Internet Brands Inc., the El Segundo owner of CarsDirect.com and other online businesses, is being acquired by private equity giant Kohlberg Kravis Roberts in a deal worth $1.1 billion.
KKR is buying the company from two other private equity firms, Hellman & Friedman and JMI Equity, which paid $640 million for Internet Brands in 2010.
Bob Brisco, chief executive of Internet Brands, and members of its management team will hold a minority stake in the company. Brisco will continue to run the company.
"We're delighted to be partnering with KKR at this important juncture in our business when we have dramatically expanded our client solutions portfolio and our growth...