Gravity Media Group (GMG), the owner of worldwide broadcast services specialists Gearhouse Broadcast and Hyperactive Broadcast, has secured a substantial investment to fund future global growth by selling a minority stake in its business to investment management firm TowerBrook Capital Partners.
Growth, said GMG founder and CEO John Newton, will be through strategically targeted acquisitions in the two regions, as well as organically, through the expansion into less well-served markets and increasing of product lines globally, where markets need it.
Under the terms of the deal, Newton and his management team will remain in position and retain majority control of the group. They will be supported by two additional non-executive directors, Gordon Holmes of TowerBrook and Dave Checketts, former president and CEO of Madison Square Garden, who has extensive experience operating US sports franchises.
Newton stated the experience of Holmes and Checketts will be instrumental in helping the company grow within North America. He said the business will also be looking for growth in Europe as, “we’re quite small in those two areas”.