Teall Investments is acquiring Riddle & Bloom to add to the private-equity shop's portfolio of lifestyle companies. Financial terms were not disclosed.
The acquisition follows Riddle & Bloom's rebranding of the Millennial-focused agency from Fluent two weeks ago, as the agency expands its specialization beyond college students.
Riddle & Bloom will continue to operate as its own independent brand; it will still be led by Chip Rives as CEO and Darren Ross as president.
Both Rives and Teall Investments’ head Ben Sutton, former founder of ISP Sports and head of IMG College, are Wake Forest alumni. Their relationship helped Sutton realize the untapped potential in reaching this younger population, which represents more than half of American consumers.
"They have the proven ability and strategy in place," Sutton says.
In addition to R&B, Teall recently acquired a minority stake in Tailgate Guys, a leader in turnkey hospitality programs, and plans to announce additional acquisitions in the coming weeks.