It was the disastrous, $420 million investment that was almost immediately derailed by a global pandemic, but Quadrant Private Equity’s ownership of outdoor advertising company QMS Media is turning around.

The company, which runs major billboard contracts across the City of Sydney, Canberra Airport and the Gold Coast and last month acquired New Zealand radio and outdoor advertising business MediaWorks, has just snatched a major contract with the city of Auckland’s transport department worth at least $25 million from Australian rival oOh!media.