“Through this acquisition we will redefine the Out Of Home category by not only making it easier to buy traditional outdoor advertising, but also by fast-tracking new technologies and mediums to more effectively reach targeted consumers wherever they are,” Mr Cook said.
“While Out Of Home in Australia has been steadily growing, this transaction will expedite the growth and increase its share of the overall media pie.
“This is a sector that does not suffer from declining audiences and the rapidly changing technology is our friend.
“Through continued investment and defining new consumer connections for our clients, we will be better able to attack the 96 percent of spend currently shared by other mediums.”
oOh!’s products across metropolitan and regional Australia now include, more than 4,000 roadside billboards, in excess of 10,000 retail faces and more than 1,000 airport panels.
oOh! will also continue to offer non-traditional products such as experiential marketing with oOhfactor! and the Study product in Universities developed by EYE.
The new entity, led by Brendon Cook, will operate out of oOh!’s head office in North Sydney and its state offices across Australia, with international offices in New Zealand and Indonesia. With the close of the transaction an integration process is being finalised including the review of staff roles and responsibilities as well as transition and relocation of EYE staff from TEN offices.
“oOh!’s acquisition of EYE is consistent with CHAMP’s aim of building great companies both organically and also through acquisition, added Darren Smorgon, Director at CHAMP Private Equity.
“This acquisition follows three CHAMP deals in the last three months, with a combined enterprise value of over $2 billion.
“These include the public-to-private of Gerard Lighting, the acquisition of a 29.6% stake in Australian listed Miclyn Express Offshore, and the execution of a sale and purchase agreement to acquire Shelf Drilling from Transocean.”