Rob Bresnahan sold a blue-collar brand but governs like just another rich guy who profits from the swamp. He repeatedly promised that he would protect the benefits his neighbors relied on then voted to kick thousands of Pennsylvanians off their health coverage. He broke his own pledge to ban congressional stock trading and bought a secret helicopter. The bottom line: he gets rich while he leaves NEPA behind and that's why they call him the Prince of Pennsylvania.
¶ Rob Bresnahan Broke His Pledge To Ban Congressional Stock Trading
Before getting elected, Bresnahan promised to end congressional stock trading, but after he got elected he became one of the most prolific stock traders in the House. It took him months to introduce his own stock trading ban despite one already existing that he could have signed onto. When he was asked if he would just stop trading, he scoffed and suggested he would “go broke” even though his net worth was estimated to be up to $69 million. Bresnahan promised that he would put his assets into a blind trust, then, after getting elected, claimed it was hard, and wouldn’t say whether he would follow through on his promise.
Rob Bresnahan Broke His Pledge To Ban Congressional Stock Trading¶ Despite Promising To End Congressional Stock Trading, Bresnahan Became One Of The Most Active Stock Traders In Congress
March 2024: Bresnahan Promised To Ban Congressional Stock Trading. According to the New York Times, "Last March, when Rob Bresnahan, Jr., a wealthy Republican business executive, was running to represent a competitive House district in northeastern Pennsylvania, he published a letter to the editor in a local newspaper demanding an end to stock trading by members of Congress. ‘The trust our political leaders and institutions have from Americans is at a historic low and it’s easy to understand why,’ Mr. Bresnahan wrote in the Wilkes-Barre Citizens’ Voice. ‘Too often we hear about how politicians are making millions of dollars during their time in office, and it is sickening. If we want to restore trust in government and our political leaders, then Congress needs to lead with these policies.’ If elected, Mr. Bresnahan told voters, he would co-sponsor legislation to ban stock trading by members of Congress, a practice he said ‘needs to come to an end immediately.’" [New York Times, 4/5/25]
- Bresnahan: “Some Of The Most Prolific Traders In The Country Serve In Congress. Whether Or Not They Have Done Something Wrong, The Idea That We Can Buy And Sell Stocks While Voting On Legislation That Will Have A Direct Impact On These Companies Is Wrong And Needs To Come To An End Immediately.” According to a letter to the editor Rob Bresnahan wrote in the Republican Herald, “The trust our political leaders and institutions have from Americans is at a historic low and it’s easy to understand why. Too often we hear about how politicians are making millions of dollars during their time in office and it is sickening. If we want to restore trust in government and our political leaders then Congress needs to lead with these policies. […] Second, ban Congressional stock trading. Some of the most prolific traders in the country serve in Congress. Whether or not they have done something wrong, the idea that we can buy and sell stocks while voting on legislation that will have a direct impact on these companies is wrong and needs to come to an end immediately. This is the topic of bipartisan legislation right now in the House that I would happily co-sponsor. My opponent, Matt Cartwright, is not a co-sponsor of this bill.” [Rob Bresnahan Letter to the Editor – Republican Herald, 3/29/24]
¶ After Being Elected To Congress, Bresnahan became One Of The Most Prolific Stock Traders Among Freshman Members
April 2025: New York Times Reported Bresnahan Was One Of The Most Active Stock Traders Among The Freshman Congressional Members And Had Yet To Sponsor A Stock Trading Ban. According to the New York Times, "More than two months after being sworn in, Mr. Bresnahan, who defeated a Democratic incumbent last November in one of the most expensive House races in the country, has not introduced or co-sponsored such a bill. Over that time, he has emerged as one of the most active stock traders in the freshman class, according to Capitol Trades, a site that monitors the stock market activity of lawmakers." [New York Times, 4/5/25]
