M&A Deal Summary

Alvarez & Marsal Capital Partners, MidOcean Partners and Monroe Capital Acquire GSTV

On April 21, 2025, private equity firm Alvarez & Marsal Capital Partners, private equity firm MidOcean Partners and lender Monroe Capital acquired media company GSTV from Beringea and Rockbridge Growth Equity

Acquisition Highlights
  • This is Alvarez & Marsal Capital Partners’ 1st, MidOcean Partners’ 2nd and Monroe Capital’s 6th transaction in the Media sector.
  • This is Alvarez & Marsal Capital Partners’ 24th, MidOcean Partners’ 56th and Monroe Capital’s 126th transaction in the United States.
  • This is Alvarez & Marsal Capital Partners’ 2nd, MidOcean Partners’ 1st and Monroe Capital’s 5th transaction in Michigan.

M&A Deal Summary

Date 2025-04-21
Target GSTV
Sector Media
Buyer(s) Alvarez & Marsal Capital Partners
MidOcean Partners
Monroe Capital
Sellers(s) Beringea
Rockbridge Growth Equity
Deal Type Secondary Buyout
Advisor(s) Moelis & Co.
Solomon Partners (Financial)
Honigman (Legal)

Target

GSTV

Detroit, Michigan, United States
GSTV is a media network for reaching on-the-go consumers. 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. GSTV was founded in 2006 and is based in Detroit, Michigan.

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Buyer(S) 3

Buyer
DESCRIPTION

Alvarez & Marsal Capital Partners (A&M Capital) is a private equity investment firm affiliated with financial advisory and due diligence provider Alvarez & Marsal. A&M Capital looks to invest $20 to $75 million in North American and Western European companies valued up to $750 million. The Firm looks for control situations where it can leverage its operational expertise. Sectors of interest include general industrial/manufacturing, consumer, retail, healthcare, business services, transportation, and energy. Alvarez & Marsal Capital Partners was established in 2011 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 33 of 33
Sector: Media M&A 1 of 1
Type: Secondary Buyout M&A Deals 11 of 11
State: Michigan M&A 2 of 2
Country: United States M&A 24 of 24
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-17 STOK Emballage

Langeskov, Denmark

STOK Emballage provides smarter ways to pack and develop total solutions for packaging materials, packaging and end-of-line machines. The company distributes over 10,000 SKUs across all packaging products to diverse end-markets, with a strong focus on the food industry, and provides a broad range of value-added services to its clients, such as sustainability advisory, just-in-time delivery and warehousing solutions. STOK Emballage was founded in 1978 and is based in Langeskov, Denmark.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-07 HBS

Little Chute, Wisconsin, United States

HBS is a provider of IT solutions and managed services. HBS provides cloud computing, cybersecurity, data management, IoT consulting, software development, and other IT-related services to the enterprise, SMB, government, education, and healthcare markets. HBS was founded in 1992 and is based in Little Chute, Wisconsin.

Sell -
Buyer

MidOcean Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

MidOcean Partners is a private equity firm focused on acquiring controlling interests in middle-market companies throughout North America. The Firm has a preference for consumer and business services sectors including automotive, food/beverage, retail, consumer products, information services, infrastructure services, training and more. MidOcean seeks opportunities valued between $150 and $750 million where it can commit $75 to $300 million. In addition to investing equity, MidOcean also looks to provide flexible credit solutions as well. MidOcean Partners was formed in 2003 and is based in New York, New York.


DEAL STATS #
Overall 61 of 61
Sector: Media M&A 2 of 2
Type: Secondary Buyout M&A Deals 25 of 25
State: Michigan M&A 1 of 1
Country: United States M&A 56 of 56
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-18 Arnott Industries

Merritt Island, Florida, United States

Arnott Industries is a global manufacturer of replacement air suspension parts and accessories for the automotive aftermarket. Arnott manufacturers a comprehensive offering of replacement air struts, air springs, compressors, and conversion kits with a superior reputation for quality and reliability. Arnott’s products are primarily sold through the leading aftermarket warehouse distributors and retailers serving the professional repair channel. Arnott Industries was founded in 1989 and is based in Merritt Island, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-06-02 InterVision Systems

Chesterfield, Missouri, United States

InterVision Systems is an integrator of technology solutions focused on helping clients optimize their IT infrastructure, better manage risk, and gain a competitive advantage. InterVision Systems provides IT solutions, infrastructure, and services for the cloud ecosystem (private, hybrid, and public), allowing customers to achieve the full potential of a software-defined data center. InterVision Systems was founded in 1993 and is based in Chesterfield, Missouri.

