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Private equity firm MidOcean Partners has agreed to buy GSTV, the largest ad network of video screens on gas pumps, for an undisclosed amount.
Formerly known as Gas Station TV, GSTV was founded in 2005 and has been owned by Rockbridge Growth Equity, the private equity firm co-founded by billionaire Dan Gilbert, since 2014.
GSTV currently has digital screens at more than 29,000 gas stations across the country. The company said it has experienced threefold business growth in the past five years. As part of the deal, Rockbridge will retain a minority stake in GSTV.
The acquisition comes amid increasing M&A activity in the retail and commerce media space as advertisers funnel more of their spend through retail media networks, and holding companies and indie agencies alike aim to add more tech and expertise to their offerings. Retail media ad spend is expected to hit $62 billion this year, according to Emarketer.
“GSTV is uniquely positioned at the intersection of retail media, digital video, and digital out-of-home—three of the fastest-growing areas in advertising today,” Marshall Phelps, managing director at MidOcean, said in a statement.
Jim Wilson, president of CTV-focused demand-side platform Madhive, served as an executive advisor on the deal, Phelps said. Wilson will join GSTV as chairman of the board.
“The convergence of digital video, retail media, and data-driven advertising presents an extraordinary opportunity—and GSTV sits at the center of that evolution,” Sean McCaffrey, chief executive officer of GSTV, said in a statement. “MidOcean’s strategic insight, operating experience, and track record in scaling media platforms make them the ideal partner as we expand our national footprint, deepen our retail and programmatic capabilities, and continue delivering measurable impact for our brand partners.”
GSTV is valued between $500 and $600 million, according to Bloomberg. Bloomberg also reported that GSTV is looking beyond gas stations into potential partnerships with electric charging stations—a move that would likely compete with Volta, an ad network for electric cars that was acquired by Shell for $169 million in 2023.
