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BIRMINGHAM, Mich. -- Rockbridge Growth Equity LLC signed a purchase agreement to acquire Gas Station TV (GSTV). Terms of the transaction were not disclosed.
In addition to private equity firm Rockbridge, Falcon Investments and Michigan Growth Capital Partners are other investors in the transaction. The deal is expected to close in the coming weeks, pending regulatory approval.
“Investing in an industry-leading and growing company like GSTV is a natural fit for Rockbridge,” said Kevin Prokop, managing director at Rockbridge. “GSTV’s management team has proven video at the pump to be a successful media growth category, and GSTV has emerged as the clear leader in the space.”
Birmingham, Mich.-based GSTV is a video network at the pump seen by 50 million monthly viewers. It offers exclusive news, sports, weather, entertainment and business content at more than 2,600 gas stations in 42 states.
“Partnering with Rockbridge empowers us to build upon our leadership position in the industry and bring a GSTV screen to every community in the country,” said David Leider, GSTV CEO. “Together with Rockbridge, we’ll continue to drive strong return on investment for our advertisers and gas station retailers, while providing an exceptional content experience for our viewers.”
Barclays plc served as the exclusive financial advisor to GSTV.
Detroit-based Rockbridge Growth Equity LLC invests in a wide variety of companies, including Triad Retail Partners, RapidAdvance, Purchasing Power, Connect America and Account Now.