Ocean Outdoor Buys Signature Outdoor in £15m Deal

Ocean Outdoor has bought the West Midlands-based outdoor media owner Signature Outdoor in a deal estimated to be worth £15 million.
The co-founders of Signature Outdoor – Gerry Bew and Steve George – will join the Ocean Outdoor executive team led by Tim Bleakley, the chief executive. Signature Outdoor will also have a seat on the Ocean board.
Signature Outdoor’s digital sites and banners will now become part of the Ocean portfolio. Signature will continue to operate its backlight portfolio and some digital sites under the Signature brand and its six staff will be retained.
The deal follows Signature Outdoor winning the large format contract for Birmingham City Council in 2012.
The deal is comprised of both cash and Ocean Outdoor shares. Bleakley declined to comment further on the terms of the deal, which he said were undisclosed.
Ocean Outdoor itself changed ownership in 2012 after LDC Capital, the venture capital arm of Lloyds Banking Group, backed a £35 million management buyout.
Via: Brand Republic