Former Ocean Media owners David Moran and Ulric Kenny of Ion Equity have acquired Ocean Media Group, who organise the inaugural UK Venue Show and Event Production Show at London Olympia, back from Anglo Irish Bank.
According to a company statement, the buyout was financed privately and will leave Ocean Media debt free.
“As such it is able to, and intends to, launch and acquire new business,” the statement read.
and Ion Equity owned Ocean from July 2006 to October 2007. Under the
new deal, Kenny will become chair of Ocean Media, while Moran will
assume the CEO’s post. CN understands Ocean’s current Chairman, Trevor Barratt, will depart the company shortly.
say you should never go back, but Ocean is a great company with strong
products and fantastic people and I looking forward to growing Ocean
again,” Moran said.
Kenny added: “We enjoyed working with David
and the team the first time round and to misquote Victor Kiam, ‘I liked
the company so much I bought it twice’.”
News of Ocean’s sale
comes nearly 12 months after the publishing and organiser group’s banks
assumed shareholder control in a bid to find a permanent solution to the
company’s multi-million pound debt problem. The historical debt had its
roots in AAC Capital Partners’ acquisition of Ocean Media in 2007 for
In November, Livingstone Partners was appointed to find a new owner for the group.
Any comments or news? Email firstname.lastname@example.org