Thursday, June 28, 2007
Dallas-based HM Capital Partners to acquire Phone Directories Company
DALLAS — HM Capital Partners LLC, the Dallas-based private equity firm, today announced that it has entered into a definitive agreement to acquire Phone Directories Company, LP, one of the largest independent providers of yellow page directories in North America. Financial terms of the transaction were not disclosed.
Headquartered in Orem, Utah, PDC has been in the directories publishing business for more than 37 years and publishes directories in 137 markets across the Western and Midwestern United States, distributing more than eight million copies.
Michael K. Bynum will become Chief Executive Officer of PDC upon completion of the transaction. Mr. Bynum was one of the founders of Transwestern Publishing and was its Executive Vice President of Sales from 1993 to 2003, during which time Transwestern grew revenues from approximately $30 million to approximately $300 million. Mr. Bynum brings decades of experience in launching, growing and managing independent directories throughout the United States.
Peter S. Brodsky, a Partner of HM Capital, said: “The acquisition of PDC builds on our firm’s long and successful history in the directories sector and the media industry in general. PDC has built a strong leadership position in its markets and is currently engaged in a number of impressive growth initiatives. We are looking forward to implementing our proven change capital strategies to support the company’s continued growth, offer quality products to the company’s existing markets and new underserved ones, and deliver value for our investors."
The acquisition of PDC is the first investment by HM Capital’s Sector Performance Fund L.P.
Source: HM Capital Partners
