Moelis & Company and Solomon Partners are managing a strategic process for GSTV, which could result in a sale or other transaction, according to a memorandum reviewed by Business Daily.
The document outlines GSTV’s growth trajectory, financial performance, and market position as the leading on-the-go video network.
GSTV, a retail media network delivering video advertising at gas stations, reaches 115 million monthly unique viewers across 205 designated market areas. The company’s advertising model focuses on high engagement, with 95 percent of impressions delivering direct “eyes-to-screen” interaction and 2.7 times more ad attention compared to Connected TV.
The memorandum says that GSTV has experienced significant revenue growth, with estimated 2024 revenue of $120 million, up from $40 million in 2018. Projections indicate revenue could exceed $300 million by 2029, driven by investments in digital video, programmatic advertising, and retail media expansion.
GSTV has established partnerships with two of the largest fueling technology providers in the Western market: Gilbarco Veeder-Root and Wayne Fueling Systems, the latter of which operates as part of Dover Fueling Solutions. Both Gilbarco and Wayne are considered leading suppliers in the fuel dispenser industry, controlling a significant share of the Western market. Dover Corporation acquired Wayne Fueling Systems in 2016 and integrated the company into its Dover Fueling Solutions brand, according to a press release.
GSTV’s partnership with Wayne Fueling Systems was detailed in a 2020 CSP Daily News report, which described the expansion of GSTV's video content on Wayne’s fuel dispensers to enhance customer engagement at the pump. GSTV has also collaborated with Invenco by GVR, a division of Gilbarco Veeder-Root, to deliver retail media content through Engage Media Full-Service, a product designed to provide targeted messaging to customers while fueling (GSTV).
The partnerships reflect GSTV’s established presence within the fueling technology sector. In an article published by Sixteen:Nine, a digital signage publication, the author noted GSTV’s existing relationships with Dover and Gilbarco and said the partnerships as likely positioning GSTV to benefit from the modernization of fueling stations with larger and brighter screens. The article also questioned whether new self-ordering options at the pump, such as those Dover Fueling Solutions has integrated through a partnership with GRUBBRR, could impact ad viewership by reducing the amount of time consumers spend watching content on GSTV screens.
Moelis & Company is an independent investment bank that advises on mergers, acquisitions, and capital markets transactions. Founded in 2007 by Ken Moelis, the firm has grown into a major player in global financial advisory, with offices in North America, Europe, the Middle East, Asia, and Australia. Moelis has advised on high-profile transactions across industries, including media, telecommunications, and technology.
Solomon Partners is a financial advisory firm specializing in mergers and acquisitions, restructuring, and capital markets. Established in 1989, the firm was originally known as Solomon Edwards before rebranding. Now a division of Natixis, Solomon Partners focuses on strategic advisory services across various sectors, including media and retail.
The strategic process involving GSTV is being led by Andrew Haber, a managing director at Moelis, and Spencer Levine, an executive director at the firm. Sid Rajagopalan, a vice president at Moelis, is also involved in the deal. Mark Boidman, the global media group head at Solomon Partners, is overseeing the process alongside Solomon director Ben Zinder.
GSTV’s partnerships with major industry players and its established role in delivering targeted advertising to on-the-go consumers have positioned it as a valuable asset in the retail media landscape. The company’s long-term contractual relationships with fueling technology providers, combined with its growth in digital video and programmatic advertising, place it in a strategic position for expansion.