Crystal Financial, a commercial finance company, has provided a senior secured term loan to support the acquisition of Freedom Communications by 2100 Trust LLC. This transaction represents the final disposition of Freedom’s newspaper assets and includes the purchase of the Orange County Register, the Pacific Community Group and the Colorado Springs Gazette.
2100 Trust is a group of entrepreneurs and former media executives who seek to invest in media properties and utilize their expertise and operational knowledge to implement performance improvements. The investment group is headed by Aaron Kushner, CEO.
“There are very few financial partners who can move with the speed, discipline and fairness that Crystal did in helping us acquire such marquee media properties as the Orange County Register,” said Mr. Kushner. “Their team was a pleasure to work with as the inevitable questions and challenges arose in the diligence and closing process.”
Crystal Financial is a commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings to middle-market companies. Since founding, Crystal Financial has made over $20 billion in loans to companies across an array of industries. The firm is based in Boston, MA (www.crystalfinco.com).
“This was a complex transaction with a short timeline that required accelerated diligence,” said Andrew Hettinger, Managing Director with Crystal Financial. “Our deal team worked closely with 2100 Trust and the management team of Freedom to create a structure that worked for all parties. Throughout the process, we were impressed with the operating strategy, discipline and industry knowledge of all of the professionals involved. We were thrilled to see the transaction come together so successfully.”