Atticus Franchise Group was sued in Delaware by an investor that claims the Atlanta-based private equity firm is mismanaging dozens of Massage Envy locations, paying itself excessive fees, and frittering away attractive opportunities.
The lawsuit also targets two Atticus affiliates and its principal, Michael Drum. It was filed in Chancery Court by Novarus Capital Holdings LLC, which acquired 20% of one of the affiliates last year in exchange for its 18 Massage Envy locations. Novarus holds the interests of Eric Kenealy and his wife.
The Kenealys were allegedly motivated to sell their business after receiving a lucrative offer from the ...
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