Landon Capital Admits Wrongful Termination in PE Founder Dispute

BOSTON, MA – May 20, 2026 – A protracted and bitter legal battle in the world of private equity has concluded with a stunning public admission. Landon Capital Partners (LCP), a Boston-based firm, announced it has resolved a lawsuit with three of its former top executives, acknowledging they were “wrongfully terminated for cause and wrongfully accused of violating their fiduciary duties.”

The settlement, finalized on May 19, ends a “long running lawsuit” in the Delaware Court of Chancery against Chris Sullivan, Jamie Kennedy, and Rob McMenimon. The three men, who were instrumental figures at LCP for nearly a decade, have since founded their own private equity firm, Griffin’s Wharf Partners (GWP).

As part of the amicable resolution, LCP has made an undisclosed but “material financial payment” to the GWP founders. More significantly, the public acknowledgment of wrongdoing provides a powerful vindication for Sullivan, Kennedy, and McMenimon, clearing their names as they seek to establish their new venture in the competitive private equity landscape.

In a joint statement, both parties confirmed they have mutually agreed to dismiss all claims and counterclaims with prejudice, meaning the same case cannot be refiled. The statement also included a note of appreciation from LCP for the founders' past contributions, recognizing that their “nine years of service” had “generated substantial returns for LCP and its investors.”

A Public Vindication

For the founders of Griffin’s Wharf Partners, the settlement is more than a financial resolution; it is a complete professional exoneration. In the reputation-driven private equity industry, where trust and integrity are paramount, allegations of fiduciary breach and termination for cause can be career-ending. LCP’s explicit retraction of these accusations is a rare and decisive victory.

Chris Sullivan, who was the Founder and Managing Partner of Landon Capital Partners before co-founding GWP, along with former LCP Managing Director Jamie Kennedy and Director of Operations Rob McMenimon, can now move forward without the shadow of the lawsuit. Their new firm, Griffin’s Wharf Partners, was established in 2024, likely while the legal dispute was already underway. The resolution effectively removes a major obstacle to the firm's fundraising and deal-sourcing activities.

Industry observers note that such public admissions of wrongful termination are highly unusual in settlements, which typically favor confidential terms and neutral language. The explicit wording suggests the GWP founders had a formidable legal position, compelling LCP to agree to terms that clear their professional reputations unequivocally. This outcome allows the GWP team, which boasts over 60 years of combined private equity experience, to leverage their track record without ambiguity.

A History of Dispute

The lawsuit was adjudicated in the Delaware Court of Chancery, the premier U.S. venue for corporate governance and fiduciary duty disputes. While details of the initial claims remain sealed, the resolution brings an end to what was described as a long-running conflict between the firm and its former partners.

Landon Capital Partners, founded in 2015, operates as the direct private equity investment arm for the Landon family office. The firm targets control equity positions in lower middle-market companies with $5 million to $20 million in EBITDA and reported approximately $158 million in assets under management as of last year. However, this is not the firm's only recent foray into the legal system. In a separate matter, Ancor Holdings, L.P. v. Landon Capital Partners, L.L.C., an appellate court in 2024 affirmed a jury's finding that LCP had breached a contract, suggesting a pattern of contentious business dealings.

This history provides a broader context for the settlement with its former partners. For GWP, resolving the dispute was critical. The firm’s strategy focuses on control buyouts of founder- and family-owned businesses in sectors like tech-enabled services, niche manufacturing, and energy transition—a corner of the market where a sterling reputation is essential for building trust with sellers.

Forged in Fire: The Future of Griffin's Wharf

With the legal battle behind them, Griffin's Wharf Partners is positioned to accelerate its strategy. The firm was launched with an operationally focused approach, aiming to partner with management teams to grow and scale businesses in the U.S. lower middle market. The vindication provided by the settlement could serve as a powerful launchpad, enhancing the firm's credibility with potential limited partners and entrepreneurs looking for capital.

In an industry where new firm launches are common, GWP now has a unique founding story—one of resilience and vindication. The successful resolution of the lawsuit demonstrates the founders' tenacity, a quality often valued by investors. The joint statement's acknowledgment of the “substantial returns” generated by Sullivan and his colleagues during their time at LCP serves as a third-party endorsement of their investment acumen.

The settlement allows GWP to direct its full attention toward its core mission: deploying capital and building its portfolio. The firm's focus on proprietary deal sourcing through a network of industry executives and boutique advisors will now proceed without the distraction and reputational drag of a major legal entanglement.

A Cautionary Tale for the Industry

The LCP-GWP dispute serves as a stark reminder of the inherent risks in private equity partnerships, which are often likened to “business divorces” when they sour. The case highlights a growing trend of litigation within the private equity sector, as disputes over compensation, fiduciary duties, and investment strategies become more common. These conflicts carry immense financial and reputational costs, diverting resources and management attention away from value creation.

For firm leaders and investors across the industry, this settlement underscores the critical importance of well-defined partnership agreements, clear governance structures, and robust mechanisms for dispute resolution. The outcome demonstrates that when disputes do arise, the personal and professional stakes are incredibly high, and a clear legal and moral victory can be essential for future success.

As the joint press release concluded, “LCP and GWP each wish each other the best of success in their future business endeavors.” After a contentious legal war, this formal, if cool, parting of ways marks the definitive start of a new chapter for both firms, one now free of claims and counterclaims, allowing them to compete in the open market.