judge Audrey B. Collins, presiding. This is ClassAction.org's current list of open lawsuits and investigations. "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. 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. Post-closing, Open Gate employee Andrew Nikou was appointed as the sole member of Golden Guernsey. 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. With a strategic international presence and a focus on corporate carve . The company was starting to be profitable. Official press release ScioTeq - EN. 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 . Opengate said gang members brandished weapons to intimidate employees at the facility and parked their cars and tractor-trailers filled with unknown cargo there. 1:13-cv-01475 in the Delaware District Court. 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. 14 at 5-6.) [33] In 2014, Nikou announced that he was forming a partnership with businessman Ricardo Salinas to bring Esperanza Azteca Youth Orchestra to Los Angeles through a partnership with the city's mayor, Eric Garcetti. Not meeting those goals or maintaining those levels would result in a default regardless of whether loan payments were made. In 2011, the firm acquired NorPaper Avot Valle, a specialty paper manufacturer based in France. [27], On January 5, 2013, Golden Guernsey ceased operations without notice in an alleged violation of the State of Wisconsin's mass layoff/shutdown regulations. 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. 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. [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 buys Cascades recycled box makers," Los Angeles Business, 6-14-2011. [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 Capital Group LLC et al v. . Banks dont do this. Every major bank in the U.S. covers the payrolls.. 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. All rights reserved. She sharply criticized OpenGate Capital for the closure. The Industrial Division of the Communication Workers of America paid to publish an open letter to OpenGate Capital's CEO, Andrew Nikou, in an advertisement that . Our Standards: The Thomson Reuters Trust Principles. And in 2010, OpenGate acquired Brazilian-based Philips Business Communications, since renamed Sopho which was merged into Getronics LATAM, and Finland-based KotkaMills, a laminating paper and wood business. 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. 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. Don't have an account? Hufcor is shipping its Janesville plant to Monterrey, Mexico, making it the biggest business closure in Janesville since the town lost 2,500 jobs when a GM plant closed during the Great Recession. Employees of other OpenGate companies have suffered similar fates. 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. 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. Catherine A. Osten, Spragues first selectman, the equivalent of mayor, said the company owes more than $240,000 in back taxes. [35][36][37], Nikou is married with children and resides in Nevada.[7]. Elaine Buckley, a former senior vice president for sales and a 35-year employee, said she believes the company was in liquidation mode for months. They think its a big joke. OTHER FILED BY OPENGATE CAPITAL LLC ON 07/15/2015 [+] Read More [-] Read Less; 07/16/2015. Founder & Chief Executive Officer at OpenGate Capital . [30][31][32], Nikou sits on the Board of YELLOW, the non-profit organization founded by Pharrell Williams. But the fact is that weve lost those jobs and nothing has replaced them.. Federal Civil Lawsuit California Central District Court, Case No. PennySaver workers are suing OpenGate in state and federal court, alleging that the company failed to provide adequate notice about the shutdown. 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. Paris Area, France. Revenue: $1 to $5 billion (USD) Competitors: Unknown. 20201 an 1 mois. The list is updated frequently, so check . This case was filed in Orange County Superior Courts, Civil Complex Center located in Orange, California. [11] Also in 2009, OpenGate purchased children's publishers Fleurus Presse and Junior Hebdo from Groupe Le Monde. OpenGate Capital is a private equity firm that strives to acquire and optimize lower-to-middle market businesses throughout North America and Europe. OpenGate Capital Management has sued the British parent company of a German industrial engine-maker to recover fees after the private equity firm's 347 million ($480 million) deal to buy the . Hufcor, a market-leading producer of accordion-style doors and mobile room partitions, is one of many companies reeling from the private equity model in which firms acquire businesses and squeeze them for cash, routinely causing bankruptcies. It would curb the industrys worst abuses and prioritize people, not private equity profits. Confronted with this looming loss, Hufcor employees, Janesville residents and CWA union organizers have rallied against OpenGates greedy and exploitative practices. Click Acquiring and creating transformative value in the lowertomiddle market across North America and Europe. 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. At OpenGate, we strive for a culture that promotes open communication and empowerment of fellow team members.. (Photo provided by Americans for Financial Reform). [28][29], Past closures also included PennySaver USA and Hamilton Scientific. The employees say they didn't get money owed to them including their paychecks and vacation time. A global investment manager with a local touch. Likewise, OpenGate itself has continued to raise millions since bankrupting its previous companies, enabling these practices to continue unabated. In early 2014, Fusion signed a six-year contract with the union representing its employees. The state had awarded the company the loan with the understanding that it would stay in Connecticut 10 years. This isnt just another story about corporate globalization or pandemic upheaval. Kasoff said that his sole focus after his company was brought in was on fixing PennySaver and that a shutdown was never contemplated until Capital One shut off credit without explanation. Newkirks lawyer, Jonathan Harris, claims Newkirk is no more than a victim just one of many duped by con man Darden Jr. At least two civil suits were filed by lenders who forked over money because they thought they were lending it to Darden Sr. only to learn otherwise when it was too late. 