The private equity group also includes BMO Halyard Partners, ACON Investments and Knight Paton Media. Joining this group is the Lozano family, the owners of La Opinion, an influential Spanish-language newspaper in Los Angeles.
The private equity group, through platform company CPK Media, acquired New York-based El Diario/La Prensa in July 2003.
The new platform company, called Impremedia LLC, will merge La Opinion and El Diario/La Prensa.
Steve Rader, a managing general partner of Clarity Partners, and chairman of Impremedia, led the deal. “[O]ffering the greatest reach in the two largest markets [Los Angeles and New York] automatically makes Impremedia the leading Latino newspaper company in the country,” Rader said in a statement.
Prior to joining Clarity Parters, Rader was instrumental in acquiring and building Univision, now the largest Spanish-language television network in the US.
La Opinion was founded in Los Angeles in 1926. It now has more than 427,800 daily readers throughout Southern California, according to the press release. El Diario/La Prensa, founded in 1913, has roughly 297,500 readers.
Clarity Partners was formed in 2000 by Rader and a group of media and communications specialists, including co-founders of Global Crossing David Lee and Barry Porter. The firm raised an $800 million (€646 million) fund. The firm’s stated goal is to establish between six and eight major media and communications platforms.
In 2001, Clarity teamed with a group of private equity firms to establish a wireless platform through the acquisition of Itasca, Illinois-based PrimeCo Personal Communications, in a deal valued at between $450 million and $600 million.
BMO Halyard Partners, based in New York, is the private equity investment arm of BMO Financial Group. It manages a $450 million fund.
ACON Investments, based in Washington, D.C., is affiliated with Texas Pacific Group, according to the press release.
Knight Paton Media is a newspaper investment consultant.