Gemspring Capital Completes Acquisition of Bobit Business Media Inc.
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Gemspring Capital, a middle-market private equity firm, announced an affiliate has acquired the assets of Bobit Business Media Inc., publisher of Automotive Fleet, Government Fleet, and Fleet Financials, among other B2B periodicals.
The announcement was published on November 18 via Business Wire. As per the article: "Concurrent with the closing, Richard Rivera will join Bobit as its new Chief Executive Officer. 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."
The company, founded by its namesake Ed Bobit in 1961, had remained throughout a family-owned and operated business. Bobit Business Media is a well-known entity in fleet, transportation, beauty, and law enforcement B2B media markets.
Gemspring Capital, a Westport, Connecticut-based private equity firm with $355 million of equity capital under management, focuses on investments in lower middle market companies headquartered in the United States and Canada.