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. Not the case? 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. You should only be asked to sign in once. Attorneys are either actively filing these cases or investigating to determine whether lawsuits can be filed. OpenGate Capital Group LLC et al v. 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This article was originally published on OtherWords. Senator 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. 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]. In September 2013, OpenGate acquired PennySaver for $22.5 million. Vice President. 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. Nikou is actively involved with the management of each of the companies held in the portfolio. 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. Its the biggest business closure in Janesville since the Great Recession. 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. 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. 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. Former PennySaver employees are administering a crowdfunding site to help those left in the lurch. LOS ANGELES, August 23, 2022 -- ( BUSINESS WIRE )-- OpenGate Capital, a global private equity firm, announced today it . . At age 25, he moved to Paris to help open the firm's first European office. OpenGate Capital. [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. Please prove that you're human. [5] however, his actions have also drawn substantial criticism, including numerous lawsuits. Jul. Open Gate Capital aquired my company Pennysaver USA 1 1/2 years ago. [7] Nikou studied finance at the University of Southern California Marshall School of Business. Once OpenGate snapped up by OpenGate in 2017, OpenGate's new regime heightened tensions and ended a relatively amicable relationship between management and the workers of IUE-CWA Local 84811 . Wrong. OpenGate Capital is a Los Angeles based private equity firm that specializes in acquiring and optimizing lower-to-middle market businesses across North America and Europe. OpenGate Capital, the private equity firm that owns their employer, Hufcor, announced it was moving its plant out of Janesville, taking those workers' jobs and livelihoods with it. At OpenGate, we recognize the importance of building resilient infrastructure for our employees, portfolio companies and environment through responsible investing. 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 decades of pro-corporate globalization, people numb to its effects might write . "Meet The Private Equity CEO Who's In Talks For His Own Reality Show," Julia La Roche, Business Insider, 8-16-2011. 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. Founded in 1979, Chemsolv is a diversified distributor offering more than 1,000 chemicals including solvents, plasticizers, coolants . In addition, OpenGate was to get 10 percent in Maxim plus a $500,000-a-year annual consulting fee, according to testimony. Darden promised to repay OpenGate $3.41 million on Friday for the loan made on Monday, according to court testimony. In too many cases with private equity, big firms acquire businesses and squeeze them for cash, routinely causing bankruptcies. 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. 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. 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. In 2012, Nikou was a recipient of The M&A Advisor's "Top 40 Under 40" award,[4] for the West Region. Why would we put in all that effort?. The company is in the process of selling assets to make good on the loan, Fahn said. One of those businesses, like PennySaver, filed for bankruptcy. 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. Were hiring an Advocacy & Political Manager. 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. A bankruptcy trustee subsequently alleged in a court filing that Nikou and OpenGate had obtained the company at a bargain purchase price when the fair value of assets exceeded liabilities by $10.9 million. But those changes did not prepare workers for its sudden closure when, in the middle of the afternoon on a Friday, employees were asked to pack up and leave. 2 June 2015. Lauren moved back to the states in 2011 and now lives in Long Beach. In 2011, OpenGate Capital acquired a Connecticut-based boxboard manufacturer from Cascades Inc. and renamed it Fusion Paperboard. By continuing to use this site, closing this banner, or clicking I Agree, you agree to the use of cookies. 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. Do Not Sell or Share My Personal Information, Musk said hed never settle an unjust legal case against him. OpenGate tried to buy Maxim in early 2013 but was outbid by Darden Media Group. In 2019, OpenGate acquired the German content-management platform CoreMedia. Andrew McCarthy, 53, started working for Golden Guernsey when he was 19 years old. Nikou grew up with a passion for trading baseball cards and competing in breakdancing competitions. 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. OpenGate has had successes. At their side are elected officials who know that the whole country needs tough measures to reform private equity. If we wanted the employees to be paid, we had to immediately terminate all the employees other than those that were needed to liquidate, Kasoff said. Among them were a French childrens book publisher, a Finnish paper producer, the Nicole Farhi division of fashion firm French Connection and Models One Ltd., the modeling agency that has represented supermodels Bar Refaeli, Alessandra Ambrosio, Linda Evangelista and others.
opengate capital lawsuit
