HCP Press Releases
October 19, 2004
HCP Completes Sale of La Raza Newspaper
CHICAGO - (BUSINESS WIRE) - HCP & Company (“HCP”) announced today that it has completed the sale of PrensAmerica Holdings Corporation, publisher of La Raza Newspaper, the #1 Spanish-language newspaper in Chicago, to ImpreMedia, LLC, the nation’s leading publisher of Spanish-language newspapers. The terms of the transaction were not disclosed.
HCP’s investment and partnership with management enabled the 34-year old company to significantly expand its circulation and solidify its market share, launch the Spanish-language auto guide, La Raza Autos Y Mas, enhance the quality of the publication via a redesign of the newspaper, among other notable accomplishments. La Raza Newspaper was recently honored with nearly two-dozen publishing awards by the National Association of Hispanic Publications, and was recently named by Editor and Publisher as one of “Ten That Do It Right.”
Robert J. Armband, who will remain as Publisher and CEO of La Raza Newspaper, stated, “It was great working with HCP, with their financial and bicultural market savvy, we made significant progress in creating value for the company in just fourteen months. Plus, they afforded La Raza Newspaper an opportunity to move on at the opportune moment. Muchas Gracias, HCP!”
Carlos Signoret, a Partner at HCP, noted, “We are very pleased with PrensAmerica’s achievements during this last year. Through HCP’s capital investment and strategic assistance, we collaborated with management to significantly improve the quality of the content of La Raza newspaper, increased its targeted circulation by more than 30% to serve additional communities, launch new publications capitalizing on La Raza’s brand awareness and empowering management to successfully compete with Hoy, the Tribune’s Spanish language daily newspaper.”