6.4.14 PRESS RELEASE: Michigan Growth Capital Partners, SBIC Invests In America’s Leading Video Network At The Pump, Gas Station TV more
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PRESS RELEASE: Michigan Growth Capital Partners, SBIC Invests In America’s Leading Video Network At The Pump, Gas Station TV
June 4, 2014
Farmington Hills, Mich. — Beringea, LLC, a private equity firm providing growth capital to market-leading businesses, announced its Fund, Michigan Growth Capital Partners SBIC, has made an investment in Gas Station TV (GSTV) in conjunction with the acquisition by Rockbridge Growth Equity. Michigan Growth Capital Partners, SBIC is a subordinated debt and equity fund co-managed by Grosvenor Capital Management and Beringea.
Founded in 2006 and located in Birmingham, Michigan, GSTV is America’s No. 1 video network at the pump with 50 million monthly viewers. GSTV engages, influences and drives consumers to action with exclusive content from ESPN, CNN’s Headline News and Buzz Today, Bloomberg TV, and AccuWeather at fuel retailers across the country. Its growing viewership continues to solidify video at the pump as an exemplary platform to reach a captivated, real-time audience.
Rockbridge Growth Equity is leading the transaction. Falcon Investments also participated. The deal is expected to close in the coming weeks pending regulatory approval.
“We were happy to help support Rockbridge Growth Equity in their acquisition of Gas Station TV. The transaction represents an important milestone for another rapidly growing Michigan firm,” said Beringea senior managing director and co-founder Charles Rothstein. “With its expanding network of locations and advertisers, GSTV presents an exciting investment opportunity.”
“Investing in an industry-leading and growing company like GSTV is a natural fit for Rockbridge,” said Kevin Prokop, who also serves as managing director of Rockbridge. “GSTV’s management team have proven video at the pump to be a successful media growth category, and GSTV has emerged as the clear leader in the space.”
GSTV has grown its gas station network from a five-station pilot in Dallas to more than 2,600 stations in 42 states. The company has increased its revenues 35 percent annually since 2009. In addition, GSTV has tripled its advertiser base and counts numerous Fortune 500 companies in the automotive, retail, consumer packaged goods, and personal finance industries among its clients
“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.” David Leider leads GSTV along with the management team of Stephen Kuehn, CFO and COO, and Mo Alcaptan, Executive Vice President.
Barclays PLC served as the exclusive financial advisor to GSTV. RBS Citizens arranged the senior debt facilities in partnership with First Merit and Flagstar Bank.
Beringea, LLC provides equity and/or mezzanine debt to small- and-middle market companies. Founded in 1988, the Firm is headquartered in Farmington Hills, Michigan with an affiliate office in London, UK. Beringea invests in portfolio companies operating in a range of sectors, including health care, clean technology, advanced manufacturing, media, Internet technologies and specialized consumer products. With flexible capital solutions, extensive investing experience and offices in the U.S. and UK, Beringea’s team offers its portfolio companies the resources to grow their businesses and create value for shareholders. For more information, visit www.beringea.com.
In the United States of America, Beringea operates as an SEC-registered investment advisor, Beringea, LLC. In the United Kingdom, this document is issued by Beringea LLP, a firm authorized and regulated by the Financial Conduct Authority. Beringea LLP is a limited liability partnership registered in England and Wales with company number OC342919, and its registered office is at 39 Earlham Street, London, WC2H 9LT, UK. This document is intended solely to provide information regarding Beringea’s potential financing capabilities for prospective portfolio companies.
Kelly O’Donnell, Marketing and Communications Specialist