Sell -
Buyer

Monroe Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Lender
Founded 2004
PE ASSETS 14.1B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Monroe Capital is a provider of senior and junior debt and equity co-investments to middle-market companies in the US and Canada. Investment types include unitranche financings, cash flow and enterprise value based loans, asset based loans, acquisition facilities, mezzanine debt, second lien or last-out loans and equity co-investments. Monroe Capital is a generalist investor and will consider companies in the healthcare, technology, media, retail, consumer sectors. Monroe Capital was formed in 2004 and is based in Chicago, Illinois.


DEAL STATS #
Overall 127 of 134
Sector: Media M&A 6 of 6
Type: Secondary Buyout M&A Deals 18 of 21
State: Michigan M&A 5 of 5
Country: United States M&A 126 of 133
Year: 2025 M&A 6 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-21 Epika Fleet Services

Bloomington, Minnesota, United States

Epika Fleet Services is a network of mobile and in-shop preventative maintenance service centers focused on commercial fleets across the country. Epika brands include LubeZone, ProFleet, All-Star Truck Service, and Deaton Fleet Solutions. Epika currently has 11 quick service preventative maintenance locations in California, Texas, Oklahoma, and Georgia; five full-service repair and maintenance facilities, and 15 branch locations operating nearly 50 mobile service units in Texas, Georgia, North Carolina, South Carolina, Tennessee, and Mississippi. Epika Fleet Services was founded in 2016 and is based in Bloomington, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-05-19 Relevant

Houston, Texas, United States

Relevant is a compressed, oil-free air rental provider to end-users in refineries, petrochemicals, power generation, food and beverage, pharmaceuticals, plastics, and other industrial settings. Its fleet can address a full spectrum of pressure and flow needs for its customers, who often operate in environments in which tailored solutions for oil-free air are required. Relevant was founded in 1984 and is based in Houston, Texas.

Buy -

Seller(S) 2

SELLER

Beringea

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 715M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Beringea LLP is a private equity firm focused on growth-oriented company investments in the Midwest US and the UK. Beringea looks to invest $2 to $10 million of equity or junior capital in profitable companies with 5 million and higher in revenue. Funds are used to support business expansions and growth, ownership transitions, leveraged buyouts, recapitalization, and refinancings. The Firm does not have any sector preferences and generally seeks businesses with proven business models and defensible market positions. Beringea was formed in 1988 and is based in London.


DEAL STATS #
Overall 45 of 46
Sector: Media M&A 3 of 3
Type: Secondary Buyout M&A Deals 10 of 10
State: Michigan M&A 9 of 10
Country: United States M&A 18 of 19
Year: 2025 M&A 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-22 Commonplace

Manchester, United Kingdom

Commonplace is a provider of cloud-based digital platforms for community engagement. Commonplace was founded in 2013 and is based in Manchester, England.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-18 ATLAS Space

Traverse City, Michigan, United States

ATLAS Space Operations provides Ground Software as a Service in the space communications industry. ATLAS's Freedom software platform provides cloud-native connectivity, global antenna access, real-time tasking, and streamlined data handling. ATLAS Space was founded in 2015 and is based in Traverse City, Michigan.

Sell -
SELLER

Rockbridge Growth Equity

Detroit, Michigan, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2007
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Rockbridge Growth Equity is a private equity firm focused on growth businesses in service-driven industries. Areas of interest include consumer direct marketing, business services, financial services, and sports/media/entertainment companies. Rockbridge's target investment size is $20 to $100 million. The Firm prefers control positions but will consider select minority investments. Rockbridge Growth Equity was formed in 2007 and is based in Livonia, Michigan.


DEAL STATS #
Overall 10 of 10
Sector: Media M&A 1 of 1
Type: Secondary Buyout M&A Deals 4 of 4
State: Michigan M&A 4 of 4
Country: United States M&A 10 of 10
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-26 Access Global Group

Southlake, Texas, United States

Access Global Group is a Salesforce-focused solutions and services company. AGG helps organizations optimize data for AI readiness, navigate complex regulatory landscapes, and bridge the gap between technical implementation and business strategy. Access Global Group was founded in 2008 and is based in Southlake, Texas.

Buy -