MBS Management Buys Company From Bankrupt Parent
The senior management of database marketing firm MBS has signed a letter of intent to buy the company from its parent, DIMAC Marketing Partners, in a move that signals the final dismantling of the bankrupt DIMAC.Financial terms of the deal were not released. Senior management of MBS partnered with Schooner Capital Group to acquire the company.
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 purchase Palm Coast Data late last month.
