A private equity firm purchases a majority interest in The Generations Network.
A private equity firm has purchased a majority interest in The Generations Network (TGN), parent company of Ancestry. com <Ancestry.com >, DNA Ancestry <dna.ancestry.com>, Family Tree Maker software <familytreemaker.com>, Roots Web <rootsweb.com> and other products.
Spectrum Equity Investors was already a partial stakeholder in TGN when it agreed to pay $300 million for a majority interest. Two Spectrum managing partners will join TGN president and CEO Tim Sullivan on the new board of directors. Other terms of the purchase weren't disclosed.