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Finsbury Glover Hering in advanced merger talks with Sard Verbinnen
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PR News | Finsbury Makes Move on Sard Verbinnen - Fri , Sep 17, 2021
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CenterGate Capital Partners with Leading Manufacturer of Frozen Baked Snacks and Handheld Meals, Teeny Foods
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Rein in Private Equity Before It Destroys More Jobs
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Corporate greed
This spring, 166 workers in Janesville, Wisconsin awoke to a nightmare.
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. It’s the biggest business closure in Janesville since the Great Recession.
This isn’t just another story about corporate globalization or pandemic upheaval. It’s a story about predatory private equity run amok.
In too many cases with private equity, big firms acquire businesses and squeeze them for cash, routinely causing bankruptcies. 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.