By David Robinson
A superyacht media deal has today been announced involving the purchase of Boat International Media (BIM) for a price speculated to be around £10m. The purchase by August Equity of BIM in 2006 compared to the sale now highlights the impact of the financial crisis, given that August Equity paid £29m in 2006.
The purchaser is a consortium comprising Pembroke Venture Capital Trust, Lepe Capital and other private investors speculated to include Sir Charles Dunstone, the founder of Carphone Warehouse, and Tara Getty, a member of the Getty energy wealth family. Pembroke is a relatively new arm of Oakley Capital, which was set up in April 2013 to raise £20m to invest in smaller businesses. Lepe Capital is the investment part of Lepe Partners LLP, an independent merchant bank focusing on the media and consumer sectors.
There is no indication of the shareholdings involved, but SB understands that this is just one in a number of companies that have looked at buying BIM. August Capital was seemingly keen to sell to retrieve as much value as possible. Earlier deals are understood to have involved sums rather higher than the reported £10m purchase price. None of this can be confirmed, as all prices are being kept confidential.
BIM is a leader in the global superyacht media sector with its monthly flagship Boat International magazine and its US magazine Showboats International. It also publishes a number of others working in franchise arrangements including BI Russia, BI Brazil and Mer & Yachten in Germany as well as a number of books including the long-running Superyacht series and had a large news and market intelligence database covering markets such as brokerage, charter and new builds. It also operates a number of industry events.
Andrew Wolfson, CEO of Pembroke, commented in a press statement: “We look forward to working with the experienced management team and supporting their strategic plan to further develop Boat International’s print media platforms as well as accelerate the transition to digital.”