Billionaire Pipeline Chairman Buys Iconic Texas Magazine

(Bloomberg) -- The billionaire chairman of Houston pipeline company Enterprise Products Partners LP has bought the self-proclaimed “national magazine of Texas.”

Randa Duncan Williams, daughter of deceased oil tycoon and Enterprise co-founder Dan Duncan, will own Texas Monthly through a newly formed affiliate of privately held Enterprise Products Company. Williams will serve as chairman of both Texas Monthly LLC and Enterprise Products Company.

“I have been an avid Texas Monthly reader since I was a teenager,” Williams said in an article published on the magazine’s website. “My family is delighted to provide the resources to support this iconic Texas institution, which is nationally recognized for its editorial flair.”

Williams will be Texas Monthly’s fourth owner since it was founded in 1973 by Mike Levy. She bought the publication from Genesis Park, a Houston-based private equity firm founded by Paul W. Hobby, which paid $25 million for the magazine in 2016.

Williams has a net worth of $6.4 billion, according to the Bloomberg Billionaires Index. Terms of the purchase were not disclosed.

To contact the reporter on this story: Rachel Adams-Heard in Houston at radamsheard@bloomberg.net

To contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net, Susan Warren, Carlos Caminada

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