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A fully integrated team of origination, investment and operations professionals. OpenGate Capital Realizes Investment in InRule Technology After laying off all 166 workers at Hufcor's Janesville plant, OpenGate Capital drove the company . In 2010, Nikou was named a Top Dealmaker of 2010 by Mergers & Acquisitions magazine. Contact the writer: 714-796-2286 or lwilliams@ocregister.com. 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 . 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. 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. OpenGate Capital - Darien Group 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. "Nicole Farhi Buyer OpenGate Set to Announce Three More Deals," David Altaner, Bloomberg, 3-15-2010. Too often, private equity firms like OpenGate extract cash from the companies they acquire and walk away richer, regardless of what happens to workers and communities. OpenGate manages a diverse, global portfolio across key verticals within Industrials and Technology sectors. That would be a hard argument to make, he said. 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 . It had been in business 50 years. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California with a European office in Paris, France. OpenGate Capital : Welcomes Shawn Haghighi to the Firm's Global Senior It maintained operations during the worst of the pandemic and even advertised $16 hourly wages and generous benefits as recently as January 2021. 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. Kasoff, who also handled the Connecticut plant for OpenGate, said Fusion acted properly in all respects in selling some assets to a competitor and said it retains ownership of its real estate and other assets, which it will sell to pay off creditors. Hufcor employees, Janesville residents, and union organizers have rallied against OpenGates greedy and exploitative practices. This isnt just another story about corporate globalization or pandemic upheaval. But in court papers, Hamilton denied any illegal conduct. In the last 16 years, Andrew's leadership has grown OpenGate into a global company with a reputation for innovation and deal-making. Ive been doing this over three decades. Instead, he sits on numerous boards and hes even been in talks about a reality TV show built around his private equity business. PEP2788708 to OpenGate Capital Management. Unless we do, Hufcor employees wont be the last to suffer at the hands of private equity and its ruthless profiteering. [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. It maintained operations during the worst of the pandemic and even. 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. 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. in Texas, Arkansas, and Wisconsin, who worked for the laboratory furniture company Hamilton Scientific. On May 27, 2021, 166 workers in Janesville, Wisconsin awoke to a nightmare. A $300-million (minimum) gondola to Dodger Stadium? OpenGate Capital - Recent News & Activity 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. Financing terms required PennySaver to meet certain financial goals and maintain various debt ratios at certain levels. Those who cashed the bad checks were left on the hook for penalties levied by their banks. in Janesville, Wisconsin awoke to a nightmare. The lawsuit, filed in federal court in Los Angeles, alleged that Thermo Fisher had acted in bad faith by withholding documents and directing employees to conceal the drug gangs presence at the facility. At age 25, he moved to Paris to help open the firm's first European office. Securities class action lawsuits are filed on behalf of a class of investors or a class of holders of a particular security. 14 at 5-6; D.I. We need a new push to pass this law. About OpenGate Capital. 2:13-cv-03368 District Judge Audrey B. Collins, presiding. OpenGate closed the PennySaver on May 22 with out warning.