The New York-based company focuses on digital and direct marketing for financial services, health and wellness, insurance and education sectors.
GCP founder and chairman Robert Niehaus said, “The shift to digital and XL’s unique client offerings makes this the ideal time for innovative companies to create value.
“We believe XL Marketing is uniquely positioned to help its clients capture the full potential of their online marketing efforts.”
XL Marketing CEO David Steinberg said, “We are thrilled to bring on such stellar partners to help us take the company to the next level
“As we continue to execute on our growth plans in the US, UK and other international markets, it was essential to secure the right kind of capital, with the right partners.
“We now have the balance sheet, strategic partners and assets and capabilities to compete and win in every market where we play.”
A debt facility was also provided by Madison Capital Funding.
GCP Capital spun out from its parent Greenhill & Co in a $25m management buy-out in 2009, primarily funded with Greenhill common stock.
The firm manages three North American private equity funds, which have collectively invested $1.1bn in 50 companies.
In March GCP bought Essex, UK-based marine catering management business Garrets International for £17m.
Garrets, which was set up in 199, provides on-board catering services to ship owners and managers. The company’s international sales have increased from £5.9m in 2008 to £24.2m in 2010.
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