Robb Report, a magazine and lifestyle brand dedicated to the ultra wealthy, has been sold to Rockbridge Growth Equity, a Detroit-based private equity firm.
Terms weren’t disclosed, though the NY Post reports Rockbridge paid $60 million for a majority stake.
Former owner, William Curtis, has held Robb Report since 2002 and put the brand on the block this spring. Curtis had attempted to sell several times before, reportedly for as much as $500 million.
He’ll stay on as CEO and retain a minority stake in the business. The remainder of the company’s 110 other employees are also expected to be retained.
"The insight and creativity of the Rockbridge team, combined with expertise from its affiliated companies, will facilitate rapid growth at Robb Report allowing us to build upon our digital and international momentum," Curtis adds.
Rockbridge says it plans to expand the magazine domestically and internationally, leveraging its existing footprints in marketing and technology (the group also owns several other media, marketing and ecommerce properties). Its first steps will include opening a Detroit office for Robb Report, hiring another 40 staffers and doubling the magazine’s number of global editions to 30.
"Robb Report is an exciting consumer-based, well-branded company with an experienced and strong management team. We believe Rockbridge and its family of companies’ operational expertise and infrastructure, particularly in the areas of marketing and technology, will help leverage the opportunity for Robb Report to grow at an accelerated pace," says Managing Partner of Rockbridge, Brian Hermelin, in a release. "It is always thrilling to provide the needed capital and support to a motivated and smart leadership team who sit at the center of an internationally growing space that is primed for innovation and creativity."
Rockbridge is led by Hermelin, Kevin Prokop and Dan Gilbert, owner of the NBA’s Cleveland Cavaliers.
Berkery Noyes served as financial advisor to Robb Report on the deal.