Detroit-based growth equity firm Rockbridge has acquired the Robb Report, a magazine aimed at ultra-high net worth consumers.
The media company appeals to luxury consumers by offering a magazine, applications and even a private club. Rob Report has been a leading title in the space for over 40 years, and currently operates in 14 international markets and 9 languages.
With the investment, the company will also build a new office in Detroit to expand technology and sales initiatives. The company has also announced plans to double its international footprint from 14 publications to 30.
The Robb Report is headquartered in Malibu, California.
Rockbridge Growth Equity is backed by Cleveland Cavaliers owner Dan Gilbert. Gilbert is also the founder of Quicken Loans and Rock Ventures. Reports suggest the offer was approximately $60 million, no financial terms were disclosed.
Berkery Noyes served as the exclusive financial adviser to Robb Report and Michigan-based Flagstar Bank arranged the senior debt facility for the deal.