Equity firm flips digital advertising giant

A unit of global communications services conglomerate WPP, Xaxis, has acquired St. Petersburg-based digital ad firm Triad Retail Media, one of the largest privately held companies in the region.

Terms of the deal weren't disclosed.

Xaxis bought Triad, with $502 million in sales in 2015, from Rockbridge Growth Equity, which acquired majority ownership of Triad in 2013. Rockbridge's managing partner is Dan Gilbert, founder and chairman of Quicken Loans and owner of the NBA's Cleveland Cavaliers.