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DWF advises on £32m sale of advertising company

07 June 2018
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The Glasgow corporate team at international legal business DWF has advised on the £32m cross-border sale of Scottish outdoor advertising company Forrest Media to London-based Ocean Outdoor. 
Owned by Chris Trainer, Forrest Media is a provider of large format outdoor media solutions and a market leader in the digital advertising industry in Scotland and the North of England with sites in Glasgow, Edinburgh, Newcastle and Manchester. Ocean Outdoor is also a facilitator of digital outdoor media solutions in England. 
Executive Partner of DWF Glasgow Paul Pignatelli has had a long-standing relationship with entrepreneur Chris Trainer and the Forrest Group business for more than 20 years including assisting in relation to their newest venture, the development and opening of the Raddisson Red hotel located at Finnieston Quay in Glasgow (the first of its kind in the UK). This latest transaction will see Ocean Outdoor expand its portfolio of large format out of home operators throughout the UK. 
The deal was led by corporate partner Paul Pignatelli alongside associates Gemma Gallagher and Emma Keil and real estate partner Chris McLeish. Craig Campbell of CMGR Corporate Finance LLP was engaged by the shareholders of Forrest Media to provide corporate finance services.  
Commenting on the transaction, Paul Pignatelli said: "It has been a pleasure to have witnessed the evolution of Forrest Media and its expansion throughout the years. This deal will enable the business to facilitate its next stage of growth in dominating the UK market."
DWF Glasgow's corporate team advises on various transactions across multiple sectors including real estate, retail, energy and infrastructure including completing over £50 million of acquisitions and investments in the past 18 months for Aliter Capital including their acquisition of Boston Networks and PEL Services in January and April 2018 to develop their fire, security and smart building systems capabilities as well as the recent landmark acquisitions for Ambassador Group of Granite House and Livingston Life Sciences laboratory for an aggregate consideration of over £55 million.

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