We are really pleased with this announcement as one of the best management teams in the industry is going to remain together after the recent Ocean Outdoor saga of are-they-really-having-an-auction-or-not [1] AND which-large-outdoor-company-will-buy-them [2].
So, news just in is that the management team of Ocean Outdoor, backed by LDC (part of the Lloyds Banking Group), announced today the BUYOUT of the company from its early stage investors Smedvig Capital and others, for an undisclosed sum.
Daniel Sasaki, Managing Director of LDC London was quoted as saying “The Ocean team, led by Tom Goddard and Tim Bleakley, presented a compelling story of what has been achieved to date, together with their exciting plans for the future. This includes further expansion of its Premium location footprint, as well as pushing for a more central role as cross media digital audiences converge.”
Tom Goddard, Ocean’s Chairman told us “Securing the backing of LDC is a strong endorsement of the Ocean brand and team all of whom will be going forward with the business, led by our excellent CEO, Tim Bleakley. There is an important role for Ocean to continue leading this key market sector and as such I believe this news will be welcomed across the whole media industry.”
Bottom line this means that Ocean Outdoor will stay independent and have the resources to consolidate its market leading position in super premium large format digital and banner outdoor spectaculars. Woohoo!