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Sunday, April 11, 2021

Texas Monthly acquired by new owner

Texas Monthly has been acquired by a new owner, an affiliate of Enterprise Products Co., a privately held energy firm in Houston. The affiliate, Texas Monthly LLC is led by chairman Randa Duncan Williams, who is also chairman of EPCO.

Texas Monthly made the announcement on its website June 25.

Terms of the deal, which is set to close on June 30, 2019, were not disclosed. Current owner Genesis Park, another Houston-based private equity firm, paid $25 million for the brand in 2016. Genesis Park was founded by Paul Hobby, whose father was lieutenant governor Bill Hobby and whose grandfather was a governor.

Williams, 57, also has ties to Texas royalty as one of four children of the late oil billionaire and philanthropist Dan Duncan, who founded Houston-based Enterprise Products Partners. According to Texas Monthly, Forbes recently listed Williams as the ninth wealthiest person in Texas. EPCO, Texas Monthly’s new parent company, also owns other ventures involving commercial real estate and ranching ventures, as well as a stake in Enterprise Products Partners.

Williams will be Texas Monthly’s fourth owner since its founding by Mike Levy in 1973. Levy sold the magazine to Indiana-based Emmis Communications in 1998, and that company sold it in late 2016 to Hobby’s group.

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