New York, NY – May 26, 2009 – New Mountain Capital, L.L.C. (“New Mountain”), a leading New York-based private equity firm, today announced the acquisition of Saving Source Direct by their portfolio company MailSouth, Inc. (“MailSouth” or the “Company”). MailSouth was acquired by New Mountain on March 11, 2005.
Saving Source Direct (SSD), based in Tarbor, North Carolina, delivers monthly shared mail advertising packages to 3 million homes primarily in rural and suburban North Carolina, with some coverage in South Carolina, Georgia, Tennessee and Virginia. The additional market areas increase MailSouth’s reach from 17 to 20 million homes and are contiguous to MailSouth’s footprint. MailSouth has operations in all four states surrounding SSD’s operations in North Carolina.
“New Mountain’s goal is to build great businesses, and MailSouth has grown from 10 million homes served in 2005 to 20 million homes today while remaining almost entirely debt free,” said Matt Holt, a Director at New Mountain and Director of MailSouth. “MailSouth’s acquisition of SSD now further strengthens MailSouth’s position as the nation’s leading shared mail provider in rural and suburban markets, and creates a compelling opportunity to cross-sell MailSouth’s national customer base into SSD’s geography and homes.”
Mr. Braunfisch, CEO of MailSouth, stated “The addition of SSD to the MailSouth family strengthens our offering, and substantially completes our footprint in the southeastern portion of the United States. We look forward to working with the SSD clients, and building on SSD’s long tradition of outstanding service and quality of product throughout North Carolina.”
MailSouth, Inc. (www.mailsouth.com), based in Birmingham, Alabama, is the leading provider of share mail marketing programs in the rural U.S. The Company delivers shared mail advertising packages to approximately 20 million households in 27 states in markets ranging from monthly to weekly circulation. The Company was established in 1988.
About Saving Source Direct
Saving Source Direct delivers shared mail advertising packages to approximately 3 million households primarily in rural and suburban North Carolina, with some coverage in South Carolina, Georgia, Tennessee and Virginia. Founded in 1986 as PAGAS Mailing Services, the Company was acquired by Cox Enterprises in November 1997 and renamed Saving Source Direct (SSD) in February 2008.
About New Mountain Capital
New Mountain Capital is a New York-based private equity firm investing for long-term capital appreciation through direct investment in growth equity transactions, leveraged acquisitions, and management buyouts. The Firm currently manages private and public equity funds with approximately $8.5 billion in aggregate capital commitments. New Mountain seeks out the highest-quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit www.newmountaincapital.com.