4th Jun 2018 12:04
LONDON (Alliance News) - Ocean Outdoor Ltd said Monday it acquired Scottish large-format outdoor media provider Forrest Media for an enterprise value of GBP32 million.
The out-of-home advertising company said the deal, funded through cash on hand, will be immediately earnings enhancing and will expand its national range to Scotland.
For 2017, Forrest Media delivered net revenue of GBP8.4 million and adjusted earnings before interest, tax, depreciation and amortisation of GBP3 million.
"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," said Ocean Chief Executive Officer Tim Bleakley.
Trading in Ocean's shares is currently suspended.
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