As Of August 2025, Bresnahan Had Reported 617 Stock Trades That Totaled $7.24 Million. According to the Philadelphia Inquirer, "U.S. Rep. Rob Bresnahan, a first-term Republican, has become the most active trader in Pennsylvania’s congressional delegation even as he pushes to ban the practice. Despite introducing a House bill to ban congressional stock trading in May, Bresnahan has reported 617 stock trades totaling $7.24 million this year, according to investment research firm Quiver Quantitative. He’s placed roughly five times as many trades as the next most active trader in the delegation, freshman Republican Sen. Dave McCormick, a former CEO of Bridgewater, the world’s largest hedge fund." [Philadelphia Inquirer, 8/10/25]
¶ April 2025: Bresnahan’s Spokesperson Claimed Bresnahan Had Not Yet Co-Sponsored A Bill To Ban Congressional Stock Trading Because He Wanted To Introduce His Own Bill
April 2025: Bresnahan’s Spokesperson Claimed Bresnahan Had Not Co-Sponsored A Bill To Ban Congressional Stock Trading Yet Because He Wanted To Introduce His Own Bill That Was Still In The Works. According to the New York Times, "If elected, Mr. Bresnahan told voters, he would co-sponsor legislation to ban stock trading by members of Congress, a practice he said ‘needs to come to an end immediately.’ […] Hannah Pope, a spokeswoman for Mr. Bresnahan said that he had yet to co-sponsor legislation on the topic because he had decided instead to introduce his own bill, which is still in the works." [New York Times, 4/5/25]
¶ July 2025: Asked About Whether He Would Just Stop Stock Trading Altogether, Bresnahan Scoffed and Suggested He Would “Go Broke”
Bresnahan Scoffed At The Suggestion Of Telling His Financial Advisers To Stop Trading Stocks, Claiming That He Would “Go Broke.” According to WVIA, “U.S. Rep. Rob Bresnahan said House ethics rules have so far thwarted his try at putting his stocks and other investments into a blind trust that will block him from controlling or knowing about trades. Bresnahan, who as a candidate last year called for banning members of Congress from trading stocks, has faced sharp criticism from a Democratic political action committee for continuing to trade stocks as a congressman. He has repeatedly said he has had nothing to do with any stock trades carried out by his financial advisers since he became a congressman Jan. 3. Theoretically, Bresnahan could order his financial advisers to stop trading his stocks, but he does not plan to do that. ‘And then do what with it?’ he asked in an interview with WVIA News this week. ‘Just leave it all in the accounts and just leave it there and lose money and go broke?’” [WVIA, 7/31/25]
¶ Bresnahan Has Made Multiple Controversial Stock Trades Since Getting Elected to Congress
¶ Bresnahan Purchased Stock In Lockheed Martin Less Than One Month Before The Israel-Iran Conflict Broke Out
Bresnahan Made More Than 600 Stock Trades Since Coming To Office As Of June 2024, Including Purchasing Lockheed Martin Stock Less Than A Month Before The Israel-Iran Conflict Broke Out. According to The Independent, “Bresnahan, meanwhile, continues to own a sizable stock portfolio, containing millions in assets and making more than 600 trades since coming to office this year. Less than halfway through his first full term, the congressman is now facing the same kind of suspicion from voters regarding his financial activity outside of Congress. Recent trades have included a purchase of Lockheed Martin stock reported on May 15, less than a month before Israel’s war with Iran broke out and eventually drew the U.S. into launching strikes against three targets associated with Iran’s nuclear program. Lockheed is a major defense partner of the Israeli government, and is under contract to provide the Israeli Air Force with 75 of its F-35 strike fighters.” [Independent, 6/25/25]
- Bresnahan’s Campaign Received A $1,000 Donation From Lockheed Martin Two Weeks After He Purchased Their Stock. According to The Independent, “Bresnahan’s re-election campaign was the recipient of a $1,000 donation from a PAC representing Lockheed Martin Corporation two weeks after reporting the trade. The donation was one of dozens the PAC made at the end of May to centrist members of both parties, an early investment in the 2026 cycle.” [Independent, 6/25/25]
