Withdrawing funding is a last minute resort, Capital One spokesman Michael Bulger said in an emailed statement. Thermo Fisher, the world's largest maker of laboratory equipment and scientific instruments, agreed to acquire Life Technologies Inc. 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. 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. This case was filed in U.S. Courts Of Appeals, U.S. Court Of Appeals, Ninth Circuit. Janesville, Wis. - U.S. OpenGate Capital Group, LLC, OpenGate Capital Management, LLC and PennySaver Investors, LLC's (collectively, "OpenGate"), which seeks to dismiss the Complaint3 filed by Don A. Beskrone, Chapter 7 Trustee for the estates of PennySaver USA Publishing, LLC, et al. Our Standards: The Thomson Reuters Trust Principles. In September 2013, OpenGate acquired PennySaver for $22.5 million. Andrew Nikou Founder, Chief Executive Officer OpenGate Capital 10250 Constellation Boulevard, 30th Floor 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. A fully integrated team of origination, investment and operations professionals. She briefly lived in Santiago, Chile where she edited an online magazine and worked as a translator for doctors from Malaysia following Chile's 8.8 earthquake in 2010. The lawsuits allege that a company or individual violated securities laws and are brought on behalf of the class. [6] Nikou graduated from William Howard Taft Charter High School in Woodland Hills, California, where he was active in the Persian community. See here for a complete list of exchanges and delays. Chemsolv Acquired - Everchem Specialty Chemicals After the Fusion facility closed in September 2014, the state launched several programs to retrain workers, Osten said. [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. during its first decade in business, has run exactly that playbook in Janesville since acquiring Hufcor in 2017. [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. 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. 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. In 2010, Nikou was named a Top Dealmaker of 2010 by Mergers & Acquisitions magazine. He has a passion for people and a knack for recognizing what is needed to help businesses in . The employees say they didn't get money owed to them, including their final paychecks and vacation time. 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 is moving the plant to Mexico anyway. 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 . "Nicole Farhi Buyer OpenGate Set to Announce Three More Deals," David Altaner, Bloomberg, 3-15-2010. It said the once-popular magazine was losing money and is now profitable. 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]. $16 hourly wages and generous benefits as recently as January 2021. OpenGate Capital. 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. Capital One said it tried to work with PennySaver on the closure, but to no avail. Its the biggest business closure in Janesville since the Great Recession. OpenGate Capital Acquires Diversified Commodity and Specialty Chemical PE Firm Sues For Fees On 347M Bid For Engine-Maker - Law360 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. Click One of those businesses, like PennySaver, filed for bankruptcy. Our Team - OpenGate Capital E-FILING TRANSACTION 2392305 RECEIVED ON 07/15/2015 . 7-14-2011) . Your email address will not be published. Thermo Fisher Scientific - Wikipedia In the last 16 years, Andrew's leadership has grown OpenGate into a global company with a reputation for innovation and deal-making. Here's What He's Doing to Help Others", "Meet The Private Equity CEO Who's In Talks For His Own Reality Show", "TV Guide, Once Master of the Airwaves, Tries to Survive in a Competitive Category", "OpenGate Capital to buy lock maker from Stanley Black & Decker", "UPDATE 2-OpenGate, Zuckerman drop BusinessWeek bid -sources", https://www.bloomberg.com/apps/news?pid=newsarchive&sid=a2AnwxqSzXBI, "OpenGate Closes $585 Million Fund, Acquires CoreMedia", "OpenGate Capital Portfolio Company Duraco Specialty Tapes Acquires Infinity Tapes", "Private equity firm scoops up Getronics' Latin American portfolio from KPN", http://lavca.org/2010/03/18/opengate-capital-acquires-philips-business-communications-in-brazil/, http://www.bizjournals.com/losangeles/news/2011/06/14/opengate-buys-cascades-recycled-box.html, "Andrew Nikou, OpenGate founder, talks challenges of raising a first-time fund", "Umicore completes sale of zinc units to U.S. private equity firm", "OpenGate seals fifth platform deal, moves through debut fund - PE Hub", "OpenGate Capital Acquires Belgian Zinc Supplier Umicore | Los Angeles Business