AKRON (March 2, 2006) — Babcox Publications Inc., which publishes Tire Review magazine, has sold a majority share of the company to Alta Communications, a Boston-based private equity firm.
Bill Babcox, current president of the company, retains a substantial ownership position and remains chairman, president and CEO.
“Alta has a proven track record financing strategic growth opportunities, making the company a terrific partner for us,” Mr. Babcox said in a prepared statement. “Our business has been on a successful growth track and we want to see that momentum continue. We've had many opportunities over the years to take on new partners. In this situation, we feel the timing is right and the chemistry with Alta creates an ideal opportunity to accelerate our growth. I am excited about the future of the company and what this means for our employees and customers.”
“We are thrilled about our newly formed relationship with Babcox,” said Phil Thompson, general partner of Alta Communications. “We feel like we're backing the best team in the business and look forward to helping Babcox grow.”
Alta was founded in 1996 as part of a transition of venture capital firm Burr, Egan Deleage & Co. to focus exclusively on the media and telecommunications industries. Alta currently has approximately $1.5 billion of capital invested in more than 100 communication companies.
In addition to publishing Tire Review, Babcox is a business-to-business magazine and custom publishing company serving both the automotive aftermarket and the truck fleet market.