Press Release: Bobit Business Media Sold to Gemspring Capital; Richard Rivera to Become CEO
Torrance, CA,November 15, 2018: Bobit Business Media, a 57-year old B2B media publisher and event producer serving the transportation, automotive, beauty and law enforcement markets has been sold to Westport, Connecticut-based Gemspring Capital (www.Gemspring.com).
BBM founder, Ed Bobit, started the company on a shoestring in 1961 with Automotive Fleet. “He was an outstanding leader, visionary and hard worker, who set an incredible example for the rest of us on how to be a great niche publisher,” said Ty Bobit, CEO/President of BBM.
Richard Rivera, formerly COO & CFO with EnsembleIQ, will serve as CEO of the new company, which will retain the name Bobit Business Media. Rivera has more than 30 years of experience in the B2B media industry and specifically in transforming businesses to achieve growth. “I am really excited to join a company with such a strong foundation and one that was founded on family values with a purpose and mission to help people and business succeed and our job is to carry that purpose and mission forward,” Rivera said. Sherb Brown, VP and Group Publisher of BBM’s Fleet Group, is promoted to president. Cyndy Drummey, COO, will also remain with the company. BBM will remain headquartered in Torrance, California.
Bobit Business Media employs 170 people and produces 21 B2B magazines, 20 in-person events, and 21 branded websites. Some of its print titles and events include Automotive Fleet, Heavy Duty Trucking, Modern Salon, the International Luxury, Coach & Transportation Show, Government Fleet Expo and Global Fleet Conference.
Gemspring Capital is a private equity firm specializing in lower middle market companies. With $355 million of equity capital under management, Gemspring provides flexible capital and partners with talented management teams to propel companies to grow and achieve their full potential.
Houlihan Lokey served as the exclusive financial advisor to Bobit Business Media.