LOS ANGELES (Jan. 3, 2017)
– Platinum Equity today announced it has acquired the businesses of Cox Target
Media (CTM) from Cox Media Group.
Financial terms of the transaction were not disclosed.
Based in St.
Petersburg, Fla., CTM’s businesses comprise one of the nation’s largest
direct marketing service providers, reaching more than 100 million consumers,
primarily through Valpak “Blue Envelope” household mailers, as well as Savings.com,
an online provider of digital coupons and promotional codes.
Adam Cooper, the principal at
Platinum Equity whose team led the acquisition, said this type of transaction
is a perfect fit for Platinum Equity’s operations-focused approach.
“We look forward to
partnering with management to support and invest in growth initiatives, while maintaining
focus on the core business,” said Platinum Equity Principal Adam Cooper.
“Valpak’s state-of-the-art printing facility and dedicated workforce represent
a strong foundation to take the business forward. We also highly value the
company’s franchise network, which provides a critical link to both local and
national advertisers and serves as the lifeblood of the business.”
Following the transition to
new ownership, Valpak and Savings.com will continue to operate under their
respective brands. A new brand identity for the corporate parent company will
be developed and rolled out soon.
“We look forward to partnering with management to support and invest in growth initiatives, while maintaining focus on the core business,” said Platinum Equity Principal Adam Cooper.
“Cox Media Group thanks all
of the leaders and employees at Valpak and Savings.com for the
outstanding work they have done over the years to serve their franchisees and
their advertisers,” said Cox Media Group Executive VP Mike Joseph. “We
know that they will continue to be valuable businesses for their new owner,
Platinum Equity, and the customers they serve.”
Lewis & Bockius LLP acted as legal advisor to Platinum Equity. Goldman, Sachs &
Co. served as financial advisor
to Cox and Sutherland Asbill &
Brennan LLP served as its legal counsel.
Founded in 1995 by Tom Gores, Platinum Equity
(www.platinumequity.com) is a global investment firm with more than $6 billion
of assets under management and a portfolio of approximately 30 operating
companies that serve customers around the world. Platinum Equity specializes in
mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and
operating companies in a broad range of business markets, including
manufacturing, distribution, transportation and logistics, equipment rental,
metals services, media and entertainment, technology, telecommunications and
other industries. Over the past 20 years Platinum Equity has completed more
than 185 acquisitions.