Global private buyout firm OpenGate Capital, LLC recently closed its acquisition of PennySaver USA a week after its announcement of the transaction. Business Wire said in its report that financial advisory services firm Backbone Capital Advisors assisted OpenGate in the acquisition from owner Harte-Hanks, Inc. Backbone also tapped Capital One Business Credit as the private buyout firm's leader for the deal. The report did not disclose any additional financial details about the acquisition.
Recognized as one of the largest and most popular local advertising publications in all of North America, Pennysaver provides services in digital and print, hyper-local marketing and advertising. Its market focuses on California-based and North American clients, although it had ranked as the top Hispanic marketing publication in the US.
OpenGate Capital's Managing Partner and chief executive Andrew Nikou said, "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."
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