Daily News: August 9, 2012

Crystal Provides Loan for Freedom Communications Acquisition


Crystal Financial LLC, an independent commercial finance company, announced that it has provided a senior secured term loan to support the acquisition of Freedom Communications, Inc. by 2100 Trust LLC. 2100 Trust is a group of entrepreneurs and former media executives that seek to invest in media properties and utilize their expertise and operational knowledge to implement performance improvements.

This deal represents the final disposition of Freedom’s newspaper assets and includes the purchase of the Orange County Register, the Pacific Community Group and the Colorado Springs Gazette.

“This was a complex transaction with a short timeline that required accelerated diligence,” noted Andrew Hettinger, managing director with Crystal Financial. “Our deal team worked closely with 2100 Trust and management of Freedom to create a structure that worked for all parties. Throughout the process, we were impressed with the operating strategy, discipline and industry knowledge of all of the professionals involved. We were thrilled to see the transaction come together so successfully.”

“There are very few financial partners who can move with the speed, discipline and fairness that Crystal did in helping us acquire such marquee media properties as the Orange County Register,” commented Aaron Kushner, CEO of 2100 Trust and Freedom Communications. “Their team was a pleasure to work with as the inevitable questions and challenges arose in the diligence and closing process.”

Crystal Financial is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash-flow financings (minimum of $10 million in fundings) to middle-market companies.