- Bresnahan Continued Claiming That All Stock Trades In His Name Were Made By A Financial Advisor Without His Involvement. According to The Independent, “His office told The Independent on Wednesday: ‘Rep. Bresnahan does not trade his own stocks – a point he has made repeatedly. All stock trades are and have been made by a financial advisor without his involvement, and he does not know what is traded or when. He believes Members of Congress should not be allowed to profit off the information they are entrusted with, which is why he introduced legislation to ban Congressional stock trading, restoring the integrity Americans expect and deserve from their government.’” [Independent, 6/25/25]
¶ Bresnahan Sold Stock In Companies That Helped Manage Medicaid Before Voting For The Final Version Of The Republican Budget Bill, Which Made Massive Cuts To The Program
HEADLINE: "Rep. Rob Bresnahan Sold Stock In Several Medicaid Providers Before Voting For Cuts" [NBC News, 11/20/25]
7/3/25: Bresnahan Was Caught Selling Stock In A Company That Provided Medicaid Exchanges Before Voting To For The Republican Budget Bill, Which Made Massive Cuts To The Program. According to Raw Story, “Rep. Rob Bresnahan (R-PA) was caught selling stock for a company providing Medicaid exchanges just days before President Donald Trump's so-called ‘One Big Beautiful Bill’ was expected to pass with drastic cuts to the program. Quiver Quantitative first reported that Bresnahan recently began selling his shares of Centene, which acts as an intermediary for government-sponsored healthcare programs. ‘The stock has now fallen 43% since his sale,’ Quiver revealed on Thursday.” [Raw Story, 7/3/25]
¶ Bresnahan Sold Hospitals Bonds Following A Report On Rural Pennsylvania Hospitals At Risk Of Closure And One Month After Voting For The Republican Budget Resolution
Bresnahan Sold Of Bonds Issued By The Allegheny County Hospital Development Authority For The University Of Pittsburgh Medical Center Following A Report That Identified Ten Rural Pennsylvania Hospitals That Faced Immediate Risk Of Closure And One Month After Voting For The Republican Budget Resolution. According to the New York Times, "On March 27, for instance, Mr. Bresnahan sold off between $100,001 and $250,000 worth of bonds issued by the Allegheny County Hospital Development Authority for the University of Pittsburgh Medical Center. The sale came after a report identified 10 rural hospitals in Pennsylvania that faced immediate risk of closure, and a month after Mr. Bresnahan voted for the House budget resolution that paved the way for large Medicaid cuts." [New York Times, 8/16/25]
¶ April 2025: Bresnahan Traded Nearly 200 Stocks During The Week When Trump’s “Liberation Day” Tariffs Were In Effect
Bresnahan Was One Of The Most Active Stock Traders During The Week When Trump’s “Liberation Day” Tariffs Went Into Effect. According to the Wall Street Journal, “As markets tanked in the wake of President Trump’s “Liberation Day” tariffs in early April, members of Congress and their families made hundreds of stock trades, shining a spotlight on a controversial practice that some lawmakers have pushed to ban. From April 2, when Trump launched the sweeping tariffs, to April 8, the day before he paused many of them, more than a dozen House lawmakers and their family members made more than 700 stock trades, according to a Wall Street Journal analysis of disclosure filings. Top stocks purchased in that “Liberation Week” period, by the number of trades listed in the disclosures, included MKS Instruments and JPMorgan Chase, while the most sold stocks included Honeywell International and Visa. Two lawmakers who have called for stock-trading bans in the past—Reps. Ro Khanna (D., Calif.) and Rob Bresnahan (R., Pa.)—reported the most transactions by themselves or family members, the analysis found.” [Wall Street Journal, 6/10/25]
