Rockbridge Growth Equity, a Detroit-based private-equity firm, sold its convenience-store forecourt media company, GSTV, to MidOcean Partners, a New York-based alternative asset manager that focuses in auto aftermarket, food and beverage and retail business, the company announced Monday.
Rockbridge will remain a minority stakeholder in GSTV. Financial terms of the transaction were not disclosed.
GSTV is a data-driven video network targeting audiences across more than 29,000 fuel and convenience retailers in the U.S. The company helps drive purchase decisions and creates brand impressions for advertisers. It has tripled in growth over the past five years, the company said.
“Rockbridge has been a strong partner to GSTV over the years, and we are proud of the accomplishments we achieved together,” said Sean McCaffrey, CEO of GSTV. “We are excited for the future and working together with MidOcean and Rockbridge on new initiatives.”
It’s important for convenience-store retailers to infiltrate the forecourt with technology that drives action, Dan Trotzer, executive vice president of industry at GSTV told CSP in June, so GSTV is leveraging retail media partnerships. Retail media networks (RMNs) are a kind of advertising operated by retailers who act as media channels by publishing ads on their assets or third-party publishers. It also includes media content powered by the retailer’s first-party customer data.
In September, GSTV and Invenco by Gilbarco Veeder-Root (GVR), a retail and payment technology company, created Engage Media Full-Service, a retail media product and service offering for mobility and convenience-store retailers.
Engage Media Full-Service will offer retailers the ability to deploy a branded media experience that reinforces values and messaging, provides a differentiated consumer experience, drives in-store sales and foot traffic and builds customer loyalty, it said.
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