Daily News: May 21, 2012

Essex Arranges $10MM Financial Restructuring for Sun Coast Media


Essex Capital Group, Inc. announced that it acted as exclusive corporate finance advisor for Sun Coast Media Group, Inc., managing a $10 million recapitalization of the company’s balance sheet. Sun Coast is a family-run newspaper publisher in Florida, operating one daily and eight weekly newspapers on Florida’s West Coast.

The restructuring, involving three capital providers, included multiple tranches of senior secured debt, subordinated debt and equity.

Essex Capital president, Robert D. Swain, stated, “Sun Coast Media Group is run by one of the highest caliber management teams we have worked with since we formed Essex in 2003. In an age where the Internet has affected this industry substantially, it is refreshing to see a well-run, family-owned, private newspaper enterprise continue to prosper by taking care of their customers and maintaining the quality of their product. We thoroughly enjoyed working with the company’s professional team over the last few months to close this complicated, multi-pronged financing structure which has positioned Sun Coast for continued success and further growth.”

David Dunn-Rankin, president of Sun Coast Media Group, Inc., added, “We were attempting to reposition our company for growth in a very difficult banking environment. Essex devised the right structure and made it happen. We could not have done it without their knowledge and hard work.”

Essex Capital acted as Sun Coast’s exclusive advisor in this transaction.

Essex Capital Group, Inc. is a Tampa, FL-based corporate finance advisory firm serving small- and middle-market privately-held companies located throughout the United States.