The competitive bidding process for outdoor advertising company oOh!media has intensified with new developments indicating that Melbourne-based private equity firm BGH Capital may be preparing to enter the fray. Sources familiar with the matter have indicated that BGH, led by former TPG Capital executives Ben Gray and Simon Harle alongside ex-Macquarie Capital boss Robin Bishop, is actively engaged in the process and could submit a formal offer.

BGH Capital’s possible involvement adds a fresh layer to an already competitive auction. The firm, which acquired Village Roadshow in 2020 for $586 million, has historically targeted assets with long-term contracts and growth potential through digital transformation—characteristics that align well with oOh!media’s business model.

The auction entered a new stage on Monday when oOh!media confirmed it had received revised indicative proposals from Pacific Equity Partners (PEP), I Squared Capital, and Oaktree Capital Management after a limited three-week due diligence period. Reports suggest that two of these revised bids were at approximately $1.60 per share, with the third close to that level. The company’s board is expected to grant further due diligence access to these parties during a process anticipated to last up to six weeks.

While Bain Capital had been in the running, it is understood to have withdrawn from the auction. Among the current contenders, I Squared Capital remains officially in the process, though some participants view its continued involvement as largely procedural. Market observers have also expressed doubts about I Squared’s commitment, noting earlier speculation that adviser JPMorgan had ceased active engagement.

Pacific Equity Partners, by contrast, appears firmly positioned. The group has assembled a significant team to support its bid, including oOh!media founder Brendon Cook and former APN Outdoor CEO James Warburton. PEP, advised by Macquarie Capital, has reportedly monitored oOh!media for over a year and is seen as prepared to increase its offer if necessary.

Adding complexity to the sector is Nine Entertainment’s recent presentation on its newly acquired QMS outdoor advertising business. Some analysts have questioned Nine’s ability to meet earnings targets for QMS, especially as the company moves into a new retail-focused outdoor advertising segment.

oOh!media faces a challenging environment, having lost a key contract with Vicinity Centres, endured the departure of its CEO, and experienced a roughly 40 percent decline in share price year to date. However, with its shares trading at about six times earnings before interest, tax, depreciation, and amortisation (EBITDA)—compared with nine times pre-pandemic levels—some investors view it as an attractive opportunity for sponsors confident in an advertising market rebound and digital growth strategy.

Advised by UBS, oOh!media’s board has emphasized that the proposals received so far do not reflect the company’s intrinsic value. With an extended due diligence window and the potential entry of BGH Capital, the outcome of the auction remains uncertain.