Rockbridge Growth Equity, a middle market private equity firm in Detroit, today announced it has sold GSTV to MidOcean Partners in New York. Financial terms of the transaction were not disclosed.
Rockbridge will retain a minority stake in GSTV, a video network available at fuel and convenience retailers nationwide.
GSTV is a data-driven, national video platform entertaining targeted audiences at scale across more than 29,000 fuel retailers. It’s designed to help drive immediate purchase decisions and create lasting brand impressions for some of the world’s largest advertisers.
“Through our partnership with the GSTV team, we successfully transformed the business to realize new opportunities in an evolving media landscape,” says Brian Hermelin, co-founder and managing partner of Rockbridge.
“Rockbridge understood that advertisers need new channels to reach today’s consumers, and GSTV has delivered a captive audience that we believe has more potential to grow. We look forward to supporting the GSTV and MidOcean teams as the company embarks on its next chapter.”
Under Rockbridge’s sponsorship, GSTV completed several major strategic initiatives, including the recruitment of key additions to the company’s management team; scaling the sales and marketing teams; expanding analytics capabilities; completing a strategic merger; investing in programmatic capabilities; and diversifying revenue sources.
“Rockbridge has been a strong partner to GSTV over the years, and we are proud of the accomplishments we achieved together,” says Sean McCaffrey, CEO of GSTV. “We are excited for the future and working together with MidOcean and Rockbridge on new initiatives.”
