Defunct Discount Mailer’s Assets Set For Auction

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The presses have stopped, and now they’re being sold.

Bankrupt Brea discount mailer company PennySaver USA, a portfolio company of Century City private equity firm OpenGate Capital, is auctioning off its assets.

On Sept. 16 and 17, New York liquidation firm Tiger Capital Group will hold a live web auction for PennySaver’s three former production facilities in Brea, Mira Loma and Vista, which contain industrial presses, printers and sorting equipment. Inventory and vehicles will also be sold.

OpenGate bought PennySaver for $22.5 million in 2013 from San Antonio marketing firm Harte Hanks. The deal fit OpenGate’s core business strategy of acquiring underperforming divisions of Fortune 1000 companies and spinning them off as independent companies.

PennySaver filed for Chapter 7 bankruptcy in May and laid off nearly 700 workers.

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