Together, this combined network creates scale by reaching on-the-go consumers in more than 5,000 gas stations and health clubs in 130 U.S. markets. Outcast said.
Boston-based Parthenon Capital Partners, a growth-oriented private-equity firm and current investor in HCMN, will invest [image-nocss] new equity capital in the combined company to fuel continued growth and expansion. Outcast has also secured bank financing from Silicon Valley Bank. Matthew Stoudt and Nathan Gill will lead the management team as chief executive officer and chief revenue officer, respectively.
"This consolidation represents the natural extension of both companies' strategy to build a network dedicated to reaching the active, on-the-go consumer, at a point of influence," said Stoudt. "With the strong support of Parthenon Capital Partners and PumpTop TV's advanced technology platform, we will be able to rapidly expand our footprint and product offering to better serve our advertisers and venue partners."
Outcast will initially operate the new company as two channels with a common purpose of reaching active consumers in spend-ready environments. Outcast's PumpTop TV network reaches active consumers at the pump via 11,000 one-to-one high definition displays. HCMN, which will be run as a division of Outcast, reaches active consumers inside almost 4,000 health clubs through a combination of high-definition digital and static displays.
"Our consolidated network provides a national footprint for advertisers with the unmatched ability to connect with young and affluent consumers on the path to purchase," said Gill.
Outcast Media is a digital media company reaching active, on-the-go consumers. The company consists of two channels: PumpTop TV and Health Club Media Network. Advertisers reach a Nielsen-audited combined audience of more than 68 million active consumers each month at health clubs and gas stations in 130 U.S. markets. The company is privately held and is headquartered in Santa Monica, Calif.
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