Backbone Capital Advisors, LLC Assists OpenGate Capital, LLC in Acquisition of PennySaver USA
LOS ANGELES--(BUSINESS WIRE)-- OpenGate Capital, LLC, a global private buyout firm, completed the acquisition of PennySaver USA from Harte-Hanks, Inc., (NYS: HHS) on September 27th 2013, just one week after announcing it had signed an agreement to acquire the business. Backbone Capital Advisors, a Los-Angeles based financial advisory services firm, assisted OpenGate Capital in this transaction and brought on Capital One Business Credit as the lender.
PennySaver USA provides print and digital, hyper-local marketing and advertising services to California-based and nationwide customers. It is one of the largest and most well-recognized weekly local advertising publications in North America, and is the number one Hispanic marketing publication in the US.
Britt Terrell, Managing Director of Backbone Capital, commented, "Print media is a challenging sector for traditional financing, however at Backbone Capital, we thrive on challenging situations that enable us to flex our creativity and customized solutions. I have worked with OpenGate for several years, and this is yet another successful transaction we have completed together." Backbone Capital aligned OpenGate with Capital One, and managed the entire financing process from inception to funding.
Andrew Nikou, OpenGate Capital's Managing Partner and CEO, stated, "OpenGate Capital recognized a lot of potential in the PennySaver USA acquisition from both an investment and operational perspective. Working with Backbone Capital, Britt made sure we have the right financing in place with the right lender that took time to understand us and our investment strategy."
About Backbone Capital Advisors, LLC
Backbone Capital Advisors, LLC is a full-service professional financing arranger, providing both traditional and non-traditional capital sourcing, with complete execution, for middle market businesses that require debt financing and other capital solutions. Backbone Capital supports private equity funds, independent sponsors, direct operating companies, professionals and boutique investment bankers to deliver all types of leveraged solutions. Backbone Capital offers expertise in all types of middle market and lower middle market financings, including asset-based, senior cash flow, second lien, mezzanine, and unitranche. Backbone Capital also offers other solutions across the capital structure of the borrower, with considerable experience in handling more challenging and special situations. To learn more about Backbone Capital, please go to www.backbonecap.com.
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