Visual Art Media — Acquisition by Ocean Outdoor
Swedish digital out-of-home advertising business acquired by Ocean Outdoor, illustrating how digital inventory, premium locations and strong growth can support higher valuation multiples.
Acquirer
Ocean Outdoor
Year
2019
Enterprise Value
~€63m
Revenue
~€29m
Adjusted EBITDA
~€6m
EBITDA Multiple
~10.0×
Industry
Outdoor Advertising
Transaction
Ocean Outdoor acquired Visual Art Media in 2019 for approximately €63 million in cash. The business was expected to generate approximately €29 million of revenue and €6 million of EBITDA in 2019, with the transaction valuing Visual Art Media at approximately 10.0× 2019E EBITDA.
Why the Premium?
- Approximately 95% digital advertising portfolio
- More than 260 locations across Sweden
- Premium retail, rail, airport and leisure locations
- Strong revenue and EBITDA growth
- Expansion across attractive Northern European markets
SME Takeaway
Visual Art Media's revenue fell within the SME Multiples $1–$50M benchmark. The transaction illustrates how a highly digital portfolio, premium advertising locations, strong growth and strategic buyer interest can support double-digit EBITDA multiples in outdoor advertising.
Disclaimer: Case study figures are based on publicly available information and are provided for illustrative purposes only. Transaction values, EBITDA figures and implied multiples may reflect different reporting periods, definitions and deal structures, and some multiples are calculated from disclosed figures rather than reported by the parties. They are not formal valuations, investment advice or a substitute for independent professional advice.