Rockbridge Buys Triad Retail, Ups Online Ad Reach
Showing continued investment interest in online ad networks, Rockbridge Growth Equity on Thursday announced the acquisition of Triad Retail Media.
Founded in 2004, Triad has made a good business of placing ads on retailers’ Web sites, including those operated by Walmart, Sam’s Club, eBay, Toys “R” Us and CVS, along with more recent additions like HomeDepot.com and Shopping.com.
Along with rivals like Akamai's Acerno and OwnerIQ, Triad is also recognized as a pioneer in the collection of online shopping data.
Financial terms of the deal were not disclosed, but Rockbridge typically seeks to make investments in companies with enterprise values in the $100 million to $200 million range.
According to Greg Murtagh, founder and CEO of Triad Retail Media, the deal offers the perfect opportunity for Triad to scale its business. “Rockbridge has a deep operating knowledge in digital media and data and analytics,” he said.
As Murtagh was quick to note, however, Triad has had no trouble growing thus far.
Since 2010, the company has nearly doubled in top-line revenue -- from $87 million to $171 million -- in 2012, according to Murtagh. Revenue grew by 40%, last year, and he expects revenue to double again within three years.
Led by Brian Hermelin, Kevin Prokop, and Quicken Loans founder and Cleveland Cavaliers owner Dan Gilbert, Rockbridge invests in business and technology services companies focused on the digital media, marketing services, financial services and consumer-direct marketing sectors.
Among some 60 investments, Rockbridge presently has stakes in Quicken Loans, the Cleveland Cavaliers, Title Source and Fathead.
Falcon Investment Advisors partnered with Rockbridge on the transaction.