Searchlight sells Ocean Outdoor to Ocelot for £200m

The deal brings to an end a three-year holding period for the vendor, having previously acquired it from LDC.

Under Searchlight's tenure, the business bolted on Manchester-based MediaCo in 2015 and secured the rights for the Piccadilly Circus billboards in London for their relaunch in October 2017.

The deal is expected to close by the end of Q1 2018.

Previous funding
Ocean first received private equity backing in 2008, when Smedvig Capital injected £5.5m into the company in exchange for a majority stake.

LDC then acquired its stake in the business from Smedvig in a £35m buyout four years later, before divesting its stake to Searchlight in December 2014.

Company
Established in 2005 and based in London, Ocean is a media company focusing on large-format digital billboards. It operates sites across the UK including the London Imax, Westfield's Holland Park Roundabout, Landsec's Piccadilly lights and the Liverpool Media Wall.

People
Searchlight Capital Partners – Oliver Haarmann (founding partner).
Ocean Outdoors – Tom Goddard (chairperson); Tim Bleakley (CEO).

Advisers
Vendor – Jefferies (M&A); Kirkland & Ellis (legal).

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• UK / Ireland
• Media
• United Kingdom
• Kirkland & Ellis