TL Enterprises, an Agoura Hills-based publishing company best known for its recreational vehicle magazines, has agreed to be acquired by a New York bakery company for $40 million in cash.
American Bakeries, which owns 16 regional bakeries in the South, East and Midwest, is buying the firm from Richard Rouse, 40, and his brother Denis, 44. The two have owned the company outright since 1983, when they paid their father, Arthur, and other shareholders more than $6 million for the roughly 50% stake that they didn't already hold.
The chairman of American Bakeries, E. Garrett Bewkes Jr., said Wednesday that he expects to complete the deal by August. Bewkes said American Bakeries wants to buy TL Enterprises largely because it is growing rapidly.
Largest RV Magazine
TL Enterprises, a closely held firm that projects $40 million in revenue for the fiscal year ending June 30, publishes Trailer Life, the nation's largest RV magazine with a paid monthly circulation of 318,000.