#United States #Detroit #Rockbridge Equity #GSTV #MidOcean Partners

Rockbridge Growth Equity Sells GSTV to MidOcean Partners

On April 21, 2025, Rockbridge Growth Equity announced a strategic transition in its portfolio, selling GSTV, a prominent video network available at fuel and convenience retailers throughout the United States, to MidOcean Partners. While the financial specifics of this transaction remain undisclosed, Rockbridge will continue to hold a minority interest in GSTV.

GSTV has positioned itself as a vital player in the digital out-of-home (DOOH) video arena, reaching over 29,000 fuel retailers and providing a platform that influences purchase decisions and enhances brand impressions for major advertisers. This transaction's timing is critical as GSTV continues to navigate the rapidly changing landscape of media and advertising, positioning it well for future growth.

Brian Hermelin, Managing Partner and co-founder of Rockbridge, expressed satisfaction regarding the evolution of GSTV under their partnership, stating, "Through our collaboration with the GSTV team, we successfully transformed the business and unveiled new opportunities in an ever-evolving media environment. Advertisers increasingly need innovative channels to connect with consumers today, and GSTV stands out as a powerful platform with tremendous growth potential."

Key to GSTV's success has been its ability to implement a series of strategic initiatives during Rockbridge's sponsorship. Significant achievements include:

• - Expanding the management team through the recruitment of key personnel, strengthening leadership and operational capabilities.
• - Scaling sales and marketing efforts, enhancing their outreach and efficiency in targeting advertisers.
• - Increasing analytics capabilities to better understand viewer behavior and improve ad targeting.
• - Completing a significant strategic merger that broadened their service offerings and market reach.
• - Investing in programmatic advertising capabilities, which have progressively altered how advertisers engage with consumers in real-time.
• - Diversifying revenue streams to ensure a stable financial foundation while maximizing potential across various segments.

Sean McCaffrey, CEO of GSTV, noted the positive impact of Rockbridge's partnership on the company's development. "Rockbridge has been a strong partner to GSTV over the years, and we take great pride in the milestones we achieved together. We look forward to collaborating with MidOcean on future initiatives that build on our established success."

Support in this transaction came from financial advisors Moelis & Company LLC and Solomon Partners for GSTV, while legal representation was provided by Honigman for both Rockbridge and GSTV. MidOcean received legal counsel from Gibson Dunn.

About GSTV

GSTV has established itself as America's leading on-the-go video network, providing engaging content to targeted audiences across tens of thousands of fuel retailers. Reaching 45% of adults every month, GSTV enhances the consumer experience at critical points during their buying journey. This unique platform not only provides entertaining and informative video content but also drives immediate action, leading to measurable results and increased in-store conversions for its retail and advertising partners. More details about GSTV's offerings can be found at gstv.com.

About Rockbridge Growth Equity

Founded in 2007, Rockbridge Growth Equity focuses on fostering growth for both founder-led and established companies. With a robust investment strategy, Rockbridge combines financial sponsorship with strategic partnership, leveraging insights from the Rock Family of Companies. By the end of 2024, the firm managed over $1.7 billion in assets across various sectors, including e-commerce, financial services, fintech, and digital media. For more information, visit rbequity.com.

About MidOcean Partners

MidOcean Partners is a premier New York-based asset management firm focused on private equity and alternative credit investments, particularly in middle-market companies within the consumer and business services sectors. Since its inception in 2003, MidOcean has consistently targeted high-quality investment opportunities to enhance growth within its portfolio companies. For details, please visit midoceanpartners.com.