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. OpenGate Capital is planning the launch of its third flagship fund over the next 6-12 months, with a target of up to $700m, according to a source close to the situation., Funds, Buyout, France, UK / Ireland, Benelux, Southern Europe, DACH, Nordics, CEE, OpenGate Capital, Exclusive 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. 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. . $16 hourly wages and generous benefits as recently as January 2021. 10250 Constellation Blvd Fl 30, Los Angeles, California, 90067, United States. 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. Its the. A link has been emailed to you - check your inbox. What the fk is going on? Weinberg wrote in an email to Newkirk on Nov. 12 after learning his cash was gone, according to trial testimony. Its a story about predatory private equity run amok. At OpenGate, we strive for a culture that promotes open communication and empowerment of fellow team members.. and prioritize people, not private equity profits. [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. To me, you dont sign a six-year contract and decide to close a facility.. In February, the PennySaver building on Orbiter Street in Brea was sold for $14 million, according to public records. E-FILING TRANSACTION 2392305 RECEIVED ON 07/15/2015 . Federal Civil Lawsuit California Central District Court, Case No. Revenue: $1 to $5 billion (USD) Competitors: Unknown. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. See here for a complete list of exchanges and delays. It had about 100 workers, some of whom arrived at the plant one January morning to find the gates locked, according to state documents. Andrew Nikou is the founder and CEO of OpenGate Capital, a global private buyout firm. This article was originally published on OtherWords. Fahn, speaking for OpenGate, said that the union wasnt privy to the sale because the sale wasnt final. The trustee, Charles Stanziale, said OpenGate made no net investment in the dairy after its initial purchase and the value was consistently eroded over the months leading to bankruptcy. Once the OpenGate deal blew up, Darden Jr. and Newkirk turned to Mark Weinberg, at Versant Funding and MDW Funding, who agreed to a short-term loan of $5.5 million. Our tax dollars should make life better not go to waste on bloated military contracts and Pentagon boondoggles. In too many cases with private equity, big firms acquire businesses and squeeze them for cash, routinely causing bankruptcies. In 2011, the firm acquired NorPaper Avot Valle, a specialty paper manufacturer based in France. "They basically told us 'We don't want to get to . OpenGate notes that its business model is to take chances on faltering companies, and that carries inherent risks. Employees of other OpenGate companies have suffered similar fates. 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. While Janesville was once a manufacturing hub, it has experienced the devastating consequences of unfettered corporate greed. At a chaotic meeting four days after PennySaver closed, employees were handed their final pay. (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. I worked the for a little over 4. janv. It was one of the most shocking things that ever happened to me in my business life, Weinberg testified. We look to establish collaborative relationships with companies to drive operational improvement and realize opportunities for long-term value creation. 14 at 5-6; D.I. 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. 19, Ex. OpenGate Capital, LLC, et al., Central District of California, Case No. 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. PEP2788708 to OpenGate Capital Management. Most of my clients are in default. 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. 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. Those companies included a dairy in Wisconsin, a boxboard manufacturer in Connecticut and a laboratory furniture maker with operations in several U.S. states and Mexico. OpenGate Capital General Information. Not the case? Coupon mailing company PennySaver USA was in default on its main operating loan for five months before it abruptly shut down on the eve of the Memorial Day weekend, something few of its roughly 680 employees knew before they were put out of work. [21], In November 2016, OpenGate Capital completed the acquisition of the zinc products business of the Belgian company Umicore for $150 million in debt and equity. 1 at 17.) Herb Titus, on what would have been his 20th anniversary with PennySaver, spent the afternoon protesting outside OpenGate Capital in Century City recently. (D.I. Why would we put in all that effort?. Please check your spam or junk folder just in case 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. Founder & Chief Executive Officer at OpenGate Capital . 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. Roughly $4.9 million of the $5.5 million of Weinbergs cash, forwarded to Newkirk, disappeared on Nov. 12, 2013, when a fake email, purportedly from Weinberg, released the money, prosecutors charge. 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. We've received your submission. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California with a European office in Paris, France. OpenGate sued Thermo Fisher for breach of contract, negligent and fraudulent misrepresentation, and other things. But there were no stocks because the elder Darden was never a part of the deal, it is alleged. Sontchi, C.J. 