Generation Partners announces sale of Captivate Network to National CineMedia (NASDAQ: NCMI)

GREENWICH, Conn. and AUSTIN, Texas and LOS ANGELES, Aug. 11, 2026 /PRNewswire/ -- Generation Partners (www.generation.com) today announced the sale of its majority ownership position in Captivate Holdings LLC ("Captivate" or the "Company"), the leading operator of digital video elevator and lobby advertising in North America, to National CineMedia, Inc. ("NCM") (NASDAQ: NCMI), the largest cinema advertising platform in the U.S.

Founded in 1997, Captivate operates a digital out-of-home media network comprised of more than 26,000 screens located in commercial office buildings and residential properties across 170 U.S. and Canadian DMAs. Through its premium network and real estate signage platform, Captivate reaches modern professionals where they work and live, connecting brands to influential audiences while helping buildings elevate everyday communication.

Generation acquired Captivate in 2013 through a proprietary process, driven by its thesis in the digital out-of-home space. Following the acquisition, Generation recruited a new management team led by CEO Marc Kidd and Chairman Mark Shapiro and executed a long-term strategic plan for over a decade, transforming Captivate into the industry leader it is today. As part of this strategy, Captivate embarked on a significant capital investment program to modernize technology, enable high-quality video, facilitate programmatic access to advertisers, and expand the network to additional Class A office buildings and multi-family residential buildings.

"Captivate has been a highly successful investment for our firm, exemplifying Generation's long-term, thesis-driven strategy to partner with experienced entrepreneurs to build exceptional companies. Over the past 13 years, we have worked alongside Captivate's leadership team to transform the Company into a premier platform in the digital out-of-home advertising space. We are proud of what we have accomplished over the past decade and believe NCM is well-positioned to continue Captivate's success and support its long-term growth and expansion," commented John Hawkins, Co-Founder & Managing Partner at Generation Partners. He added, "The Captivate management team, led by CEO Mark Kidd and CRO Leigh Lowery, has done an absolutely outstanding job growing the Company and developing the vision and leadership that are the very foundation of Captivate's caring, yet high-performance culture."

Mark Jennings, Co-Founder & Managing Partner at Generation added, "Hawk and I founded Generation 31 years ago to create a unique platform to partner with entrepreneurs over longer time horizons and create truly meaningful companies that are built to last. We poured our hearts and all of our firm's resources and energy into Captivate and navigated significant headwinds to the business when the pandemic hit. Captivate's strength today is a testament to the grit and resilience shown by management, Generation, our investors, as well as the power of strong conviction. Captivate's leading position also reflects Generation's disciplined, low-leverage approach to growth. We had very modest debt levels when the pandemic hit, consistent with our approach of driving returns through core business growth, rather than through financial leverage. We are proud of the Company, the team and the strong culture we have all built at Captivate." 

Mr. Jennings and Mr. Hawkins both added, "We are grateful to all of our limited partners for entrusting us with their capital for longer time frames. We truly believe this creates a special environment for teams to attract the best talent and execute their long-term vision."

Marc Kidd, CEO of Captivate, commented, "Generation has a well-deserved reputation as one of the best and most experienced growth equity firms. They have been exceptional stewards of this business, providing a stable, long-term foundation for our team through expert strategy and hands-on leadership. They carefully aligned our goals and constantly drove the Company to invest in the people, technology and infrastructure needed to build a long-term competitive advantage." He added, "I'm excited for Captivate to join NCM to embark on its next phase of growth."

Advisors
Solomon Partners is serving as financial advisor and Gibson, Dunn & Crutcher LLP is serving as legal counsel to Captivate. BofA Securities is serving as exclusive financial advisor and Hogan Lovells Cadwalader is serving as legal counsel to National CineMedia.

About Generation Partners
Founded in 1995, Generation Partners is a private equity firm which invests in high-growth service businesses and specializes in professionalizing these companies to scale through several hundred million in revenue. We are business builders who employ a structure in our investments which facilitates longer hold periods and appeals to experienced entrepreneurs. Generation targets equity investments of $10 million to $100 million, pursues both majority and minority equity positions, and generates returns through core business growth rather than through financial leverage. Our professionals have decades of experience sharing best-practice business processes to help managers create high-performance teams and build the foundation necessary to produce exceptional growth. Generation Partners has offices in Greenwich, CT; Los Angeles, CA; and Austin, TX. For more information on Generation Partners, please visit www.generation.com.

About Captivate
Captivate Network, Inc. is the premier digital out-of-home video network that delivers 100% viewable, fraud-free, brand-safe media in impactful locations across North America, reaching high-value audiences where they work and live. From the biggest stories to today's weather, traffic updates to building amenity announcements, we're the daily source of information that sparks conversation, piques curiosity and makes an impact. We reach millions through our curated video network in premier office buildings and luxury residential real estate, fostering powerful connections between brands and decision makers, properties and affluent consumers. With unique access to high-value audiences in captive environments, our advanced targeting, premium video activations, and measurement solutions help brands reach their goals. Influence the Influential with Captivate. For more information, visit: www.captivate.com.

About National CineMedia

National CineMedia, Inc. (NCM, NASDAQ: NCMI) is the largest cinema advertising platform in the U.S. With unparalleled reach and scale, NCM connects brands to sought-after young, diverse audiences through the power of movies and pop culture. A premium video, full-funnel marketing solution for advertisers, NCM enhances marketers' ability to measure and drive results. NCM's Noovie® Show is presented exclusively in 44 leading national and regional theater circuits including the only three national chains, AMC Entertainment Inc. (NYSE: AMC), Cinemark Holdings, Inc. (NYSE: CNK) and Regal Entertainment Group (a subsidiary of Cineworld Group PLC). NCM's cinema advertising platform, including Spotlight, consists of approximately 22,000 total theater and lobby screens in over 1,750 theaters in 183 Designated Market Areas (all of the top 50). NCM is the managing member and owner of 100% of National CineMedia, LLC (NCM LLC). For more information, visit www.ncm.com.

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SOURCE Generation Partners