Essex Capital Arranges $10,000,000 Financial Restructuring
Tampa, Florida – Essex Capital Group, Inc. (“Essex”), announced today that the firm recently acted as exclusive corporate finance advisor for Sun Coast Media Group, Inc. (“Sun Coast” or “the Company”), managing a $10,000,000 recapitalization of the Company’s balance sheet. Sun Coast is currently the largest family-run newspaper publisher in the state of Florida, operating 8 weekly and 1 daily newspaper on Florida’s West Coast.
The restructuring, involving three capital providers, included multiple tranches of senior secured debt, subordinated debt and equity.
Essex Capital President, Robert D. Swain, stated, “Sun Coast Media Group is run by one of the highest caliber management teams we have worked with since we formed Essex in 2003. In an age where the Internet has affected this industry substantially, it is refreshing to see a well-run, family-owned, private newspaper enterprise continue to prosper by taking care of their customers and maintaining the quality of their product. We thoroughly enjoyed working with the Company’s professional team over the last few months to close this complicated, multi-pronged financing structure which has positioned Sun Coast for continued success and further growth.”
David Dunn-Rankin, President of Sun Coast Media Group, Inc., added, “We were attempting to reposition our company for growth in a very difficult banking environment. Essex devised the right structure and made it happen. We could not have done it without their knowledge and hard work.”
Essex Capital acted as Sun Coast’s exclusive advisor in this transaction.
About Essex Capital Group
Essex Capital Group, Inc. is a Tampa, Florida-based corporate finance advisory firm serving small and middle market privately-held companies located throughout the United States. With extensive capital markets experience, Essex provides creative solutions to businesses in need of financial restructuring. Typical advisory services include balance sheet recapitalizations with senior and subordinated debt, as well as introductions to institutional private equity investors. Since inception in 2003, Essex has successfully raised over $325 million in 60+ financing transactions.
- Contact Information
- Robert D. Swain
- Essex Capital Group, Inc.
- (1) 813-837-3500
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