OpenGate Capital acquires Harte-Hanks’ Shoppers business


los angeles 3_sqLos Angeles-based buyout firm OpenGate Capital has bought marketing company Harte-Hanks’ Shoppers unit for around $22.5m.

The Shoppers business includes the PennySaver print and digital marketing brand.

Harte-Hanks president and CEO said, “The PennySaver brand is very well known in California, with a loyal readership of its publications and a committed advertiser base. The staff on our Shoppers team is dedicated and hard-working.

“However we believe that the Shoppers business is no longer a good strategic fit with the other businesses within Harte-Hanks. The focus that OpenGate Capital will now give to Shoppers will put it in a much stronger position to thrive.”

Late last year OpenGate exited car parts manufacturer Ride Control after a two-year holding period for a massive return of 50 times.

In May this year OpenGate sued laboratory equipment maker Thermo Fisher for failing to inform it that a drug cartel was operating at a Mexican plant it sold to the firm in 2012.

Copyright © 2013 AltAssets