Dimac Marketing Partners Seeks Equity Investor or Buyer
The actions are expected to help the company and three of its core subsidiaries to move beyond any lingering associations with its recent bankruptcy. Those three subsidiaries are DMW Worldwide, which provides agency services; MBS, which offers information and insight services; and Palm Coast Data, which provides direct response management and value-added fulfillment services.
Dimac, Windsor, CT, filed for Chapter 11 bankruptcy protection on April 6, 2000. In March it announced it had successfully emerged from Chapter 11 protection, having implemented an operational and balance sheet reorganization.
Dimac has retained Veronis Suhler & Associates, a merchant bank dedicated to the direct marketing services and media industries, to assist with the exploration process and sale effort.
"In looking for new equity investors, our objective will be to identify buyers who recognize the strategic benefits of keeping the parent company and its businesses intact and who are committed to growing the businesses and valuing their employees," chairman/CEO Robert "Kam" Kamerschen said.
"We have worked very hard over the last 14 months to put the company in a better position by reducing debt, enhancing the management team, consolidating operations, repositioning it into a customer-centric solutions provider, adding online and offline capabilities, and taking steps to improve profitability and long-term growth prospects," he said.
Meanwhile, Dimac said it is winding down business at its Dimac Direct subsidiary, which offers direct mail services and products, and is pursuing a prompt sale or other disposition of that unit's assets to stop its operating losses.