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. 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 . OpenGate has had successes. In too many cases with private equity, big firms acquire businesses and squeeze them for cash, routinely causing bankruptcies. Newkirk was fully involved in the scam, prosecutors allege. 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. 66% of employees would recommend working at OpenGate Capital to a friend and 61% have a positive outlook for the business. In January 2013, for instance, OpenGate abruptly shut down Golden Guernsey Dairy in Waukesha, Wis. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California with a European office in Paris, France. Hufcor employees, Janesville residents, and union organizers have rallied against OpenGates greedy and exploitative practices. for a better future. [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. Likewise, OpenGate itself has continued to raise millions since bankrupting its previous companies, enabling these practices to continue unabated. 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. They had received no notice that the magazine would be shuttered. Our commitment to a sustainable future draws back to our efforts since inception andis continuously evolving. Jul. 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. It maintained operations during the worst of the pandemic and even advertised $16 hourly wages and generous benefits as recently as January 2021. Andrew received a Bachelor of Science degree from University of Southern . 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. 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. OpenGate Capital, a Los Angeles firm that amassed. OpenGate Capital. PennySaver workers are suing OpenGate in state and federal court, alleging that the company failed to provide adequate notice about the shutdown. The employees say they didn't get money owed to them, including their final paychecks and vacation time. business closure in Janesville since the Great Recession. Why is Frank McCourt really pushing it? OpenGate is moving the plant to Mexico anyway. The first named plaintiff, OpenGate Capital Group LLC, and four of its subsidiaries named as plaintiffs are creatures of Delaware law as well. This is ClassAction.org's current list of open lawsuits and investigations. 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. 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. In September 2013, OpenGate acquired PennySaver for $22.5 million. In 2019, OpenGate acquired the German content-management platform CoreMedia. One of the lenders was Andrew Nikous OpenGate Capital, the company that recently sold its TVGM Holdings (owner of TV Guide magazine). Dean Starkman previously covered Wall Street for the Los Angeles Times; he left in 2016. Employees who started work later arrived to find the facility locked. it's been delivered there. OTHER FILED BY OPENGATE CAPITAL LLC ON 07/15/2015 [+] Read More [-] Read Less; 07/16/2015. I just dont find it funny to ruin peoples lives. Our Standards: The Thomson Reuters Trust Principles. According to Opengate Capital, the company withheld important documents . It agreed to provide $3.1 million in . OpenGate failed to give workers at Pennysaver and Golden Guernsey the 60 days notice of business closure that is required under U.S. labor law. 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. All in the name to make us more efficient. The company is in the process of selling assets to make good on the loan, Fahn said. . OpenGate is not facing any lawsuits for lack of notification with regard to the mills closure. Acquiring and creating transformative value in the lowertomiddle market across North America and Europe. Terms of the investment were not disclosed. The closure of PennySaver only reaffirmed the Connecticut state senators opinion of OpenGate. "OpenGate Capital Acquires Philips Business Communications in Brazil," Latin America Venture Capital, 3-18-2010. 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. Other emerging managers in . The companys shares closed at $84.46 on Friday on the Nasdaq. How Palm Springs ran out Black and Latino families to build a fantasy for rich, white people, 17 SoCal hiking trails that are blooming with wildflowers (but probably not for long! The goal of this section is to provide consumers with a comprehensive resource on class action and mass tort lawsuits. 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. In 33 years with the 83-year-old company, he saw it operate under three different owners, most recently OpenGate Capital. 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. Andrew Nikou Founder, Chief Executive Officer OpenGate Capital 10250 Constellation Boulevard, 30th Floor 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. 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. 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. The lab workstations unit, headquartered in Wisconsin, had facilities in Mexico, Texas and Arkansas. OpenGate closed PennySaver on May 22 without warning. They just dont flat out care about being a reputable business, from my perspective, Osten said. 