The management team of Ocean Outdoor, backed by LDC Capital (part of Lloyds Banking Group), has bought the company from its early stage investors, Smedvig Capital and others, for an undisclosed sum. This means that Ocean Outdoor will stay independent and be able to expand its holding of super premium large format digital and banner outdoor ‘spectaculars.’
Daniel Sasaki, Managing Director of LDC London managing director Daniel Sasaki says: “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.”
Ocean chairman Tom Goddard says:: “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 CEO Tim Bleakley. There is an important role for Ocean to continue leading this key market sector and I believe this news will be welcomed across the whole media industry.”
Ocean was founded by outdoor entrepreneur Damian Cox in 2005. It was expected to fall into the hands of one of the big three UK outdoor companies (CBS Outdoor, Clear Channel and JC Decaux) with JCD the favourite to wrap up a deal worth up to £50m in February (by us anyway). But JCD decided to spend its money on a huge Moscow street furniture deal.