DETROIT—Rockbridge Growth Equity has sold a controlling stake in GSTV to MidOcean Partners. Rockbridge will retain a minority stake in the video network which is available at fuel and convenience retailers nationwide.
Financial terms of the transaction were not disclosed.
GSTV is a national video platform targeting audiences across more than 29,000 fuel retailers.
"Through our partnership with the GSTV team, we successfully transformed the business to realize new opportunities in an evolving media landscape," said Brian Hermelin, managing partner and co-founder 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."
"Rockbridge has been a strong partner to GSTV over the years, and we are proud of the accomplishments we achieved together," added Sean McCaffrey, CEO of GSTV. "We are excited for the future and working together with MidOcean and Rockbridge on new initiatives."
Moelis & Company LLC and Solomon Partners served as financial advisors to GSTV and Honigman served as legal advisor to Rockbridge and GSTV. Gibson Dunn was legal advisor to MidOcean.
