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(Photo provided by Americans for Financial Reform). 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. OpenGate Capital, LLC, et al., Central District of California, Case No. In 2005, Nikou founded OpenGate Capital with $30,000 from his own savings. Heres what the numbers show. OpenGate has a history of buying companies only to close operations shortly thereafter, leaving communities across the country in the lurch. Federal Civil Lawsuit California Central District Court, Case No. 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. LOS ANGELES - June 1, 2022 - OpenGate Capital, a global private equity firm, announced that it has exited its investment in EverZinc, a global provider of specialty zinc materials, through a sale to U.S. Zinc, a portfolio company of Aterian Investment Partners. It also said employees sought help from Thermo Fisher to address the cartel activity, but that security upgrade proposals were not implemented. All in the name to make us more efficient. But Fusion closed the plant only a year and a half after receiving the loan, Osten said. 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 . Power Partners Inc., the first investment completed in OpenGate's first fund, was realized in November 2019 through the sale to Pioneer Transformers, a portfolio company of Mill Point Partners. Working at OpenGate Capital | Glassdoor 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. 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. 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. But OpenGate never got a dime after it lent the cash as the alleged fraud was uncovered. For ScioTeq, 2020 was again a record . [11] Also in 2009, OpenGate purchased children's publishers Fleurus Presse and Junior Hebdo from Groupe Le Monde. And employees became increasingly worried when PennySavers CEO, vice president of finance and the vice president of human resources all quit, Buckley said. 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. OpenGate Capital has refinanced EverZinc, a global leading zinc OpenGate notes that its business model is to take chances on faltering companies, and that carries inherent risks. OpenGate expected to launch next fund in quick turnaround 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. 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. Wisconsin Directors Beware!! | Reinhart Boerner Van Deuren s.c. In addition, OpenGate was to get 10 percent in Maxim plus a $500,000-a-year annual consulting fee, according to testimony. Andrew received a Bachelor of Science degree from University of Southern . 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. [9] In 2006, OpenGate purchased OMMIC, a former division of Philips. Thermo Fisher Can't Dodge Suit Over Cartel-Plagued Lab