St. Pete coupon company scores with new owner

ST. PETERSBURG — Beverly Hills-based Platinum Equity, with $6 billion in assets under management and an operating portfolio of 30 companies worldwide, believes in the future of the maligned print coupon industry.

So much so that Platinum, founded and run by Tom Gores, owner of the NBA's Detroit Pistons, acquired St. Petersburg-based Cox Target Media from Atlanta-based Cox Media Group. Cox Target Media is the parent company of Valpak, one of the largest direct marketing businesses nationwide, reaching 100 million consumers through its "Blue Envelope" household mailers. Cox Target Media's business lines also include Savings.com, an online provider of digital coupons and promotional codes.

Financial terms of the deal weren't disclosed.

"We look forward to partnering with management to support and invest in growth initiatives, while maintaining focus on the core business," says Platinum Equity Principal Adam Cooper in the statement. "Valpak's state-of-the-art printing facility and dedicated workforce represent a strong foundation to take the business forward. We also highly value the company's franchise network, which provides a critical link to both local and national advertisers and serves as the lifeblood of the business."

Following the transition to new ownership, Valpak and Savings.com will continue to operate under their respective brands, the release states. A new brand identity for the corporate parent company will be developed and rolled out soon.