Digital Out of Home pioneer Ocean Outdoor has bought Glasgow-based Forrest Media, one of the biggest OOH companies in Scotland for an enterprise value of £32m.
This is Ocean’s first major deal since being bought by acquisition vehicle Ocelot Partners for £200m last year. Ocean’s sites include the iconic Piccadilly Lights on London’s Piccadilly Circus.
Forrest’s sites include Newcastle and Manchester as well as Scotland’s leading locations Edinburgh and Glasgow. In 2017 it had revenue of £8.4m.
Ocean CEO Tim Bleakley says: “Forrest Media are the champions of out-of-home in Scotland and it’s a business we have long admired. This is a hugely exciting time for both companies and the sector. We are combining Scotland’s most iconic assets with Ocean’s unique technology and award winning brand.”
Forrest founder Chris Trainer says: “Ocean are a fantastic market leading business and the combination today with Forrest Media now delivers a truly national ‘footprint’, which we believe will have very significant benefits in our industry, with great opportunities for the whole team.”
Trainer is remaining as executive chairman of Ocean Scotland with MD Marc Keenan in charge of day to day management.