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.”
Morgan, 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.