Houston Company Buys Texas Monthly
Enterprise Products LLC buys mag from equity firm Genesis Park
By Michael King,
12:15PM, Tue. Jun. 25, 2019
Texas Monthly just announced it has been sold to Texas Monthly, LLC, an affiliate of Enterprise Products (EPCO), a privately held company with interests in real estate, ranching, and energy production. For two years, the owner has been Houston private equity firm Genesis Park.
In a press release, EPCO chair Randa Duncan Williams said, “I have been an avid Texas Monthly reader since I was a teenager. … My family is delighted to provide the resources to support this iconic Texas institution. … The journalistic integrity and quality for which Texas Monthly is known will remain unchanged as we build upon what Genesis Park has done over the past two years.”
The new owners plan, they said, to “accelerate investments in editorial resources, the marketing of online and print subscriptions, and expansion of the brand across all the platforms.” Paul Hobby, the magazine’s CEO under Genesis Park, said, “We now have a first-rate editorial and business team in place and have grown the total audience more than 76% since our acquisition. In Randa’s team we have identified the devoted, enthusiastic stewards who can take Texas Monthly to a new level of sustainable excellence.”
Terms of the deal were not disclosed, although Genesis Park paid $25 million in 2016. According to the release, the sale is effective as of June 30, and the magazine will continue to be based in its current offices in downtown Austin, with satellite offices in Dallas and Houston.