Axel Springer scooped up a minority stake in Thrillist on Wednesday, a day after the German media giant took control of Business Insider.

Terms weren’t disclosed but Thrillist, a Gotham-based lifestyle site for millennial men co-founded in 2006 by Ben Lerer, split from its clothing site JackThreads as part of the deal.

“We’ve had a lot of exposure and a lot of trust with them,” Lerer said of Axel Springer. Lerer will remain chief executive of Thrillist.

Wednesday’s action was part of a $54 million financing package, which in addition to Axel Springer won participation from Oak Investment Partners and SBNY, formerly known as SoftBank Capital.