Detroit-based private equity firm Rockbridge Growth Equity has sold Triad Retail Media, a digital retail media advertising firm, to programmatic audience company Xaxis.
Xaxis is a wholly owned operating company of WPP, the world's largest communications services group with offices in 113 countries.
Triad manages and delivers full-service creative, data and production digital media advertising campaigns to connect with shoppers at point-of-sale. Major global retail partners include Walmart, eBay, Toys"R"Us, CVS, Sam's Club, Staples, Kohl's, Asda and more than 1,500 of the world's largest advertisers.
Since Rockbridge and Triad Retail Media partnered in late 2012, Triad's revenue and profits have more than tripled.
"Rockbridge Growth Equity has been a valuable strategic partner for Triad," says Roger Berdusco, CEO of Triad Retail Media. "Through this partnership, we have been able to accelerate our growth, expand internationally and position Triad as the global leader in digital retail media."
Rockbridge Growth Equity was founded in 2007 by Brian Hermelin, Kevin Prokop, and Quicken Loans and Rock Ventures Founder and Chairman Dan Gilbert. The firm invests in companies that specialize in financial and business services, consumer-direct marketing, and sports, media & entertainment industries.
Triad Retail Media was founded by Greg Murtagh in 2004 and was the first company to create nationally monetised digital media programmes for retailers and brands.
"Our strategy and commitment to Triad Retail Media extended the company's leadership in the industry by substantially increasing its service offerings, developing new and existing client relationships and entering international markets," says Kevin Prokop, managing partner of Rockbridge Growth Equity. "We have enjoyed partnering with the Triad team and look forward to watching the company grow."
Wells Fargo Securities and Petsky Prunier acted as financial advisers to Triad Retail Media. Honigman Miller Schwartz and Cohn provided legal counsel. Boston-based Falcon Investment Advisors partnered with Rockbridge Growth Equity on the initial purchase of Triad Retail Media.
Rockbridge manages a portfolio of companies with more than USD500 million in invested equity.
