Out-of-home media owner Ocean Outdoor has further expanded its European presence with the acquisition of Stockholm-based Visual Art Media, an indy digital-out-of-home (DOOH) media and tech group.
The buy adds Sweden, Denmark, Finland and Germany to Ocean’s existing DOOH portfolio in the UK and Netherlands. Visual Art Media is Sweden’s largest pure-play DOOH operator, making 95% of its revenue through digital sales.
“Visual Art Media is an attractive business that we have long admired. The company combines great people with great assets in growing DOOH markets, offering impressive opportunities across a number of different business areas and multiple countries,” said Ocean CEO Tim Bleakley.
“This acquisition creates an enhanced offering which benefits all stakeholders, landlords, municipalities and advertisers along with the media and specialist agencies.”
Ocean is the fourth largest OOH player in the UK behind JCDecaux, Global and Clear Channel. The company specialises in large-format DOOH screens, and also holds the contract for The IMAX.
The media business began trading on the London stock market in January to raise money for acquisitions, after losing out to Global in the race to acquire Exterion Media last year.
Commenting on the news, Stephen Joseph, Ocean COO and CFO, added: “Ocean now consists of strong platforms across the UK and Northern Europe with exciting opportunities to expand in our key areas of organic growth, tech innovation and further acquisitions.
“We are excited to be working with the individual market management teams to unlock the true value of DOOH.”
Visual Art Media controls more than 260 OOH locations across retail, rail, airport and leisure destinations, including the exclusive contract for 15 shopping centres in major European cities.
The company, which employs 140 people, will continue to operate under its management team led by CEO Andreas Lind, supported and powered by the Ocean brand.
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