Beachfront Media, a programmatic video ad-tech company, said Growth Catalyst Partners (GCP) and PSP Capital have acquired a majority stake.
Financial terms were not announced, but Beachfront Media says it handles billions of video ad requests a day worldwide across mobile, connected TV and desktop platforms.
Beachfront said GCP and PSP will provide the company will resources to expand its capabilities for its multi-platform advertising business.
In tandem with the deal, Beachfront also announced Bill Jennings as CEO and Rich O’Connor as CFO. They previously served 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, and he 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,” Penny Pritzker, PSP’s founder and former U.S. Secretary of Commerce, 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.”
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.