The Gathering Spot is now independently owned by its original co-founders. In a statement released on Dec. 14, TK Petersen, Ryan Wilson revealed that their Atlanta-based company is now independent.
“As of today, we own The Gathering Spot again and will be moving forward as an independent company. We have an expanded vision for our future and a lot of new things to share that we think you will be proud of,” that statement said.
The news comes months after news broke about a disagreement between TGS’s original founders and Greenwood, a fintech company. Greenwood reportedly acquired TGS in April 2022.
Court records revealed that the acquisition was valued at $50 million in cash and Greenwood stock.
However, this past summer, reports emerged that Peterson would be moving on from his position with the company.
A lawsuit followed after Ryan Wilson alleged that Greenwood engaged in misconduct, fraud, and a failure to pay $5 million in connection with TGS meeting a business target. Greenwood denied the allegations and claimed that Wilson and Petersen made “false and misleading statements” that impacted TGS’s valuation.
The two sides appeared to make amends weeks after the initial dispute went public saying in a statement, “No one wins when the family feuds. We apologize for distracting our communities over the last week as this became a topic of so much public discussion.”
Following the announcement of TGS being an independent company, Petersen and Wilson will host a town hall meeting for members on Dec. 18.
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