Pennysaver, Inc. Acquires Assets of Pennysaver Group, Inc.
Pennysaver, Inc., purchased substantially all of the assets of Pennysaver Group Inc., in a UCC Article IX asset sale. Pennysaver Group Inc. is a direct mail shopper that has the fourth highest readership rates of any shopper in the U.S., according to Media Audit. The Pennysaver is distributed through the mail on a weekly basis to approximately 1.0 million homes in 65 individual editions covering 165 zip codes in Maryland. Blackstreet Capital, a Chevy Chase, MD based private equity firm, provides certain management services to Pennysaver, Inc.
“The assets we’ve purchased along with the experienced team we’ve assembled will allow us to continue to provide this great and useful product to customers and advertisers,” said Tamara Christian, Chairman of Pennysaver, Inc. “We look forward to building on Pennysaver’s thirty years of success.”
“We’re proud to have the Pennysaver transaction as the first deal of our second fund,” said Murry N. Gunty, Managing Partner of Blackstreet Capital. “Pennysaver is a very strong addition to our portfolio.”
About Pennysaver, Inc.
Pennysaver, Inc. publishes and distributes a direct mail shopper, The Maryland Pennysaver, to approximately 1.0 million homes and 165 zip codes in Maryland.
About Blackstreet Capital
Blackstreet Capital (www.blackstreetcapital.com) is a Chevy Chase, MD based private equity firm with over $200 million of capital under management. Blackstreet focuses on control buyouts of companies that are either underperforming, in out-of-favor industries or are undergoing some form of transition. Blackstreet seeks investments in a range of industries, including manufacturing/distribution, restaurants, specialty retail, business services and health care.