Pembroke et al. buy Boat International Media from August Equity

Karin Wasteson
13 January 2014

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An investment consortium led by Pembroke Venture Capital Trust has acquired publishing and events group Boat International Media from August Equity.

The deal value was undisclosed but understood to amount to slightly more than £10m.

In addition to Pembroke – a listed vehicle managed by Oakley Capital – the consortium comprises growth capital investor Lepe Capital and private investors including Charles Dunstone and Tara Getty.

The investors will support the management team in its strategy of developing Boat International's print media platforms as well as accelerating its transition to digital.

August Equity backed the £29m secondary management buyout of super yacht magazine publisher Boat International Group from funds managed by Henderson Private Capital in December 2006. The deal saw August Equity invest £13.4m to take a significant majority stake in the company alongside an investment from management as well as senior and junior debt provided by Lloyds TSB Corporate Markets.

Launched in April 2013, Pembroke VCT was established to invest in early-stage consumer-facing businesses with a target size of £20m. The fund seeks to invest for 3-7 years in smaller private companies with the option to hold shares in businesses quoted on AIM and ISDX. Peter Dubens is the founder and a non-executive director of Pembroke.

Boat International is Pembroke's 13th investment. The venture fund invested in delicatessen chain La Bottega in August 2013, according to unquote" data.

Company
Founded in 1983, Boat International is a media group serving the yacht industry, providing information and services across print, digital media and events. Boat International has sales in more than 57 countries and organises eight annual events in Amsterdam, Kitzbuhel, Monaco, Fort Lauderdale, Porto Cervo and Virgin Gorda.

The company also owns a yacht database, as well as a social and business networking tool for yacht captains and crews.

People
Andrew Wolfson is the CEO of Pembroke. Tony Harris is the CEO of Boat International.

Advisers
Equity – Grant Thornton (Tax, financial due diligence); Ashurst (Legal); McDermott Will & Emery (Legal).