Florida- Deerfield Beach-based Care Concepts I said it has completed its purchase of 39.3 percent of the equity of Penthouse Media Group from PET Capital Partners and its affiliates.

Care Concepts also said it reached a mutual agreement to terminate a non-binding letter of intent to buy Best Candy and Tobacco Co. from Aries Capital Partners.

Penthouse Media Group, formerly known as General Media, with its subsidiaries, emerged from Chapter 11 on Oct. 5, Care Concepts said. The company had been under the control of PET Capital Partners, an affiliate of Marc Bell Capital Partners.

Care Concepts said its investment is in the form of non-voting common stock.

Marc H. Bell and Daniel C. Staton are managing and have assumed day-to-day operations of Penthouse Magazine and the related Penthouse Media businesses, the company added.

“The Bell/Staton Group has advised that it intends to alter the editorial direction of the publications in order to broaden the overall appeal, expand the circulation, increase advertising revenues and enhance the brand name for ongoing licensing opportunities,” Care Concepts said.

As a shareholder of Penthouse Media Group, Care Concepts said it will have the right to designate one member to the board of directors of the reorganized Penthouse Media Group and have the right of first refusal to use the Penthouse brand name for auction Web sites, lifestyle resorts (excluding casinos) and travel agencies and travel-related Web sites.

The company said it also has certain rights to allow it to participate with the Bell/Staton Group in certain significant transactions, including financings of Penthouse Media Group.

Of the termination of the Aries deal, Gary Spaniak Jr., Care Concepts president, said the company managers agreed each firm’s shareholders are better served by Best Candy and Tobacco remaining an independent company.