Bresnahan Traded Nearly 200 Stocks In The Week Period, The Second Most Out Of All Representatives. According to the Wall Street Journal, “The most active traders, as measured by the number of trades, during the week following Liberation Day were Khanna and Bresnahan, as well as Reps. Jefferson Shreve (R., Ind.), Julie Johnson (D., Texas) and Michael McCaul (R., Texas). Lawmakers are required to make filings showing trading by the lawmakers as well as close family members.” [Wall Street Journal, 6/10/25]
¶ June 2025: Bresnahan Purchased Stock In A Major Supplier For Data Centers At The Same Time That He Advocated For Building Data Centers In Pennsylvania
Bresnahan Purchased Stock In A Company That Provided Cables And Chips For Data Centers At The Same Time That He Advocated For Building Data Centers In Pennsylvania. According to Politico, “GOP Rep. Rob Bresnahan last year bought stock in a major supplier for data centers that subsequently boomed in value — at the same time he was encouraging data centers to be built in his Pennsylvania district. In June, Bresnahan bought between $1,001 and $15,000 of stock in Credo Technology, a company that provides electric cables and chips for data centers, according to a House report he filed in July. Bresnahan spokesperson Hannah Pope said the purchase totaled $1,454. Since then, the share price of Credo stock has risen about 109 percent — joining the set of AI companies ballooning in value. The trade, which has not been previously reported, comes as data centers have become an increasingly hot-button political issue and his Democratic opponent has sought to make Bresnahan’s stock trading a top issue in the campaign.” [Politico, 1/12/25]
¶ Bresnahan Was Found To Have Purchased A Private Helicopter Worth Up To $1.5 Million
Multimillionaire Bresnahan secretly purchased a personal helicopter that retailed for up to $1.5 million. He purchased the helicopter through one of his LLCs. He even sits on the aviation subcommittee that regulates the use of planes and helicopters.
Bresnahan Secretly Bought A Personal HelicopterBresnahan Purchased A Private Helicopter Worth Between $1 Million And $1.5 Million In Late 2024 Through A Limited Liability Company. According to NOTUS, “First-term Republican Rep. Rob Bresnahan, a multimillionaire who recently sold control of his family’s electrical contracting company and now represents one of Pennsylvania’s poorest congressional districts, appears to have taken steps to hide one whirling aspect of his wealth: his new personal helicopter. The helicopter — a 2024 Robinson R66 that retails between $1 million and $1.5 million — has not yet appeared in Bresnahan’s personal financial disclosures. But NOTUS was able to determine that the helicopter belongs to Bresnahan by analyzing Federal Aviation Administration records, other congressional financial disclosures and commercial flight data obtained through the website ADS-B Exchange. Those records indicate that Bresnahan purchased the helicopter in late 2024, through a limited liability company named ‘RPB Ventures LLC.’” [NOTUS, 8/8/25]
- Bresnahan Spokesperson Confirmed Bresnahan Purchased The Helicopter While Running For Congress And Intended To Use It For Business Purposes. According to NOTUS, “When presented with the data, a spokesperson for Bresnahan confirmed the congressman purchased the helicopter last year while he ran for Congress. But the lawmaker appears to have taken steps to conceal the helicopter’s flights, and there’s no record of him ever publicly discussing his helicopter purchase and usage. Searching the comings and goings of Bresnahan’s helicopter on popular flight tracking website FlightAware, users are met with the message: ‘This aircraft (N422RB) is not available for public tracking per request from the owner/operator.’ In a statement to NOTUS, spokesperson Hannah Pope said Bresnahan bought the helicopter with the intention of using the aircraft for business purposes. ‘In emergency situations such as downed power lines or washed-out roads, helicopters play a critical role in inspecting infrastructure and identifying areas in need of urgent repair,’ Pope wrote in a statement. ‘His goal was to work toward a commercial pilot certificate with a rotorcraft-helicopter rating and use the aircraft to provide emergency response and inspection services that help keep seniors warm, hospitals powered, and schools open.’” [NOTUS, 8/8/25]
