Wednesday, October 17, 2007
Generations Network Acquired By Private Equity Firm
The Generations Network Inc., operators of Ancestry.com and other family history Web sites, announced Wednesday that a private equity firm, Spectrum Equity Investors, has agreed to purchase a majority stake in The Generations Network for $300 million. The Generations Network said the transaction should close later this year, adding that Spectrum's Vic Parker and Ben Spero will join the Provo, Utah-based company's board of directors at that time. Lehman Brothers acted as the company’s financial advisor, The Generations Network noted. The company also said Spectrum, which is based in Boston and Menlo Park, Calif., has been a minority shareholder since 2003. Founded in 1983, The Generations Network owns and operates several genealogical-related Web sites, including Ancestry.com, myfamily.com, Rootsweb.com and Genealogy.com.