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Investment firm takes controlling interest in UK DOOH operator Ocean Outdoor

Private equity investment firm Searchlight Capital Partners LP earlier this month announced the acquisition of a controlling interest in Ocean Outdoor U.K. Ltd., the U.K.-based operator of premium digital out-of-home advertising.

December 30, 2014

Private equity investment firm Searchlight Capital Partners LP earlier this month announced the acquisition of a controlling interest in Ocean Outdoor U.K. Ltd., the U.K.-based operator of premium digital out-of-home advertising.

Ocean Group also announced the acquisition, noting that Searchlight Capital Partners LP had acquired LDC's entire stake in the business.

Announcing the new investor partner, Ocean Chairman Tom Goddard said the news "marks the start of Ocean's third expansion phase, which includes international development, alongside its U.K. big city growth initiative program and further investment in innovative technologies that enhance both consumer and brand interaction."

The Searchlight announcement said that Ocean's management team will continue to be a significant shareholder in the business.

"We have been deeply impressed by Ocean's management team, who have an accomplished track record of successful innovation on which they have built a market leading business in a high-growth sector," said Oliver Haarmann, a founding partner of Searchlight, in the announcement. "We look forward to supporting Ocean's continued growth in digital out-of-home advertising through new U.K. and international site development as well as technological innovation to improve advertising efficacy."

Ocean operates some of the U.K.'s most prominent outdoor advertising sites, including Britain's largest advertising site at London's IMAX as well as the Two Towers East and Two Towers West, which overlook London's main arterial corridors. The company also holds exclusive external rights for the Westfield London shopping mall, which has more than 28 million shoppers with spending power approaching £1 billion, the announcement said.

"The next chapter will be the most exciting element of our long term growth plan and will enhance the value to our customers of both the Ocean and Signature businesses," Ocean CEO Tim Bleakley said. "The opportunities out there not only offer huge potential, but will redefine the out-of-home advertising market and its relevance in helping brands achieve their business objectives. We are pleased to be partnering with Searchlight and excited by their approach and belief in the sector and in our plan."