M Core Takes Full Ownership of Smart Media Group, Names New CEO
2026-10-12 · via invidis
M Core Ventures has acquired full ownership of UK digital out-of-home operator Smart Media Group, buying out the remaining shares held by founder Mark Catterall and other founding shareholders. Steve White, previously a non-executive director at Smart and former Global Marketing Director at JD Sports, takes over as CEO with immediate effect.
For operators watching consolidation in the DOOH space, this is another case of a founder-led regional network passing fully into the hands of a financial backer with retail property interests. M Core first invested in Smart in July 2024, when the network stood at approximately 450 screens. It has since grown to more than 2,000 screens across high streets, retail properties, leisure venues, sports locations and fuel forecourts. The company says M Core is committing additional capital to fund further expansion, though neither the investment amount nor the acquisition terms were disclosed.
The stated logic behind the full buyout is operational: simplifying ownership to speed up decision-making and tying Smart's growth more closely to M Core's UK retail estate. Retail properties are named as a priority for expansion, which lines up with Smart's existing retail media partnership with the Co-operative Group and its national digital forecourt deal with Shell. The company also runs Smart Hub, its own platform for campaign planning, sales and delivery, which remains part of the business going forward.
What the announcement does not say is how M Core's retail estate integration will actually work in practice, whether that means new screen placements inside M Core-owned retail sites, shared sales infrastructure, or something else. It also does not specify a timeline for the expansion White is tasked with delivering.
Founder stepping back for health reasons
Catterall founded Smart Outdoor in Sunderland in 2019 and grew it from a regional player into a network spanning Edinburgh to London. He is stepping back from executive duties because of health reasons, having lived with Parkinson's disease since founding the company. He is preparing for a medical procedure and says he intends to return to the sector after recovery. He will stay involved during a transition period to hand over client relationships.
Catterall's statement frames the deal as the right outcome for a team that he says was repeatedly told the company was too small to do what it did. He has also used Smart's ad network to support Parkinson's UK, including donated digital billboard space the company values at approximately £950,000 for World Parkinson's Day campaigns.
Max Percy, CEO of M Core Ventures, said the full ownership move allows the company to accelerate Smart's growth, citing the network and team as strong, alongside the opportunities from closer integration with M Core's retail estate.
The announcement in full
Reproduced from invidis for reference. Digital Signage Magazine did not write the text below.
The UK DooH operator has appointed Steve White as CEO and secured additional investment to expand its network of more than 2,000 screens, with retail properties a priority.
UK digital out-of-home operator Smart Media Group is moving to full ownership by M Core Ventures following the acquisition of shares held by founder Mark Catterall and the company’s other founding shareholders.
M Core, which first invested in Smart in July 2024, is committing additional capital to support the company’s next phase of expansion. The amount of the investment and financial terms of the acquisition were not disclosed.
Steve White, previously a non-executive director of Smart Media Group and former Global Marketing Director at JD Sports, has been appointed CEO effective immediately.
The ownership change is intended to simplify decision-making and accelerate network expansion, particularly across retail properties. Smart expects to benefit from closer integration with M Core’s UK retail estate.
Network grows to more than 2,000 screens
Founded by Catterall in Sunderland in 2019, Smart Outdoor has expanded from a regional operator into a network spanning locations from Edinburgh to London.
The company operated approximately 450 screens when M Core first invested in 2024. Its network now exceeds 2,000 screens across high streets, retail properties, leisure destinations, sports venues, and fuel forecourts.
Smart’s portfolio includes a national digital forecourt partnership with Shell and a retail media network developed with the Co-operative Group.
The company also operates Smart Hub, its proprietary platform for campaign planning, sales and delivery.
Catterall is stepping back from his executive responsibilities for health reasons. He has lived with Parkinson’s disease since founding the company in 2019 and is preparing for a planned medical procedure.
He will remain involved during a transitional period to hand over key client relationships and intends to return to work in the sector following his recovery.
“I have been living with Parkinson’s for six years, and I have a procedure coming up that I am genuinely hopeful about. It needs proper time to recover from, and that made this the right moment to step back,” Catterall said.
“Smart was built by a team that was told more than once it was too small to do what it did. Handing it over with the ownership simplified, the business properly backed and a leader of Steve’s caliber at the helm is the right outcome for the people here and for our clients.”
Catterall has also supported Parkinson’s UK through Smart’s advertising network, including donations of digital billboard space valued at approximately £950,000 for World Parkinson’s Day campaigns.
Under White’s leadership, Smart plans to build on its existing network while pursuing further opportunities in retail environments.
“Taking full ownership allows us to accelerate Smart’s growth,” said Max Percy, CEO of M Core Ventures. “The business has a strong network and a talented team, and closer integration with M Core’s UK retail estate will open up new opportunities.”