An investment consortium led by Pembroke VCT plc (Pembroke), with support from Lepe Capital, today announces the acquisition of Boat International Media.
Pembroke is a venture capital trust, which specialises in investing in high growth consumer-facing businesses. Lepe Capital is a growth capital investor that specialises in digital media. The consortium also includes several other private investors including Charles Dunstone and Tara Getty.
Recognised as the world’s leading media group serving the superyacht industry, Boat International Media provides information and services across traditional print, digital media and high quality events. Boat International publishes more than 1.4 million magazines annually, sells in over 57 countries worldwide and organises eight annual events in Amsterdam, Kitzbühel, Monaco, Fort Lauderdale, Porto Cervo, and Virgin Gorda, including awards ceremonies, regattas and industry symposiums. It also owns the world's most comprehensive database of superyachts, as well as a social and business networking tool for superyacht captains and crew.
Andrew Wolfson, CEO of Pembroke, commented: “Boat International Media is the leading player in the superyacht industry with an unrivalled reputation amongst yacht owners, brokers and service companies alike. The company has achieved impressive growth in sales despite the economic downturn and profitability and momentum continues. 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.”
Tony Harris, CEO of Boat International Media, commented: “We are delighted to be partnering with this group of investors. The team’s entrepreneurial operational focus and market knowledge will enable us to further cement Boat International’s position as the world's leading media group serving the superyacht community.”
Grant Thornton LLP (Tax and Financial due diligence), Ashurst LLP and McDermott Will & Emery LLP (Legal) acted as advisers to the investor consortium on the transaction.
About Pembroke VCT:
Pembroke was launched on 5 April 2013 to invest in early-stage consumer facing businesses. Boat International is Pembroke’s twelfth investment. Pembroke is managed by Oakley Capital Management Limited, part of the Oakley group; an asset management and financial advisory business led by private equity veteran Peter Dubens. Peter Dubens is the founder and a non-executive director of Pembroke.
About Lepe Capital:
Lepe Capital is the investment arm of Lepe Partners LLP, which is an independent merchant bank focused on media and consumer sectors.
About Boat International:
Boat International Media, founded in 1983, is the world’s leading media provider for the global superyacht community, offering magazines, books, events and digital services to superyacht owners, builders, captains and crew and brokers.