Ocean Media, magazine publisher and exhibition organiser, has been sold by Ion Equity, its management and Anglo Irish bank to AAC Capital Partners for £60 million.

Ion Equity led the buy-out of Inside Communications from Trinity Mirror Group for £41.5 million in July 2006. The newspaper publisher was looking to dispose of non-core products as part of a shake-up.

Ocean Media was created to acquire Inside Communication, with Ion owning around one-third, the management taking a quarter share and Anglo Irish Bank holding the remaining stake.

ACC Capital Partners has plans to grow Ocean Media organically, drive the digital business and expand by acquisition with an experience management team.

Paul Southwell, ACC managing partner, said: “Ocean is well-placed in its niche markets, with magazine and exhibition businesses which address trade and consumer sectors.”