Growth Catalyst Partners (GCP), a mid-market private equity firm, and PSP Capital, a private investment firm founded by former U.S.Secretary of Commerce Penny Pritzker, have acquired a majority stake in Beachfront Media, an independent mobile video monetization company. Financial terms of the deal were not disclosed.
Beachfront said GCP and PSP will provide the company with substantial resources to expand its capabilities for its multi-platform advertising business.
Beachfront also announced Bill Jennings as CEO and Rich O’Connor as CFO. The two previously teamed up in the same roles at PageScience, an ad targeting company acquired by Accent Health in 2016. Beachfront Media co-founder Frank Sinton will remain president. Sinton and co-founder, Lisa Connell, will also retain stakes in the company.
“The future of content consumption is increasingly mobile, social and arrayed across a diverse set of screens of all shapes and sizes,” Pritzker said in a statement. “Beachfront’s platform-agnostic business model and world class management team will play a pivotal role in the dynamic and fast-changing media industry landscape for years to come.”
“We’re excited to make the announcement official and leverage our relationships to further accelerate Beachfront’s growth,” added Scott Peters, Managing Partner, GCP.
Dickinson Wright LLP served as legal counsel to Growth Catalyst Partners. Katten Muchin Rosenman LLP represented PSP Capital, and Greenberg Traurig LLP acted as legal counsel to Beachfront Media.