Advertising company Ocean Outdoor has been sold by initial investors Smedvig Capital to mid-market private equity house LDC for ￡35m.

Growth capitalists Smedvig Capital made the deal last week to gain a return on investment in the digital and print banner company. The acquisition was made as Ocean Outdoor moves into the second stage of its six year business plan.

Ocean Outdoor plans to gain locations across the top ten UK cities in the next 18 months, continuing with its "less is more" ethos. The company currently exhibits at 28 sites across London, Birmingham, Manchester and Liverpool, with most being the top two advertising spots in the city, such as the IMAX cinema and the Two Towers West at Hammersmith flyover.

The company’s business comprises 30% large format banner solutions, while the rest is digital advertising. Ocean Outdoor said it would continue to target high profile locations, keeping the business small and concentrating on bespoke work for the advertising industry, including print management and design.

Ocean Outdoor CEO Tim Bleakley said: "We wanted to retain our independence so having an investor like LDC which supports our management team’s plans is a positive move.

"We are David in a sector dominated by Goliaths but we are occupying an exciting and unique space and will continue to develop high visual impact digital and print specifications in the most prominent locations as we move into the second half of our six year business model."