LA-based online media company Internet Brands acquired for $1.1 billion

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Global investment firm Kohlberg Kravis Roberts (KKR) agreed yesterday to acquire El Segundo-based firm Internet Brands for $1.1 billion. This serves as the third major exit for the online media company in seven years.

Founded in 1998, Internet Brands operates a portfolio of websites under four major categories: automobiles, health, legal, and home/travel. With major websites like Lawyers.com and CarsDirect.com, Internet Brands went public in 2007.

Three years later, private equity firm Hellman & Friedman offered to purchase Internet Brands for $640 million, taking it private once again. Under their leadership Internet Brands has transformed itself and its revenue model from being primarily ad-based to becoming more of a SaaS company. For example, its Autodata Solutions business has been very successful with clients like Ford and Toyota. KKR is looking to grow each of these business models.

“Internet Brands is at an exciting inflection point of growth as the company transitions from a portfolio of web assets to a vertically integrated provider of media and client software solutions,” Herald Chen, the co-head of K.K.R.’s technology investing team said in a statement.

Internet Brands’ 1600 employees will remain under the same leadership, as KKR has said that CEO Bob Brisco and his management team will continue to run the business.