Journal", "OpenGate Capital's Second Institutional Fund Closes $585M", "State DWD takes steps to help Golden Guernsey workers; Workers may be eligible for 60 days' pay", "Golden Guernsey Dairy abrupt closing leaves workers, state seeking answers", "OpenGate Capital, which owns PennySaver, has closed other companies, too", "OpenGate gets sued for alleged WARN Act violations", "Photo Release -- Esperanza Azteca Youth Orchestra to Expand to Los Angeles", "Public-Private Partnership Launches Orchestra Program for Underprivileged Los Angeles Youth", https://en.wikipedia.org/w/index.php?title=Andrew_Nikou&oldid=1147933710, William Howard Taft Charter High School alumni, Articles with dead external links from October 2016, Articles with permanently dead external links, Articles using Template Infobox person Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 3 April 2023, at 03:40. Thermo Fisher was not immediately available for comment outside of normal U.S. business hours. [16], In 2012, through the firm's legacy, pre-fund investment process, OpenGate Capital acquired the Latin American operations of Getronics from the Dutch conglomerate, KPN. 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. At age 25, he moved to Paris to help open the firm's first European office. Inequality.org is a project of the Institute for Policy Studies, Content licensed under a Creative Commons 3.0 License, Inequality Quotes by Historic World Leaders, Private Equity Can Kill: Fight Wall Streets Deadly Power in Nursing Homes, Labor Celebrates as Michigan Senate Votes to Overturn Right-to-Work Law. 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. We look to establish collaborative relationships with companies to drive operational improvement and realize opportunities for long-term value creation. Vice President. 2:17-cv-04360-SB-E ("Underlying Lawsuit") under Private Equity Liability Insurance Policy No. Andrew Nikou is the founder and CEO of OpenGate Capital, a global private buyout firm. Its website says its businesses generate annual revenue of about $3 billion, making it a small player. We have just sent you an email so you can verify your account. 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. 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 . document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); ACCE Action, Action Center on Race and the Economy, AFL-CIO, American Federation of State, County, and Municipal Employees, American Federation of Teachers, Agenda Project, American Family Voices, American Federation of Government Employees, American Federation of Teachers, Americans for Financial Reform, American Postal Workers Union, Beneficial State Foundation, Campaign for Americas Future, California Reinvestment Coalition, Catholics in Alliance, Center for Popular Democracy Action, Communications Workers of America, Consumer Action, Consumers Union, Courage Campaign, Center for Popular Democracy, CREDO, Communications Workers of America, Daily Kos, Demand Progress, Democracy for America, Economic Policy Institute, Franciscan Action Network, Friends of the Earth US, Groundwork Collaborative, Hedge Clippers, Institute for Policy Studies, Jubilee USA, Main Street Alliance, Media Voices for Children, MO Jobs with Justice, MomsRising, MoveOn, The Nation, National Education Association, NETWORK Lobby for Catholic Social Justice, New York Communities for Change, Citizen Action of New York (CANY), The Other 98%, Patriotic Millionaires, People for the American Way, Peoples Action, Presente.org, Public Citizen, RootStrikers, SEIU, Strong Economy for All Coalition, UNITE HERE, United Auto Workers, United Food and Commercial Workers, Working Families Party, Social Activity 2017 | All Rights Reserved, The Save the Post Office Coalition on Closed Postal Board Meeting Aug 5-6, 2021, We Stand with the Asian American and Pacific Islander Community, Biden FY24 Budget Puts Working People Over Wall Street, Pandemic Profiteering: Private Equity Gets Bigger in Every Way, The House Always Wins if You Own the House: Private Equity Housing Billionaires during COVID-19, The Megalomaniac Supervising the Maniac: Schwarzman, Trump, and Anti-Democracy, The Save the Post Office Coalition reacts to Louis DeJoys 10 year plan, How Tax Laws Paved The Freeway for Wall Street Giants, Remembering Tulsas Black Wall Street on Juneteenth, Private Equity and Megabanks Continue to Crush the Housing Market for the Middle Class and People of Color, Erasing Black People From American History: Why We Need Popular Education, The Save the Post Office Coalition Reaction to USPS Announcement on Electric Vehicles.
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