Robb Report Acquisition Is Good News for Detroit

RockbridgeGrowthEquityLogoBesides the odd billionaire, executive and successful actor, one of the other things linking Malibu to Detroit is of course cars. Vanity Fair recently chronicled the joy Robert Downey Jr. derives from tooling up and down the PCH in a Corvette, he being one of a number of such owner-examples.

Today, thanks to some news involving Malibu luxury publication The Robb Report, there will soon be some reverse Malibu/Motor City synergy. As a result of the magazine’s acquisition by private equity firm Rockbridge Growth Equity, a Robb Report office will open in downtown Detroit sometime next year. At a price-per-metropolitan-square-foot we imagine will still be about as low as can be found. From today’s announcement:

“It is always thrilling to provide the needed capital and support to a motivated and smart leadership team who sit at the center of an internationally growing space that is primed for innovation and creativity,” said Rockbridge managing partner Brian Hermelin. “We believe Rockbridge and its family of companies’ operational expertise and infrastructure, particularly in the areas of marketing and technology, will help leverage the opportunity for Robb Report to grow at an accelerated pace.”

In other words, pedal to the editorial metal. Not to mention maybe a shiny new car or two for the folks who just sold (according to Keith J. Kelly, the price tag paid by Dan Gilbert‘s equity group for the majority stake was around $60 million).

Robb Report also currently has offices in New York, Massachusetts and Florida, and is getting ready to expand the total number of its international editions from 14 to 30. Vroom, vroom!