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HarborPoint Media, LLC, a newly formed newspaper company,
reported that it has purchased certain newspaper assets from
the Better Built Group, Inc. The transaction includes 13 print
publications including the Daily Commercial, the South Lake
Press, and the Sebring News-Sun in Florida; the Hope Star
and the Daily Siftings-Herald in Arkansas; and the Washington
Jewish Week in metropolitan Washington, DC. Combined paid
circulation for the group exceeds 60,000.
Michael Redding will serve as HarborPoint's chief executive
officer. Previously, Mr. Redding held executive positions
at the Daytona Beach News-Journal and Liberty Group Publishing.
"These publications are well established, landmark newspapers
that have proudly served their vibrant communities for decades.
We are very excited about the future prospects of these properties,"
stated Mr. Redding. "HarborPoint's strategy is to acquire
strong publications in solid communities, and then to build
value thereafter. The Better Built operations provide an ideal
initial acquisition in this strategy."
Sandler Capital Management, a New York investment firm with
a focus on media and communications companies, served as HarborPoint's
sole equity sponsor. Michael Marocco, Senior Managing Director
of Sandler Capital, said, "As investors in media, we
are constantly looking for high quality businesses that can
benefit from our expertise and financial resources. These
newspapers have unique franchises in excellent markets. We
look forward to working with Michael Redding and his team,
not only to grow these publications, but also to expand HarborPoint
through selective future acquisitions."
"We have worked hard over the last few years to build
these properties into the fine publications they are today,"
said Better Built Group President Rupert Phillips. "We
wish HarborPoint much success in the future as they take the
reins at these strong community newspapers."
Dirks, Van Essen & Murray served as financial advisor
to Better Built Group in this transaction. Bluffview Capital
advised HarborPoint and Sandler Capital.
Sandler Capital Management has managed both hedge funds and
private equity funds since 1980 and 1989, respectively. The
firm has $1.5 billion in combined assets under management
and uninvested commitments. Sandler's private equity effort
focuses on three core industry sectors: traditional media,
telecommunications/data communications, and enterprise communications.
Sandler's investment professionals have over 200 years of
combined experience as research analysts, portfolio managers,
financial advisors, investment bankers, and private equity
investors.
Michael Redding (386) 252-9921.
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