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AmeriMark Direct Acquires Dr. Leonard's Healthcare

CLEVELAND and SAN FRANCISCO, Dec. 17 /PRNewswire/ -- AmeriMark Direct, a direct marketer of women's apparel, accessories and health related merchandise, today announced that it has acquired New Jersey-based direct-marketer Dr. Leonard's Healthcare Corporation.

The two leading catalog businesses currently generate combined sales in excess of $425 million. The combined company will have over six million active customers over 55 years of age, one of the largest databases of this market segment in the industry. AmeriMark's operations in Cleveland and Dr. Leonard's facilities in Edison, NJ and Lincoln, NE will not be relocated.

JH Partners LLC, a private equity firm specializing in consumer products and services companies, led the acquisition and provided the equity financing alongside AmeriMark management.

Upon the completion of this merger, Louis Giesler will become the President of AmeriMark Direct. Tom McIntrye will remain the President of Dr. Leonard's. AmeriMark Holdings will become the parent organization with Joe Albanese as Executive Vice President and CFO, Diane Huzar as Executive Vice President of all Marketing and Merchandising for both subsidiaries, and Gary Giesler as President and CEO.

"The marriage of these well-established, successful businesses that serve a similar customer is truly an opportunity to enhance both companies through many exciting synergies," said Giesler. "A large and solid customer base coupled with AmeriMark's innovative marketing strategies and Dr. Leonard's first class sourcing and fulfillment capabilities provide a powerful combination." McIntyre added, "We are looking forward to working together and building a world-class organization using the best-of-breed capabilities from both companies. This will be a collaborative effort recognizing the strengths and talents of both management teams."

"We look forward to continuing our outstanding three-year relationship with Gary and his team and welcome the Dr. Leonard's employees to our direct marketing family," said Michael John of JH Partners. "We are confident that the breadth and depth of experience on the expanded management team will create significant value for all stakeholders including customers, employees, vendors, and investors."

CIT arranged a senior secured credit facility to support the acquisition and Ableco Finance LLC and Prudential Capital Group participated in the financing. Prudential Capital Partners also led a senior subordinated notes issuance and was an equity co-investor.

Dr. Leonard's Healthcare Corporation was advised by Goldsmith-Agio-Helms / Lazard Middle Market on the transaction.

About AmeriMark Direct

AmeriMark Direct is a leading direct marketer of women's apparel, name brand cosmetics and fragrances, jewelry, watches and accessories, and health-related merchandise. In business for over 38 years, AmeriMark sells its merchandise through several distinctive catalogs including Anthony Richards, Beauty Boutique, Complements, Essentials, Healthy Living, Time for Me, The Feel Good Store, and Windsor Collection and ships millions of packages to its satisfied customers each year. AmeriMark also offers membership in its Passport to Health, Passport to Savings, and ID Sentinel Alert membership programs.

About Dr. Leonard's Healthcare Corporation

Dr. Leonard's Healthcare Corp, based in Edison, NJ, is the leading direct mail marketer of healthcare, comfort and convenience products and general merchandise items targeted at the value conscious consumer for individuals over 55 years of age. The company manages two catalogs, Dr. Leonard's and Carol Wright Gifts, providing a broad, value-priced assortment of affordable health and wellness products, and gifts and beauty aid products, establishing both as #1 catalogs in their respective markets.

About JH Partners LLC

JH Partners is a San Francisco-based private equity firm focused on investments in growth-oriented middle market consumer products and services companies. JH Partners has been instrumental in aiding the growth of powerful consumer brands, including Bare Escentuals, Bell Automotive, Design Within Reach and Frette, among others.

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