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Capital investment firm Smedvig Capital has confirmed that it has sold DOOH operator Ocean Outdoor to private equity house LDC for £35m.

Smedvig, which first invested in Ocean Outdoor in 2008, is 'very pleased' with the financial performance of the company, saying revenue has increased more than three-fold since the initial investment. The hiring of key personnel, including former CBS Outdoor International Division chief executive Tom Goddard, and Tim Bleakley, previously UK managing director at CBS Outdoor, is cited as central to Ocean's rapid growth.

"The whole team is very proud of everything that we have achieved and continue to achieve at Ocean," says Bleakley, Ocean Outdoor chief executive. "We have all enjoyed greatly working closely with Smedvig Capital. Their experience, analytical rigour and constant support has been invaluable to Ocean’s successful development."

Johnny Hewett, chief executive of Smedvig Capital, adds: "[It] has been a great privilege to work with Tom, Tim and the whole of the Ocean team who have done an outstanding job in creating a clear leader in their targeted space. We look forward to watching them continue to thrive."