Criterion Capital Partners Acquires Bebo from AOL

LOS ANGELES--(BUSINESS WIRE)--Criterion Capital Partners, LLC (CCP), a merchant banking and financial advisory firm based in the United States, announced today that it has acquired the Bebo business, the youth-centric social media network, from AOL Inc. As part of the deal, CCP will assume the rights and complete operating control over the global social platform business.

?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?

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.

?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.

About Criterion Capital Partners, LLC

Criterion Capital Partners is an integrated advisory and consulting firm serving U.S. and international clients who seek the preparation and implementation of APOs, outsourced business development, acquisitions or marketing strategies ? executed concurrently with the organization and structuring of capital procurement. Led by Adam Levin, CCP delivers objective thinking, proven practices and best-of-breed partners to help clients achieve their specific development and financial goals.