HarborPoint Media Announces Acquisition of Better Built Group Newspaper Assets
DAYTONA BEACH, FL, July 20, 2004 - HarborPoint Media, LLC, a newly formed newspaper company, reported that it has entered into an agreement to purchase certain newspaper asserts 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. It is anticipated that the transaction will close on Friday July 23.
Dirks, Van Essen & Murray, a newspaper merger-and-acquisition firm in Santa Fe, New Mexico, served as financial advisor to Better Built Group in the transaction.
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."
For further information contact Owen Van Essen at Dirks, Van Essen & Murray, (phone) 505-820-2700 or (fax) 505-820-2900.