H.I.G. Growth Partners said Thursday it completed the sale of its stake in Media Properties Holdings to Cannella Response Television. Financial terms weren’t announced. The deal was announced Jan. 28. Media Properties owns media companies – AdMore and REVShare– that provide media buying, creative, lead generation and CPA TV advertising. ZMC, Palladium Equity Partners and Veronis Suhler Stevenson will continue as investors. Petsky Prunier Securities advised Media Properties.
BOSTON–(BUSINESS WIRE)–H.I.G. Growth Partners (“H.I.G. Growth”), the dedicated growth capital investment affiliate of H.I.G. Capital (“H.I.G.”), a leading global private equity investment firm, announced the sale of its holdings in Media Properties Holdings (“MPH”) to private equity backed Cannella Response Television (“CRT”), a major innovator in long-form direct response (DRTV) television media. MPH operates the nation’s top automated TV advertising platformAdMore, as well as TV commercials provider REVShare and its proprietary network of more than 1,700 local broadcast stations, national cable networks and cable systems.
“The team at H.I.G. Growth Partners knew early on that their investment in our business would be successful if we could actively leverage our aggregated media assets and participate in the ongoing rise of the all-important programmatic TV advertising sector. H.I.G. was extremely supportive of the company as we executed our strategy,” said MPH President Brendan Condon, whom H.I.G. actively recruited to lead MPH in 2010.
“Along with leveraging media assets to participate in programmatic TV advertising, Brendan and the team also worked diligently to attract sizable national brand ad agencies to its technology platform. These successes resulted in rapid, profitable growth and sparked interest from a host of diverse buyers, leading to today’s successful sale of the company,” said John Kim, H.I.G. Growth Partners’ Managing Director and MPH Board Director. H.I.G. co-led MPH’s first institutional round in 2007.
About Media Properties Holdings
AdMore, MPH’s largest and fastest growing business, enables leading brands to more effectively and efficiently reach a targeted and scalable audience. AdMore reaches over 110 million English and Spanish-speaking TV homes in 200 different cities, and can access key inventory from 1,700 local broadcast stations, national cable networks, cable systems, cable interconnects, and program syndicators. REVShare optimizes and distributes TV commercials across its national network and provides documented engagement to brands in diverse industries, including pharmaceuticals, real estate, financial services, travel, sports, and wellness. Its “unwired network” reaches more than 110 million TV households, delivering more than $1 billion of billings and nearly 30 million TV airings to-date. MPH also operates Lead Generation Technologies (LGT), which creates television spots that generate consumer engagement and then monetize those qualified leads through an online bidding system.
About H.I.G. Growth Partners
H.I.G. Growth Partners is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global private equity investment firm with $19 billion of equity capital under management.* We seek to make both majority and minority investments in strong, growth oriented businesses located throughout North America, South America and Europe. We will invest $5 million to $30 million in equity in a given company and target investments in profitable growth oriented businesses with between $10 million and $100 million in revenues. We consider investments across all industries, but focus on certain high-growth sectors where H.I.G. has extensive in-house expertise such as technology, healthcare, internet and media, consumer products and technology-enabled financial and business services. Growth Partners strives to work closely with our management teams to serve as an experienced resource, providing broad-based strategic, operational, recruiting and financial management services from a vast in-house team and a substantial network of third-party relationships. For more information, please refer to the H.I.G. website at www.HIGgrowth.com.
* Based on total capital commitments to funds managed by H.I.G. Capital and its affiliates.