- Bresnahan Spokesperson Claimed Bresnahan Put His Business Plans On Hold After Getting Elected And That No Taxpayer Or Campaign Funds Were Used To Purchase, Store Or Maintain The Helicopter. According to NOTUS, “Pope added: ‘Since being elected to Congress, those business plans have been put on hold. No taxpayer or campaign funds were used to purchase the aircraft, and no taxpayer or campaign funds are used to store, operate, or maintain the aircraft.’ Bresnahan has previously disclosed obtaining a helicopter pilot license — including during a congressional hearing about the fatal January collision of an Army Black Hawk helicopter and an American Airlines passenger jet. Bresnahan’s official work in Congress includes oversight of aviation, as he sits on the House Committee on Transportation and Infrastructure’s Subcommittee on Aviation.” [NOTUS, 8/8/25]
- Bresnahan Spokesperson Refused To Answer Detailed Questions About Bresnahan’s Use Of The Helicopter. According to NOTUS, “Pope did not answer detailed questions about Bresnahan’s helicopter use, including: For what purpose does he use his helicopter now? Who are his helicopter passengers, if any? Why did he fly his helicopter to the destinations he did? Why does it appear Bresnahan has made efforts to keep his helicopter ownership quiet? And to what degree, if any, is the congressman concerned owning a helicopter will make him seem less in touch with his constituents?” [NOTUS, 8/8/25]
¶ Bresnahan Presented Himself As A Champion For Working Pennsylvanians, But Was A Multimillionaire Who Sold His Family Company To A Private Equity Firm
Bresnahan told the story of running a family business, but what he left out is that before he started running for congress he sold the company to a private equity firm, which are known for cutting jobs, closing businesses, and leaving Pennsylvania workers stranded.
¶ Bresnahan Presented Himself As Someone Who “Understood The Hardworking People” In His District
Bresnahan Said Becoming CFO Of His Family’s Business At 19 And Working Through The 2008 Financial Crisis Gave Him A “Great Perspective On What Entrepreneurs Across The Country Go Through.” According to Committee of Seventy, “At the young age of 19, I became the CFO of Kuharchik Construction, my family's electrical contracting business. This was right after the housing market crash of 2008 which put serious financial strain on our company. It was not easy, but we scratched and clawed our way out of it. Since then, our company has tripled in size from 50 employees to 150 employees across Pennsylvania, providing our workers with good family-sustaining wages. In the end, it made our business stronger and it gave me a great perspective on what entrepreneurs across the country go through to achieve the American Dream. I want to make that dream attainable for every American regardless of the situation they were born into.” [Committee of Seventy, Viewed 7/7/25]
10/6/24: Bresnahan Vowed To “Protect Family-Supporting Jobs” If Elected. Rob Bresnahan tweeted, “Harris and Cartwright are out of touch with what it takes to support working class families. I have created hundreds of good-paying, blue-collar jobs in NEPA. As your congressman I will protect family-supporting jobs for the future of #PA08 http://tinyurl.com/m4fxnn9u”
[Twitter, @Rob4PA, 10/6/24]
9/18/24: Bresnahan Said He Spent His Life Building “A Company That Provides Good-Paying, Family-Sustaining, Union Jobs.” Rob Bresnahan tweeted, “I have spent my entire life building a company that provides good-paying, family-sustaining, union jobs. I understand the hard working people in PA08. http://tinyurl.com/nhcpb6dt”
[Twitter, @Rob4PA, 9/18/24]
3/23/24: Bresnahan: “I Pledge To Be A Representative Who Truly Represents The Values Of Everyone In PA08.” Rob Bresnahan tweeted, “With one month until the primary election, there was no better way to spend my Saturday than with the hard working men and women of Wayne County. I pledge to be a representative who truly represents the values of everyone in #PA08. Thank you to Sen. Lisa Baker, Rep. Jonathan Fritz, Paul Meagher, Mike Cavage, and Robert Grimm for hosting today’s incredible event.”
