Rockbridge Growth Equity has sold its majority ownership in GSTV, a national video network operating across fuel and convenience retailers, to MidOcean Partners. As part of the transaction, Rockbridge will retain a minority stake in the business.
GSTV (Gas Station TV) is a national digital video network that uses its screen-based media platform to play targeted short-form entertainment and advertising content at gas pumps to consumers during fueling. GSTV operates at more than 29,000 fuel retailer locations across the United States, including partnerships with fuel station operators such as Chevron, Sunoco, and 7-Eleven.
Customers of GSTV include Fortune 500 advertisers in the automotive, consumer packaged goods, and quick-service restaurant (QSR) sectors that are seeking to influence in-the-moment purchase decisions.
GSTV’s video and service offerings include Moment of Truth campaigns (ad formats tied to fueling behavior), Audience Access (data-driven audience targeting), and Insights Studio (analytics for advertiser performance).
GSTV was founded in 2006 by Donald Sanborn and is currently led by CEO Sean McCaffrey. The company is headquartered in Detroit, Michigan, with additional operations and regional sales offices in New York, Chicago, and Los Angeles.
“Rockbridge has been a strong partner to GSTV over the years, and we are proud of the accomplishments we achieved together,” said Mr. McCaffrey. “We are excited for the future and working together with MidOcean and Rockbridge on new initiatives.”
“Through our partnership with the GSTV team, we successfully transformed the business to realize new opportunities in an evolving media landscape,” said Brian Hermelin, a managing partner and co-founder of Rockbridge. “Rockbridge understood that advertisers need new channels to reach today’s consumers, and GSTV has delivered a captive audience that we believe has more potential to grow. We look forward to supporting the GSTV and MidOcean teams as the company embarks on its next chapter.”
Rockbridge Growth Equity invests in e-commerce and marketing services, financial services and fintech, tech-enabled products and services, and digital media. The Detroit-based firm was founded in 2007 by Brian Hermelin and Kevin Prokop, with the support of Dan Gilbert, the founder of Quicken Loans.
MidOcean Partners, headquartered in New York City, invests from $75 million to $300 million in North America-based companies that have enterprise valuations from $150 million to $750 million. The firm’s industries of interest include a range of subsectors within consumer and business services. The firm closed its sixth fund, MidOcean Partners VI LP, above target with more than $1.5 billion of capital in April 2023, making it the largest fund MidOcean has ever raised.
Monroe Capital (NASDAQ: MRCC) backed the acquisition of GSTV as the administrative agent and joint lead arranger on a senior credit facility and the firm also made an equity co-investment in GSTV in partnership with MidOcean. Monroe provides senior and junior debt financing to middle-market businesses, special situation borrowers, and private equity sponsors. Investment types include unitranche financings; cash flow, asset-based, and enterprise value-based loans; and equity co-investments.
GSTV was advised on this transaction by Moelis & Company and Solomon Partners.
© 2025 Private Equity Professional | April 23, 2025
