Backbone Capital Assists OpenGate in PennySaver Acquisition
OpenGate Capital completed the acquisition of PennySaver USA from Harte-Hanks on September 27 2013, one week after announcing it had signed an agreement to acquire the business. Backbone Capital Advisors assisted OpenGate Capital in the transaction and brought on Capital One Business Credit as the lender.
Britt Terrell, managing director of Backbone Capital, said, “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.”
PennySaver USA provides print, digital, marketing and advertising services to California-based and nationwide customers.