[Twitter, @Rob4PA, 3/23/24]
¶ Bresnahan: “Everything In My Life Has Been A Battle To Obtain”
Bresnahan On 10/9/24: “Everything In My Life Has Been A Battle To Obtain.” According to Bloomberg, “Bresnahan, with rapid-fire energy, blames Cartwright for failing to bring economic change to the region, and said his own work reflects a dedication to improving his home, both by expanding Kuharchik and redeveloping buildings, bringing new businesses to faded downtowns. ‘I didn’t need to grow,’ into development or add ‘100 more mouths to feed,’ Bresnahan said. ‘I did it because I’m not waking up to be mediocre. And it’s about time that this district has someone that’s going to truly fight for Northeastern Pennsylvania.’ He bristles at the suggestion he was handed success, saying he purchased Kuharchik via stock redemption and took on significant financial obligations to his grandparents. ‘Everything in my life has been a battle to obtain,’ he said.” [Bloomberg, 10/9/24]
¶ 2023: Bresnahan Sold His Family’s Electrical Contracting Company To A Private Equity Firm
¶ 2023: Bresnahan Sold His Family’s Company, Kuharchik, To Midwestern Electric, A Portfolio Company Of Canadian Private Equity Firm CAI Capital Partners
7/19/23: Kuharchik Construction And Wyoming Electric & Signal, Inc. Were Sold To Midwestern Electric, A Portfolio Company Of CAI Capital Partners. According to a press release from CAI Capital Partners, “In conjunction with the first close, Fund VII completed its first transaction. Its investment in Midwestern Electric (‘MWE’), a CAI Capital Partners VI LP portfolio company, will support MWE’s partnership with Kuharchik Construction, Inc. and Wyoming Electric & Signal, Inc. (collectively ‘Kuharchik’). Like MWE, Kuharchik is a specialized electrical infrastructure services provider that focuses on the maintenance and installation of traffic signals, streetlights, and intelligent transport systems. Based in Exeter, PA, Kuharchik services the state of Pennsylvania with a proven track record spanning decades.” [Press Release – CAI Capital Partners, 7/19/23]
- CAI Capital Partners Was A Private Equity Firm With “Longstanding Canadian Roots.” According to the CAI Capital Partners website, “Having invested $1.6 billion in private equity over three decades, CAI has partnered with companies across North America. We are focused on Canada, a region where our connectivity offers a definitive edge. Our longstanding Canadian roots make us alive to the possibilities in the Canadian lower middle market and a phone call away from the experts and partners who can accelerate growth for each of our portfolio companies.” [CAI Capital Partners Website, ‘About Us’, Accessed: 7/8/25]
The Secretary-Treasurer Of The Pennsylvania AFL-CIO Criticized Bresnahan For Selling The Business To Private Equity. According to Bloomberg, “Bresnahan became chief financial officer in his family’s company at 19, and owner after college. Democratic attack ads have labeled him a ‘rich kid’ in a hard hat who inherited opportunity and flipped it for profit after he sold Kuharchik to a Canadian private equity firm last year. ‘What we’re talking about with private equity are people who are faceless and nameless and don’t live here,’ Cartwright said, ‘and don’t give a hoot about the people who do.’ His allies pointed to other local businesses that have been depleted by private equity firms. ‘He had this great opportunity,’ but sold it to ‘the chop shops of the business world,’ said a statement from Maurice Cobb, secretary-treasurer of the Pennsylvania AFL-CIO, which supports Cartwright.” [Bloomberg, 10/9/24]
¶ Bresnahan Maintained A Meaningful Stake In Kuharchik After He Sold It To A Private Equity Firm
Bresnahan Said The Sale Provided A “Tremendous Opportunity” For Kuharchik And Its Employees And Retained A “Meaningful Equity Stake” In The Business After It Was Sold. According to a press release from CAI Capital Partners, “Kuharchik is led by Robert Bresnahan, Jr. who has retained a meaningful equity stake in the combined business and will continue managing operations in Pennsylvania. ‘Becoming part of the MWE and CAI team presents tremendous opportunities for our company and employees. We share a common vision for delivering exceptional electrical infrastructure solutions, and together, we have the resources to provide enhanced value to our customers in Pennsylvania and beyond,’ said Robert Bresnahan, Jr., President of Kuharchik.” [Press Release – CAI Capital Partners, 7/19/23]
