DETROIT — Rockbridge Growth Equity LLC, a Detroit-based private equity firm, has signed a purchase agreement to partner with management in acquiring Gas Station TV, one of the fastest-growing media networks for reaching on-the-go consumers.
Founded in 2006 and located in Birmingham, GSTV is America’s No. 1 video network at the pump with 50 million monthly viewers. GSTV offers exclusive content from ESPN, CNN’s Headline News and Buzz Today, Bloomberg TV, and AccuWeather at fuel retailers across the country. Its growing viewership continues to solidify video at the pump as an exemplary platform to reach a captivated, real-time audience.
Rockbridge Growth Equity is leading the transaction. Other investors include Falcon Investments and Michigan Growth Capital Partners, co-managed by Grosvenor Capital Management and Beringea. The deal is expected to close in the coming weeks pending regulatory approval.
GSTV has grown its gas station network from a five-station pilot in Dallas to more than 2,600 stations in 42 states.
Rockbridge was founded in 2007 by partners Brian Hermelin, Kevin Prokop and Dan Gilbert, who is also founder and chairman of Rock Ventures LLC and Quicken Loans Inc. The firm invests in companies that specialize in financial and technology services, as well as digital media and consumer-direct marketing.