Adam Levin, Criterion Capital Partners: Bebo Bought from AOL

Jun 17, 2010

Criterion Capital Partners has acquired the Bebo business, the youth-centric social media network, from AOL. As part of the deal, CCP will assume the rights and complete operating control over the global social platform business.

The acquisition and financing was lead by Adam Levin, managing partner at CCP, in partnership with accomplished business strategist Paul Abramowitz and web entrepreneur Richard Hecker. CCP will take over Bebo's global operations immediately and retain a San Francisco-based headquarters.

Exact terms of the deal are not being disclosed by either party. But, CCP's acquisitions usually have annual sales between $3 million and $30 million.

"The young, highly active user base, revenue history, presence in countries throughout the world and solid technical infrastructure make it an attractive media platform both as a standalone entity and in the context of our broader investment objectives," said Levin.

"Criterion Capital Partners are specialists in facilitating growth plans and turnarounds, and are well placed to drive Bebo's effort to strengthen its foothold within the highly competitive social networking arena," said Tim Armstrong, Chairman and Chief Executive Officer, AOL.

Bebo launched in 2005 and was acquired by AOL in March 2008 for $850 million. It is a social media network that combines community, connections, self-expression and entertainment via a range of social tools, games and a growing mobile platform. Bebo has a strong user base across the globe, including in the U.S., the UK, Ireland, Australia, New Zealand, Canada, Poland, France, Germany, Italy, Spain, India, Pakistan and the Netherlands.