¶ Private Equity Firms Had A History Of Laying Off Workers And Forcing Company Closures In Pennsylvania
2025: Crozer Health, The Largest Hospital System In Delaware County, PA, Was Shuttered By Its For-Profit Owner Prospect Medical Holdings. According to WHYY, “Crozer Health, Delaware County’s largest hospital system, will close its doors within 30 days — creating an emergency health care desert in one of Philadelphia’s most densely populated suburbs. The death rattle of Crozer Health comes after Pennsylvania, Delaware County, Penn Medicine and the Foundation for Delaware County pumped a total of $46 million over recent months to keep it functioning amid bankruptcy proceedings and sale negotiations to transition the system to a new owner. California-based parent company Prospect Medical Holdings pulled the plug Monday, leaving patients and staff in limbo about future care and jobs.” [WHYY, 4/21/25]
- Pennsylvania Officials Blamed Prospect Medical Holdings’ Previous Owners, The Private Equity Group Leonard Green & Partners, For The Forced Closure. According to WHYY, “Representatives from the Pennsylvania Office of Attorney General were heavily involved in sale negotiations. In a statement, spokesperson Brett Hambright said the office was ‘deeply disappointed’ by the closure news. In the end, office leaders said the ‘damage inflicted’ by Prospect’s former owner, private-equity firm Leonard Green & Partners, ‘who prioritized their own wealth over the well-being of a community, was too much to overcome.’ The attorney general’s office pledged to continue working through the bankruptcy process to recoup money owed to the Commonwealth ‘to the greatest extent possible in order to hold Prospect accountable for actions that caused this closure.’” [WHYY, 4/21/25]
- Leonard Green & Partners Loaded The Hospitals It Owned With Massive Debts While Delivering Over Half A Billion Dollars In Dividends To Its Stakeholders. According to the Pennsylvania Capital-Star, “Prospect Medical Holdings, the for-profit hospital chain that owns Crozer-Chester hospital, was majority-owned by private equity firm Leonard Green & Partners from 2010 until 2021. Under Leonard Green’s ownership, Prospect loaded its hospitals with massive debt and then used the proceeds to pay shareholders more than half a billion dollars in dividends, according to an investigation by the Rhode Island attorney general’s office. Leonard Green & Partners sold its controlling interest in the chain in 2021. Neither company responded to Stateline’s requests for comment as of press time.” [Pennsylvania Capital-Star, 1/18/24]
- Crozer Health’s Closure Affected Nearly 3,000 Employees. According to WHYY, “The health system currently employs nearly 3,000 people. According to a layoff notice obtained by WHYY News, the affected employees include: ∙ 1,908 employees at Crozer-Chester Medical Center ∙ 45 employees at Crozer-Chester Medical Center’s behavioral health unit ∙ 88 employees at Crozer Health’s corporate offices ∙ 351 employees at Taylor Hospital ∙ 80 employees at Crozer offices in Chester. Another 179 employees who were still employed at Springfield Hospital in outpatient and administrative services will also be affected by the new closures.” [WHYY, 4/21/25]
2025: A Pennsylvania Glass Manufacturing Plant Was Forced To Close After Being Acquired By Private Equity That Wanted To Move Its Assets To A Rival Plant In Ohio. According to WPXI, “The Correlle Brands glass plant in Charleroi will officially close on Friday, April 10th. A last batch of glass will be made at 7 a.m., ending a 132-year business, known globally for making Pyrex. Last year, the parent company of Anchor Hocking, a previous competitor, acquired the Charleroi plant. In September, it announced plans to move all glassmaking from Charleroi to its plant in Lancaster, Ohio.” [WPXI, 4/10/25]
