Complaint Review: 1848 Capital Partners

According to publically available information, Joseph Dagrosa, John Sicilian, David Neithhart, 1848 Capital Partners, and associated entities have been involved in multiple lawsuits regarding business transactions and defamation involving companies and investors.  It is our responsibility to expose Ripoff's.

Background

Joseph DaGrosa, Jr.

Mr. DaGrosa is a co-founder of 1848 Capital Partners LLC (“1848”).  He has co-managed the firm since its founding in 2003 and is a member of the firm’s investment committee.  He also serves as co-chairman or as a board member for the following 1848 portfolio companies:  Jet Support Services, Inc., Sunbelt Diversified Enterprises LLC, Big Apple Entertainment Partners LLC, andLondon Bridge Entertainment Partners LLC.

Mr. DaGrosa co-led the firm’s investment in Heartland Food Corp., a platform company used to acquire two hundred and forty-eight (248) Burger King restaurants out of bankruptcy (and in workout situations) creating the second largest franchisee in the Burger King system. Heartland was successfully sold in December 2006 to an affiliate of the Blackstone Group.  

Prior to 1848, Mr. DaGrosa was a partner at MapleWood Partners LP, a Miami-based private equity firm, where he served as a member of the Executive and Investment Committees and was co-head of the firm’s Transaction Team.  Prior to MapleWood Partners LP, Mr. DaGrosa was a vice president for PaineWebber, Inc. (now part of UBS) in its Special Accounts Group.

John J. Sicilian

Mr. Sicilian is a co-founder of 1848 Capital Partners LLC.  Throughout his career, Mr. Sicilian has served on the board of directors of numerous travel and transportation-related companies, both public and private (including Eastern Airlines, Pan American World Airways, ARINC, AgentWare, and OneTravel).

Previously, Mr. Sicilian was the Chairman and President of the reorganized Eastern Airlines from 1995- 2002, and its Executive Vice President and General Counsel from 1990-1994. During his tenure, Mr. Sicilian consummated over 150 transactions involving over $2.2 billion in assets, including regulated international route authorities, complex airport leasehold interests, over 130 aircraft, over 300 engines and numerous intellectual property assets. His responsibilities also included the disposition of eight operating entities employing over 1,500 employees as well as resolution of pension claims involving approximately 25,000 ex-employees and retiree health benefit claims relating to approximately 10,000 retirees. Mr. Sicilian also negotiated the resolution of general labor, secured financing, environmental, frequent flyer plan-related and airport/landlord claims in excess of $15 billion.

Mr. Sicilian has assisted in the management of investments which include the creation of Heartland Food Corp. with its 248 Burger King franchised restaurants, the second-largest Burger King franchise in the world (including its ultimate sale to a Blackstone-affiliate in 2006).  Among other transactions, Mr. Sicilian also has co-led control investments in Ripley’s Believe It or Not! Museums in New York City and London (the largest Ripley's museums in the world), as well as Sunbelt Diversified Enterprises and Chicago-based Jet Support Services, Inc. (JSSI), the largest independent provider of warranty coverage to the corporate aircraft industry.

David Neithardt

Mr. Neithardt is a co-founder of 1848 Capital Partners LLC.  Mr. Neithardt has co-managed the firm since its founding in 2003 and is a member of the firm’s investment committee.  He serves or has served as a board member for the following 1848 portfolio companies: Jet Support Services, Inc., Sunbelt Diversified Enterprises LLC, Big Apple Entertainment Partners LLC, andLondon Bridge Entertainment Partners LLC.

Mr. Neithardt served as interim Chief Financial Officer, Director of M&A, and member of the Board of Directors for Heartland Food Corp.  Mr. Neithardt was a member of the team that purchased Heartland in 2003 and grew this business into the second largest franchisee of Burger King restaurants in the United States prior to the sale of the business to GSO Capital Partners (a unit of The Blackstone Group) in 2006.  Mr. Neithardt was co-head of the Special Committee of the Board of Directors of Heartland, which negotiated and completed the sale of this business.  Mr. Neithardt previously worked at MapleWood Partners LP and for Smith Barney Inc.’s corporate finance group.

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