Bobit Business Media has been acquired by Gemspring Capital, a middle-market private equity firm. Bobit, which bought Heavy Duty Trucking in 2012, was founded by Ed Bobit in 1961 with Automotive Fleet and today is a successful business-to-business media company in the fleet, transportation, beauty, and law enforcement industries.
Richard Rivera, an experienced B2B media business executive, joins Bobit as its new CEO, succeeding Ty Bobit, who is departing. Rivera most recently was COO and CFO with EnsembleIQ. 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. Brown was VP and group publisher of BBM’s Fleet Group and will retain those responsibilities in his new position.
“I am excited to partner with Gemspring in stewarding Bobit’s continued success,” Rivera said in a statement. “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.”
Bobit Business Media employs 170 people and produces 21 B2B magazines, 20 in-person events, and 21 branded websites. BBM will remain headquartered in Torrance, California.
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.”
Terms of the transaction were not disclosed.