- The More Than 300 Employees At The Plant Were Left In The Dark Throughout The Closing Process, Including Being Laid Off And Then Brought Back. According to WPXI, “Employees at the Anchor Hocking glass factory say this week has been a roller coaster of emotions. People who were just laid off, just found out that they’re still needed and are being asked to come back. ‘Up and down up and down. It’s like they’re playing games with us,’ said Daniele Byrne. For 35 years, Daniele Byrne has worked at the Anchor Hocking glass factory in Charleroi. The plant, which also goes by the Corelle and Pyrex plant has been a Washington County staple for 132 years. 350 employees got word in September 2024, that the the Ohio-based glass manufacturer would shut down. The closure date kept getting pushed back - until this week - when tiered layoffs started. Byrne added, ‘I had just got done saying goodbye to two good friends and we were both crying.’ Byrne says things seemed pretty final - until 2:30 Thursday afternoon. ‘Two crews finished up. We had given their papers to them because I was with HR when they were passing them out. And then hurried up and got on the phone and called everyone to the cafeteria and told them that they need to run 3 more months,’ Byrne explained.” [WPXI, 2/13/25]
2023: A Pennsylvania Coal Plant Was Suddenly Shut Down Six Years After Being Acquired By A Private Equity Firm. According to the Pennsylvania Capital-Star, “When the owners of the Homer City Generating Station announced that it would finally be shuttering by July of 2023 due to competition from cheap natural gas and the costs of adhering to environmental regulations, it signaled a long-anticipated shift in Pennsylvania’s energy mix. The coal-fired power plant was the last in the state — and the largest — to make decommissioning plans, so the announcement gave some in the fossil-fuel heavy Keystone State a sense of relief, both in terms of environmental impact and health effects. […] Homer City was acquired by private equity in 2017 after its previous owner filed for bankruptcy, aiming to erase $600 million in debt from its balance sheet. It was owned by General Electric, and by the utility Edison International, before that. The new owners formed a limited liability company (LLC), Homer City Generation LLC, a way of protecting themselves from responsibility for the company’s debts.” [Pennsylvania Capital-Star, 2/18/24]
- The Plant Owners Gave Employees Only 90 Days’ Notice Of Closure. According to the Pennsylvania Capital-Star, “But many across the political spectrum feared what would happen next to the small community of Homer City, in southwestern Pennsylvania, home to just over 1,500 people. Years of instability meant its shuttering could have been better prepared for. The plant owners gave just 90 days’ notice of its closure as more than 120 workers prepared to pack their bags to face an uncertain future. ‘Instead of recognizing the market shift and preparing for the transition to clean, renewable generation,’ Leigh Martinez, communications director at nonprofit advocacy group PennFuture, wrote in a statement, ‘fossil fuel-friendly legislators have spent years in denial.’ Homer City residents and former plant employees say the community has been left in dire straits as a result.” [Pennsylvania Capital-Star, 2/18/24]
- The Plant’s Private Equity Owners Fired Employees And Cut Back On Maintenance In Order To “Be A Far More Profitable Member Of The Community.” According to the Pennsylvania Capital-Star, “That denial campaign was waged in part by the plant’s private equity owners, who slashed headcount and cut back on maintenance to keep the plant alive and squeeze whatever profit they could out of the aging facility. After the plant was acquired by private equity in 2017, Homer City Generation President and CEO William Wexler cut right to the chase about his intentions: ‘I’ve spoken to all the employees, and I explained who we are and what we’re here to do… to get this plant to be a far more profitable member of the community and to sell it.’ ‘Changes in ownership, operators, and gaps in maintenance have led to operational issues and instability’ at the plant, energy firm NRG, which once managed the plant, wrote in a one-pager, which has since been taken down.” [Pennsylvania Capital-Star, 2/18/24]