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. Post-closing, Open Gate employee Andrew Nikou was appointed as the sole member of Golden Guernsey. The 10-year-old private equity firm has acquired some 20 companies since its founding, and famously bought TV Guide for $1 in 2008. in Texas, Arkansas, and Wisconsin, who worked for the laboratory furniture company Hamilton Scientific. Lawyer Harvey Newkirk, formerly with the Bryan Cave firm, this week sits in the legal dock in Manhattan federal court, accused of concocting a fraud with Calvin Darden Jr., a convicted felon, to rob investors of millions of dollars by falsely presenting successful businessman Calvin Darden Sr. as the leading force behind the deal. OpenGate Capital Group LLC et al v. Thermo Fisher Scientific Inc, Court Case No. Stanziale alleged that the dairy was insolvent in December 2011, more than a year before the hurried shutdown. At OpenGate, we strive for a culture that promotes open communication and empowerment of fellow team members.. By continuing to use this site, closing this banner, or clicking I Agree, you agree to the use of cookies. OpenGate has a history of buying companies only to close operations shortly thereafter, leaving communities across the country in the lurch. 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. Employees at other OpenGate-owned companies have voiced similar complaints. Throughout the first year they started to liquidate assets selling property and equipment. OpenGate sold OMMIC to Egalux SA Luxembourg in 2008. OpenGate's professionals possess the . Instead, he sits on numerous boards and hes even been in talks about a. built around his private equity business. Lauren moved back to the states in 2011 and now lives in Long Beach. I consider this company, OpenGate Capital, to be the robber barons of this age, Osten said. OpenGate gets sued for alleged WARN Act violations. This spring, Hamilton Scientific, a De Pere, Wis., lab equipment maker owned by OpenGate, abruptly shut down, laying off 80 people there and 190 at plants in Texas and Arkansas without notice, according to a lawsuit filed by former employees. 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. Former PennySaver employees are administering a crowdfunding site to help those left in the lurch. [28][29], Past closures also included PennySaver USA and Hamilton Scientific. Description. His father, who majored in mathematics at a German university, worked at the Los Angeles Department of Water and Power. In the May 2013 filing, OpenGate claimed it was misled into buying the division it later renamed Hamilton Scientific, and that site visits before the sale had been structured to avoid discovery of the hostile encroachment and occupation of the Reynosa facility by cartel members. Even though Hufcor was profitable when OpenGate bought it, maintained operations during the worst of the pandemic, and even advertised $16 hourly wages and generous benefits as recently as January 2021, OpenGate has nevertheless decided to relocate just as the pandemic eases. We need a new push to pass this law. They think its a big joke. 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 wrote. 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. of the Connecticut boxboard company Fusion Paperboard, and nearly. Only one of OpenGate's subsidiaries included as a plaintiff is a California LLC. OpenGate tried to buy Maxim in early 2013 but was outbid by Darden Media Group. Through it all, few employees understood the depth of the companys distress. Around the same time, it was engaged in negotiations to be acquired by another company. With a strategic international presence and a focus on corporate carve . 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 . during its first decade in business, has run exactly that playbook in Janesville since acquiring Hufcor in 2017. OpenGate Capital has an overall rating of 3.9 out of 5, based on over 15 reviews left anonymously by employees. Hufcor, a market-leading producer of accordion-style doors and mobile room partitions, was profitable when OpenGate bought it. In October 2012, OpenGate Capital bought the laboratory workstations business of Thermo Fisher Scientific, a maker of laboratory furniture. Above, workers attend a May 26 meeting. OpenGate closed the PennySaver on May 22 with out warning. He has a passion for people and a knack for recognizing what is needed to help businesses in . Then, their final checks bounced. 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. LOS ANGELES, August 23, 2022 -- ( BUSINESS WIRE )-- OpenGate Capital, a global private equity firm, announced today it . Andrew McCarthy, 53, started working for Golden Guernsey when he was 19 years old. The younger Darden pleaded guilty to his own Maxim-related fraud charges in November and is cooperating with prosecutors in their pursuit of Newkirk. 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. 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. OpenGate is perhaps best known for its 2008 purchase of the print version of TV Guide for a nominal price plus assumed debt. In addition, OpenGate was to get 10 percent in Maxim plus a $500,000-a-year annual consulting fee, according to testimony. On May 27, 2021, 166 workers in Janesville, Wisconsin awoke to a nightmare. A global investment manager with a local touch. The state had awarded the company the loan with the understanding that it would stay in Connecticut 10 years. The Hamilton shutdown was the result of a dispute in which the landlord of its main plant in Texas moved to evict the firm, imperiling the business, according to an OpenGate spokesman. Ive been doing this over three decades. 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, a market-leading producer of accordion-style doors and mobile room partitions, was profitable when OpenGate bought it.