Pennysaver Group Inc., a direct mail shopper publisher that targets the Baltimore and Washington, DC area, was purchased by SV Investment Partners.
While neither the buyer nor the seller disclosed any transaction terms, the Baltimore Business Journal pegged the purchase price at more than $50 million. The seller, equity firm CEA Capital Partners USA L.P., acquired Pennysaver for $38 million in 1999.
Harry J. Buckel, who had previously run Harte-Hank’s Shopper division as well as Newport Media, was named chairman of Pennysaver. Darwin Oordt, was tapped to be the company’s president, and Chet Cleaver was named vice president of operations.
Pennysaver, which was founded in 1979, publishes 66 editions of its weekly publication, which are delivered to more than 1.1 million homes and businesses.
