WESTPORT, CT (November 19, 2018) – Gemspring Capital, a middle-market private equity firm, is pleased to announce an affiliate has acquired the assets of Bobit Business Media Inc. (“Bobit” or the “Company”), a leading B2B media company.
Founded by Ed Bobit in 1961 and family-owned and operated since inception, Bobit provides a suite of digital media and marketing solutions, events and print media. The Company has a leading market position in each of the niche verticals it operates – fleet, transportation, beauty and law enforcement – serving a large customer base of over 1,700 B2B marketers. By leveraging its deep and entrenched audience, proprietary database and strong editorial capabilities, Bobit delivers highly targeted marketing solutions to each of its customers. Concurrent with the closing, Richard Rivera will join Bobit as its new Chief Executive Officer. Richard brings deep experience successfully operating and scaling B2B media businesses organically and via acquisition. Sherb Brown, newly appointed President and Chief Revenue Officer and Cyndy Drummey, current Chief Operating Officer, will continue as key members of the management team.
Ty Bobit commented on the transaction: “I, along with my team at Bobit, am excited to partner with Gemspring and Richard. Their deep knowledge of the B2B media landscape, as well as focus on digital media products, was unique and well-suited to Bobit. Further, it was evident both Gemspring and Richard truly valued our content, industry leadership and market positioning. I am confident that with their support, we will continue our strong history of growth and providing tremendous value to our customers.”
Richard Rivera commented: “I am excited to partner with Gemspring in stewarding Bobit’s continued success. The Bobit family and team have built a company focused on providing unique and superior value to its customers and audience. We will continue to carry that purpose and mission forward.”
Aron Grossman, Principal at Gemspring, added: “Bobit has established a leading position in the fleet, transportation, beauty, and law enforcement B2B media markets driven by differentiated content, products and customer relationships. We look forward to partnering with Richard and the entire Bobit team to build upon this foundation in the next stage of the Company’s growth.”
About Bobit Business Media
Deeply committed to providing important content to each of its verticals, Bobit Business Media has successfully grown and innovated over 55+ years. The Company employs more than 170 talented associates in areas such as editorial, audience marketing, ad sales, production, digital media, events, research, and accounting. The Company is headquartered in Torrance, CA. For more information, visit www.bobitbusinessmedia.com.
About Gemspring Capital
Gemspring Capital, a Westport, Connecticut-based private equity firm with $355 million of equity capital under management, focuses on making control and structured equity investments in lower middle market companies headquartered in the United States and Canada. Gemspring partners with talented management teams and takes a hands-on approach to driving revenue growth and value creation. Target companies have up to $350 million in revenue and are in the business services, healthcare services, financial services, industrial services, software and tech-enabled services or specialty manufacturing sectors. For more information, visit www.gemspring.com.