Ocean Media Sold for over £100m
I thought Ocean might have a tough time following its MBO from Trinity Mirror last year. But just a couple of months ago it was sold in secondary deal to AAC Capital (Formerly ABN Amro) for nearly three times the price Trinity sold it for.
The management team have made a lot of money. How did they do it? We said at the time of the MBO that organic growth was going to be hard to come by. Some have said that almost all the growth came from a recovery in recruitment advertising on Inside Housing - almost all of which converts to profit.
Could it be that the management team produced a pessimistic forecast for Trinity Mirror to keep the price low? Surely not. It is much more likely that they just got lucky don't you think?
New manager of the business (former MD Dave Moran presumably spending his time throwing fivers in the air and shouting Bwahahahahaha.) is ex Builder Group and CMP exec Trevor Barrett.