MBS Management Acquires Firm From DIMAC
Financial terms were not released.
The close of the deal came less than five months after the MBS management team signed an initial letter of intent in February. The MBS managers involved in the deal are Phillip T. Carroll, Stanley Braunstein, Ed Hughes, Andrea Miskovsky and Lissa Napolillo.
MBS was the sole remaining company in DIMAC's once-hefty portfolio. DIMAC filed for Chapter 11 bankruptcy in April 2000 and restructured in February 2001.
Only four of its nine subsidiaries, including direct mail and products firm DIMAC Direct, subscription fulfillment firm Palm Coast Data and direct response agency DMW, survived the restructuring.
DIMAC Direct filed for Chapter 11 last summer. DMW's senior management announced it would buy the company from its parent shortly after the new year. Tinicum Capital Partners signed a letter of intent to buy Palm Coast Data late last month.